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My experience with Bitcoin - D minus

Che_GrapesChe_Grapes Posts: 1,851 ✭✭✭✭✭

Had a seller that only accepted Bitcoin - thought that was odd but also thought, why not? I could learn how to use it…. The coin for sale was only 70 dollars so I went and purchased 200 in Bitcoin from Coinstar - you have to download the “coinme” app (aligned with Coinstar) to cash in the little “code” I bought on a piece of paper for 200 dollars at the Coinstar machine at my supermarket. Okay, I can do that!
All went well - and I leaned how to make the transfer and paid and got the coin. But here are some observations and outcomes - I think you’ll find this interesting:
First, to get the coinme wallet to cash in the “code” you have to download your drivers license and selfie head shot (so much for being anonymous) and every transaction is clearly documented and transparent. Had to provide address as well. You need a cell phone with you to do anything because they have this authentication step that requires sending a code to your phone for every single transaction…(now they have all my information)… Plus there is a heavy “blockchain” fee and they even took a cut on my deposit and payment / it was higher than an atm fee or paying with a credit card. Then finally, for the grand finale of my experience, my wallet was apparently hacked and someone stole the roughly 120 dollars I had left….
So that is my Bitcoin experience… I would have rather overpaid for a silver dollar…!! At least I’d still have the silver dollar!
I guess I’m done with Bitcoin… imo it was a total scam!! Thanks but no thanks …

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    Che_GrapesChe_Grapes Posts: 1,851 ✭✭✭✭✭

    And the D minus was only because I did actually make a purchase …
    I do have an inquiry with coinme on the theft but it doesn’t look too promising - if it was a credit card I would already have it back…

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    LanceNewmanOCCLanceNewmanOCC Posts: 19,999 ✭✭✭✭✭

    i'm not even sure where to start other than to say sorry to hear of the "hack."

    technically a private wallet should have private "keys" that render the wallet virtually unhackable BUT i know nothing of the app you mention so perhaps it is more unsecure than some other wallets. (if you lose the keys, the wallet is supposed to be essentially locked, forever)

    there are much more safer ways to buy crypto although the more expensive the crypto, the more risk of losing several percent in just the daily swings and with coin people squeaking over the margins as much as we do, does NOT go well with volatile payments and as you mentioned, the various "fees" which can be diverse and a bit steep.

    when i first got into crypto/nft, i called it the wild wild west with everyone wanting it "decentralized" and it took me all of a couple/few weeks to see it was a disaster in the making. in theory it is actually pretty neat but you know, with humans behind it...

    <--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -

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    Che_GrapesChe_Grapes Posts: 1,851 ✭✭✭✭✭

    @LanceNewmanOCC
    Yes the hack was just the icing on the cake … I have kids that are millennials (ie understand this stuff more than me) and they tried to find out what happened. It could have been I unknowingly exposed my keys during one of the transactions - I really don’t know. Maybe someone could speculate. Another issue is if you misspell this seemingly long code of numbers, letters (capital and lowercase) by even one letter and send it - If it links to a real wallet it’s gone and you can’t get it back… so to me, there are all kinds of issues. I probably did something wrong that opened the potential for a hack but if I did - well, then it’s not hard to do. The legend makes it look as if I sent it to someone, but I didn’t. And the code for the wallet that accepted the money is now inactive. I’m told that’s how it works - they steal it using a temp wallet and then use the money before you can track it. Kind of like a “burner phone” - isn’t that nice?

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    LanceNewmanOCCLanceNewmanOCC Posts: 19,999 ✭✭✭✭✭

    fwiw, i like you tried something "new to you."

    trying something new and spending money will almost always result in a net negative somehow way shape form or another at the beginning.

    thanks for sharing it.

    <--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -

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    gumby1234gumby1234 Posts: 5,428 ✭✭✭✭✭

    Haven't tried anything with crypto yet. Anything and anyone can get hacked. If its online its out there waiting to be stolen by a hacker.

    Successful BST with ad4400, Kccoin, lablover, pointfivezero, koynekwest, jwitten, coin22lover, HalfDimeDude, erwindoc, jyzskowsi, COINS MAKE CENTS, AlanSki, BryceM

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    Namvet69Namvet69 Posts: 8,676 ✭✭✭✭✭

    Thanks for sharing that experience. I will not engage in this type of commerce. Be safe. Peace Roy

    BST: endeavor1967, synchr, kliao, Outhaul, Donttellthewife, U1Chicago, ajaan, mCarney1173, SurfinHi, MWallace, Sandman70gt, mustanggt, Pittstate03, Lazybones, Walkerguy21D, coinandcurrency242 , thebigeng, Collectorcoins, JimTyler, USMarine6, Elkevvo, Coll3ctor, Yorkshireman, CUKevin, ranshdow, CoinHunter4, bennybravo, Centsearcher, braddick, Windycity, ZoidMeister, mirabela, JJM, RichURich, Bullsitter, jmski52, LukeMarshall

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    TomBTomB Posts: 20,737 ✭✭✭✭✭

    I'm sort of stunned anyone would go through all that for a $70 coin. I mean, it couldn't have been that scarce, could it?

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
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    braddickbraddick Posts: 23,127 ✭✭✭✭✭

    @TomB said:
    I'm stunned that anyone would go through all that for a $70 coin. I mean, it couldn't have been that scarce, could it?

    The OP's words:
    "thought that was odd but also thought, why not? I could learn how to use it."

    peacockcoins

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    TomBTomB Posts: 20,737 ✭✭✭✭✭

    I get that, but still...

    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
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    MFeldMFeld Posts: 12,056 ✭✭✭✭✭

    @braddick said:

    @TomB said:
    I'm stunned that anyone would go through all that for a $70 coin. I mean, it couldn't have been that scarce, could it?

    The OP's words:
    "thought that was odd but also thought, why not? I could learn how to use it."

    And if you’re taking a first stab at learning how to use it, why not start off with a relatively small transaction?

    Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.

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    braddickbraddick Posts: 23,127 ✭✭✭✭✭

    @MFeld said:

    @braddick said:

    @TomB said:
    I'm stunned that anyone would go through all that for a $70 coin. I mean, it couldn't have been that scarce, could it?

    The OP's words:
    "thought that was odd but also thought, why not? I could learn how to use it."

    And if you’re taking a first stab at learning how to use it, why not start off with a relatively small transaction?

    Regarding Bitcoin, $70. is considered a relatively small transaction.

    peacockcoins

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    AUandAGAUandAG Posts: 24,539 ✭✭✭✭✭

    Not for me and never was......is any coin worth the effort and transparentcy? I'd have to go buy a cell phone to do so and I will absolutely not do that!
    Thanks for the write up!
    bob :)

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
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    Jzyskowski1Jzyskowski1 Posts: 6,651 ✭✭✭✭✭

    Sorry about your experience. I’m of a mind that it’s a pyramid scheme and therefore have no desire to investigate.
    It’s kind of a variation on the “seems to good to be true “ warning but only more like “if it seems to weird or complicated “.
    Thanks for sharing your experience. I know it’s probably a little humiliating but good of you to help your fellow formites 😀

    🎶 shout shout, let it all out 🎶

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    MFeldMFeld Posts: 12,056 ✭✭✭✭✭

    @braddick said:

    @MFeld said:

    @braddick said:

    @TomB said:
    I'm stunned that anyone would go through all that for a $70 coin. I mean, it couldn't have been that scarce, could it?

    The OP's words:
    "thought that was odd but also thought, why not? I could learn how to use it."

    And if you’re taking a first stab at learning how to use it, why not start off with a relatively small transaction?

    Regarding Bitcoin, $70. is considered a relatively small transaction.

    I agree and that was my attempted point in reply to @TomB, who wrote “I'm stunned that anyone would go through all that for a $70 coin”. Sorry for not having been clear.

    Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.

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    jmlanzafjmlanzaf Posts: 31,997 ✭✭✭✭✭

    Ebay and other financial sites Andi use the drivers license ID.

    Not sure of that app. There are some crypto apps known to have security issues.

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    coinkatcoinkat Posts: 22,795 ✭✭✭✭✭

    That has the look of a cartoon from the New Yorker

    Experience the World through Numismatics...it's more than you can imagine.

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    291fifth291fifth Posts: 23,945 ✭✭✭✭✭

    My attitude toward cryptocurrency has remained unchanged ... have none, want none, accept none.

    All glory is fleeting.
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    Che_GrapesChe_Grapes Posts: 1,851 ✭✭✭✭✭

    @Dug13 said:
    Strictly a guess, but if the seller "only accepts bitcoin" they might have away to hack the wallet.

    I felt that way too - but after communicating further I’m fairly convinced the seller didn’t do it.
    He was also really upset when I told him….

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    Che_GrapesChe_Grapes Posts: 1,851 ✭✭✭✭✭

    Appreciate all the responses! This is why I love this forum (or whatever it is called)

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    mbogomanmbogoman Posts: 5,127 ✭✭✭✭✭

    @MFeld said:

    @braddick said:

    @TomB said:
    I'm stunned that anyone would go through all that for a $70 coin. I mean, it couldn't have been that scarce, could it?

    The OP's words:
    "thought that was odd but also thought, why not? I could learn how to use it."

    And if you’re taking a first stab at learning how to use it, why not start off with a relatively small transaction?

    This is exactly what I did. I opened a small account on Coinbase, enough to complete the transaction with a little left over to keep the account positive. I just wanted to learn how the whole thing works from start to finish. Everything went off as planned and my small balance is still in my wallet 5 months later.

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    rickoricko Posts: 98,724 ✭✭✭✭✭

    @Che_Grapes... Thank you for sharing your unpleasant experience. I do not venture into bitcoin at all... I realize some have made incredible profits, and some have not. I will stick with the venues that have worked for me all these many, many years. Cheers, RickO

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    Cougar1978Cougar1978 Posts: 7,640 ✭✭✭✭✭
    edited December 10, 2022 11:24AM

    Thanks for sharing. Feel your pain. You jumped thru all those hoops then got ripped.

    At shows buy and sell with cash only. It doesn’t leave my table unless paid for. If somebody wants me jump thru hoops or some screwball request / they can take a flying leap.

    In certain ways a lot of us been outpaced by technology or just Teked out. However they will use that find new ways mess with us / scam us. Watch out. Will stick w my way / what works for me. No bc for me.

    So Cali Area - Coins & Currency
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    stevebensteveben Posts: 4,596 ✭✭✭✭✭
    edited December 10, 2022 12:05PM

    bitcoin was not meant to work like this...but this is what has happens when companies trying to make money (and the government) get involved.

    ideally, you'd have your btc on a private wallet and so would the person receiving the payment...there is a transaction fee, but other than this, it should be fairly instant and easy.

    bitcoin is meant to be decentralized and peer to peer. it can function this way, but there are so many barriers in place that it makes it very hard to do.

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