Did cash-by-mail fall off? Who can explain to me why so few sellers everywhere? : Monero

1 points

6 days ago

I bet not many people keen to go through the hoops or willing to take the loss sending those crispy bills and chance getting jack shit.
It's just too much at stake left purely to luck and chance.

/u/abuhajjar 📢 🍼

1 points

6 days ago

I was under the impression that cash-by-mail was still the preferred method of obtaining XMR as opposed to going through KYC exchanges or pricey ATMs. Has the meta changed? Where do you get your XMR?

/u/LaborDay

1 points

6 days ago

these days i just buy LTC on kraken with my bank account, transfer to a personal wallet, swap to monero on trocador, and have it sent to my feather wallet that i only use on tails. it's much less anonymous than cash by mail but way easier and importantly still works lol

/u/[deleted] 🍼

1 points

5 days ago

Do you think this would be fine to do on Coinbase?

/u/LaborDay

1 points

5 days ago

no idea, sorry. i don't remember how i picked kraken in the first place.

/u/otfjam 🍼

1 points

3 days ago*

i used this exact method to cashout back in the day, if they let you do this classic method longer than 90 days they have verified its actually YOUR account and YOU making these transactions, they're working with FBI/IRS and have an active file on you, at the very least this is money laundering and they will pick you up when it's profitable. They cant see where they money goes after u exchange to XMR but they can see you exchanged to XMR and it flags your account in the system then a kraken agent scans whatever device your using to see your screen time, what apps you use, social media handles, etc to if the account was opened on fullz(burner device/anti-detect browser) or if its actually you, if they think its fullz they close the account without telling you why, if they know its you they let you keep adding to your file. NEVER use kraken in your own identity unless using p2p to trade for XMR even then you better hope they dont exchange what you sent to XMR.

If you insist on centralized exchange i i would recommend coinbase or binance, as long as you stay under 20k a week and no chargebacks they won't be on your dick like kraken

p2p currently sucks ass but only because people like u are using those fed platforms, pls stop

/u/LaborDay

1 points

2 days ago

i send the ltc from kraken to a personal wallet. you're telling me they track the ltc i buy on their platform to my personal wallet and then to the exchange site? I just don't believe that they have enough time/labor power to monitor every account that buys crypto on kraken and then track where it goes. i would be more concerned if i was regularly cashing out/buying huge amounts of ltc but that's not what i'm doing

/u/bobo9999

1 points

3 days ago

Doesn't kraken hold onto your coins for a few days though? I did this once with kraken and I was locked out of my coins for a week, I couldn't send my coins. Do they only do this for first timers?

/u/LaborDay

1 points

2 days ago

tbh i'm not really sure, i have had to wait 3-7 days in the past. but the past few times i would get a warning that i couldn't withdraw for 7 days, but i was still able to withdraw immediately

/u/sesquipedalian

1 points

6 days ago

Be the change you want to see in the world!

/u/abuhajjar 📢 🍼

1 points

6 days ago

I am leaning in that direction. I am spooked by the lack of fellow traders but it's not like I have anywhere better to go.

/u/sesquipedalian

1 points

6 days ago

Most of the major cash by mail vendors still are not on any exchanges. OpenMonero is a scam, I've never even heard of XMRGlobal, and very few buyers use Haveno RetoSwap anyway. They still exist, they are simply off of custodial platforms. Offloads the risk to the buyers, which is unfortunate, but in the current ecosystem, I get it.

You could check LocalCoinSwap and see the OG cash by mail traders still there. Many of them, if contacted off platform, will still do XMR... but then you get no escrow.

/u/abuhajjar 📢 🍼

1 points

5 days ago

Man, that fucking sucks. So pretty much everything went to shit after LocalMonero closed...

/u/OpenMonero

1 points

4 days ago

I have reported your account. Openmonero is legit

/u/sesquipedalian

1 points

2 days ago

I don't believe you, and neither does the creator of LocalMonero. Good day.

/u/OpenMonero

1 points

1 day ago

I respect LM for operating years without issues, but they made a lot mistakes.

1. not giving credit to localbitcoins although they copied entire paragraphs and pages
2. seller deposit was mandatory to receive trade requests (too much money in custody)
3. they are plain stupid for accusing OM of stealing their code, while their source code is avail on github for anyone to copy. Moreover OM has posted credits to LM in the footer.
4. they made 2 public interviews on monerotalk.live, revealing their identities (I kid you not), which let to the shutdown in the first place

/u/Ghwbushsr

1 points

6 days ago

that's because between the volatility of cryptos (and the general inflation across basically all fiats) and the speed of the mail, by the time your money might get there,monero may have doubled and your dollars are then only .95 LOL

in that scenario you would get like 45% of what it was when you sent the cash through the pony express

/u/abuhajjar 📢 🍼

1 points

6 days ago

All of this has always applied, yet once upon a time this was the recommended way to obtain XMR. It seems public opinion has changed since I last re-upped. How are you guys getting XMR now?

/u/Ghwbushsr

1 points

6 days ago

buying a crypto you can buy with cash and then change it for. like bitcoin on an atm, then trocador app

/u/abuhajjar 📢 🍼

1 points

6 days ago

ATMs in my area are all around 30% over the market exchange rate. Unless your area has better rates, that's not necessarily better than losing to volatility.

/u/Rahdadread P

1 points

6 days ago

man i miss localbitcoin - a lot of great CIM sellers back in the day. Was pretty anxiety inducing waiting on those packs, but was quite cool to have a VAC sealed 50K cash pack to open. Havnt done a CIM since ~2018 as i've lost contact with the few trusted ppls i traded w/. I had one fail CIM trade where I (dumbly) released early and lost .50 btc which was ~8K back then. Live and Learn i suppose.

/u/xmrglobal P

1 points

6 days ago

At XMRGlobal, less than 1% of trades are done P2P. The rest go through automated swaps, and that’s exactly where the problem lies.

Most users have no idea that when they use an aggregator, whether it’s us, Cake Wallet, Feather Wallet, or any other service that doesn’t have its own liquidity, every single swap is permanently recorded! These aren’t ephemeral, private transactions. They are stored forever!

That means even if you’re using Monero, you’re potentially leaving a long-lasting trail through the swap itself. And no amount of “private by default” branding changes that fact.

At XMRGlobal, we don’t keep P2P trade data forever. We purge it after a limited retention window, because that’s how real privacy is preserved. But if you’re using an aggregator, your data could live on indefinitely, on servers you don’t control, and in hands you may not trust or heard about.

It’s a hard truth: automated swaps are easy, but they’re not private. If you care about Monero's mission, stop trading away your privacy for convenience. Use P2P , or at least understand the cost of not doing so.

/u/x1yla 🍼

1 points

6 days ago

because, stablecoins exist now.
basically, there was not that much monero moving through the dark markets to begin with. $200k per day total.

so there never was a super high demand for people to sell their monero for cash. with that $200k split between all the vendors, each vendor makes only a 5-10xmr each day maybe.

it is not hard to sell 10xmr. You can easily swap such a small amount of XMR for a different coin, then sell it on a centralized exchange.
Or you can easily sell that different coin on a peer to peer exchange. which is what most people will do.

If people are selling XMR for $$$ directly then it's not a super huge amount, like I said before. so online payment is an option. people can pretty easily sell their xmr to the same traders from localmonero. it's just directly, without any escrow.

/u/x1yla 🍼

1 points

6 days ago*

decentralized finance is becoming a big thing. it would take less than 10 minutes for me to sell 10xmr. even on a weekend.

It would probably only take 8-10 hours to sell anything more than that on a centralized exchange. like if you want to sell 20-30xmr it might take some hours. some fintech apps will give you early access to direct deposit, so, selling coins on an exchange and then just making an ACH withdrawal is popular.

If it is a weekend or holiday then banks have RTP enabled for this reaso.

If the banks are closed you can still sell stablecoins on coinbase in just a few minutes, and you can still send the fiat money to your bank account instantly with RTP on coinbase. for a 1.75% fee, capped at $1000

of course coinbase doesnt support xmr but you can swap it for bitcoin in less than 10 minutes and deposit btc to coinbase on the lightning network in less than 2 minutes

because, think of it this way. you had to PAY a % fee for cash trades, and you also had to pay $$$ for the shipping.
so you're either paying 5% above market for the XMR to buy it with cash, or you can buy stablecoins for 0% fee with cash, and then swap it to monero for a 0.5% fee on a DEX or 0.4% fee on kraken..

anyways, about the DeFi.. if you swap XMR for ETH or SOL then you can easily buy PYUSD

PYUSD is 1:1 with USD and you can deposit it to paypal and sell it instantly with 0 fees involved

so basically why would anyone sell xmr for cash when they can swap it for PayPalUSD and sell that stablecoin on paypal for real dollars?

or they can sell USDC/USDT on a peer to peer exchange as well if they don't want to do the kyc process with paypal

/u/abuhajjar 📢 🍼

1 points

5 days ago

I need this for illegal activities, brother, I have no use for DeFi. I don't care about efficiency as much as I care about leaving as few traces as possible which is why I've always stuck with things like cash and Monero.

/u/x1yla 🍼

1 points

5 days ago

simply do not have any of the traces point back to yourself, then.
you would have to do extensive networking in order to be able to buy or sell xmr for cash
I do not know how much XMR you are referring to, but, if it is a huge amount you are trying to sell then maybe you need to find a partner who specializes in that.

now you will have to invest in your own banking infrastructure, like bank accounts that arent in your name. if you don't have any, its time to get some.
I don't know if this is hard for you but i'm willing to help you in any way that I can. but I do not provide these accounts just as a disclaimer

most countries have paypal so you should be able to cash out decent amounts of xmr that way with the defi route, you just need to pay some person 3-$400 to do the KYC
otherwise you will have to reach out to the same people from localmonero and ask them to do trades with you without escrow

/u/x1yla 🍼

1 points

6 days ago*

it's not just cash by mail falling off, it's cash falling off in general with stablecoins (and DeFi) getting so huge

Eth saw a 6.0% increase today

however, WETH or Wrapped Ethereum, an ERC-20 version of ETH (used for DeFi) increased 6.5%

WETH can easily be swapped for WBTC and deposited to kraken incase you were wondering

Did cash-by-mail fall off? Who can explain to me why so few sellers everywhere? : Monero | Torhoo darknet markets