How to be safe when selling Dogecoin on Reddit Dogemarket

This article is based on my extensive experience selling Dogecoin on the Reddit Dogemarket: Dogemarket is a major hub for Dogecoin selling activity, there are several merchants selling at any given time, from big fish who have millions of Dogecoin available, to people who have mined a few thousand Dogecoin and want to trade it for cash.

Rule #1 of selling your Dogecoin is never send first. Dogecoin transactions are irreversible, while online payment methods can easily be reversed. This means that a buyer should always send first, since they could reverse the payment anyways if the merchant didn’t end up sending the Dogecoin. There have been countless stories on Dogemarket of merchants sending first and then the scammer disappears and deletes their profile. Another scammer trick is to tell you to send half of it first to ‘build trust’, they will just steal this Dogecoin and never pay. Not sending anything first also applies to when you’re selling gift cards and online games, a scammer will redeem the gift card or game and then stop talking to you.

Perhaps the second most important thing to do when selling Dogecoin on Dogemarket is check to see if the buyer has strong reputation on reddit. There is flair built into Dogemarket, you can see the yellow flair next to every post, and it goes on a scale of 0 to 10. There are 3 numbers in flair, indicating trades/age/volume. Flair is accumulated by making trades. So if someone has 0/0/0 flair, that means they have never made a trade and are brand new, and probably dangerous to do business with. You should only do business with people that have done a few trades and for significant amounts, if they are looking to buy alot. You can also check the buyer’s reddit profile page to see if they are an active member of reddit. If they have alot of comment karma and have been on reddit for years, they are probably safe to do business with, especially if they post in /r/dogecoin a lot. However, some active reddit members have ended up being scammers. A major red flag is if the buyer joined reddit less than a week ago.

Flair is not everything, it is also extremely important to check the blacklist, which can be found here: Search for their wallet address, name, and paypal email, oftentimes scammers come back to Dogemarket and continue to use blacklisted addresses. If any of the buyer’s information shows up on the blacklist, don’t do business with them and report them to the moderators immediately. There have been users who built up extremely high flair and were actually on the blacklist the whole time.

Also, flair can be tampered with. Scammers sometimes make multiple accounts, and they all confirm trades with each other to build fake flair. Demand to see a buyer’s verification thread instead of taking the flair numbers at face value, and then carefully inspect all the trades.

An especially insidious scam is demanding to use an escrow, and then sending the buyer a fake escrow email or link. The only real Dogecoin escrow that should be used is Fake escrows will simply steal your coins, and then the buyer will disappear.

When a buyer gives you their Dogecoin wallet address, make sure it is done through the PM system. If they post it in a comment they may change it, and then say you never sent it to them. This has actually happened before.

There is also a fake Dogemarket on the loose, called Dogemorket. It is run by scammers, and they only let other people see it once in awhile when they are running a scam. Check the URL carefully whenever you are doing business on reddit. The Dogemorket people have struck many times.

When selling Dogecoin, all payments must be instant. Do not accept e-checks, unless the buyer is willing to wait for the e-check to clear. It is extremely easy for the buyer to drain their bank account, so the e-check bounces.

So if you’ve successfully followed all of these guidelines and received your payment, the trouble is not over unfortunately. Disputed payments and chargebacks are an almost daily occurrence on Dogemarket. This is why you need to be so careful about making sure the buyer is reputable, but even then you sometimes have to deal with a dispute/chargeback. PayPal disputes are often winnable. There are 2 types of disputes: goods not received and unauthorized payment. If a buyer says good are not received this is extremely easy to win, just write a strongly worded letter to paypal that the goods were absolutely received and you have proof. Unauthorized payments are a bit more tricky, the buyer will say it wasn’t them who made the payment, rather it was a hacker or identity thief. These are still quite winnable, write a letter to paypal saying you have proof you sent the goods to them, and also that they’re a well known scammer on Dogemarket. Calling PayPal is absolutely essential whenever you’re dealing with a dispute.

Chargebacks are a worst case scenario, this is when a buyer calls their credit card company and says someone stole their card and bought Dogecoin. Winning a chargeback in PayPal is pretty much absolutely impossible. You can have all the evidence in the world, but PayPal doesn’t make the decision, it’s up to the credit card company. And unfortunately credit card companies side with the person who is paying the bills.

Additionally, the normal Google Wallet is a terrible option. A buyer can cancel a payment without any reason at all, and Google Wallet won’t even try looking into it. If you do use Google Wallet, make sure to get the business version, they do have a disputes center.

Even if you do everything right, the chargebacks start adding up, and you can get hit with a massive chargeback at some point. It is easy for the buyer to reverse any credit card purchase, and they can do that for up to 180 days!

The only safe option in my opinion is to use payment methods where you get the cash before sending Dogecoin. Vanilla Reload and Moneypak are 2 of the options, a buyer can get these at a convenience store, and then send the code to you. You can instantly redeem the cash to your prepaid debit card, like Netspend, Account Now, Serve, and Walmart Moneycard. I recommend going to an ATM and withdrawing cash before actually sending the Dogecoin, since a buyer who is trying to scam can report the Moneypak or Vanilla Reload stolen.

The 2 best options are Western Union and Moneygram, you get cash from an agent location, and then you send the Dogecoin. There is absolutely no way for a Western Union or Moneygram to be reversed, just make sure you pick up the cash before sending though. More information on the dangers of PayPal and Google Wallet, and the safe methods you can use can be found in this article:

There have been tens of thousands of dollars of losses on Dogemarket, which is why it’s so important to be careful and follow proper procedure when selling Dogecoin.

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