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Thread: Selling a watch for Bitcoin

  1. #1

    Selling a watch for Bitcoin

    Hi all,

    I'm wondering if anyone on here can offer me some advice. I have put my Big Bang on eBay as it wasn't attracting any interest in SC. I have received an offer for more than I am asking for on here, but the buyer wants to pay me Bitcoin on collection.

    As it happens, I do have a Bitcoin wallet, so I think I could do this and Bitcoin has dropped a lot recently, so maybe the timing works. However, I know very little about crypto - I just stuck a few quid in Zen about a year ago (which is obviously now worth a lot less!) and have done little since.

    I guess my question is about general risk (rather than movement in the Bitcoin market). As I have never sold anything for Bitcoin before, it feels a bit weird and I don't know if there are extra precautions I should take - or even whether I should just run a mile ...

    Any advice would be much appreciated.

    Cheers,
    Simon

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  2. #2
    Sounds a bit dodgy to me.You obviously can’t trace a payment if need be so sounds like somebody who is trying to turn ill gotten gains into legitimate goods. Run a mile.

  3. #3
    Master
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    It's 100% a scam. If you ever sell on Facebook market place no matter what you are selling the same names pop up wanting to buy in bitcoin.

    The always suggest using certain exchanges and won't send direct into your wallet. I have never got beyond that but it's a scam.

  4. #4
    Craftsman
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    One of the problems with crypto is getting out of it. It's great having a ton of money on paper but if there's not a lot of new money coming in then the biggest problem is converting it into cash that you can actually spend. This is especially true at the moment when there is a crash and new investment is hard to come by, a lot of people are waking up to the realisation that they're bottom of a pyramid scheme.

    All this is to say, even if it's not a scam, you do not want to be converting a watch into crypto right now. Take it to WF if you're desperate.

  5. #5
    Craftsman
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    As above, it's quite possibly not a scam, but people that have made good gains in the last few years are looking to get out and avoid the capital gains tax. Not that that is your problem, but the market is pretty volatile right now so unless you actually want some Crypto to hold, it's got some risk associated with it.

  6. #6
    Apprentice
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    Hi, I think it is unusual. Has this ebay buyer got good feedback on Ebay?

    Now, I can't understand why doesn't he converts the bitcoin in cash and then pay you? You can do that on so many crypto platforms with NO ISSUES at all.

    Also the fact that they want to pay you more is questionable.

    A few people here are saying that the buyer may want to hide gains, etc.. That is obviously wrong since crypto is in the same class as any other asset (I. E. Stock shares., etc..) according to Hmrc. If they were to exchange bitcoin for your watch, basically they are gifting you the bitcoin and Hmrc doesn't know what has happened on the other end....and they don't care as they consider this as a sale (capital gains payable).

    Not sure if the person who said the sale is not traceable actually understand what blockchain is. Everything is recorded there. Nobody can hide. Yes, not with the name of the owner but with the id of the wallet and bitcoin.

    Anyway, I would check feedback, chat to them and if you really want to accept the RISK, meet in person, get them to transfer to well known crypto platform like Coinbase and wait until the transaction lands on your wallet and even convert directly into cash while you are still there. Then you hand the watch over.

    Hope this helps.



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  7. #7
    Grand Master RustyBin5's Avatar
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    He can sell the required amount of Bitcoin then buy from you with wonderful Sterling. You can then buy Bitcoin if you want. I would not accept it as payment. Up to you though.

  8. #8
    Master
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    Don’t mix 2 things. If you want to “invest” in crypto currency do that; if you want to sell a watch do that (for real money). Even if it’s not a scam, you should be in control of timing of investments.

  9. #9
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    Just to reiterate. This is a scam. It's not my opinion it's fact. There's so many doing this.

    They will offer to do it face to face but they will still try and scam you.

    You don't normally get them through eBay but try listing anything of value of FB market place and a fake account will pop up asking to but with Crypto.

  10. #10
    Thanks, all. Lots of really good advice here. He has been a member for a couple of years and has 30 feedback. I wouldn't normally be investing in more crypto right now, so I think I'll just ask him to convert to cash and pay in that. It will be interesting to see how he responds ...

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  11. #11
    Sorry: I meant convert to Sterling, not cash!

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  12. #12
    Grand Master RustyBin5's Avatar
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    Or you could insist on payment in Rubles

  13. #13
    Quote Originally Posted by RustyBin5 View Post
    Or you could insist on payment in Rubles
    Too complicated. I normally ask for North Korean Won.

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  14. #14
    If you wait until you see BTC in your wallet, can anything go wrong?

  15. #15
    Journeyman
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    Quote Originally Posted by Kingstepper View Post
    If you wait until you see BTC in your wallet, can anything go wrong?
    Nothing that I can think of. Once the transfer is validated on the chain it's irreversable.

  16. #16
    Why would you want to even contemplate taking a risk.on something like this?. No,No,No.

  17. #17
    Craftsman
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    >but the buyer wants to pay me Bitcoin on collection.<

    Buyer will file an Item Not Received claim which you can't defend, as there's no proof of delivery. The Bitcoin paid to you is probably proceeds of crime they want rid of.

  18. #18
    Master dice's Avatar
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    Unless you've done a Bitcoin sale before, I would steer clear. This needs to be done on a crypto exchange you can trust, that you can recognise a fraudulent transfer message from, that has good enough fees to get workers to confirm the transaction quickly. I can see this exposing you in all sorts of ways, eg buyer claims to have a meeting or train after and the sale and "you just haven't received the confirmation yet, but I've sent the transaction, trust me, it just needs validating".

    I'm pro-crypto, but I would save yourself the hassle and avoid a BTC sale.

  19. #19
    Quote Originally Posted by J J Carter View Post
    >but the buyer wants to pay me Bitcoin on collection.<

    Buyer will file an Item Not Received claim which you can't defend, as there's no proof of delivery. The Bitcoin paid to you is probably proceeds of crime they want rid of.
    Proof of collection can be on the eBay app, not an issue.

  20. #20
    Journeyman AmosMoses's Avatar
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    Strong avoid, far too much chance of being ripped off.


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  21. #21
    Master M1011's Avatar
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    Stinks of a scam. Run!

  22. #22
    Master
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    Quote Originally Posted by J J Carter View Post
    >but the buyer wants to pay me Bitcoin on collection.<

    Buyer will file an Item Not Received claim which you can't defend, as there's no proof of delivery. The Bitcoin paid to you is probably proceeds of crime they want rid of.
    Buyer can file whatever they like, how would ebay be able to refund a bitcoin transaction?

    As it happens I have bought a watch using bitcoin — was I getting rid of the proceeds of crime too??

    The pertinent issue here is the payment on collection, which I would never agree to. Cleared payment (bitcoin or GBP) in advance, or clear off

  23. #23
    Craftsman
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    I do not trade in crypto and therefore am no expert.

    But is the problem here not that we fear the unknown as opposed to it being inherently risky and a certain scam.

    I mean if the bitcoin has been received into your wallet does that not make the transaction irreversible, as thats how I understood it with my very limited knowledge.

    Where the buyer got the bitcoin from or how he earns his wealth should be as irrelevant as it would be if he were buying cash or via bank transfer no?

    I think sometimes there is a massive stigma attached to the issue of crypto currency due to our ignorance around the workings of it.

    I am certainly one of the ignorant ones and I personally am very suspicious around it's use, however I do understand that not all who deal in crypto or use crypto for purchases are criminal.

  24. #24
    Master M1011's Avatar
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    Quote Originally Posted by tango View Post
    I do not trade in crypto and therefore am no expert.

    But is the problem here not that we fear the unknown as opposed to it being inherently risky and a certain scam.

    I mean if the bitcoin has been received into your wallet does that not make the transaction irreversible, as thats how I understood it with my very limited knowledge.

    Where the buyer got the bitcoin from or how he earns his wealth should be as irrelevant as it would be if he were buying cash or via bank transfer no?

    I think sometimes there is a massive stigma attached to the issue of crypto currency due to our ignorance around the workings of it.

    I am certainly one of the ignorant ones and I personally am very suspicious around it's use, however I do understand that not all who deal in crypto or use crypto for purchases are criminal.
    The watch is for sale in GBP, on a platform where not one single listing allows for payment in Bitcoin. If there's nothing dodgy about the transaction, it begs the question why the buyer wouldn't simply convert their Bitcoin to GBP and make the purchase. Put simply, it's almost certainly either dirty money or a scam, best avoided.

  25. #25
    Quote Originally Posted by tango View Post
    I do not trade in crypto and therefore am no expert.

    But is the problem here not that we fear the unknown as opposed to it being inherently risky and a certain scam.

    I mean if the bitcoin has been received into your wallet does that not make the transaction irreversible, as thats how I understood it with my very limited knowledge.

    Where the buyer got the bitcoin from or how he earns his wealth should be as irrelevant as it would be if he were buying cash or via bank transfer no?

    I think sometimes there is a massive stigma attached to the issue of crypto currency due to our ignorance around the workings of it.

    I am certainly one of the ignorant ones and I personally am very suspicious around it's use, however I do understand that not all who deal in crypto or use crypto for purchases are criminal.
    Thank you. Very eloquently put.

    I agree with much of this and I do think it is unfair to assume that anyone asking to pay by crypto is a criminal. That said, if there are commonplace scams being used, then I assume we all want to be aware of them. Ditto if there are any extra security precautions that those new to the concept should take.

    Since I asked to be paid in sterling, he's gone rather quiet.

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  26. #26
    Grand Master Chris_in_the_UK's Avatar
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    Ah.........

    Quote Originally Posted by pseunomis View Post
    Since I asked to be paid in sterling, he's gone rather quiet.
    When you look long into an abyss, the abyss looks long into you.........

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