Title: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: BitcoinOPX on July 17, 2012, 09:14:41 PM Hey everyone!
BitcoinOPX is an exchange that offers bitcoin options, and now also currency exchange: https://bitcoinopx.com/currency (https://bitcoinopx.com/currency) We match buyers and sellers using MoneyPaks as the medium of exchange. MoneyPaks can be bought throughout the U.S. at 7-Eleven, CVS, Walmart stores and more for $4.95. They can then be loaded with dollar amounts up to $500 (and $1,000 at Walmart). Our rate is .1 BTC (about $0.85) flat for MoneyPak code transfer from buyer to a pre-paid card of a seller. Compare fees and time delays for existing methods: A new buyer of bitcoins wants $1,000 worth, and a seller wants to sell that much. The buyer drives to a local Walmart and buys a MoneyPak for $4.95, loading $1,000 to it. List the offer on BitcoinOPX. Buyer exchange amount: $1,000 Total fees: $4.95 + .1 BTC (about $0.85) = $5.80 Time to receive BTC: less than 4 hours Seller exchange amount: $1,000 Total fees: .1 BTC (about $0.85) = $0.85 Time to receive USD: immediately up to $400 cash per day available at ATMs ______________________ List the offer on Mt.Gox Buyer exchange amount: $1,000 Total fees: .5% = $5.00 Time to receive BTC: 3-5 days for deposit from bank to reach Dwolla Alternatively using BitInstant: Total fees: about 4.49% + $1 = $46.00 Time to receive BTC: less than 1 hour typically Seller exchange amount: $1,000 Total fees: $5.00 + $0.25 (.5% plus $0.25 Dwolla fee) = $5.25 Time to receive USD: 3-5 days for withdrawal into bank via Dwolla (now requires verified ID) ________________________ List the offer on CoinBase Buyer exchange amount: $1,000 Total fees: .5% = $5.00 Time to receive BTC: 3-5 days for deposit from bank via ACH* Seller exchange amount: $1,000 Total fees: .5% = $5.00 Time to receive USD: 3-5 days for withdrawal to bank via ACH* *Coinbase exchange is not fully operational; ACH clearing times are estimated As you can see by using MoneyPaks we can offer very fast times and cheap fees for exchange! http://img33.imageshack.us/img33/1994/moneypakc.png Title: Re: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: koin on July 17, 2012, 10:06:02 PM We match buyers and sellers using MoneyPaks as the medium of exchange. MoneyPaks can be bought throughout the U.S. at 7-Eleven, CVS, Walmart stores and more for $4.95. They can then be loaded with dollar amounts up to $500 (and $1,000 at Walmart). Our rate is .1 BTC (about $0.85) flat for MoneyPak code transfer from buyer to a pre-paid card of a seller. hopefully you've thought this through. there's a lot of fraud around moneypak, and green dot's terms of service specify that they are for purchase for personal use like redeemed for your own prepaid debit card or with a merchant, but not for transfer to another party over the internet. Title: Re: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: BitcoinOPX on July 17, 2012, 10:35:41 PM hopefully you've thought this through. there's a lot of fraud around moneypak, and green dot's terms of service specify that they are for purchase for personal use like redeemed for your own prepaid debit card or with a merchant, but not for transfer to another party over the internet. To eliminate fraud we only send the BTC upon successfully loading the prepaid card with the code. We've also been paying attention to this exchange section regarding MoneyPak trades. As a result of the experience by member TizzyTazzy (https://bitcointalk.org/index.php?topic=89182.0) we require buyers upload a copy of their MoneyPak receipt with the words "For trades@bitcoinopx.com". TizzyTazzy posted that GreenDot eventually agreed to send him the money, after a manager on the phone asked for "some sort of proof" of purchase. TizzyTazzy had explained the situation, and said by having the code that should have been proof, but it apparently wasn't. Having a copy of the receipt with a verifiable email address should be compelling proof if necessary. GreenDot's terms of service (https://www.moneypak.com/TermsOfServices.aspx) don't appear to say anything about "personal use only" or "not to be transferred". This is taken directly from the terms: Using Your MoneyPak. The MoneyPak has no value until it is activated by the cashier at the time of purchase. You may use the MoneyPak Number to reload a prepaid card, make a payment, add funds to an account, or purchase goods or services with participating Green Do Financial Network Partners (“Partners”). Treat your MoneyPak the same as you would cash. We are unable to replace the funds on your MoneyPak if it is lost or stolen. ... You agree that you will: (i) not use the MoneyPak at gambling web sites (other than authorized, licensed, US-based pari-mutuel wagering services) or to purchase illegal goods or services; (ii) use the MoneyPak only as instructed. We may refuse to process any transaction that we believe may violate these Terms and Conditions. Notice the terms say the MoneyPak Number can be used to reload a prepaid card. It doesn't say "only your" prepaid card. It also says the MoneyPak can be used to "make a payment", or "add funds to an account". Again, it doesn't specify limits on where payments can be made or which accounts can be funded. It also says "Treat your MoneyPak the same as you would cash". The listed restricted use is clearly "not purchasing illegal goods or services". Of course, bitcoins are not illegal. They are a commodity like Facebook credits. Title: Re: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: superfastkyle on July 22, 2012, 08:52:40 PM can't sign up get invalid email address
Title: Re: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: BitcoinOPX on July 25, 2012, 11:19:23 PM can't sign up get invalid email address It should be working now. Title: Re: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: superfastkyle on July 26, 2012, 02:59:55 AM password change doesnt work says need at least 8 characters even when it is
Title: Re: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: superfastkyle on July 26, 2012, 10:55:36 AM ok now i tried to accept an offer but nothing happened and my account balance says 0 and I cant withdrawal my bitcoins I deposited 3.99 btc. same username superfastkyle
Title: Re: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: BitcoinOPX on July 26, 2012, 06:07:21 PM @superfastkyle: the password change function should work now. Also, you can see your BTC balance under 'My Account' when you click 'other balances'. We have sent you an email with further information.
Title: Re: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: hackattack2077 on August 02, 2012, 04:08:08 PM I need 3 bitcoins via an mpak. Can someone help me out?
Title: Re: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: Stephen Gornick on August 04, 2012, 12:14:15 AM BitcoinOPX is an exchange that offers bitcoin options, and now also currency exchange: The exchange menu option no longer appears on the site? Is this no longer going to be offered? Title: Re: Buy/Sell BTC fast and cheap with MoneyPaks! Post by: BitcoinOPX on August 04, 2012, 12:40:26 AM BitcoinOPX is an exchange that offers bitcoin options, and now also currency exchange: The exchange menu option no longer appears on the site? Is this no longer going to be offered? Yes, unfortunately, we received communication from GreenDot requesting we remove all reference to their MoneyPak products. MoneyPaks are a great way for people to get into/out of bitcoins and we didn't want GreeDot making it hard for individuals to continue to do this, so we immediately complied and have discontinued that exchange service. |