I might try selling these fake Crypto Mining Contracts

A friend on Telegram recently showed me his earnings from selling these fake crypto mining contracts on eBay.

From my understanding these crypto mining contracts as if they're mining new coins like Bitcoin or Doge and they sell a contract for 24 hours to mine them and sell those same coins when in reality the seller is likely buying these coins from a source and giving themselves 24 hours or less to send the coins directly to the buyer's wallet address to complete the sell.

My friend does it on eBay but I'm looking into selling them through my new crypto e-commerce site. I'm looking to sell them crypto for crypto as I'm not dealing with FIAT money anymore due to scamming customers. It looks interesting for sure and worth checking out.

You’re tired of scammers yet you want to sell fake contracts lol?

That is scam mate

Wtf did I just read.

James2774 said:

You’re tired of scammers yet you want to sell fake contracts lol?

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You have no idea what he is even talking about...He is not looking to scam anyone..

To answer your question- the only reason people are buying them on ebay is because they can pay with Paypal/card!
It's the only way for some to get their hands on coins...People are ok with paying a premium for the service!

Once you take that away- You got nothing to offer...

Sugirl said:

You have no idea what he is even talking about...He is not looking to scam anyone..

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Exactly and thanks for explaining, it's not scamming if they're actually getting the coins. It's just that people are faking like they are mining them when they're just buying them and selling the coins. It's actually a pretty neat method.

Sugirl said:

To answer your question- the only reason people are buying them on ebay is because they can pay with Paypal/card!
It's the only way for some to get their hands on coins...People are ok with paying a premium for the service!

Once you take that away- You got nothing to offer...

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That's my biggest concern is that it might not work too well doing crypto to crypto as people would more than likely buy with Paypal/card especially internationally. I was successful last year on Paxful but my main problem has always been with the payment providers I can never get too far because I make too much money and they end up ending my business on those gateways. That's why I wanted to explore accepting crypto as a payment. It's a pretty good method for people who want to avoid KYC to buy coins which is basically what this method is truthfully.

I gotta figure out how to do this where I can still accept FIAT but not get shutdown in the long run.

If you have any suggestions let me know here or in DM.

Sugirl said:

To answer your question- the only reason people are buying them on ebay is because they can pay with Paypal/card!
It's the only way for some to get their hands on coins...People are ok with paying a premium for the service!

Once you take that away- You got nothing to offer...

Click to expand...

He said he’s looking to sell them for crypto, not on eBay, no PayPal/card.

James2774 said:

He said he’s looking to sell them for crypto, not on eBay, no PayPal/card.

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Yes, that is correct that's why I'm still looking into it because I might not be successful since it beats the whole point in the service if people can't pay in FIAT money. I want to do crypto for crypto to get away from these FIAT gateways that keep suspending my accounts once I start making too much money with them.

Isn't people provide their wallet and you give them the pool link
People do that to see if it's profitable to mine before they start on it

Salamouna said:

Isn't people provide their wallet and you give them the pool link
People do that to see if it's profitable to mine before they start on it

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That's the point there is no real mining involved, the sellers just use the buyer's money to buy the crypto they want and profit from it. Like if someone is selling 300 Dogecoin and someone buys it then the buyer pays for it upfront and the seller takes that money and uses it to buy the 300 Dogecoin and keep whatever is leftover as profit. Once the Dogecoin is successfully in the seller's wallet then it's time to transfer it over to the customer. That's the way the business is pretty much done.

DStiles said:

That's the point there is no real mining involved, the sellers just use the buyer's money to buy the crypto they want and profit from it. Like if someone is selling 300 Dogecoin and someone buys it then the buyer pays for it upfront and the seller takes that money and uses it to buy the 300 Dogecoin and keep whatever is leftover as profit. Once the Dogecoin is successfully in the seller's wallet then it's time to transfer it over to the customer. That's the way the business is pretty much done.

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So you should buy the doge at the same moment
If the price of doge did a big move in that 24 then you are..

DStiles said:

Yes, that is correct that's why I'm still looking into it because I might not be successful since it beats the whole point in the service if people can't pay in FIAT money. I want to do crypto for crypto to get away from these FIAT gateways that keep suspending my accounts once I start making too much money with them.

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Ok so what’s the end goal?
Are you trying to sell contracts as a front to sell crypto without kyc?(and buyer knows this)

Or are you trying to sell
Contracts for profit where the buyer thinks he is getting a contract and may end up with a profit?

Anyway, all the services that sell crypto using a card require kyc for a reason.
The only real way to do it without kyc is to have merchant accounts ready that you’re willing to lose/have funds frozen due to chargebacks.

Just not worth it for small amounts. And if someone had large amounts to buy they would just use a bank transfer.
If they are avoiding kyc it’s stolen card.
If avoiding kyc with bank transfer to avoid crypto laws/tax.
The former is def a scam to you, the latter is meh

So in Layman's terms

You're selling crypto coins to people who can't buy crypto coins through their country, likely because of regulations

However, for a fee, you act as a 'bridge' between them and the coins they want/believe in

This should be written a lot easier.... But it's great information none the less to know this is going on , on eBay

How much of a profit margin however? @DStiles

What? Are you serious

all your listings will be removed and acc banned eventually, not to mention buyers will fuck you over as well

Jason2021 said:

all your listings will be removed and acc banned eventually, not to mention buyers will fuck you over as well

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Depends on profit margins.

You can buy a stealth PayPal or and Virtual card

Doesn't' sound that profitable though... not unless maybe scamming, which wouldn't be worth the time of most sane people

A lot of details needed to properly assess what he's discussing

Be careful what you get involved with.. don’t cheat innocent people

Salamouna said:

So you should buy the doge at the same moment
If the price of doge did a big move in that 24 then you are..

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If the customer buys and I'm available to buy it from my exchange I will not waste anytime in getting it to them. Once I have the crypto in my possession it gets transferred to the customer. If there's heavy price action involved then that's the risk that's taken but the customer will get the same amount of coins they paid for regardless of the price at that time so there's no need to wait the full 24 hours to transfer the coins to the customer. They can be delivered 30 minutes to 3 hours from the time they purchased. The 24 hours is used to give the seller time to get the coins from the exchange. Some exchanges have delays on the blockchain so that allows the extra time to receive the coins.

James2774 said:

Ok so what’s the end goal?
Are you trying to sell contracts as a front to sell crypto without kyc?(and buyer knows this)

Or are you trying to sell
Contracts for profit where the buyer thinks he is getting a contract and may end up with a profit?

Anyway, all the services that sell crypto using a card require kyc for a reason.
The only real way to do it without kyc is to have merchant accounts ready that you’re willing to lose/have funds frozen due to chargebacks.

Just not worth it for small amounts. And if someone had large amounts to buy they would just use a bank transfer.
If they are avoiding kyc it’s stolen card.
If avoiding kyc with bank transfer to avoid crypto laws/tax.
The former is def a scam to you, the latter is meh

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The KYC benefit is to the customer it's really just Paxful without using Paxful as a seller. Customers buy from people like us to avoid KYC. Yes, the contracts are used to end up with a profit we mark the price up higher than the actual worth of the coin. Like a coin could be worth $300 and we sell it for $500-$600 to make $200-$300 profit.

That's why I'm trying to avoid accepting cards or using 3rd party merchants or fintechs who would shut my business down once I make too much money. I actually did accept bank transfers on Paxful one of my bank accounts got frozen but this will really be the best way to accept payment. I would have to use a bank account I don't care about and accept money through there until it gets frozen and just transfer funds regularly to my other banks. I'm going into it knowing that if I accept FIAT money then that part of the business won't last very long.

That's why I'm trying to figure out crypto to crypto to keep the business going in the long run but I might start it out with a bank transfer initially just to get the business going off the ground.

GNews said:

So in Layman's terms

You're selling crypto coins to people who can't buy crypto coins through their country, likely because of regulations

However, for a fee, you act as a 'bridge' between them and the coins they want/believe in

This should be written a lot easier.... But it's great information none the less to know this is going on , on eBay

How much of a profit margin however? @DStiles

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Yep exactly you got it, I probably could've worded it better but I'm glad you got it.

Yeah so I'm definitely acting as a middleman or bridge I'm just following the same practice I used on Paxful to deliver coins to people to certain countries due to regulations where they're willing to pay a premium to get the coins without having to use KYC.

I've been told that people have been doing it on eBay since the early 2010s surprisingly it's not a mainstream method but it's made people some serious money.

It's definitely an interesting business as long as you have a way of getting the coins and advertising it to customers it can definitely make you some good money.

I'm only no longer using it on Paxful because I've had trouble with the payment gateways they accept and with eBay I hate GayPal and don't want to use any escrow service which can easily scam me if the customer doesn't pay first.

Jason2021 said:

all your listings will be removed and acc banned eventually, not to mention buyers will fuck you over as well

Click to expand...

GNews said:

Depends on profit margins.

You can buy a stealth PayPal or and Virtual card

Doesn't' sound that profitable though... not unless maybe scamming, which wouldn't be worth the time of most sane people

A lot of details needed to properly assess what he's discussing

Click to expand...

That's why I'm not even really going to do it on eBay and that's why I'm trying to use my own site so customers pay me first upfront. It's too easy to get fucked over if I give them the coins before I receive payment. My friend told me to get the money first like I did on Paxful. Some customers will pay first because they're desperate to get the coins they don't mind taking the risk. I've had repeat customers in the past because they trusted me since I didn't cheat them.

As far as stealth cards and stuff I don't even bother with that stuff because it will eventually get shutdown I tried it before and it didn't last long. The best way is to go with a trustworthy payment that doesn't shutdown that easily.

summersalt said:

Be careful what you get involved with.. don’t cheat innocent people

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Oh yeah I know I was already in this business on Paxful and my customers were never cheated by me they got exactly what they paid for and many of them kept using me because they trusted me so much. I would still have those customers today if my payment gateways didn't shut me down.