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that doesn't make any sense. The 'fraud' in your scenario and where the point of contention lies is between the the credit card company and the exchange where i

that doesn't make any sense. The 'fraud' in your scenario and where the point of contention lies is between the the credit card company and the exchange where it was onramped. There's no way the exchange is then going to go through the effort to track the btc to steam and say 'Hey, that transaction that didn't come from our exchange wallet was fraud i want the BTC back.' Also - That's just like fraud with extra steps? Why even usee btc?

JKCalhoun 5y ago
Perhaps stolen credit cards have checks in place to immediately flag them as fraudulent?
- rosndo 5y ago
  No.
  - NicoJuicy 5y ago
    Yes. What do you think a chargeback is?
    - rosndo 5y ago
      Literally nobody offers a service to check if specific coins were bought with a stolen credit card. I know what a chargeback is, and those are utterly irrelevant here.
      - squeaky-clean 5y ago
        That's not what they said at all though. Have you never been traveling and had your CC declined and your bank immediately calls you to verify the purchase? Credit cards do have checks in place to immediately flag them as fraudulent. This is not related to bitcoins and they never said it was. On top of that, if you use a stolen credit card to buy a steam game and the original owner files a chargeback, your entire steam account gets banned. So yes it's extremely relevant here. If instead you buy BTC on an exchange and then spend those BTC on steam, it's less likely to be flagged as fraud (at the time) because the BTC is purchased from an American website. Then you spend the BTC on steam. Then once the credit card is reported as stolen and a chargeback filed, it's the crypto exchange who gets hit. The chargeback is never associated with Steam and you can buy Steam games from a lower-priced market without the CC company ever being aware.
      - NicoJuicy 5y ago
        I literally had to approve with my bank to verify payment of a relatively large sum. My credit card got into a locked state for a while every month, when Vulture did a approved monthly charge. There are plenty of systems that verify things out of the ordinary. It's not because you haven't encountered it, that they aren't there. Additionally, stolen credit cards can be marked as stolen. Which would block any future payment with it.
        stale2002 5y ago
        You don't understand what people are saying. The BTC that someone is sending you, isn't being charged back. You can't chargeback BTC. That doesn't make any sense. > There are plenty of systems that verify things out of the ordinary. There is no system that checks if the BTC is out of the ordinary, no. > It's not because you haven't encountered it Feel free to point to anywhere at all, that is doing a verification on the BTC. Not your credit card. Instead the BTC. > stolen credit cards can be marked as stolen A credit card can. But BTC is not a credit card.
        deleted 5y ago
        [deleted]
- TrapLord_Rhodo 5y ago
  yeah - Some. crypto companies have that too now though. Most exchanges have haulted the ability to buy crypto with credit altogether. But Crypto.com allows you to buy up to $30 worth of crypto with a credit card and cards online are pennies on the dollar online if bought in bulk. An astute con artist would recongnise that the only real verifications credit cards have at their disposal is geolocation and shopping habits. So if one were to buy CC online, create a bot to enter the details onto the crypto.com exchange, route the traffic through a VPN using the CC address as a base, send the $30 worth of crypto you bought off exchange and into a wallet, using Tor and some clean Eth you bought in cash to pay the gas fees, Wrap the BTC in WBTC, throw it on uniswap, swap for some privacy coin, use that privacy coin to send to another wallet within that private ecosystem so the headers on the node are lost and bam. You've got some clean crypto that you've fraudulently bought with a credit card but can never be claimed as fraud!

JKCalhoun 5y ago

Perhaps stolen credit cards have checks in place to immediately flag them as fraudulent?

rosndo 5y ago
No.
- NicoJuicy 5y ago
  Yes. What do you think a chargeback is?
  - rosndo 5y ago
    Literally nobody offers a service to check if specific coins were bought with a stolen credit card. I know what a chargeback is, and those are utterly irrelevant here.
    - squeaky-clean 5y ago
      That's not what they said at all though. Have you never been traveling and had your CC declined and your bank immediately calls you to verify the purchase? Credit cards do have checks in place to immediately flag them as fraudulent. This is not related to bitcoins and they never said it was. On top of that, if you use a stolen credit card to buy a steam game and the original owner files a chargeback, your entire steam account gets banned. So yes it's extremely relevant here. If instead you buy BTC on an exchange and then spend those BTC on steam, it's less likely to be flagged as fraud (at the time) because the BTC is purchased from an American website. Then you spend the BTC on steam. Then once the credit card is reported as stolen and a chargeback filed, it's the crypto exchange who gets hit. The chargeback is never associated with Steam and you can buy Steam games from a lower-priced market without the CC company ever being aware.
    - NicoJuicy 5y ago
      I literally had to approve with my bank to verify payment of a relatively large sum. My credit card got into a locked state for a while every month, when Vulture did a approved monthly charge. There are plenty of systems that verify things out of the ordinary. It's not because you haven't encountered it, that they aren't there. Additionally, stolen credit cards can be marked as stolen. Which would block any future payment with it.
      - stale2002 5y ago
        You don't understand what people are saying. The BTC that someone is sending you, isn't being charged back. You can't chargeback BTC. That doesn't make any sense. > There are plenty of systems that verify things out of the ordinary. There is no system that checks if the BTC is out of the ordinary, no. > It's not because you haven't encountered it Feel free to point to anywhere at all, that is doing a verification on the BTC. Not your credit card. Instead the BTC. > stolen credit cards can be marked as stolen A credit card can. But BTC is not a credit card.
        deleted 5y ago
        [deleted]
TrapLord_Rhodo 5y ago
yeah - Some. crypto companies have that too now though. Most exchanges have haulted the ability to buy crypto with credit altogether. But Crypto.com allows you to buy up to $30 worth of crypto with a credit card and cards online are pennies on the dollar online if bought in bulk. An astute con artist would recongnise that the only real verifications credit cards have at their disposal is geolocation and shopping habits. So if one were to buy CC online, create a bot to enter the details onto the crypto.com exchange, route the traffic through a VPN using the CC address as a base, send the $30 worth of crypto you bought off exchange and into a wallet, using Tor and some clean Eth you bought in cash to pay the gas fees, Wrap the BTC in WBTC, throw it on uniswap, swap for some privacy coin, use that privacy coin to send to another wallet within that private ecosystem so the headers on the node are lost and bam. You've got some clean crypto that you've fraudulently bought with a credit card but can never be claimed as fraud!