Purse.io: So how does it really work?

[fryarminer]

Ok so I tried out Purse.io
The website has an explanatory video and stuff, and there's probably a thread here somewhere about it, but my question is: how does it really work?
Like: how can they get 25% or more off Amazon products from trading Amazon products for bitcoin?
And who are the people that do the purchasing when you put in an order? How many of them could there really be?
Or why would they want to purchase Amazon items for other people in exchange for bitcoin? What incentive do they have?
Or how can I know I won't be scammed by someone on there?

[gadman2]

It's people wanting quick btc from liquidating their amazon gift cards or a way to buy bitcoin with credit cards, debit cards and other methods of payment that amazon accepts.

[fryarminer]

It's people wanting quick btc from liquidating their amazon gift cards or a way to buy bitcoin with credit cards, debit cards and other methods of payment that amazon accepts.

But how many of those people could there be?!

[ebliever]

Quite a few if you check out the plethora of websites devoted to letting people trade or sell their unused gift cards. Not to mention, check out Ebay listings for Amazon gift cards sometime. I suspect that is only a portion of the bitcoin buying at Purse though, and can only speculate as to the rest. But I have a vague recollection of something called "Mechanical Turk" relating to this question; anyone know anything about it?

[achow101]

Ok so I tried out Purse.io
The website has an explanatory video and stuff, and there's probably a thread here somewhere about it, but my question is: how does it really work?
Like: how can they get 25% or more off Amazon products from trading Amazon products for bitcoin?

People are willing to pay a premium to buy Bitcoin.

And who are the people that do the purchasing when you put in an order? How many of them could there really be?

They are people who have enough money to buy what you want for you and are willing to pay your price for Bitcoin. There are many people there, I have spent some time there both as a bitcoin buyer and seller.

Or why would they want to purchase Amazon items for other people in exchange for bitcoin? What incentive do they have?

It is a fast and easy way to get Bitcoin with a credit card without a lot of verification. It is also a place for carders who steal credit cards and use purse.io to launder exchange the money to Bitcoin.

Or how can I know I won't be scammed by someone on there?

Your Bitcoin is held in escrow by purse.io. If the item doesn't arrive, you can dispute. Since Amazon does a lot of tracking and record keeping and since it is your account that you bought the item with, it can be difficult to scam people there.

[meono]

This should be in service discussion. Heck they even have Purse.io thread there.

[fryarminer]

Thank you!
It fascinates me. It does look like an easy way to get bitcoin without flagging your bank account. I like the idea of getting stuff cheaper, and I like the idea of buying with bitcoin.

I would have never thought of something like this for a business idea.

[mookid]

I have used it, and the only thing that bugs me is that sometimes you can get anxious about your shipments, because typically the buyer doesn't provide you the tracking numbers.

[Mickeyb]

I have used it, and the only thing that bugs me is that sometimes you can get anxious about your shipments, because typically the buyer doesn't provide you the tracking numbers.

Well isn't there a way to request a tracking from the buyer? I mean to write him a message or something, so that your buyer can request a shipping confirmation from a seller. I have never used purse.io by the way.

[jasonzervou17]

Ok so I tried out Purse.io
The website has an explanatory video and stuff, and there's probably a thread here somewhere about it, but my question is: how does it really work?
Like: how can they get 25% or more off Amazon products from trading Amazon products for bitcoin?
And who are the people that do the purchasing when you put in an order? How many of them could there really be?
Or why would they want to purchase Amazon items for other people in exchange for bitcoin? What incentive do they have?
Or how can I know I won't be scammed by someone on there?

I think this is interesting.

[Elwar]

I have used it, and the only thing that bugs me is that sometimes you can get anxious about your shipments, because typically the buyer doesn't provide you the tracking numbers.

A few weeks ago they said something about now getting tracking numbers.

Quite a few if you check out the plethora of websites devoted to letting people trade or sell their unused gift cards. Not to mention, check out Ebay listings for Amazon gift cards sometime. I suspect that is only a portion of the bitcoin buying at Purse though, and can only speculate as to the rest. But I have a vague recollection of something called "Mechanical Turk" relating to this question; anyone know anything about it?

Amazon has something called "Mechanical Turk" where people will pay you very small amounts of money to do menial tasks. I tried it for a while, going to various websites and clicking on something or creating an account and such, which garnered me after a few days of doing it (off and on) about $2.

The thing is, poor people in third world countries are willing to sit at their computer and do these menial tasks to get that $2. After accumulating enough money they then want to get their local currency. The thing is, Amazon does not have an efficient way to pay these people in third world countries, they are paid in Amazon points. To get their own currency it would take them like 6 months to get their money. Or they can go through Purse.io and use their Amazon points to buy things and get paid in bitcoins, which they can likely more easily convert to their own currency.

[turvarya]

I have used it, and the only thing that bugs me is that sometimes you can get anxious about your shipments, because typically the buyer doesn't provide you the tracking numbers.

A few weeks ago they said something about now getting tracking numbers.

My last order(1 week ago" had a direct link to the tracking of Austrian Post.

[fryarminer]

Amazon has something called "Mechanical Turk" where people will pay you very small amounts of money to do menial tasks. I tried it for a while, going to various websites and clicking on something or creating an account and such, which garnered me after a few days of doing it (off and on) about $2.

The thing is, poor people in third world countries are willing to sit at their computer and do these menial tasks to get that $2. After accumulating enough money they then want to get their local currency. The thing is, Amazon does not have an efficient way to pay these people in third world countries, they are paid in Amazon points. To get their own currency it would take them like 6 months to get their money. Or they can go through Purse.io and use their Amazon points to buy things and get paid in bitcoins, which they can likely more easily convert to their own currency.

Ok this makes a lot of sense. And I have friends in third world countries that tell me that people are sitting on computers at cafes all day long trying to make money (not always legitimately!)

[jdebunt]

Every year, a few hundred million of USD is stuck on gift cards that are never (fully) redeemed.

There is quite a market for buying these balances from users, trust me

[mookid]

I have used it, and the only thing that bugs me is that sometimes you can get anxious about your shipments, because typically the buyer doesn't provide you the tracking numbers.

A few weeks ago they said something about now getting tracking numbers.

Quite a few if you check out the plethora of websites devoted to letting people trade or sell their unused gift cards. Not to mention, check out Ebay listings for Amazon gift cards sometime. I suspect that is only a portion of the bitcoin buying at Purse though, and can only speculate as to the rest. But I have a vague recollection of something called "Mechanical Turk" relating to this question; anyone know anything about it?

Amazon has something called "Mechanical Turk" where people will pay you very small amounts of money to do menial tasks. I tried it for a while, going to various websites and clicking on something or creating an account and such, which garnered me after a few days of doing it (off and on) about $2.

The thing is, poor people in third world countries are willing to sit at their computer and do these menial tasks to get that $2. After accumulating enough money they then want to get their local currency. The thing is, Amazon does not have an efficient way to pay these people in third world countries, they are paid in Amazon points. To get their own currency it would take them like 6 months to get their money. Or they can go through Purse.io and use their Amazon points to buy things and get paid in bitcoins, which they can likely more easily convert to their own currency.

I registered on Mechanical Turk, but then found out i needed to use a valid US Social security number, how can i bypass that? I live in third world country lol