Bitcoin Forum

im looking to buy amazon or newegg gift cards, any one have any for sale? il pay 95% the face value

Well, not 95%, but I sell them, see link in signature. If you offered at a lower price, then couldn't you just create an Amazon seller account and sell yourself something at profit?

This works both ways.

1. If the person buying the GC wanted to perform the scenario like you stated above, they probably could. But paying 95% of $5 would only net them a whopping $0.25. Not really worth it. (At current situations, the Seller would still profit more)

2. People (including myself) offer less for GCs because of the demand for btc over GC is much higher + the value of btc is consistently growing, where the value of the GC stays the same.

Why pay $10 worth of bitcoin for a $10 amazon GC, when tomorrow that same amount of bitcoin would be worth $11 or more unless you absolutely need the GC now? The only reason would be if you were planning on entirely cashing out, or need to get fiat fast to pay for something. (Like buying new hardware while the difficulty is still low)

Supply of GC people can buy = infinite
Supply of BTC people can have = finite

GC Value = never changes. single value
BTC value = constantly changes. investment with a high possibility (based on history) of growing

***Disclaimer***
This is just my opinion.

Interesting view, although there is an upside to having USD, the currency is pretty stable. Although the Bitcoin may be rising now in the future it may fall as well, so you have speculation going on.

The most common scenario I imagine though, is someone immediately wants to buy something via amazon, and has a good supply of Bitcoins (perhaps from when they were $8 :) ).

I think I mostly agree with you though, I just can't figure out how you're selling for less than value  :'(

I'm not selling GC. I was merely stating what the common trend on this forum seems to be - GC sell for 85~95% of value. I then just expressed my opinion on why. haha.  ;D
(In fact, I am actually buying $500 worth of Amazon GC from a user on here. I want more hashing power.  ::) )

At least with the user I am buying from, he purchased the GC as gifts but never gave them out. So they are just laying around. So by selling them, whether or not he sells them for less than face value, he is getting some money back. (Which will almost certainly rise past the face value of the card within a few days)


And that's the risk. Yes, if everyone decided that BTC has absolutely no value, they could become worthless and then the person who sold the GC will have lost money.
But the chances of that happening are pretty slim. Especially when compared to the chances that the btc you receive from selling a gc will surpass the gc value in a relatively short amount of time. (This is where people who make a "business" from selling GC for btc profit)


On topic:

Sorry for the thread jack tunatime. 
This user is selling $25 amazon gc for $20 with escrow.
https://bitcointalk.org/index.php?topic=170733.0 (https://bitcointalk.org/index.php?topic=170733.0)

bump still looking for GCs

FWIW, I have a good supply  :)

How much do you need?

about $1000

Just piggybacking, if you have some after tuna is satisfied with his purchase, I would like to buy some too. Thanks!

I would convert your btc equivalent to amazon gift card - no discount.

1. Either you send btc first
2. Or use escrow at your expense

Let me know.

OP is legit, i did a transaction with him on [H]

We did ?  :-\ What is [H] ? Sorry I might have forgotten - thanks anyway.

oh not you.. OP, don't know how your post got quoted lol

We just opened a site to fulfill amazon GCs.  Hoping to help fill the gap that BuyBTC.info left.

http://www.giftcardbtc.com

https://bitcointalk.org/index.php?topic=179090.0

Give us a shot!

Thanks

Darn you Richiela, I was about to make that :P

Grin, with BTCBuy.info being swamped, i figured we could help offset the load.  With them actually shutting down though, we might need more.  Frankly, given the capital, we can probably only move 50k a month at max.  Plenty of room for other services to come up.  The more ways we can let people spend BTCs, the better off we are IMHO.

Hmm, there may still be the possibility of me competing.

What are the fees, I don't see that mentioned on the page, like -20% Mt. Gox?

We use our own weighted average calculated using mtgox's ask/bid prices and the trend over the last 4 hours.  On average its somewhere around 10-12% is my guess.  We checked our prices with btcbuy's while they were up and were very close to inline.  As we get volume up and figure out how to get money out of the market, we will reduce the rates where we can.

To give you a real life example, a purchase of a 50$ gc was done earlier today where the BTC value was 91.3.. we priced a BTC around 80.37.  By the time we sold, it was at 83.56. 

Given the instability of pricing and market, a markup is unavoidable.  But hey, show me another way that you can turn BTCs into spendable cash faster ;)

Yup, I had a few people say, "Why should I pay +10%, when prices keep rising" (BTC was @150 at the time). Then the price crash happened.

Your system sounds pretty interesting, people might not like it though, but good luck with it. Mt. Gox may not be the best choice though.

MTGox may not the best choice, but given they account for the majority of the traded volume, there is really little alternative; especially given the events that is going on with bitfloor.

Yeah, Mt. Gox has the benefit of being very official, albeit unprepared.