Thread Rating:

MichaelBluejay
MichaelBluejay
Joined: Sep 17, 2010
  • Threads: 76
  • Posts: 1552
January 5th, 2023 at 9:13:50 AM permalink
(The Wizard gave me permission to post this on the forum.)

I have BTC, ETH, USDT, and USDC to sell.

How it Works
(1) Any amount $200 to $1000.
(2) You walk into a local credit union and deposit cash into my account.
(3) I send you your crypto.
(4) Your WoO account must be at least 3 years old and you must have at least 50 posts here as of yesterday.

PROS OF BUYING FROM ME

(1) I'm registered as a Money Services Business, so there is no question whether the transaction is legal. It absolutely is. You can look up my registration at FinCEN.gov.

(2) I have a good reputation. I've known the Wizard for over 22 years and he'll vouch for me.

(3) No commission. I sell at market price.

CONS OF BUYING FROM ME

(1) I do KYC. Because I'm a registered Money Services Business, I follow the regulations, which means I have to get a copy of your ID. FWIW, FinCEN has never asked me for customer IDs, and I keep all id images stored on a local password-protected computer and not on the Internet.

(2) Other. I'm sure you'll think of some other downside I missed.

Note: I'm required to report if any customer tells me that they intend to skirt tax laws or engage in any kind of crime, and if I report I'm not allowed to tell the customer that I reported.
Last edited by: MichaelBluejay on Jan 5, 2023
SOOPOO
SOOPOO
Joined: Aug 8, 2010
  • Threads: 120
  • Posts: 10205
Thanks for this post from:
MichaelBluejay
January 5th, 2023 at 9:30:12 AM permalink
Quote: MichaelBluejay

(The Wizard gave me permission to post this on the forum.)

I have BTC, ETH, USDT, and USDC to sell.

How it Works
(1) Any amount $200 to $1000.
(2) You walk into a local credit union and deposit cash into my account.
(3) I send you your crypto.

PROS OF BUYING FROM ME

(1) I'm registered as a Money Services Business, so there is no question whether the transaction is legal. It absolutely is. You can look up my registration at FinCEN.gov.

(2) I have a good reputation. I've known the Wizard for over 22 years and he'll vouch for me.

(3) No commission. I sell at market price.

CONS OF BUYING FROM ME

(1) I do KYC. Because I'm a registered Money Services Business, I follow the regulations, which means I have to get a copy of your ID. FWIW, FinCEN has never asked me for customer IDs, and I keep all id images stored on a local password-protected computer and not on the Internet.

(2) Other. I'm sure you'll think of some other downside I missed.

Note: I'm required to report if any customer tells me that they intend to skirt tax laws or engage in any kind of crime, and if I report I'm not allowed to tell the customer that I reported.
link to original post



Maybe Iím dense, but if you sell at market price, and donít charge a commission, how do you make a profit?
AxelWolf
AxelWolf
Joined: Oct 10, 2012
  • Threads: 163
  • Posts: 21897
January 5th, 2023 at 9:36:26 AM permalink
Quote: SOOPOO

Quote: MichaelBluejay

(The Wizard gave me permission to post this on the forum.)

I have BTC, ETH, USDT, and USDC to sell.

How it Works
(1) Any amount $200 to $1000.
(2) You walk into a local credit union and deposit cash into my account.
(3) I send you your crypto.

PROS OF BUYING FROM ME

(1) I'm registered as a Money Services Business, so there is no question whether the transaction is legal. It absolutely is. You can look up my registration at FinCEN.gov.

(2) I have a good reputation. I've known the Wizard for over 22 years and he'll vouch for me.

(3) No commission. I sell at market price.

CONS OF BUYING FROM ME

(1) I do KYC. Because I'm a registered Money Services Business, I follow the regulations, which means I have to get a copy of your ID. FWIW, FinCEN has never asked me for customer IDs, and I keep all id images stored on a local password-protected computer and not on the Internet.

(2) Other. I'm sure you'll think of some other downside I missed.

Note: I'm required to report if any customer tells me that they intend to skirt tax laws or engage in any kind of crime, and if I report I'm not allowed to tell the customer that I reported.
link to original post



Maybe Iím dense, but if you sell at market price, and donít charge a commission, how do you make a profit?
link to original post

He probably isn't trying to make a profit(notice he isn't buying, just selling). I will assume he is making money from online casino affiliate stuff or whatever who pays in Cryptocurrency and he is looking to turn that into cash.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Joeman
Joeman
Joined: Feb 21, 2014
  • Threads: 35
  • Posts: 2335
Thanks for this post from:
MichaelBluejay
January 5th, 2023 at 9:48:15 AM permalink
Quote: SOOPOO

Quote: MichaelBluejay

(The Wizard gave me permission to post this on the forum.)

I have BTC, ETH, USDT, and USDC to sell.

How it Works
(1) Any amount $200 to $1000.
(2) You walk into a local credit union and deposit cash into my account.
(3) I send you your crypto.

PROS OF BUYING FROM ME

(1) I'm registered as a Money Services Business, so there is no question whether the transaction is legal. It absolutely is. You can look up my registration at FinCEN.gov.

(2) I have a good reputation. I've known the Wizard for over 22 years and he'll vouch for me.

(3) No commission. I sell at market price.

CONS OF BUYING FROM ME

(1) I do KYC. Because I'm a registered Money Services Business, I follow the regulations, which means I have to get a copy of your ID. FWIW, FinCEN has never asked me for customer IDs, and I keep all id images stored on a local password-protected computer and not on the Internet.

(2) Other. I'm sure you'll think of some other downside I missed.

Note: I'm required to report if any customer tells me that they intend to skirt tax laws or engage in any kind of crime, and if I report I'm not allowed to tell the customer that I reported.
link to original post



Maybe Iím dense, but if you sell at market price, and donít charge a commission, how do you make a profit?
link to original post

ďThe answer is simple ó volume!Ē

"Dealer has 'rock'... Pay 'paper!'"
MichaelBluejay
MichaelBluejay
Joined: Sep 17, 2010
  • Threads: 76
  • Posts: 1552
January 5th, 2023 at 10:04:14 AM permalink
Quote: SOOPOO

Maybe Iím dense, but if you sell at market price, and donít charge a commission, how do you make a profit?
link to original post

You're not dense, I didn't explain (which I now realize looks sketchy). Trading crypto is not really part of my business. My real business is websites, and one of my clients pays me in crypto, so every month I have a need to sell it. I can't do that at the exchanges (e.g., Coinbase, etc.) because they won't touch me because one of my websites is about gambling, even though I'm not operating a casino. I registered my company as a Money Services Business because there's some unspecified volume and frequency of selling crypto where FinCEN considers you to be in the exchange business and criminal penalties are possible if you're not registered.

Although, I *could* make money by charging a premium when I buy, and then selling it at market, making my margin on the purchase rather than on the sale. (Except, again, I'm not in the business.) Or another way: I know a BTM (Bitcoin ATM) owner who pays *over* market price when he buys (which looks like no profit), but then he sells it at an even *higher* price. In fact he's my main buyer, but he's not buying at present.

Quote: Joeman

ďThe answer is simple ó volume!Ē

Beat me to it!
Last edited by: MichaelBluejay on Jan 5, 2023
Wizard
Administrator
Wizard
Joined: Oct 14, 2009
  • Threads: 1470
  • Posts: 25741
Thanks for this post from:
MichaelBluejay
January 5th, 2023 at 10:36:01 AM permalink
I indeed approved this thread and will vouch for Bluejay's honesty. We were business partners for many years and I can't think of a more honest person I've ever met.
ďExtraordinary claims require extraordinary evidence.Ē -- Carl Sagan
MichaelBluejay
MichaelBluejay
Joined: Sep 17, 2010
  • Threads: 76
  • Posts: 1552
January 5th, 2023 at 10:49:03 AM permalink
Quote: Wizard

I indeed approved this thread and will vouch for Bluejay's honesty. We were business partners for many years and I can't think of a more honest person I've ever met.
link to original post

Thank you for the kind words, Wiz!

I feel the same way about the Wizard. We've each trusted each other with tons of money over the years, and from my perspective, it was really nice that I never had to worry about him cheating me.

  • Jump to: