Wall of Coins does Cash By Mail Trades.
I recently spoke with the CEO of Wall of Coins, Robert Genito. He asked me if I could use my writing skills to explain a few things about how WoC prevents scammers from succeeding with, for example, Man in the Middle attacks. I did some of this in a previous newsletter and I guess we both forgot about it. The meat of that post is a list of the things a scammer must do in order to get around what Wall of Coins calls the "Security Intelligence Layer. I've copied that list here for your convenience:
- You'll need a way to get a new IP address. At some point, you will start having difficulty because you will have ruined the reputation of the one you've been using.
- You'll want to find victims who live in your zip code or else learn how to alter the meta data in the images you'll have to take.
- Since it's easy for software to distinguish between an original photo and a photo of a photo, you'll need a printer of the same type that your victim's bank uses, and paper with the same watermarks on it as their bank's receipts are on.
- You may need to have an extended conversation with your victim after they make the deposit so that if Wall of Coins contacts you (using the telephone number you'll have to write on the receipt) to verify details of the deposit, you will have them.
- Obviously, you'll want to use a burner phone. This lowers your chances of success, but it protects you from being identified as the owner of a phone used to steal.
- Pray to Baal and Satan and your other gods because Rob admitted that he stayed far away from giving me the ingredients of the secret sauce in Wall of Coins' Security Intelligence Layer.
These precautions are in place at Wall of Coins and are used with every buyer who requests to purchase bitcoins through wallofcoins.com
. That is my affiliate link, so if you visit it to make a purchase or make an account and sell some bitcoin, I'll get a bit of what Wall of Coins makes from your activity, either with cash deposit or with Cash By Mail. If you do make an account you'll have an affiliate link too.
Many of the scammers who have tried to execute man in the middle attacks through Wall of Coins have ended up benefiting their victims. When Wall of Coins determines that a buyer is a scammer, they move the purchased bitcoin into a secondary escrow where it waits for the victim to make contact with the recipient of their payment. In some cases, the victim ends up making a profit because the price of the bitcoin has risen to more than cover the seller's markup and the small fee that Wall of Coins charges.
Wall of Coins does Cash By Mail
Yes, you read that correctly. To trade safely through Wall of Coins using Cash By Mail
, follow these steps:
- Make an account at wallofcoins.com if you don't already have one and login.
- Instead of clicking "Buy" or "Sell" from the front page, click "Offers."
- Use the orange "Quick Filters" button to restrict your "Payment Destination" to "USPS Cash by Mail."
- Select the price you like!
And here's something even cooler: If you make your own ad to sell bitcoin on Wall of Coins, you get an affiliate link
(that's my Cash by Mail ad on WoC), and you don't even need any bitcoin!
If anyone clicks your affiliate link and you don't have bitcoin to sell, they will get back someone else's ad and you'll get a piece of action
if they go through with their purchase.
HAPPY (BELATED) HOLIDAYS!
By the way, if you have any interest in making your BTC available to accelerate the adoption of BTC, consider running a lightning node. I'll cover this is my next newsletter, but I wanted to let you know that I'm already running one. If anyone else is doing so, I'd love to hear from you so we can compare notes.