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Just used it for first time today to pass out Christmas gifts at the office. It was well received but a pain in the ass to load up each wallet individually. Is it possible to provide a URI that'll automatically send 1 transaction of fixed size to each of the wallet generated?
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How will the discount be decided for the party that spend Bitcoin to receive items after Beta?
In the long run, the discount/fee will be adjusted based on demand of either side such that there will be consistently be spend orders available, but they are quickly purchased. It'll stay at 4% for some time until we figure out where that sweet spot is.
Because merchants benefits form near zero transaction costs of bitcoin and zero fraud risk, the reputable and competitive merchant must reduce the price (about 5%) on items paid in bitcoin. Given the hassle and cost of acquiring bitcoins, zero premium is still an uneconomic choice for the consumer. This lack of economic benefit is the sole barrier preventing bitcoin from becoming the glorious currency it should be. We aim to keep the fee low enough so that it's always cheaper for Spenders to replaced spent coins from exchanges in order to create a deep market for Buyers.
By fee do you mean the discount the Spenders get off retail cost of item? When you say Merchant must reduce price on items paid in bitcoin, since the actual Amazon Merchants will be receiving cash from the Buyer, do you mean the discount will come from the amount of Bitcoin the Buyer receives? Yes, I meant to say discount there. And Yes, the purchase is essentially subsidized by the buyer. |
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Good job with coin join implementation. I will try it out later tonight. You guys are one of the few sites doing everything correctly.
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I thought they added electrum as a default software?
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In addition, the gov't can in fact balance the budget to start having profit in order to start paying off the principle on the debt. Suppose the govt shut down all together and continued to collect same amount of taxes, the debt would be paid off in 7-8 years right?
The debt wouldn't be paid off because there isn't enough M0 in existence to do so. The only way inwhich the government could pay off its debts in the form of taxes is by passing that same amount of debt to the citizens. You don't seem to understand how the system actually works. Actually after you say M0, it makes more sense. So basically if the debt was still below M0, we'd still have hope, but now, there's no turning back? |
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I watched all 4 episodes and it sums up things pretty nicely, but I thought two claims in the 4th episode didn't make too much sense. He claims that Fed buying bonds from banks via check (from account of balance 0) is essentially money popping into existence. Then he goes on to say that the govt's debt can only get higher because they always have to borrow more to pay off debt because money can't be created. Isn't that a bit contradictory?
In addition, the gov't can in fact balance the budget to start having profit in order to start paying off the principle on the debt. Suppose the govt shut down all together and continued to collect same amount of taxes, the debt would be paid off in 7-8 years right?
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Okay, just checked. The situation with your order is that the balance you have in your account is just short of the price of the wishlist. This is the exact type of stuff we're trying to test for to work out the kinks. I think you might actually just be able to cancel it and reorder.
Another annoying thing is that the price of Amazon items actually fluctuate too.
Sounds good, will do. I'll cancel the order, retry, and let you know how it goes. I retried, same issue, "Insufficient Balance," even though the order is worth BTC0.07781298 and I have BTC0.08324137 in my account. Thoughts? You could round to the nearest mBTC or something to help avoid minor price fluctuations causing issues. Hey tim-tams, I just looked into it. Not sure what it was before, but your balance ~1 hr ago was right below the total price of the purchase. Tax is actually calculated into the total, which might be the reason for confusion. I have been meaning to put in a recommendation of funding 10% more than then value of the wishlist to account for fluctuations in btc price. I believe it's now back on the orderbook since btc price went up. |
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Okay, just checked. The situation with your order is that the balance you have in your account is just short of the price of the wishlist. This is the exact type of stuff we're trying to test for to work out the kinks. I think you might actually just be able to cancel it and reorder.
Another annoying thing is that the price of Amazon items actually fluctuate too.
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I put a spend order in a few days ago. It told me how much BTC to deposit, but now it says insufficient balance in the "Pending Spend Orders" section of my account page. Any thoughts?
Also, just wondering, have we had any complete orders yet?
Strange. The final price is set at the time the buyer confirms the purchase. I would recommend spenders to deposit ~10% more than the stated price to account for fluctuations in exchange rate. But the exchange rate has gone up in the past few days. I'll look into the problem. No, unfortunately, there hasn't been any complete orders yet. The price grabbing function is actually a bit broken on the beta site (while new features are tested). |
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What do you mean by "hidden?"
That the buyer will not know the spender's real shipping address. Only the city and state will be revealed to the buyer. |
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Great questions. I just contacted Amazon support to get very detailed answers on some of these questions. Is the BTC buyer's info known to the spender when they buy something from the wishlist and have it shipped to the spender? On the invoice with the package? No. Packages that were fulfilled by Amazon no longer comes with an invoice or packing list. Only when the Buyer selects the "This item will be a gift" option will then the invoice be included. The invoice will contain the buyers name and billing address, so it's highly advised against doing so. Note that it is unchecked by default so this can be completely disregarded.  What about product returns, defective merchandise or simple dissatisfaction? I could see the return/dispute thing being a real pain for the BTC buyer.
Actually, all the returns/refunds can be handled solely by the spender (receiver of wishlist items). The buyer needs not to take any part in it. The invoice is meant to speed up the process, but is in fact unnecessary. Buyer can provide the order number as a courtesy, but even that is unnecessary. Amazon will be able to look up the information by what I assume to be tracking number or address only. If the spender opts for a refund, a gift card balance will be applied to his account. However this only applies to Amazon fulfilled items. The buyer will still have to handle it for 3rd party merchants. How would you deal with 'unresponsive BTC spenders'? The BTC should be released to the buyer after a certain amount of time by default, don't you think?
Short answer: Yes Long answer: We have features on the road-map such as text messaging updates that will hopefully reduce irresponsiveness/laziness. A final decision on such policies will depend on user suggestions and behavior. Incentives can also be set up to encourage users to responsive and responsible. So with reviews you can deal with trusted spenders/buyers... would the market be able to adjust for risk, like better prices for trusted members?
Overall I look forward to seeing where this goes!
The incentive mentioned above can also include fee/discount bonuses for those who help create a smooth experience for everyone. We have many ideas on how we can handle this, but again will be one of those things that'll heavily be based on user feedback and how the marketplace develops. A possible route is offering value added options such as "trade only with well rated partners" that can directly go to the other party for their history of good trading practices. Obviously, because of the nature of these transactions, you cannot expect the same consistency that you'd get from directly dealing with Amazon, but we recognize how critical it is to be as close as possible to that experience. Thanks for your questions and looking forward to your feedback during beta testing. |
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Cool idea. As you are offering discounts which is even better
Sign up for beta! We need testers. |
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Purseis a marketplace that connects bitcoin "Shoppers" and bitcoin "Earners" by leveraging Amazon wishlists. By creating a platform for Buyers to easily, safely, anonymously, and quickly purchase bitcoins, the Spender gains wide selection of Amazon merchandise at BELOW FIAT prices.
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You are trolling in your own thread and are clearly a sock pupet.
Was your original question genuine or rhetorical? If it's genuine, that I apologize. This thread has nothing to do with trusting me and everything with trusting you.
Indeed, so I'd appreciate you not taking all the spotlight. To avoid getting scammed guys have this guy send the btc first or use escrow. Never trust trolling socks.
I am happy to use localbitcoin as escrow: https://localbitcoins.com/accounts/profile/mrkent/Do you accept other way of payment like paypal?
Certainly not paypal. |
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