Quote from: sidjourn on November 22, 2013, 07:28:25 AM

Quote from: Benson Samuel on November 22, 2013, 07:19:15 AM

Quote from: sidjourn on November 22, 2013, 07:15:54 AM

Hey guys,

So I am new to bitcoin. I realize it's expensive to buy a coin now, but I found an Indian guy online who claimed that bitcoins are available for dirt cheap price. Like he bought one for 60 dollars when the price was $700 in GOX.

This made me think. How can someone buy at such a low price? Probably people are happy selling the BTC they bought for $1 at $60 or so.

And so my exploration begun!

I tried finding such guys, and found one.

Today this guy I found, actually called me back. He told me he doesn't have bitcoin but he can get one very soon, at 7000 rupees! I was surprised, and asked him right away: how can you sell for so cheap?

He went on to treat BTC as an underground market and said the rates are actually this high. He further went on to explain that BTC are not 7000 but 7300 or something. I laughed, because the ongoing rates are much more than that. I told him to check online price, and he said online it's always expensive. I wouldn't have believed him, but the chat with the guy who bought @ 60 dollar makes me believe all this now.

So has anyone any experience buying bitcoin in the grey market? Can I be scammed? Is it worth it?

Appreciate your reply.

Scammed!!

On the flip side, we are in India. Why can't we have people in grey market, who are not used to online and Internet, sell BTC at such price. I mean, 7000 rupees is something for them for sure. He told me he doesn't have BTC at the moment, but he will get them soon and ring me up.

Said we could meet face to face as well, but then he has to travel to my place, and he would only if I confirm that I am going to buy.

A grey market for a grey market currency. Hmmmm..