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    Author Topic: Bitcoin blunder - The story of Bitcoin2Cash  (Read 1213 times)

    • brie (OP)
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    June 27, 2013, 03:24:54 PM
     #1
    In early 2011 there was a site called Bitcoin2Cash. It offered to exchange Bitcoins for physical US Dollars delivered in the mail. The exchange rate was staggeringly low but at the time it was the only game in town for getting cash for Bitcoin.

    For 1 Bitcoin you would get 0.006 cents.

    And people sold to this guy! He raked in over 75,000 BTC (currently worth over 7.5 million USD) during the sites short time of operation.

    I personally sold him 5000 BTC in what I consider to be my biggest Bitcoin blunder.
    My Bytecoin P2Pool: http://limitedloot.org:6327

  • TippingPoint
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    June 27, 2013, 03:27:41 PM
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    Quote from: brie on June 27, 2013, 03:24:54 PM
    In early 2011 there was a site called Bitcoin2Cash. It offered to exchange Bitcoins for physical US Dollars delivered in the mail. The exchange rate was staggeringly low but at the time it was the only game in town for getting cash for Bitcoin.

    For 1 Bitcoin you would get 0.006 cents.

    And people sold to this guy! He raked in over 75,000 BTC (currently worth over 7.5 million USD) during the sites short time of operation.

    I personally sold him 5000 BTC in what I consider to be my biggest Bitcoin blunder.

    Surely you jest.

  • brie (OP)
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    June 27, 2013, 03:33:00 PM
     #3
    Quote from: TippingPoint on June 27, 2013, 03:27:41 PM
    Surely you jest.

    I wish... He seems to have cashed out $5,000,000 worth of the BTC, or at least moved it around, but the address (http://blockexplorer.com/address/1CRZpkKKAt7G5uiK4JPBjBJGnozgiatFAs) I sent my 5000 BTC to still has 25,000 BTC left.
    My Bytecoin P2Pool: http://limitedloot.org:6327

  • Viscera
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    June 27, 2013, 03:35:05 PM
     #4
    OMG, that's $3!!! I bought a solar panel last year for 20 bitcoins... It's not the same but it still stings

  • brie (OP)
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    June 27, 2013, 03:37:04 PM
     #5
    Quote from: Viscera on June 27, 2013, 03:35:05 PM
    OMG, that's $3!!! I bought a solar panel last year for 20 bitcoins... It's not the same but it still stings

    I received ~$30, but that simply doesn't compare to the $1mil i could have had.
    My Bytecoin P2Pool: http://limitedloot.org:6327

  • kik1977
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    June 27, 2013, 03:38:35 PM
     #6
    Quote from: brie on June 27, 2013, 03:33:00 PM
    Quote from: TippingPoint on June 27, 2013, 03:27:41 PM
    Surely you jest.

    I wish... He seems to have cashed out $5,000,000 worth of the BTC, or at least moved it around, but the address (http://blockexplorer.com/address/1CRZpkKKAt7G5uiK4JPBjBJGnozgiatFAs) I sent my 5000 BTC to still has 25,000 BTC left.



    Hi Brie!
    Let me understand better.. I'm interested because at the time, I used to make a presentation on the topic and cite exactly that website, although I never knew anyone who actually did any transaction with him. How did it work exactly?
    I remember my biggest concern was: trust (of course) and how could be that amount of money simply be mailed.. is that what happened?
    Thanks in advance for the info..
    We are like butterflies who flutter for a day and think it is forever

  • brie (OP)
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    June 27, 2013, 03:43:22 PM
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    Quote from: kik1977 on June 27, 2013, 03:38:35 PM
    Hi Brie!
    Let me understand better.. I'm interested because at the time, I used to make a presentation on the topic and cite exactly that website, although I never knew anyone who actually did any transaction with him. How did it work exactly?
    I remember my biggest concern was: trust (of course) and how could be that amount of money simply be mailed.. is that what happened?
    Thanks in advance for the info..

    Yes, I sent the Bitcoins to the address specified on the site, emailed the guy at sales@bitcoin2cash.com with the address I had just sent from and my home address to mail the cash to; they replied that they had received the BTC and that they would be sending my cash. A few days later the money came in a security envelope. And yeah, I had to just trust that they would send the money.
    My Bytecoin P2Pool: http://limitedloot.org:6327

  • Remember remember the 5th of November
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    June 27, 2013, 03:47:12 PM
     #8
    Quote from: brie on June 27, 2013, 03:43:22 PM
    Quote from: kik1977 on June 27, 2013, 03:38:35 PM
    Hi Brie!
    Let me understand better.. I'm interested because at the time, I used to make a presentation on the topic and cite exactly that website, although I never knew anyone who actually did any transaction with him. How did it work exactly?
    I remember my biggest concern was: trust (of course) and how could be that amount of money simply be mailed.. is that what happened?
    Thanks in advance for the info..

    Yes, I sent the Bitcoins to the address specified on the site, emailed the guy at sales@bitcoin2cash.com with the address I had just sent from and my home address to mail the cash to; they replied that they had received the BTC and that they would be sending my cash. A few days later the money came in a security envelope. And yeah, I had to just trust that they would send the money.
    Well in any case, they didn't scam you or anything.
    BTC:1AiCRMxgf1ptVQwx6hDuKMu4f7F27QmJC2

  • TippingPoint
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    June 27, 2013, 03:52:50 PM
     #9
    Bitcoin2Cash implemented buy low, sell high correctly.

  • brie (OP)
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    June 27, 2013, 03:56:48 PM
     #10
    Quote from: TippingPoint on June 27, 2013, 03:52:50 PM
    Bitcoin2Cash implemented buy low, sell high correctly.


    Indeed. Somebody had to.
    My Bytecoin P2Pool: http://limitedloot.org:6327
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