Take caution with crypto trades

I, amongst others, have just learnt about double spending the hard way.

Just because a transaction shows up as pending (BTC or any other crypto) doesn't mean that the trade is final.

Please make sure that the blockchain passed through the needed amount of confirmations before delivering your goods. I have had numerous transactions here on Sythe where people have traded me the OSRS or PayPal before the necessary confirmations were made.

I'd like to take this opportunity to advice anyone against doing this. There has been several occasions where people have been double spent on recently, meaning that the crypto shows up but doesnt arrive in your wallet.

Learn from my mistake. I would like that the Sythe staff could bring this matter to the attention of the other traders who were, or still are, as uneducated about this matter as myself.

This is probably not the best section to post, but I hope that this way this matter can get some extra visibility.

 

[Vlad]

Moved to suggestions.

Also, this is covered in most basic Bitcoin/cryptocurrency tutorials. In my opinion it should be on the user to cover basic scams, however an extra sticky I don't suppose would hurt - not that most users read them anyway.

 

[Pain]

Moved to suggestions.

Also, this is covered in most basic Bitcoin/cryptocurrency tutorials. In my opinion it should be on the user to cover basic scams, however an extra sticky I don't suppose would hurt - not that most users read them anyway.

What in the OP even sounds like a suggestion? This does not belong here either, this is a warning of something that's been happening for 5 years now, this is not new and there's no suggestion aspect of the OP.

This belongs in SF or locked and archived, there are already double spending warning stickys mentioned in other stickys, this is bitcoin 101, I'm sorry OP got scammed but a simple google guide on bitcoin would of explained this, if your going to accept a payment method you should probably at the very least google a basic guide on it.

 

No shit dude learn about the currency before accepting payment in it

That's like making a thread saying 'beware PayPal chargebacks'

 

Like many other things that have been made into a sticky recently, perhaps this is another thing that could use it. Not only do most people use Crypto's, they think it is extremely safe, which in most cases it is, just user beware that not everything in life is what we expect it to be.

 

[video]

Hello welcome to market discussion

 

[YoHoJo]

Meowth, that's right!

 

No shit dude learn about the currency before accepting payment in it

That's like making a thread saying 'beware PayPal chargebacks'

A couple of big gold movers got struck big aswell, so it might just be less known than you assume.

This is as a friendly heads up to those that aren't aware and wrongfully assume that crypto payments are risk free.

 

[R2Pleasent]

Always wait for 1 confirmation with Bitcoin payments. It's incredibly difficult to do anything malicious after a transaction has 1 confirmation, especially for amounts under $10,000 USD.

 

[CreamCaramel]

Crypto trades are trades using Bitcoins right?

 

Crypto trades are trades using Bitcoins right?

Indeed. Amongst others there's Bitcoin, Ethereum, Litecoin, Bitcoin cash, but it applies to all the digital currencies basically.

 

[CreamCaramel]

Indeed. Amongst others there's Bitcoin, Ethereum, Litecoin, Bitcoin cash, but it applies to all the digital currencies basically.

Okay, I feel that all that currency is a kind of an illusion but it keeps business growing so things will change for the best I guess

 

What exchanges are you double spending on?

 

[kmjt]

thank you for opening your meowth on the matter

 

[Zynce]

Take caution with trading you

(thanks for the heads up btw)

 

This is known to be fair. It's part of the basics in crypto acceptance. Wait for 1 confirmations before giving anything.
Invoices via Bitpay and so on even wait for 3 confirmations (BTC).