Silk Road forums
Discussion => Off topic => Topic started by: Trainwrecked on December 21, 2011, 04:11 am
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So I was looking thru numerous bitcoin vendors and such and I came across a few articles about stolen credit cards from companies being used to fraudulently charge cards for bitcoins since bitcoin transactions can't be reversed? Now, I'm not for this option at all, but is this something commonly done? (I really wouldn't recommend this idea to anyone, I'm almost positive this increases your risk of being caught EXTREMELY)
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Um, sorry, but what are you asking? I don't get it.
Are you asking if anyone has committed credit card fraud and bought BTC with it?
Oh, ok. I get what you're asking.
I'm sure it's done all the time. Why not? You know?
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I'm curious IF this is possible. I've seen a lot of debate on it in other areas on the net. Some say it's so easy to do, talking about taking the credit cards, converting it to bitcoins, then transferring it to another account and trying to re-convert them to dollars and steal the money. Then others say that it can't work cause credit card companies can track it and everything else. I don't want to know if anyone on here is doing it, I'm wondering what everyone's opinion is. Personally, the whole idea sounds like it could just ruin bitcoins even more. Ya know?
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I believe, based on actually reading the OP's post, he wants to know how common this is, and just how "untraceable" it is.
I can't speak for the first, but I'd guess it would be pretty hard to find out who did it, especially if you are transferring the BTC into an account that is not linked to your real identity.
That said, I definitely wouldn't advise this, especially on a moral level.
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I believe, based on actually reading the OP's post, he wants to know how common this is, and just how "untraceable" it is.
I can't speak for the first, but I'd guess it would be pretty hard to find out who did it, especially if you are transferring the BTC into an account that is not linked to your real identity.
That said, I definitely wouldn't advise this, especially on a moral level.
Immoral yes, But very easy I would imagine. Steal the number, import it to paxum, or something similar (moneypak, etc), then buy a shit load of coins, delete the card from your account, put the coins into your wallet, play the market maybe, then cash out, or buy a bunch of crap with the coins themselves.
PS, you don't have to be an ass about me not getting it at first, as you can see I edited my post correcting myself before you made your post. I just didn't get it at first, as if i need to explain myself
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people do this all the time. getting the numbers and cashing out is the easy part. the hard part is finding ways to take a credit card number finding and turning it to bitcoins.
Vendors won't do straight CC-> BTC because of the possibility of chargebacks. Other sites require further verification of information in order to withdraw funds.
But yea it's basically untraceable
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PS, you don't have to be an ass about me not getting it at first, as you can see I edited my post correcting myself before you made your post. I just didn't get it at first, as if i need to explain myself
The way your initial comment seemed to me was that you didn't take the time to read it, and didn't really care about or think the OP's question was worthwhile. Glad to see I was wrong, my bad!
Good day to you.