111 sats \ 2 replies \ @MekongMonkey 1 Jun \ on: Weekend Book Recommendations meta
"The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century" by Mark Thornton. It's a fascinating read.
I've conducted hundreds of face-to-face cash trades over the years, initially starting out on LocalBitcoins many years ago. While it's unavoidable to encounter some unsavory characters in these dealings, most of my experiences have been with decent people who are as committed to a satisfactory transaction as I am.
When meeting someone new for a trade, I always start with the smallest amount that’s worth both our time. It’s easy to discern if someone is a genuine Bitcoiner or just trying to cash out some ill-gotten gains. If you find yourself discussing Austrian economics or Lightning channel management, you're probably in good company :) The kind of wallet they use is also a big tell.
Here are a few practical tips I've picked up:
- Agree on clear terms of the trade before the meeting.
- Meet in locations you know well. I prefer coffee shops in malls that I'm familiar with.
- Arrive early to settle in and observe your contact as they arrive. If you expect one person and they bring friends, you can easily slip away. It's much harder to do this if you arrive late and face the situation head-on.
- Trust your instincts. If something feels off, leave immediately.
There’s always a bit of stress involved with meeting someone for a cash trade for the first time, but after a while, you mainly deal with people you already know. Then, it becomes an excellent opportunity to catch up with a fellow Bitcoiner and complete a satisfactory transaction for both parties.