02-22-2015, 07:47 PM
(02-22-2015 10:50 AM)zimzoom Wrote: [ -> ]@SubZero:No, don't bother with setting up a US bank account (unless you are in the US - and you won't sign up on Coinbase anyway if you are not); just look for an exchange which will allow you to buy bitcoins while seated comfortably in your own country.(02-22-2015 10:09 AM)SubZero Wrote: [ -> ]Thank you for sharing this nice Bitcoin method. +REP added to you!
I'm sure this works, and I'm gonna try it THIS WEEK and let you guys know how everything goes.
(I just need to setup a US Bank Account 1st)
So I'm assuming you live outside the US (doesn't really matter) and are going to set up a new bank account, then you are going to use Coinbase to buy the coins, and then sell them on localbitcoins? It's called Money Transmitting and is illegal without a license! This is why some are reluctant to share information on here! Some are just lazy (asking for the same password every three posts) don't read thread posts, dont understand the language BBF uses by default, or are just plain stupid/slow learners.
You are going to get NAILED by the US Feds, the state where the bank you are doing business in is located, Coinbase, or all of the above! Do you think if you could flip a bitcoin for $68-$76 a turn, you are the only one privy to it (while ISIS launders money all around us) and a guy selling this information for $10 and has a portfolio of .041 bitcoin is a seasoned, or legit trader? How many times does he cut away in the video? Cheeses, some of you people deserve to be inturned! That clicking you here? NSA!
@Zimzoom:
Quote: It's called Money Transmitting and is illegal without a license!Of course; we can spend an entire day (professionals have spent months) debating about the legalism of Bitcoins while the ones involved keep on banking.
Yes-Money Transmission without a license is illegal; I don't know if you are suggesting that people should attempt to find out if certain exchanges are licenced by FinCEN or whomever.
However, we are in blackhat for a reason. While buying bitcoin isn't illegal in itself, exchanging it for fiat is considered Money Transmitting - but that shouldn't necessarily discourage anyone from giving this a shot. Honestly, I don't see a loophole in the course seller's case-study where he sells bitcoin via PayPal My Cash - a clever method in my opinion, as this can't be reversed like the normal PayPal would. There are buyers who offer PayPal My Cash, but you have to be in US to use this service, unless you have someone you trust in the US to help with this. The other payment methods, especially the solid ones like Western Union (which is the most applicable in my country) would take too long for this arbitrage model to work effectively. Moreover, the buyers offering the safest payment methods on Localbitcoins are buying bitcoin way too cheap!
Quote: Do you think if you could flip a bitcoin for $68-$76 a turn, you are the only one privy to it?
Not everyone has the guts to venture, in my opinion.
Quote: and a guy selling this information for $10 and has a portfolio of .041 bitcoin is a seasoned, or legit trader?
You may have a point there. If this is as easy as he claims, he should be selling this for more than $500. I won't pretend to understand why it's so cheap.
