Bitcoin Forum

Hello,

I'm looking to be able to give $400+ MoneyPak card codes to a vendor that then funds my BTC account with $400 worth of BTC.

Anyone know of someone reputable on the boards like this?

There's so many forums on this place, it's kind of confusing and I can only make a post here.

Thanks.

And can a mod make it so that I can post in other parts of the forum please, thanks.

i was hoping to get my restrictions lifted. looks like we have to build 4 hours on here. i'll be willing to do business with you as I have coins i would like to get rid of. I am most comfortable starting very small as there are many crooks around! (no offense) Are you willing to do something?

-Michael

Well I was looking to do biz with someone with more transactions behind their belt, since it's a $400 MP bought with cash :)

MoneyPak is an excellent way to cash out of bitcoin and then use that MP to reload a debit card or PayPal, for instance.

But MoneyPak is a horrible way to try to buy bitcoins as Green Dot will not agree to let a merchant accept MoneyPak vouchers for bitcoins.  So your best bet is to find an individual who will trade with you.  Without a trust history, you may have trouble finding that.

Cash deposit at a bank, 7-11, Walmart, CVS, Moneygram, etc, are good methods, though at the $400 range those methods are just slightly more expensive.

SpendBitcoins is the only merchant that was accepting Moneypak but they've suspended that.

Damn, thanks.

Well if anyone with a track history is around, I'll be needing 3-4 $400 MP converted to BTC with no fees every week.

Let me know if that sounds good to anyone.

Thanks in advance.

Edit: I'll take pictures of the receipt showing they are bought with cash, etc.

You might want to check this out.  Just be careful, sending MP first is very risky.  If your counterparty won't use an escrow, be wary. I don't know how an escrow would be able to arbitrate though if there is a dispute.  You would have a receipt but there's no way to provide you didn't spend the code already and tried to double spend it with this escrow-backed trade.

Blech ... Moneypack is a horrible method for buying bitcoins.

 - http://bitcointalk.org/index.php?topic=96772.0

Buying bitcoins with moneypak is actually a really good method of buying bitcoins, if you can find someone willing to sell to you.  People are wary of it because there's been a few cases of fraud where someone reported the moneypak stolen.  If you're consistently buying every week and have a good reputation, you will probably find people who will trust you.

Yea I will be one of those trusted people, just need to get started :)

So Basically if I give you a $400 MoneyPak...I pay a $4.95 to wherever I buy it from. Then you give me $396 worth of BTC due to the 1% ($4) being taken out?

pmed

Yes although while you debated on it USD:BTC increased 2.5% so you would have already been ahead had you taken the offer.  The BTC I was willing to sell you an hour ago ($396 worth) would be worth $408 right now.  ;)

Your confusin the hell outta me.

So basically, you're just saying whatever MTX USD says, you are going to add an extra 1% to that and take that as your fee? Am I reading that correctly?

Thanks.

Are you online a lot? And will turnaround time be quick? Like within 30 minutes of me giving you the MP code/receipt pic?

I already have 3 people that do this for me without fees, I just want more in case they disappear.

Thanks.

Yes. I am selling you coins @ 1% of over MtGox USD:BTC price (if MtGox is $9.00 per BTC I sell them to you for $9.09 per BTC).
Yes. I am coding so I will be online for a while.
Yes. I can have the coins transferred to you quickly (probably less than 30 min).
Yes. Note to self this is one reason why we stopped accepting MP (spent 30 minutes explaining a $400 deal when we can do $5,000 bank wire in less time).

Also of course you have people willing to do it for free.  Your a noob.  They may be scammers.  Ask you to go first because you are a noob and disapear.  1% fee vs chance of losing 100%. :)

ok, just let me get this straight since im used to no fees.

for every $400 moneypak I give you, if the USD BTC exchange rate is $8.80, you are going to make a grand total of 88 cents from our transaction?

if I give you a $1000 moneypak, you will still only make 88 cents off our transaction?

Or are you saying 1% of each bitcoin that I end up getting? Example, @ $8.80 exchange rate, thats approximately 45 BTC for a $400 MP.

Are you charging me .88 cents per BTC or 45x.88 cents, about $40, per $400 MP?

Sorry for sounding stupid, just not used to fees.

Nope.  I am getting off this Merry Go Round.

New deal: send me the code and I promise to give you a fair deal.

lol ok. ill talk to u tomorrow about it when my head is more clear. already done 3x$400 MP exchanges today.

thanks.

Nope.  I am getting off this Merry Go Round.

Well maybe you'll be happier tomorrow and want to get back on. It's just late and I'm confused since I've never been charged fees for MP to BTC (since you can sell MP for more than their face value).

Thanks.

Trust me no. 

Don't underestimate my seduction skills TangibleCryptography.

Explanation for noobs:

Tangible Cryptography runs the site fastcash4bitcoins.com.  They buy bitcoins and pay out via Paypal, Dwolla, ACH, and other methods.

Over the last few days, he has been running out of money in his paypal account, so he wants to add to his paypal balance using moneypaks.  Normally, he would not buy moneypaks.  Paypal limits moneypak deposits to $4000 per month, so if he did this all the time, then he'd hit the limit and not be able to deposit any more moneypaks.

I don't know when the monthly limit resets, but if it's the first of the month, then he probably won't be offering to buy moneypaks tomorrow.

Why do you even have to tell PayPal you're buying MoneyPaks? Isn't that your own personal business?

You don't have to tell PayPal when you buy a MoneyPak.  You have to tell PayPal if you want to put the money from the MoneyPak into your PayPal account.

So if I'm understanding this, buying BTC with Moneypak is not advised?  And sellers will never do it with newcomers?  Or is it a case-by-case basis?