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- CryptoBaron, [23.03.19 15:32]
- this is a true story... one of many in my crypto journey
- CryptoBaron, [23.03.19 15:32]
- In early 2014 I discovered a peer to peer trading site that was a perfect way to increase my bag (holdings). It worked like this, I would put in my details, create an account as a seller, then people who wanted to buy created accounts. When the buyer wanted to purchase bitcoin they had many options to pay from gift cards to interac e transfer. Sellers would post their price and preferred payment method. Now the price "premium" ranged from %10 above market value to %100 above market value. This was for many reasons but mostly had to do with the minimum amount the seller was offering (and outside this platform bitcoin was hard to get). The lesser the amount the higher the premium. For me, I traded a minimum $500 (which was high compared to most) for %15 percent above market. Once the buyer decided to make a purchase the seller's Bitcoin offer was "locked in". The buyer would e transfer the money and once confirmed I would click the send button and done.
- It worked really well for a few months. It was fair, reliable and convenient for people who knew very little about the technology (blockchain).
- I was working on a project away from home in early 2015 and spending almost every evening brokering bitcoin online. Like I said before, my entire strategy was to get more bitcoin of my own. I never spent a penny of the %15 premium I was getting. It was really fun, and I was accumulating more "magic beans".
- One day I stopped for lunch and when it came time to pay my debit card didn't work. ah, no problem, just slap it on the credit card. Later that evening I stopped in at a branch of my bank to see what was up with my card. Immediately after the teller scanned my card, I was asked to go to the manager's office, where I was informed (rather curtly) to see my home branch immediately in person.
- The next day I called my home branch to set a time on Friday of that week to come in. The Manager to whom I spoke would not give me any information or even tell me why my card had been disabled.
- Friday comes and I show up at the bank a couple of minutes before the agreed upon time. I am immediately invited into an office, door closed and for over 3 hours (I am going to keep this next part brief). I was interviewed by the bank's security/fraud representative with 2 separate law enforcement branch's in the room. I explained everything I was doing and at the end of the "meeting" was handed over 30 yrs of printed account history (a pile about 3ft high), deposits and investments in cash and a recall on my mortgage (only 5 days given to re-mortgage). They also reversed approx $6000.00 worth of e transfers. I was "banned for life" from using interac. I was given no explanation, no written reason or decision and to this day I still have no idea of what actually happened, I was never charged with anything, nor did I ever hear from the law enforcement officials again.
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