Bitcoin Forum

Has anyone tried it? It's a little expensive, but it sounds like a good way to quickly buy bitcoins. There's a reddit thread (http://www.reddit.com/r/Bitcoin/comments/jk3k8/btcnownet_instant_bitcoins_via_google_checkout/).

http://www.btcnow.net/

sounds legit

Just ordered 1 BTC through btcnow.net. I'll keep you posted

Got 2 confirmation emails:

1. "Order recepit" from Google Checkout
2. "coins sent" from pierce403@gmail.com

Got my first confirmation. My 1 BTC is safe.

Now, what is really baking my noodle is how it all worked without me entering my credit card numbers. I must have done a purchase using google checkout before. However, I don't remember this :-)

I just bought 1 coin, paid with Google Checkout, and received my coin within a minute!! Got an order confirmation email and a btc sent email also. Happy customer!

That was faster than buying a hamburger.

google knows all! :O

Just bought one as a test too. Literally within 2 seconds after pressing the confirm button, the coin showed up in my wallet and then I got the emails. Very nice service, albeit not the cheapest one.

that looks pretty cool... esp. if/when "pricing drops to more competitive levels".  Now I just need to figure out how to sell them that way myself. ;)

Im sure there is a very obvious reason, but here goes anyway: Why do TradeHill and MtGox (and the rest) dont use GoogleCheckout if it works for this guy?

Because Google Checkout allows chargebacks. This guy won't be in business long before the scammers hit it and chargebacks come back in a fury. At that point Google will shut down his account and he will be stuck with a big bill. Buy your bitcoins while you can but don't be the last guy in line... :-[

Probably beacuse its against their TOS.

Now this is really unusual in the bitcoin world  8)

Let's wait and see what happens when someone claims a chargeback.

and since G checkout is connected to a bank account, all chargebacks and fees associated with them will be drawn from their bank account.

There is a reason why methods allowing reversal are not used with bitcoins.

I think operator does know about chargebacks, he mentioned (http://www.reddit.com/r/Bitcoin/comments/jk3k8/btcnownet_instant_bitcoins_via_google_checkout/) that Google has program against chargebacks and that it only applies to tangible shipped goods. Is it possible that he figured out how to minimize damage and have the business running?

$18 is very pricey for a bitcoin, that's almost double the price of a bitcoin and will definitely cover chargebacks. I'm willing to wait a few days though and trade at $11 instead. You could also offer advertising space to cover chargeback costs.

Google made a video on how they handle chargebacks. Which is available http://www.youtube.com/watch?v=cDcoIgwhFI8

I think everyone would do this if scammers didn't catch on. But oh they WILL lol :D. He is making a heavy premium on them though.

Highly unlikely but will be interesting to see how it turns out and for how long they can sustain such service. Google can ban/suspend from using their services but they cannot make a customer not to chargeback if there is an issue with merchant. Guess its time to freshen up on G. checkout's policy and tos.  At the moment is sounds and looks too good to be true, although it would make things very convenient for general public if anyone could purchase Bitcoins with a credit card.

wait look at the prices $18 a coin lol that guy is almost doubling his profits if he bought them at 9.** a coin

He changed from $14 to $18. That's stretching the rope... People will not pay $18 for a bitcoin right now.

Anyway, I think he only wants to test out the scammers. Someone should claim a chargeback on him  8)

He's also risking several 100 dollars of his own money, which might get lost in chargebacks, depending on how google deals with the issue.

If you think the potential profit is worth the risk, you could try doing it yourself.

As far as I'm concerned, here's the red flag I noticed on his page (in red)

if you enter your payout address carefully,
and are not using a stolen credit card,
you should see your coins immediately


Why include this line of text? It's like asking for someone to use a stolen credit card. In fact, I can't remember any site even remotely stating something like that.

Please correct me if I' wrong or totally off base.

I think its just him voicing the obvious potential problem..  He is taking some risk here I believe..

I like the site, and the idea through google.. very easy, good for general public

I think that is related to what he wrote on reddit. I'll quote:

Sounds legit to me but raising the price to $18 is quite ridiculous.
If the price eventually goes down I might buy 1BTC from them.

PS: For UK users $18 is about £10.

I don't care what risks he/she is taking. 18 is madness. Someone should send him/her this link http://bitcoincharts.com/markets/ Then charge maybe 2 bucks on top of market price.

lol 18$

Yeah 18$ is really insane.... even if its very easy...

...and this




Thank you both for that clarification. It does make sense. I also hope this site proves worthy.


Now, I wish to thank psy, again, for learning [sic] me how to insert two quotes into one post, thereby eliminating the need for me to have several posts in a roll of which I was accustomed to doing, due to my own ignorance. Smoothe!

I actually don't think $18USD is that unreasonable. Clearly this is a service for people to get a handful of coins, which theoretically should be at a premium.

Also, Virwox accepts credit cards, paypal and moneybookers. While it's not 100% easy/convenient for grandma, it's a very good place to get BTC via Visa/MasterCard.

He was charging $14, and was selling much faster than he expected.  He doesn't get the money from his sales immediately, so he can't just go buy more.

So he raised the price to slow down sales.  If people still buy, at $18, then more power to him.

Careful...could be stolen credit cards.

Obviously, you've never run a business which accepts credit cards before...

With your logic, if I sold $100 worth of BTC's at market price and charged $2 on top of it, I'd be losing money just from the fees that GoogleCheckout or any other credit card merchant account would charge for the transaction.

No one is pointing a gun to your head and forcing you to buy BTC's from this person anyway.  If they want to sell Bitcoins for $18 while it's ~$11 USD on the market, more power to them.  It's not like they're charging $50 for a gallon of drinking water during a natural disaster.

Least from reading the rest of the thread... his domain name lives up to the expectation.

Cheers,
Kermee

I don't give a fuck, 18 dollars is insane, fee's or not, specially when the market is @ 10.8856 at the time of posting this. I agreed with a few people and a few people agreed with me on how ridiculous it is, and you quote me? Obviously screw off, plz.

Obviously.

Cheers,
Kermee

Some people see number 18 and jump into conclusions. Btcnow.net (http://www.btcnow.net/) front page says that the operator made the price so high to LOWER TRADE VOLUME while the site is in BETA, and that the price will change toward reasonable once operator will be sure that he didn't do any mistake in security setup.

If you are interested in getting instant BTC with credit card you might be interested in the thread I open in the newsbies section
https://bitcointalk.org/index.php?topic=38873.0 (https://bitcointalk.org/index.php?topic=38873.0)

This is interesting, I want to keep an eye on this guy.

Actually, now it says "not connected to the back end". I wonder if something happened...

I don't know.  I can see google turning on him very easy.  How is he confirming the cards are not stolen?

I sold a bunch of bitcoins on ebay at premium prices and HALF or more were scammers.... once the chargeback onslaught begins google will just slam dunk him.

Not that I wish this on him.  I find it hard to believe that google said it will absorb the chargeback...

Just doing DD, here.

http://pdx2600.blogspot.com/
http://twitter.com/#!/deanpierce

Well that was fast.

And another one bites the dust.

He hasn't replied to messages. His website (deanpierce.net) is down, though it was up as recently as two weeks ago. I wonder if there's more going on here?

Unless 99% of buyers chargeback. :)

Gah. I really should read the whole thread when I'm catching an old one for the first time before I reply... Whoops.

I sold about 60 coins total at 18 over the course of about a week, I dropped the price down to 8.5 and sold maybe 150 coins in less than 24 hours, and now I am in desperate need of more coins.  Google waits 10 days until paying me, and fking gox dwolla tradehill are all pains in the ass with their delays.  Buying more in cash tonight from some locals in town here.

Google has not shut you down?

This is fascinating....
 
I await the one month charge back rate.....

Now if he just made a companion site for people to sell him btc at 1.5x the rate then he'd have a line up of eager sellers to fund his sales.

But on another post he made I see he says something about a Google suspension and finding another way round. Not sure what that means.

Apparently  a Google Employee confirmed that they allow selling virtual currencies via google checkout: http://www.google.com/support/forum/p/checkout-merchants/thread?tid=3dd3aaeb58f9fd94&hl=en

This is extremely encouraging although still not a definite YES.. it's sort of a maybe yes....

It depends how they define a bitcoin.  Is it a currency or virtual currency and what is the difference?

What is their process to stop the onslaught of chargebacks? Will they accept the confirmation codes in blockexplorer as proof?

Still - this would then have hackers target google just like they did ebay to get as many bitcoins with stolen CCs as they can - what is the best strategy to prevent this?


 

Another one?
http://1209k.com/bitcoin/
Or the same one?

This looks to be a little cheaper.
"If the store were open, the price would be: 6.77 "

MtGox prices: Last Price: 5.38931   High:5.8495   Low: 5.33

About $1.++ / btc premium. That's the price I can pay.

Really suprised this is still working!  Price seems very reasonable.

Very interesting!

Although http://1209k.com/bitcoin/ looks like it's down for me. Anyone else?

Looks down to me, this is what I get

Buy Bitcoins (BTC) quickly and easily using Google Checkout. I recommend reading the FAQ



If the store were open, the price would be: 7.13

yeah, I see the same thing.

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