Silk Road forums

Discussion => Security => Topic started by: lucidmatrix on December 01, 2012, 10:45 pm

Title: Local Bitcoin Trading
Post by: lucidmatrix on December 01, 2012, 10:45 pm
So does anybody here use this somewhat new method for buying or selling bitcoins? There's a few sites now that mediate the process. Basically the BTC buyer meets the BTC seller in a coffeeshop or something and gives cash to the seller, the seller then transfers the coins. I can see some pros and cons

pros:
Basically anonymous except the person you're trading with actually sees you
BTC is turned into cash money no banks, no bullshit
Fast, you could find a buyer and do the transaction the same day and have money

cons:
One party could potentially bring a gun, rob the other party of cash or coin
Bitcoin buyer could track the person who he gave cash to and rob them later on

Anyways, I'll probably be trying this soon but wanted to see more more input especially if anybody has actually done it. Thanks
Title: Re: Local Bitcoin Trading
Post by: thecrackhead on December 01, 2012, 11:01 pm
I'm using it, I'm cocky and confident what you've stated is possible, however there's a way of scamming big time as a buyer.
This is how I'm doing it:
We meet in a pub, guy turns on his laptop logs in on block chain, sends me the BTC.

Option 1: Now, my move could be that I kindly fuck of having 6 mates with me in the exact pub at different tables.
We all stand up, he's not gonna shot 7 guys for few hundreds btc.
The risk on my side is minimum as once the BTC send, can't be retrieved.

Option 2: I just give him the cash as I'm a nice guy lol...

I'm always going for option 2...but is never too late...
Title: Re: Local Bitcoin Trading
Post by: lucidmatrix on December 01, 2012, 11:06 pm
A seller could just as easily have multiple people in the cafe/bar. It's all about trust in the end I guess.
Title: Re: Local Bitcoin Trading
Post by: thecrackhead on December 01, 2012, 11:12 pm
Big fight but I'm still the one with btc in the end. + We only meet in typical English pubs with old drunks 80% of them waiting to die/ wondering if they wake up tomorrow.