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David Watson 🥑
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In a matter of 18 minutes, a hacker drained nearly $200 million worth of crypto in the largest heist of the year. Just three weeks later, he reversed the transactions to return everything he stole. In a Coinage exclusive, the hacker explains himself.
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HE STOLE $200 MILLION. HE GAVE IT BACK. NOW, HE’S READY TO EXPLAIN WHY
From substack.com
How is that an arbitrage hack? You still paid $16 for some item but you simply got the Amazon one to hold you over while you waited for Temu.
before amazon had release day delivery, I used to buy video games at bestbuy to play on day 1 then would return the cheaper amazon copy to bestbuy when it arrived
This is literally return/refund fraud and people goto jail over this shit. You are a moron for sharing this “hack”
Fairly common even pre-Temu days. Amazon’s merchant price-parity policy was hard to manage for non-US merchants. Also, 3P shipping costs a lot less so fba will always be higher.
Doubt Amazon's highly favourable return policy lasts after this arbitrage. My bet is that Amazon will reduce the return window from 30 days to a week. Or begin offering personalized return windows
as the number of online retailers increases the number of pairwise arbitrage opportunities should go up. Don't they make software for this? IDK, say you like garden hose parts or w/e, list just those 1,000 skus on 100 sites and arbitrage all day errday
How is this an arbitrage? Both are the same item. You buy one for $16, another for $90. You return the $90 order and get your money back. You still spent $16 and got that item. What is the profit here? If you tell me you have returned $16 item for the $90 order, please
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Wow! That’s a new one. I’ve seen all types of scams on ecommerce, but not this one. The volume is probably low enough that Amazon overlords are probably ignoring this for now.
When you buy something from Amazon u are buying it from the Seller who has invested his time and money for the product Of course Amazon will refund according to their policy but this is no way beneficial for the seller who is earning his bread from the sells Guys have some ethics
Its technically against Amazons terms to offer a lower price on an external seller, this could be gotten around easily by creating a different entity but if it gets bad enough Amazon will start demanding better tracking or begin refusing refunds. I imagine this ends quickly one
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In the US if you return the item for any reason besides defective, or missing pieces, you have to pay return shipping which can be quite expensive.
There are no qualms about stealing intellectual property and undercutting manufacturers. We've been dancing with thieves. I feel terribly for all the makers that were convinced to manufacture in China.
Arbitrage? Bro you’re still losing 16 bucks for the cheaper product you won’t return, only thing that’s advantageous is that you’ll get your hands on it faster. And that can cost even more if there’s any return costs, which can be high if shipping back to China.
You would have to start the return within a couple days of getting the item. Then you have 30 days to return it usually
In a matter of 18 minutes, a hacker drained nearly $200 million worth of crypto in the largest heist of the year. Just three weeks later, he reversed the transactions to return everything he stole. In a Coinage exclusive, the hacker explains himself.
Yeah and then you leave a bad review on temu and ask for a refund in store credit. 80% of the time you get a refund AND you get to keep the item.
How to put Small Businesses out of business Don’t do this, guys. The higher price includes the convenience and magic of immediate delivery