Bitcoin tanking means buyers should be more careful

Why? Because vendors often have a change of heart when they see they won't be making any money or losing money for the huge risks they take. I've seen it many times before. Bitcoin tanks and everyone thinks FE should be fine because they FE'd last time for the vendor and everything went smooth. But this was the time vendor decided to take the money and run. Exit scamming. Selective scamming. Canceling orders. The old bait and switch. Excuses galore. You name it and the chances of it happening when bitcoin tanks goes up. Buyers just be careful about where you decide to spend your hard earned bitcoins and be extra careful not to get ripped off.


Comments


[8 Points] kungFUPanda666:

The only positive thing about it is that it gives vendors more incentive to get the packages out quickly and in our hands as quickly possible. I know personally as soon as i get it, i finalize the transaction and i would hope the majority of people to do. I know my last order took 12 days to arrive in domestic regular lettermail. Well the vendor would of lost less money if they paid for express shipping out of their own pocket, cause i would of finalized within 1-3 days instead of 13.


[6 Points] GrandWizardsLair:

Because vendors who have been doing this for years are going to suddenly abandon their profitable businesses en masse for a few quick satoshis. Never mind the fact that most of us have seen multiple market gyrations this big before.

Gotta love 15 year-olds who buy weed once and decide this makes them Darknet Marketing Experts qualified to dispense sage advice to everybody who will listen.


[4 Points] The_WitchFrom_Hell:

One of my favorite vendors took down all his listings until bitcoin goes back up. :(


[2 Points] DnmAvenger:

You actually have to worry less about this with trustworthy FE only vendors. They get their coin instantly and cash out ASAP. Escrow is what pisses vendors off. When there is a ton of BTC just sitting there that they cannot touch. I only buy coin right before I use it. I was using coinbase, but libertyX sounds awesome!


[1 Points] thebedguy:

I had over 7BTC in escrow from a service vendor, who then canceled the order because BTC dropped so much, leaving me with no service and a $900 value drop. Great...


[0 Points] ownowfuck:

Why you wouldn't be putting shit on sale and getting as much BTC right now is beyond me. In 6 months, when Bitcoin is ~ $600 a pop, remember this day. If you want to strike it rich now is the time to invest.


[0 Points] Vendor_BBMC:

People who steal bitcoin generally do it when bitcoin is riding high. Bitcoin which isn't theirs but with which they have been entrusted, becomes too tempting.

Vendors generally set their prices in US$, and the moment you buy its calculated in bitcoin. Whether the exchange rate is going up or down, bitcoin is withdrawn and sold immediately. Customers spend it the day the evening they buy it from the exchange.

I offer escrow listings for every item, and also cheaper FE listings. Nine out of 10 customers choose to FE, so the bitcoin is probably sold or paid to an employee who sells it THE SAME DAY.

Customers who choose escrow have paid a bitcoin price buffer anyway. If they buy from me at 3PM, its posted the same day and arrives before 1PM the next day (the UK is small). So even using escrow, bitcoin is released in 24 or 36 hours.

Drugs are priced in $ or £. Bitcoin is just the heat exchanger between the marketplace and the exchange, going round and round like the water in a car engine's radiator.

For a domestic-only UK vendor like me, big bitcoin swings aren't a problem. I hardly get to spend any bitcoin anyway. I swear my employees earn more than I do. Everyone does.

Its nice when its shooting up in value. In Silk Road days, I used to wake up and my mobile phone would be worth £1000 more than when I went to bed, because it had a couple of bitcoins in a wallet.

Bitstamp was hacked, so its exchange value is artificially low. Its the one that Agora uses. Lots of old-fashioned exchanges that keep cash on-site have their own exchange rate. You can't be anonymous and on any exchange where you have to register a cash account, so localbitcoins is the big exchange. Most of their pricing is tracks bitstamp.


[-2 Points] Vendor_BBMC:

People who steal bitcoin generally do it when bitcoin is riding high. Bitcoin which isn't theirs but with which they have been entrusted, becomes too tempting.

Vendors generally set their prices in US$, and the moment you buy its calculated in bitcoin. Whether the exchange rate is going up or down, bitcoin is withdrawn and sold immediately. Customers spend it the day the evening they buy it from the exchange.

I offer escrow listings for every item, and also cheaper FE listings. Nine out of 10 customers choose to FE, so the bitcoin is probably sold or paid to an employee who sells it THE SAME DAY.

Customers who choose escrow have paid a bitcoin price buffer anyway. If they buy from me at 3PM, its posted the same day and arrives before 1PM the next day (the UK is small). So even using escrow, bitcoin is released in 24 or 36 hours.

Drugs are priced in $ or £. Bitcoin is just the heat exchanger between the marketplace and the exchange, going round and round like the water in a car engine's radiator.

For a domestic-only UK vendor like me, big bitcoin swings aren't a problem. I hardly get to spend any bitcoin anyway. I swear my employees earn more than I do. Everyone does.

Its nice when its shooting up in value. In Silk Road days, I used to wake up and my mobile phone would be worth £1000 more than when I went to bed, because it had a couple of bitcoins in a wallet.

Bitstamp was hacked, so its exchange value is artificially low. Its the one that Agora uses. Lots of old-fashioned exchanges that keep cash on-site have their own exchange rate. You can't be anonymous and on any exchange where you have to register a cash account, so localbitcoins is the big exchange. Most of their pricing is tracks bitstamp.


[-2 Points] Vendor_BBMC:

People who steal bitcoin generally do it when bitcoin is riding high. Bitcoin which isn't theirs but with which they have been entrusted, becomes too tempting.

Vendors generally set their prices in US$, and the moment you buy its calculated in bitcoin. Whether the exchange rate is going up or down, bitcoin is withdrawn and sold immediately. Customers spend it the day the evening they buy it from the exchange.

I offer escrow listings for every item, and also cheaper FE listings. Nine out of 10 customers choose to FE, so the bitcoin is probably sold or paid to an employee who sells it THE SAME DAY.

Customers who choose escrow have paid a bitcoin price buffer anyway. If they buy from me at 3PM, its posted the same day and arrives before 1PM the next day (the UK is small). So even using escrow, bitcoin is released in 24 or 36 hours.

Drugs are priced in $ or £. Bitcoin is just the heat exchanger between the marketplace and the exchange, going round and round like the water in a car engine's radiator.

For a domestic-only UK vendor like me, big bitcoin swings aren't a problem. I hardly get to spend any bitcoin anyway. I swear my employees earn more than I do. Everyone does.

Its nice when its shooting up in value. In Silk Road days, I used to wake up and my mobile phone would be worth £1000 more than when I went to bed, because it had a couple of bitcoins in a wallet.

Bitstamp was hacked, so its exchange value is artificially low. Its the one that Agora uses. Lots of old-fashioned exchanges that keep cash on-site have their own exchange rate. You can't be anonymous and on any exchange where you have to register a cash account, so localbitcoins is the big exchange. Most of their pricing tracks bitstamp.


[-2 Points] Vendor_BBMC:

People who steal bitcoin generally do it when bitcoin is riding high. Bitcoin which isn't theirs but with which they have been entrusted, becomes too tempting.

Vendors generally set their prices in US$, and the moment you buy its calculated in bitcoin. Whether the exchange rate is going up or down, bitcoin is withdrawn and sold immediately. Customers spend it the day the evening they buy it from the exchange.

I offer escrow listings for every item, and also cheaper FE listings. Nine out of 10 customers choose to FE, so the bitcoin is probably sold or paid to an employee who sells it THE SAME DAY.

Customers who choose escrow have paid a bitcoin price buffer anyway. If they buy from me at 3PM, its posted the same day and arrives before 1PM the next day (the UK is small). So even using escrow, bitcoin is released in 24 or 36 hours.

Drugs are priced in $ or £. Bitcoin is just the heat exchanger between the marketplace and the exchange, going round and round like the water in a car engine's radiator.

For a domestic-only UK vendor like me, big bitcoin swings aren't a problem. I hardly get to spend any bitcoin anyway. I swear my employees earn more than I do. Everyone does.

Its nice when its shooting up in value. In Silk Road days, I used to wake up and my mobile phone would be worth £1000 more than when I went to bed, because it had a couple of bitcoins in a wallet.

Bitstamp was hacked, so its exchange value is artificially low. Its the one that Agora uses. Lots of old-fashioned exchanges that keep cash on-site have their own exchange rate. You can't be anonymous and on any exchange where you have to register a cash account, so localbitcoins is the big exchange. Most of their pricing tracks bitstamp.


[-2 Points] Vendor_BBMC:

People who steal bitcoin generally do it when bitcoin is riding high. Bitcoin which isn't theirs but with which they have been entrusted, becomes too tempting.

Vendors generally set their prices in US$, and the moment you buy its calculated in bitcoin. Whether the exchange rate is going up or down, bitcoin is withdrawn and sold immediately. Customers spend it the day the evening they buy it from the exchange.

I offer escrow listings for every item, and also cheaper FE listings. Nine out of 10 customers choose to FE, so the bitcoin is probably sold or paid to an employee who sells it THE SAME DAY.

Customers who choose escrow have paid a bitcoin price buffer anyway. If they buy from me at 3PM, its posted the same day and arrives before 1PM the next day (the UK is small). So even using escrow, bitcoin is released in 24 or 36 hours.

Drugs are priced in $ or £. Bitcoin is just the heat exchanger between the marketplace and the exchange, going round and round like the water in a car engine's radiator.

For a domestic-only UK vendor like me, big bitcoin swings aren't a problem. I hardly get to spend any bitcoin anyway. I swear my employees earn more than I do. Everyone does.

Its nice when its shooting up in value. In Silk Road days, I used to wake up and my mobile phone would be worth £1000 more than when I went to bed, because it had a couple of bitcoins in a wallet.

Bitstamp was hacked, so its exchange value is artificially low. Its the one that Agora uses. Lots of old-fashioned exchanges that keep cash on-site have their own exchange rate. You can't be anonymous and on any exchange where you have to register a cash account, so localbitcoins is the big exchange. Most of their pricing tracks bitstamp.