Silk Road forums
Market => Rumor mill => Topic started by: JamesDeansSkull on December 23, 2011, 03:41 am
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I am so tired of waiting a freaking week for money to show up in Dwolla to then go to BitInstant then to Tradehill to buy BTC!!
I understand certain people will "buy" MoneyPaks from you and turn them into BTC and then transfer them immediately to your account?
Would really appreciate some reliable names to talk to.
Thanks and happy and safe holidays to you and your families.
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i live and die by btc buddy. you can't go wrong with him
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i live and die by btc buddy. you can't go wrong with him
Very cool, Asbury. Many thanks : )
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Standard caution, no offence. Moneypak to bitcoin is always risky. Please read the scammers thread. Never put out large sums. Past success is not indicative of future success.
Until the day SumYunGai SYG decided to rip people off he had many people live and die by him. The nature of the Bitcoin / Moneypak exchange itself creates this problem. There is no protection. Split up your orders with different vendors. Split up transactions into smaller ones. You get some cash you do some more. Split up the methods. Moneypak / external websites /otc exchange.
Living and dying by BTC vendors itself should raise alarm bells. People were living and dying by SYG. Please don't fawn on some vendor you hardly know anything about. If you have benefited please given other noobs caution with your success story to read the scammers thread before they splurge all they have on one singe vender, no offense how good he/she may have been in the past.
This is why financial institutions in the real world have big reserves. Just what the banks in america ignored/got around leaving the world shocked. SYG and other BTC vendors are just like your bank only with no reserve requirement at all. So they never need have money after the initial phase and can milk and quit with more money than they ever came in with.
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what did we learn from that post? don't use SumYunGai.
dont let him scare you. yes it is more risky than other methods but right now btc buddy has consistently proven himself to be a very reliable vendor. I have flawlessly bought from him numerous times.
and everything on here is risky and you are always at the possibility of getting scammed. the best you can do is to be well informed
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No offense. That is not the only lesson.
A) Please check for current feedback on the vendor;
B) Check on the users who have given feedback and check on their other posts; and
C) Spread your risks with smaller transactions.
Good luck to all who trade on MoneyPak to BTC. Just be cautious and learn from the mistakes of others like me. Just not about being scared. It's more about not being scammed.