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Author Topic: Distribution solution: My first and last post, sick of the floundering around  (Read 2564 times)
codesilverfreedom
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May 31, 2011, 10:09:48 AM
 #1

Well I signed up because I was reading about online currencies for a poker site and bitcoin came up.  I have since learned a bit about it.

You are all concerned with how to distribute the bitcoins... I was even thinking of buying 10 because it looks like the value will go up, and after being on worldwide TV now, it will soon explode over $20 in the next week or two, or more.  Just my opinion.  I grew up on computers and where it is digital, there is always a chance it will be hackable.

So solve two problems in one: physical bitcoins.

"But,  but, but," you say, "you are a noob, that isn't a new idea."

Well I know that, but obviously you are all missing what is right in front of you... or maybe I am missing something but here it is anyways:

Let's say you have 100 bitcoins you want to sell.  Current price is about 8.50 and steady rising for the past week...

You go to your local store with cheap Chinese goods and find the oldest, cheapest datastick's there.. Or even cheaper, can you burn on CD?

You then list your datastick/CD on ebay with ____ amount of bit coins, list for 24 hours at price you want, and let the bidding commence. 

Sounds pretty simple to me?  8MB Rare DataTraveler Datastick with 100BTC = $89.   Sounds pretty simple to me?  All backed up by ebays insurance policy.



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codesilverfreedom
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May 31, 2011, 10:13:18 AM
 #2

Also, couldn't the seller then email the buyer with the proper code for deposit?

I must be missing something. 

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May 31, 2011, 10:18:58 AM
 #3

I think a couple of people have done this already on ebay actually.

Edit: just found back one example: http://cgi.ebay.com/300556550490

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May 31, 2011, 10:19:41 AM
 #4

Where did you see Bitcoin on TV?

Anyway, someone's already sold Bitcoin gift certificates on eBay. A search of the forum should turn it up.

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codesilverfreedom
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May 31, 2011, 10:49:51 AM
 #5

First it was on Start-up, an online business start-up TV show, with Gavin and another guy.

Today it was on RT on the Keiser Report, with Max Keiser, leader of the SLA against world banker occupation.  Millions of people in America will know about bitcoin by tomorrow, and I can't bloody buy any.  Anyone want to give me some for helping? haha
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May 31, 2011, 10:57:39 AM
 #6

First it was on Start-up, an online business start-up TV show, with Gavin and another guy.

Today it was on RT on the Keiser Report, with Max Keiser, leader of the SLA against world banker occupation.  Millions of people in America will know about bitcoin by tomorrow, and I can't bloody buy any.  Anyone want to give me some for helping? haha

Well, then. I suggest you do the following, not necessarily in this order:

1. Download the Bitcoin software to your computer. The very first time you start it, it will take several hours to download the block chain. During that time...
2. Fund an account at mtgox.com with USD so you can buy bitcoins (as soon as the wire goes through, anyway).
3. To get some bitcoins NOW, try OTC.

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anisoptera
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May 31, 2011, 05:27:08 PM
 #7

8MB Rare DataTraveler Datastick with 100BTC = $89.   Sounds pretty simple to me?  All backed up by ebays insurance policy.

I think this is missing a zero.

online poker, bitcoin style - https://betco.in/
feeling tipsy? 1Q7ktWPwu4Q8MivKdmYxnmsGaBeauMTGwU
CydeWeys
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May 31, 2011, 05:30:13 PM
 #8

Um, why would you bother sending a physical USB stick when you could instead just ask for the person's address and send the funds directly as a Bitcoin transaction?

The bigger issue here is how to transfer the funds; how to transfer the Bitcoins is trivial.
Quantumplation
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May 31, 2011, 05:31:23 PM
 #9

Sounds pretty simple to me?  8MB Rare DataTraveler Datastick with 100BTC = $89.   Sounds pretty simple to me?  All backed up by ebays insurance policy.

Problem with this is that there's nothing stopping you from keeping a copy of the wallet and spending them as soon as you shipped off the flashdrive.  On ebay, you're only allowed to sell physical products, and they won't cover the value of the bitcoins with their insurance, only the arrival of the actual product itself (the datastick).

Against my better judgement... 1ADjszXMSRuAUjyy3ShFRy54SyRVrNDgDc
rebuilder
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May 31, 2011, 05:36:50 PM
 #10

The reason people want to see physical bitcoin is to enable BTC payments without being online. This does not do that. If, for some reason, I bought BTC on a CD or USB stick, the first thing I'd do is load the wallet.dat in there onto a computer somewhere and transfer the coins to another address. As long as I haven't done this, the original seller is able to spend the coins at will.

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hazek
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May 31, 2011, 06:01:10 PM
 #11

Has the OP heard of http://bitbills.com/ before?

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
SgtSpike
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May 31, 2011, 06:03:22 PM
 #12

Has the OP heard of http://bitbills.com/ before?
Evidently not.

And lol @ the OP making two more posts after his first & last.  Tongue
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May 31, 2011, 07:53:08 PM
 #13

Sounds pretty simple to me?  8MB Rare DataTraveler Datastick with 100BTC = $89.   Sounds pretty simple to me?  All backed up by ebays insurance policy.

Problem with this is that there's nothing stopping you from keeping a copy of the wallet and spending them as soon as you shipped off the flashdrive.  On ebay, you're only allowed to sell physical products, and they won't cover the value of the bitcoins with their insurance, only the arrival of the actual product itself (the datastick).

Publish the wallet public address on the add. Potential buyers can verify the BTC are still there. Or bitbills, yeah...

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Quantumplation
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May 31, 2011, 08:01:19 PM
 #14

Sounds pretty simple to me?  8MB Rare DataTraveler Datastick with 100BTC = $89.   Sounds pretty simple to me?  All backed up by ebays insurance policy.

Problem with this is that there's nothing stopping you from keeping a copy of the wallet and spending them as soon as you shipped off the flashdrive.  On ebay, you're only allowed to sell physical products, and they won't cover the value of the bitcoins with their insurance, only the arrival of the actual product itself (the datastick).

Publish the wallet public address on the add. Potential buyers can verify the BTC are still there. Or bitbills, yeah...

This doesn't stop it from getting spent from a) a different address, b) as soon as it's shipped off.  Person verifies it's still in wallet.  They purchase the data stick.  I ship it off at 3 days shipping.  On day 2, i spend the coins from my copy of the wallet, through an alternate address.  Stick arrives and is in perfect condition, but the bitcoins are gone from the wallet.  Ebay won't cover this, as you payed $890 for the physical device, a flash drive, and they make no guarantees about the data on it.

Against my better judgement... 1ADjszXMSRuAUjyy3ShFRy54SyRVrNDgDc
nazgulnarsil
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May 31, 2011, 08:03:19 PM
 #15

bitbills should work fine as long as you transfer to a new wallet as soon as you get the bitbill.  otherwise thee's a small chance bitbills kept the private key for the original wallet.
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May 31, 2011, 08:06:43 PM
 #16

bitbills should work fine as long as you transfer to a new wallet as soon as you get the bitbill.  otherwise thee's a small chance bitbills kept the private key for the original wallet.
[/quote

What's the point if you have to destroy the bill as soon as you get it?

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nazgulnarsil
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May 31, 2011, 08:20:28 PM
 #17

to physically transfer bitcoins without having to deal with online regulations.
goatpig
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May 31, 2011, 08:23:56 PM
 #18

Sounds pretty simple to me?  8MB Rare DataTraveler Datastick with 100BTC = $89.   Sounds pretty simple to me?  All backed up by ebays insurance policy.

Problem with this is that there's nothing stopping you from keeping a copy of the wallet and spending them as soon as you shipped off the flashdrive.  On ebay, you're only allowed to sell physical products, and they won't cover the value of the bitcoins with their insurance, only the arrival of the actual product itself (the datastick).

Publish the wallet public address on the add. Potential buyers can verify the BTC are still there. Or bitbills, yeah...

This doesn't stop it from getting spent from a) a different address, b) as soon as it's shipped off.  Person verifies it's still in wallet.  They purchase the data stick.  I ship it off at 3 days shipping.  On day 2, i spend the coins from my copy of the wallet, through an alternate address.  Stick arrives and is in perfect condition, but the bitcoins are gone from the wallet.  Ebay won't cover this, as you payed $890 for the physical device, a flash drive, and they make no guarantees about the data on it.

This is more of a f2f practice, but given a certain level of trust put in the vendor (let's say 100% 1000+ positive reviews, since we're speaking of ebay) this kind of trade can become enough. It is true that there is a minimum level of trust to put in the emitter for any manner of private key/wallet trading.

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Quantumplation
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May 31, 2011, 08:32:20 PM
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Sounds pretty simple to me?  8MB Rare DataTraveler Datastick with 100BTC = $89.   Sounds pretty simple to me?  All backed up by ebays insurance policy.

Problem with this is that there's nothing stopping you from keeping a copy of the wallet and spending them as soon as you shipped off the flashdrive.  On ebay, you're only allowed to sell physical products, and they won't cover the value of the bitcoins with their insurance, only the arrival of the actual product itself (the datastick).

Publish the wallet public address on the add. Potential buyers can verify the BTC are still there. Or bitbills, yeah...

This doesn't stop it from getting spent from a) a different address, b) as soon as it's shipped off.  Person verifies it's still in wallet.  They purchase the data stick.  I ship it off at 3 days shipping.  On day 2, i spend the coins from my copy of the wallet, through an alternate address.  Stick arrives and is in perfect condition, but the bitcoins are gone from the wallet.  Ebay won't cover this, as you payed $890 for the physical device, a flash drive, and they make no guarantees about the data on it.

This is more of a f2f practice, but given a certain level of trust put in the vendor (let's say 100% 1000+ positive reviews, since we're speaking of ebay) this kind of trade can become enough. It is true that there is a minimum level of trust to put in the emitter for any manner of private key/wallet trading.


There's ALSO always this point to consider:

The reason people want to see physical bitcoin is to enable BTC payments without being online. This does not do that. If, for some reason, I bought BTC on a CD or USB stick, the first thing I'd do is load the wallet.dat in there onto a computer somewhere and transfer the coins to another address. As long as I haven't done this, the original seller is able to spend the coins at will.

Against my better judgement... 1ADjszXMSRuAUjyy3ShFRy54SyRVrNDgDc
goatpig
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May 31, 2011, 08:39:18 PM
 #20

There's ALSO always this point to consider:

The reason people want to see physical bitcoin is to enable BTC payments without being online. This does not do that. If, for some reason, I bought BTC on a CD or USB stick, the first thing I'd do is load the wallet.dat in there onto a computer somewhere and transfer the coins to another address. As long as I haven't done this, the original seller is able to spend the coins at will.

Well it all depends on the emitter's intent. If you traded a private key from an individual, you should redeem asap. If you got such a thing as a bitbill, you should consider the emitter has a very low incentive in destroying a sustainable business model forever to get a 1 day lotto like hit.

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