When you offer to purchase something from someone for far less than it is actually worth (usually in a very underhanded or deceitful way).
Alex offered me $200 for my $1000 bottle of bourbon, but I was wise to his threadschmidting ways.
Alex: “How about I buy that bottle off you for $250”.
Joe: “Man, you know it’s worth $1,000”
Alex: “But the wax is scratched”
Joe: “Quit threadschmidting with your scrawny ass.”