I saw your post bout PayPal divorcing you. Can you tell me a little bit about your account?
My questions are...
Did you ONLY sell bitcoins?
How long were you a member for?
Did you only sell digital delivery?
You said you only had 3 chargebacks and many voluntary refunds. What time span did the chargebacks happen in? 1 month? 6 months? more?
In my past experience with PayPal I believe PayPal to be generally lazy. They only seem to act when someone complains. Do you feel a competitor may have "narked you out" ?
I used to run a seed selling business on eBay back in 2003-2007. I specialized in poison-garden seeds. Some of which can be considered drugs. I had that PayPal account closed over a $2 poppy seed packet sale and the complaint came from a concerned mother. I had refunded her payment when she contacted me, I was very pleasant with the woman and felt the issue was handled well by me and was shocked when PayPal canceled my account. After the 180 days, It took an additional 6 months to recover the frozen funds. At the time there was NO WAY to speak to anyone on the phone.
I'm really going to begin to worry if they are canceling paypal accounts for people who are shipping physical bitcoins (me).
On a more positive note, I got my paypal account back in the end by providing them a bunch of information and agreeing not to sell poisonous seeds anymore. Attempts to explain how lots of innocent vegetables have poison seeds fell on deaf ears at PayPal. They ALWAYS assume the seller to be a liar and the buyer to be a judge/jury/executioner. I have been an eBay seller since 1998 and have been using PayPal since it was X.com.
Well, the auction was for a penny and the bitcoins were free (delivered digitally). I had two ebay accounts. The first hit a limit (new), so I tried to use my old one and that was when they sent the mail to me. All the activity happened during the course of two weeks. |
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If you're just going to reverse the transaction anyway, $47 isn't that much money. Could also be digital delivery sellers are getting scarce  Yeah they are getting scarce because paypal is banning them  |
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What I don't understand is how someone with 3k+ on eBay is able to get away with it and I can't. Call me an idiot if you want, but it's not like I'm the only one that took the chance.
Did you have many chargebacks filed? I had only 3 - mostly I just processed alot of refunds for people I thought were scammers (and most turned out to be). |
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By the way I'm looking to buy 5 bitcoin for $57.50 (based on current buy value).
good luck getting someone to sell to you that level of coins at market price. |
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Successfully sold over 3k USD worth of bitcoins on eBay...
Then I get this:
PayPal previously required accounts that were operating as a currency
dealer or exchanger to obtain prior authorization before utilizing PayPal
services. Your account did not obtain such authorization at that time. We
have since decided to dissociate ourselves as a payment processor for
transactions involving a currency exchange. Per our current Acceptable Use
Policy for Money Service Businesses, PayPal may not be used to operate a
currency exchange, bureau de change or check cashing business.
Due to your failure to comply with the previous policy and the high risk
associated with currency dealers including the sale of electronic media of
exchange (such as electronic money or digital currency), PayPal has made
the decision to sever its business relationship with you. While we wish you
the best of success in your future business endeavors, we respectfully ask
that you seek another method of payment for your online business.
Your PayPal account has been permanently limited and there will be no
appeals to the decision. Any remaining money in your PayPal account balance
will be held for 180 days from the date of the limitation. After 180 days,
the money will be available for you to withdraw.
If you have any further questions, please feel free to contact us again.
Sincerely,
PayPal Compliance Department
PayPal, an eBay Company
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This is the bottom. Called it.  (For today)  Still 7 more hours left in my day =P |
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I think its going back down again. Watch out
The buying bot has been activated, just like after every dump for the past three weeks. I think we are fine. Is this someone desperately denying reality (manipulating for stability?!) or you think he is actually making a profit with that thing? It all depends on how deep his pockets are. My best guess is he has $1M USD+, and a bot set to buy around (rough estimate from what it appears) ~25-45 bitcoins every 1-10 minutes (time varies) when the price is less than ~$11.80 and when the price has not changed ~1% within 15 minutes. He wants to rack up as many BTC he can before taking us on a rally. Or like you said it could be someone desperately denying reality. Lol One thing for sure, he has not made any money doing that this past month, which is why I think he has to be in it for the long run. Wondering why he wouldnt simply wait for the price to fall if he was simply trying to get in at a low price. Because he is definitely keeping it up (against all other logic at present). Seems like someone with big interests in the long term trying to out manipulate those who would seek to instill fear by dumping/ buying to create price movements. [/tinfoilhat] |
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I think its going back down again. Watch out
The buying bot has been activated, just like after every dump for the past three weeks. I think we are fine. Is this someone desperately denying reality (manipulating for stability?!) or you think he is actually making a profit with that thing? |
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I think its going back down again. Watch out
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The plunge??!!!
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Until Bitcoin gains traction as money where it is recognized and accepted widely enough to function as a currency the recipient might instead still be better off with a money transfer or hawala even with exorbitant fees.
That's why Bitcoin adoption needs to start catching on before the crisis.
The way for that to happen is for there to emerge money changers who will act as the money transfer agent. This is how M-PESA grew -- agents become M-PESA agents because they were earning commissions, sometimes better than they were earning from their other work.
These agents simply can work independently.
So here's the scenario I envision.
1.) An individual receives a text notifying that bitcoins were added to the mobile phone's (hosted) E-wallet.
2.) Individual coordinates with the Bitcoin agent to arrange a meeting time and place (.e.g, cybercafe, hotel lobby or other public place -- for safety) of both.
3.) Individual sends a text to spend bitcoins to the Bitcoin agent's address (e.g., "send 1.23 btc to 50922345678" ) 50922345678 being the Bitcoin agen'ts phone#
4.) Bitcoin agent hands over the cash
Coinapult can do this ... it works in the U.S. and Canada now. They were waiting on their text messaging backend (Twilio) to expand their global footprint I believe.
The problems with that are if this type of exchanged is not welcomed (and we know it likely is not) then SMS transactions are not secure (sent in clear text across mobile network.) So at a minimum, the transfer from the individual to the Bitcoin agent should be not be traceable. So I figure the send message basically just gives a PIN code that the individual then shows to the Bitcoin agent who then has a method to retrieve via SMS, using that PIN.
The next problem is where the individual Bitcoin agents then also need to convert the bitcoins that were received in order to restock the cash supply (and to unload the exchange rate risk exposure. So either other Bitcoin agents nearby might trade with each other for a small fee and eventually a larger agent ends up with a number of coins and then either trades them with local investors or transacts such that the cash stock gets replenished in a timely manner.
So that's one idea as to how Bitcoin will emerge in these areas. Basically anywhere there are tourists as well as tourists arriving might want to buy local currency with bitcoins and then sell their levftover fiat before leaving and get bitcoins for the trip back home. These areas are hotels, B&Bs, cybercafe's, dining establishments even.
Thanks for this wonderful reply Stephen. It's obvious you have given this alot of thought. I am finding myself more and more thinking about this situation as well and finding that developing markets could be the catalyst which both creates a worldwide monetary revolution and spikes the bitcoin price to the stratosphere. I've been noodling on different methods of achieving this and it seems to me that the largest hurdle is the political/ regulatory one. It seems one of the major contributing factors for M-Pesa was because the regulators were willing to look the other way (after a significant payoff no doubt). I'm wondering if there is any possibility of getting around this, while still utilizing this for trade with retailers. |
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My order was at $11.70  This is what I get for being a bull! Arrg Thats shitty  I was actually pretty close to pulling the trigger too. Though I'm guessing that it wont be long until you can exit there again as well at this rate. |
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It's going bananas  |
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Someone got impatient.  |
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Umm the wall is gone...
You say that as if you are surprised  I still haven't bought. That makes two of us |
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Umm the wall is gone...
You say that as if you are surprised |
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Someone is desperate to keep the price up. It's very confusing because last time this happened too. Remember the buy order at 11.97?
Yeah that is really strange. This person keeps tossing buys in there at 11.7, when they could fairly easily be gotten at 11.6 or lower. I wonder how deep their pockets are |
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Man, I've really been out of it for a while now, and haven't watched the charts very closely at all. I'm completely lost and have absolutely no clue on where we're headed from here in the coming months, honestly. Have fun everyone.
I expect more plunge from the Llama |
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maybe. Anyway, right now buying pressure prevails but is still low. We are constantly atacking thw 12$ resistance but with feeble success.
If you want to go deeper, Id say after the past month that gained momentum from some speculative believes/announcements, there is a natural disenchantment right now, still hopes are up for some short term exitements in the pipe line, like Kim Dotcom's 2 new services (that may accept bitcoin), ogrr.com+mmoexchange.net, reward halving, ASICs (for non logical reasons), torrentleech.org, poker sites catching up with infinity poker in the making, bitinstants debit card (where is that actually?), the first public bitcoin hedge fund coming up, reddit's bitcoin tip bot recently and many more...
Well done good sir |
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