Bitcoin Forum

Hi,

I wanted to create a one way exchange service where i would purchase btc by paypal. This way i can ensure i will not get chargebacks, and it will give people a quick method to sell coins.

I believe i am trusted enough to do this, so post here if you wish to send me your BTC in exchange for paypal cash. i will cover the charges.

You would probably want to consider joining the otcexchange.net (http://otcexchange.net) - the Bitcoin/Paypal p2p exchange marketplace. Please find more on correspondent forum thread and PM me or contact via the site for invite. For all our members it is required to have a proof of thrustworthness in order to be welcomed. In most cases, #bitcoin-otc WoT rating fits perfectly

OtcExchange forum thread:
https://bitcointalk.org/index.php?topic=44031.0 (https://bitcointalk.org/index.php?topic=44031.0)

"Those who cannot remember the past are condemned to repeat it."

joeyjoe, you may want to study CoinCard (http://coincard.ndrix.com/) (the best Bitcoin-to-PayPal service that ever existed, until PayPal froze his account).

RunningTotal, you may want to study bitmarket.eu (https://bitcointalk.org/index.php?topic=5441.0) (a p2p exchange, which used to support a PayPal option until fraud overwhelmed their safety measures).

Thanks, Meni. We're aware of the past. Actually, bitmarket.eu was good, despite it had no auto confirmation engine for PayPal transfers.

well my method of one way transactions means paypal wont find out about it. bitmarket.eu is crap, hardly any transactions, and people put silly offers on there, wait for you to make the same offer, then they wait for the market to swing their way before making the payment.

What exactly do you mean by your method? Just for reference - below is the exact and detailed description of otcexchange.net work process. As per my view it gives clear and comprehensive overview of the idea itself and technical details. If you could describe your idea the same way, that would probably help for it to spread around.

OtcExchange.net (http://otcexchange.net/HowItWorks/):

Bid Limit orders

With current marketplace work process we offer a single trading scenario where member A initiates an offer by transferring correspondent BTC amount to our system account. Once payment is confirmed and verified by BitCoin network, offer becomes available for fulfilment by other members.
http://otcexchange.net/Images/BidOrders_scheme.png

• Buyer registers a Bid Limit order, specifying PayPal amount wanted for purchase and desired price. Marketplace provides buyer with WalletID and exact BTC amount to be send.
• Buyer sends the requested BTC amount to the marketplace.
• Once transaction is confirmed by BitCoin network, the order becomes publicly visible
• Other marketplace members are now able to post Sell Market orders as a fulfilment of given Bid Limit order

Sell Market orders

Continuing the scenario started above, member B willing to fulfil the offer fully or partially is requested to place correspondent reserve and perform PayPal funds transfer following marketplace instructions. Once PayPal transfer is performed and cleared, marketplace gets automatically notified by PayPal integration services. Our escrow engine then starts a safety delay countdown and sends BitCoin payment to member B once the countdown hits zero. Should member A feel suspicious on PayPal transaction received, he/she notifies the maketplace of the potential problem before safety delay expires.
http://otcexchange.net/Images/AskRequests_Scheme.png

• Seller registers Sell Market order based on one of Bid Limit orders available on the marketplace.
• Marketplace puts a reserve on selected Bid Limit and provides Seller with a link to follow in order to perform PayPal transfer. The engine expects transfer to be completed in 10 minutes, failure to act in a timely manner results to reserve removal and Sell Market order cancellation.
• Seller uses the link provided to perform PayPal funds transfer directly to the correspondent Buyer. Seller is provided with a pregenerated and tamper protected transaction template link and only able to confirm the ongoing payment. Resulting Paypal transaction does not disclose deal details nor it reveals a BitCoin exchange deal. It only says Order#XXXXX.
• Paypal engine automatically notifies the marketplace on transaction occured. Should all sensitive transaction info match expected, marketplace considers funds transfer as successfully completed and starts a countdown (currently 24 hours) to send out deal BTC amount to Seller
• Should there be no Complaint requests on Paypal transaction from Buyer during countdown, marketplace finally releases BitCoin amount to Seller.

too long did not read. no, nothing like your idea.

lol, that was meaningful.