chargeback - Can a bitcoin transaction be reversed
chargeback - Can a bitcoin transaction be reversed
Fraud, Chargebacks, and How Bitcoin Can Prevent Both
Recover Your Loses From Binary Options & Crypto Scams
Bitcoin and Chargebacks: How It Works
How can I chargeback Bitcoins which I sent to a wrong
How do bitcoin charge backs work?
I sell a lot of digital products online and despite offering a 100% money back guarantee, sometimes people still issue chargebacks through their banks. If I were to ever start accepting bitcoin as payment, and someone wanted to dispute the transaction they made with me, how would that even work? With no centralized agent to investigate a transaction, once money is sent between two users, is the money gone forever? I'm just trying to understand how cryptocurrencies will work in the event of fraud or returns or reoccurring payments that sometimes get messed up.
I have become a victim of an eBay / PayPal Bitcoin charge back scam.
I'm trying to work with ebay, paypal, and I would like for the police to get involved as well. I am being scammed out of approximately $2000.00 worth of bitcoins that I sold on ebay over the last several weeks. There are two users who have filed PayPal chargebacks against me. The users are: fiedlerhm3224 and auscooter12. I believe this is a very sophisticated scam since both of these users have been ebay members for many years and have many positive feedbacks. So I believe what has happened is a perpetrator has stolen and taken over these userids and has orchestrated the scam, gaining my trust, sending me money for which I sent the bitcoins, and then, once the real owner found out (perhaps they got a call from the credit card company?) at that point the real user activated a charge back. Either that, or these two users really are the scam artists themselves, which I find unlikely. I was able to trace the IP number of one of them who claims to be living in VA to a CA location, to a server that has been marked as a potential "botnet" threat. This is why I think this was a highly sophisticated attack and that ebay/paypal/law enforcement should investigate it thoroughly. I am ready to cooperate fully and have all the records of the bitcoin transactions, as well as email communications that I have had with these two scammer buyers The most disgusting thing is these scammers had left me a string of positive feedbacks, only to stick the knife in, in the end! Look at this: Very good seller. Fast shippingBuyer: Member id auscooter12 ( Feedback Score Of 89) Feb-20-12 19:46 70 BTC Bitcoin (#160740963378)US $470.00 Very good seller. Fast shipping.Buyer: Member id fiedlerhm3224 ( Feedback Score Of 146) Feb-17-12 05:14 60 BTC Bitcoin (#160738639037)US $400.00 60 BTC Bitcoin Very good seller. Fast shipping.Buyer: Member id fiedlerhm3224 ( Feedback Score Of 146) Feb-17-12 05:14 60 BTC Bitcoin (#160739132632)US $400.00 Fast delivery, good communication. Thanks.Buyer: Member id fiedlerhm3224 ( Feedback Score Of 146) Feb-16-12 02:55 10 BTC Bitcoin (#160737080405)US $71.00 10 BTC Bitcoin Fast delivery, good communication. Thanks.Buyer: Member id fiedlerhm3224 ( Feedback Score Of 146) Feb-16-12 02:54 20 BTC Bitcoin (#160736894807)US $122.50 I'm absolutely furious over this and want to persue this to the end. This sort of behavior does nothing for the ebay community or for any community for that matter. If anyone has any advice for me I would be very interested in hearing from you. Just as an update -- as expected, paypal ruled in the buyer's favor. I'm SOL. I will append a couple of details here for everyone to see and learn from my mistakes as I continue to persue alternate routes/ways of recovering the funds. Transaction Details Express Checkout Payment Received (Unique Transaction ID #5T647976NY518660U) This transaction has been reversed. For further details please see transaction 27C86689XG7949251 Original Transaction Date Type Status Details Gross Fee Net Feb 17, 2012 Payment From Heidi Fiedler Reversed PayPal reversed this payment because of a dispute or payment review. The money has been returned to the sender's PayPal account. PayPal reversed this payment because of a dispute or payment review. The money has been returned to the sender's PayPal account. ... $540.00 USD -$15.96 USD $524.04 USD Related Transactions Date Type Status Details Gross Fee Net Feb 22, 2012 The funds that were placed on temporary hold have been reversed Removed Details -$540.00 USD $15.96 USD -$524.04 USD Feb 28, 2012 The funds that were placed on temporary hold have been reversed Removed Details -$540.00 USD $15.96 USD -$524.04 USD Mar 2, 2012 Update to Reversal Canceled Details $524.04 USD $0.00 USD $524.04 USD Mar 2, 2012 Reversal Completed Details -$540.00 USD $15.66 USD -$524.34 USD Total: $0.00 USD -$0.30 USD -$0.30 USD Shopping Cart Contents Qty Item Options Price 1 80 BTC Bitcoin Item # 160739744029 $540.00 USD Amount $540.00 USD Item Total: $540.00 USD Sales Tax: Shipping: $0.00 USD Seller discount or charges: $0.00 USD Total amount: $540.00 USD Fee amount: -$15.96 USD Net amount: $524.04 USD Date: Feb 17, 2012 Time: 07:57:18 PST Status: Reversed Insurance: $0.00 USD Shipping Address: Heidi Fiedler 418 Horatio Ct Cary, NC 27519-9383 United States Confirmed Heidi M Fiedler 209 Erskine Court Erskine Ct, NC 27511 Payment From: Heidi Fiedler (The sender of this payment is Verified) Buyer's ID: fiedlerhm3224 Buyer's Email: [email protected] Payment Type: Instant Description:
Transaction Details Express Checkout Payment Received (Unique Transaction ID #3VN97714PW215963M) This transaction has been reversed. For further details please see transaction 7LV14979GH153700D Original Transaction Date Type Status Details Gross Fee Net Feb 18, 2012 Payment From Scott Austin ReversedPayPal reversed this payment because of a dispute or payment review. The money has been returned to the sender's PayPal account.PayPal reversed this payment because of a dispute or payment review. The money has been returned to the sender's PayPal account. ... $470.00 USD -$13.93 USD $456.07 USD Related Transactions Date Type Status Details Gross Fee Net Feb 18, 2012 Payment Review Placed Details -$456.07 USD ... -$456.07 USD Feb 18, 2012 Payment Review Cleared Details $456.07 USD ... $456.07 USD Feb 22, 2012 The funds that were placed on temporary hold have been reversed Removed Details -$470.00 USD $13.93 USD -$456.07 USD Feb 28, 2012 The funds that were placed on temporary hold have been reversed Removed Details -$470.00 USD $13.93 USD -$456.07 USD Mar 2, 2012 Update to Reversal Canceled Details $456.07 USD $0.00 USD $456.07 USD Mar 2, 2012 Reversal Completed Details -$470.00 USD $13.63 USD -$456.37 USD Total: $0.00 USD -$0.30 USD -$0.30 USD Shopping Cart Contents Qty Item Options Price 1 70 BTC Bitcoin Item # 160740963378 $470.00 USD Amount $470.00 USD Item Total: $470.00 USD Sales Tax: Shipping: $0.00 USD Seller discount or charges: $0.00 USD Total amount: $470.00 USD Fee amount: -$13.93 USD Net amount: $456.07 USD Date: Feb 18, 2012 Time: 18:06:28 PST Status: Reversed Insurance: $0.00 USD Shipping Address: Scott R Austin 4981 Pine Glen Rd NE Roanoke, VA 24019-5878 United States Confirmed Payment From: Scott Austin (The sender of this payment is Verified) Buyer's ID: auscooter12 Buyer's Email: [email protected] Payment Type: Instant Tracking Number: No Shipment Tracking Carrier: None Order Status: Shipped (Feb 21, 2012) Description: Shopping Cart Note:
Hi, I've been wondering what could possibly stop mass adoption of Bitcoin in the future and comparing it to current payment methods. One thing that I can't see a way that Bitcoin protocol handling is charge backs or forced refunds? Is there anything similar in Bitcoin-land? Thanks, kD
This whole "omg the transaction fees r so high, bitcoin is dying" thing is getting ridiculous. As a small business owner, I am charged 3% per credit card transaction and I am ALSO at risk for charge backs.
Crypto currency and bitcoin specifically is a game changer though we still are in the early phases of adoption. Transaction fees really aren't that much, especially when the transaction queue's aren't kept artificially high. As more people start to use bitcoin, this will stabilize. Regardless though, I am just trying to show perspective. When you say that bitcoin transaction fees are too much, consider what merchants have to pay for credit card fees and the potential loss from chargebacks. And let's also think about cash usage. Just because a business accepts cash doesn't mean that they don't also incur additional costs such as armored trucks, security systems, etc that they need to use as a precautionary measure for security. Bitcoin would alleviate so many of those costs and give businesses more security over time. As Bitcoin continues to evolve such as Lightning we can expect to see faster and cheaper transaction times. Don't buy in to that Bitcoin is a terrible currency. As a matter of fact, it is a brilliant one and as time goes on, it will become more efficient and resilient.
Facts about Adam Back (Bitcoin/Blockstream CEO) you heard it right, he himself thinks he is in charge of Bitcoin.
Via: u/ydtm Who is Adam Back? Why do people think he's important? If he hadn't convinced some venture capitalists to provide $75 million to set him up as President/CEO of Blockstream - would he be just another "nobody" in Bitcoin? Consider the following 4 facts: (1) Go to the list of Bitcoin "Core" contributors do a Find for "adam": https://github.com/bitcoin/bitcoin/graphs/contributors Hmm... Apparently, he is not a Bitcoin "Core" dev. Here is his GitHub page: https://github.com/adam3us Hmm... zero contributions zero repositories Now, ask yourself:
Do you want a "leader" for Bitcoin?
If you do want a "leader" for Bitcoin... Do you want someone who has never contributed any code for it?
What gives him the right to position himself as a "leader" at a roundtable in Hong Kong with Chinese miners?
"bitcoin is hashcash extended with inflation control"
Both of these statements have been publicly exposed as false - but he still refuses to take them down.
" 'Bitcoin is Hashcash extended with inflation control.' ...[is] sort of like saying, 'a Tesla is just a battery on wheels.' " -- Blockstream's Adam Back #R3KT by Princeton researchers in new Bitcoin book
Do you trust someone who puts false statements like this on their Twitter profile?
(3) Recall his history of failures regarding Bitcoin: He was personally informed by Satoshi about Bitcoin in 2009 via email - and he did not think it would work. He did not become involved in Bitcoin until it was around its all-time high of 1000 USD, in November 2013.
He opened his Github account within 48 hours of Bitcoin's all-time high price. Presumably he sat and watched it go from zero to 4 figures before getting involved.
Why didn't Adam understand the economics of Bitcoin from 2009 until 2013?
If you want a "leader" of Bitcoin, do you think it should be someone who didn't understand it for 4 years?
Do you think he can really understand the economics of Bitcoin now?
(4) Adam wants to radically "fork" Bitcoin from Satoshi's original vision of "p2p electronic cash" and instead encourage people to use the highly complicated and unproven "Lightning Network" (LN). However, unfortunately, he hasn't figured out how to make LN decentralized.
Lightning network is selling as a decentralized layer 2 while there's no decentralized path-finding.
If Adam wants to reject Satoshi's vision of Bitcoin as "p2p electronic cash" plus increased "max blocksize" - don't you think it would be better for him to experiment with an alt-coin, rather than radically "forking" Bitcoin away from Satoshi's roadmap?
It's time for people to start asking some serious questions about Adam Back:
about his lack of contributions to the Bitcoin codebase;
about his unethical style of communication;
about his rejection of Satoshi's vision for Bitcoin;
about his lack of understanding of economics, p2p, and decentralization.
Bitcoin was never even supposed to have a leader - but somehow (because some venture capitalists and Adam found each other), now we apparently have one: and it's Adam Back - someone who never contributed any code to Bitcoin, never believed in the economics of Bitcoin, and never believed in the decentralization of Bitcoin. Whether you're decentralization-loving libertarian or cypherpunk - or a Chinese miner - or just someone who uses Bitcoin for your personal life or business, it's time to start asking yourself:
Who is Adam Back?
Why hasn't he contributed any code for Bitcoin?
Why is he lying about Bitcoin and HashCash on his Twitter profile?
Why did he fail to understand the economics of Bitcoin from 2009 to 2013?
Does he understand the economics of Bitcoin now?
If he rejects Satoshi's original vision of "p2p electronic cash" and prefers a centralized, "Level-2" system such as Lightning Network, then shouldn't be doing this on some alt-coin, instead of radically "forking" Bitcoin itself?
If he hadn't convinced some venture capitalists to provide $75 million to set him up as President/CEO of Blockstream - would you still be listening to him?
Bitcoin was supposed to be "trustless" and "leaderless". But now, many people are "trusting" Adam Back as a "leader" - despite the fact that:
he has contributed no code to Bitcoin "Core" - or any other Bitcoin code repository (eg: Classic, XT, BU);
he never believed in Bitcoin until the price hit $1000;
he is dishonest about the Lightning Network's lack of decentralization.
Maybe it's time for everyone to pause, and think about how we got into this situation - and what we can do about it now. One major question we should all be asking:
Would Adam Back enjoy this kind of prestige and prominence if he didn't have $75 million in venture capital behind him?
There is, of course, a place for everyone in Bitcoin. But Bitcoin was never about "trusting" any kind of "leader" - especially someone whose main "accomplishments" with Bitcoin have consisted of misunderstanding it for years, and now trying to radically "fork" it away from Satoshi's vision of "p2p electronic cash". TL;DR:
Adam Back's history with Bitcoin is a long track record of failures.
If he hadn't convinced some VCs into backing him and his company with $75 million, you probably wouldn't have ever heard of him.
So you should not be "trusting" him as the "leader" of Bitcoin.
09-22 07:53 - '"Charging customers for deposits instead of paying for them is simply another way of saying a bank doesn’t want deposits."[link] / Earn 8% on USD, EUR, GBP 100% Asset-Backed Guarantee [link]' by /u/petskup removed from /r/Bitcoin within 109-119min
''' "Charging customers for deposits instead of paying for them is simply another way of saying a bank doesn’t want deposits."[link]1 Earn 8% on USD, EUR, GBP 100% Asset-Backed Guarantee [link]2 ''' Context Link Go1dfish undelete link unreddit undelete link Author: petskup 1: *ww.*u*omo*ey.c**/article/b1gx1*w61*b8y7*banks*p*ss-the***in-of-*e**t*ve*r*tes-to-*heir-depos**o*s 2: nexo*io*ea*n-in*e*es*/eur Unknown links are censored to prevent spreading illicit content.
The banks know this too, that's why they try to make vendors who accept Bitcoin stop or they threaten to not allow you the "privilege" of paying high rates and charge backs. I can't even count how many times I've had my livelihood threatened by Visa/MasterCard and I'm sure I'm not the only one.
I sold bitcoin for Chase Quickpay. The person charged back after a while, but I have, in writing, that the person wanted to buy it, as well as his ID and signature.
When I sell bitcoin, I have my customers write the amount they’re buying, as well as picture of their state ID. The person who bought it from me gave me this information and I still have the picture. He tried to charge back and a case is open right now, is there a way for me to utilize this information and evidence so I win the case? My account is currently negative. Located in Chicago IL.
r/bitcoin - I just got back from India. Banks there actually CHARGE people to make deposits. I swear I am not making this up. Bitcoin will be an instant hit there.
I went to a bank in Mumbai (State Bank of India) with my mom and grandfather running an errand. After waiting in line for 1.5 hours we made deposit. The person charged us a 100 Rupee "deposit fee". It simply blew my mind. Somebody from Mumbai verify this please.
My Bitcoin account was hacked and coinbase is not backing me up instead they want charge me more money after i called them to froze my account. What should i do people? I have enough evidence that somebody logged in from London and I live in State
The bitcoin wiki says the bitcoins don’t allow chargebacks. In the current system, credit cards provide a system of checks and balances and provide arbitration when there are disputes. If I buy a item on the internet and find out that I didn’t receive the correct item, I can complain to the credit card company, and they will look at both sides and make a decision whether my dispute is correct or not. Further, when I buy an item off a eccomerce store (which is going to become more and more prevalent in the next few decades), I cant check that the item I am receiving is correct or according to what the merchant said. If I were to use bitcoins instead, I have no way to getting my money back, if the merchant turned out to be a fraud. As a result, I will have less trust on buying items off the internet, as a result, eCommerce wont work as a result bitcoins wont work. eCommerce is definitely going to be here, so this leads me to the conclusion that bitcoins maynot work, unless there are other services that provide that arbitration service. Are there companies that are providing that arbitration (insurance against fraud) for bitcoin transactions?
What if someone purchase bitcoin dollars with paypal dollars and than ask for charge back or scam ?
If someone purchasing btc $ with paypal and later he claim back or ask for refund as bitcoin dollars is not refundable , how paypal will deal such case? or buyer try fraudulent charge back, what are policies ?
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The entire virtual currency market reached a capitalization of nearly $2 trillion dollars in just 12 years. By the end of 2017, the price of a single bitcoin was $13,889.99. It is no coincidence that just a few weeks later the U.S. Commodity Futures Trading Commission (CFTC) filed the first three lawsuits against cryptocurrency scams. The suit We know how the scammers are working, all their tricks. Our network of specialist law firms is 100% operational and worldwide. Recover your loses from binary options scams & Crypto scams. Unfortunately, it is impossible to process a Chargeback for any Bitcoin transactions. Once a Bitcoin is sent out, it cannot be returned unless the receiver (owner) of the Bitcoin processes the transaction for you. Please note that Bitcoin transactions are irreversible. Bitcoin is designed in a way that changes how we’re used to transacting, particularly with credit cards. Transaction reversibility, or chargebacks, is a process that is not inherent or automated Through using bitcoin, you can ensure that you have a 0% chargeback rate, and all of the associated cost as well. Bitcoin clearly offers a solution to many of the issues of online fraud and the associated cost. If you are a business owner, don’t you owe it to yourself to see what bitcoin can do for you business?
xCoins Help Ticket - Payment reversal - charge back
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