Silk Road forums

Discussion => Security => Topic started by: OneBadDream on August 10, 2013, 02:19 pm

Title: Over pricing on localbitcoins.
Post by: OneBadDream on August 10, 2013, 02:19 pm
Okay so. There's this guy on localbitcoins.com selling bitcoins with a price of $129.04. Limit is set at 10 - 1523.
So, say if I were to just send a trade offer for $30.00. Is there a certain percentage taken from that since I'm not buying a whole bitcoin? I just don't get how it works.

 Dealing with this guy is my only option because he is the closest to me. So yeah, I mean.. He has a 100% positive feedback and over 264 confirmed trades and has been a seller for 8 months. Does this seems legit or something you would stay away from? That's a lot trades for 8 months, no? Maybe I don't know what I'm talking about. Let me know what you guys think?
Title: Re: Over pricing on localbitcoins.
Post by: PowerToCharm on August 10, 2013, 02:41 pm
Traders on lbc.com set their own prices, so you can choose the best deal. Bitcoin is trading right now most places for around USD103, so 129 is a bit steep. Maybe check the "buy bitcoins online" listings and see if you can get a better rate by making a cash deposit into the seller's bank. If you have a Bank of America, Wells Fargo, Citi Bank, or Chase where you live, you can probably do it that way. Then the seller can be anywhere at all and it doesn't matter.

But to answer your question about fees: The seller pays the fees when he sells bitcoin, just like the seller pays the fees to sell something on eBay or Amazon. You will see a tiny transfer fee (.0001 btc) when you move your coins out of your localbitcoins wallet to wherever you're sending them, but that's it. Also, your coins are held in escrow by the localbitcoins site so the seller cannot receive your money and run off with the coins. The seller you describe with several hundred trades and 100% positive feedback sounds safe enough, just that exchange rate is not the best.
Title: Re: Over pricing on localbitcoins.
Post by: OneBadDream on August 10, 2013, 02:51 pm
Traders on lbc.com set their own prices, so you can choose the best deal. Bitcoin is trading right now most places for around USD103, so 129 is a bit steep. Maybe check the "buy bitcoins online" listings and see if you can get a better rate by making a cash deposit into the seller's bank. If you have a Bank of America, Wells Fargo, Citi Bank, or Chase where you live, you can probably do it that way. Then the seller can be anywhere at all and it doesn't matter.

But to answer your question about fees: The seller pays the fees when he sells bitcoin, just like the seller pays the fees to sell something on eBay or Amazon. You will see a tiny transfer fee (.0001 btc) when you move your coins out of your localbitcoins wallet to wherever you're sending them, but that's it. Also, your coins are held in escrow by the localbitcoins site so the seller cannot receive your money and run off with the coins. The seller you describe with several hundred trades and 100% positive feedback sounds safe enough, just that exchange rate is not the best.

Yeah! That's the thing too. It IS for bank deposit and the rate is that. It really sucks though. I would definitely go with someone else if it wasn't for the fact that his bank is the only one I can work with because it's the only one that is remotely close to me. Sure, there's plenty of banks around me. Just not the one's that most sellers on there seem to work with. Kind of in a pickle haha. Thanks a lot for the info, much appreciated!