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Author Topic: 1st Bitcoin Gift card :)  (Read 25295 times)
franky1
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April 29, 2013, 10:02:06 AM
 #161

just bought one from jagoo. about to redeem, but i notice the exchange rate being used is 137.31, while i show bitstamp at 116. just to double check, what i see on your site is bitstamps price plus giftcoins cut, right?  meaning i won't redeem my $15 giftcard and see not just a higher exchange rate, but another fee too?

got impatient and redeemed it - "redeemed value" was $14, not 15 listed on the card. that plus the higher exchange rate hurts a little.

still - very easy way to buy coin, particularly with a credit card. (or debit in my case.) in fact, the card i used was my paypal debit. so this actually alloweds one ot go from paypal to btc, if you have the paypal card.

dang.. so i think i read this right
so for $17.99 out of your paypal, they credited you with only $14.. not $15 which, when bitstamp was $116 giftcoins was $137.71

giving you: 0.101BTC for $17.99 ((1btc/$137.31)*14)

where you could have got: 0.129.3BTC if you had $15 in bitstamp
where you could have got: 0.155.3BTC if you had $17.99 in bitstamp

29-55% difference...... ouch

even worse is that none of their valuations match anything close to the amounts it costs the user, the value available to be redeemed or the bitcoin they will end up with. and on top of that they don't send you a physical card.. just a free email with a code.(i would have expected 20-50% variance with manufacturing/delivery costs of a physical card included, but not for a email code)

if this is the true end result then giftcoins are truly not a great service. infact i feel sorry for ya. give me your bitcoin address and purely because of this 29-50% profit grab giftcoins have ripped you off with, ill send you 0.055 to get you to where giftcoins should have if they had a proper business model.

yea, that matches what i recall of the math at the time.

address pm'd. - i really should add it to my sig.

im not affiliated with giftcoins at all and i am doing this just once as a bit of charity.. but anyways
https://blockchain.info/tx/57d691706a2decc77f74973f366f40819f773c520e4dcb5f4a94a4b51a379a30 - sent Cheesy

although many people think that giftcoins is a fast and effective service. a upto 50% reduction in potential Bitcoin arklan could have got is a reason why the mainstream, non crypto, average joe would not want to get into bitcoin.

imagine someone invests $220.
this second bitstamp 138.33
this second giftcoin 157.83
$220 becomes $200.20 after jagoo's admin costs
they would have over 1.59BTC from bitstamp with a 2 day wire transfer delay
they would have over 1.45BTC from bitstamp with a same day cash deposit through bitinstant/moneygram
but only getting 1.26btc through giftcoins same day
which using bitstamps value is a loss of $46 worth of bitcoin. that is one hell of a convenience surcharge

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arklan
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April 29, 2013, 10:12:55 AM
 #162

thanks muchly. Cheesy
csw
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April 29, 2013, 10:58:08 AM
 #163


although many people think that giftcoins is a fast and effective service. a upto 50% reduction in potential Bitcoin arklan could have got is a reason why the mainstream, non crypto, average joe would not want to get into bitcoin.

imagine someone invests $220.
this second bitstamp 138.33
this second giftcoin 157.83
$220 becomes $200.20 after jagoo's admin costs
they would have over 1.59BTC from bitstamp with a 2 day wire transfer delay
they would have over 1.45BTC from bitstamp with a same day cash deposit through bitinstant/moneygram
but only getting 1.26btc through giftcoins same day
which using bitstamps value is a loss of $46 worth of bitcoin. that is one hell of a convenience surcharge

this is only useful if someone wanted to invest the $220 in a hurry and don't want or can't open an account in a exchanger, otherwise it's always a bad deal
yes, i had to wait 2 days for my wire transfer (free of cost) to arrive at bitstamp, but after that it's always only 0.5% charge versus 20%? or whatever they're charging here, if people received at least a physical gift card, well, it could be acceptable, to offer someone or introduce a person to bitcoin, but just a email with a code it resembles a service i saw somewhere, they were selling sms for bitcoins with 50% charge on top of them...
frga13
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April 29, 2013, 12:15:21 PM
 #164

I bought 2 cards, one of 100 $ value, second 50 $ value... I payed 166.35 $

Right now exchange rate on Giftcoins is 162.44 $, so I'm getting 0.923 BTC
On Bitstamp, exchange rate is 142.49 $, so for 0.923 BTC I will have to pay 131.52 $

All in all, I'm cca 35 $ short on this...




dhenson
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April 29, 2013, 10:48:48 PM
 #165

I purchased 4 x $100 gift cards the morning of the crash.  The total invoice amount from Jagoo was $439.60.  

After the Jagoo fee's and bizarre exchange rate I ended up receiving 4 transactions of .33btc each  for a total of 1.32 btc.

The net result of the entire transaction was that I ended up paying $333.03 USD per btc.

https://blockchain.info/tx/507af565fba426d10c4001b68ef2d7e85c46a9e1fbeb00b3110f762b397ec282
https://blockchain.info/tx/6714779e77f69c2f0ad4f5e86dc3bd7235e0a91aaec58413ec4e7ca13615daa5
https://blockchain.info/tx/594a0b2d3f00d5f0ceaa3a815ec792d61f4bb1fe1ade228a598ec2726a8bd788
https://blockchain.info/tx/171f6077f691e336cae843b2087ec76954073bc39b004e4988a685f54219d9d5

I sent an email (to admin@giftcoins.me) inquiring about the obvoius issue with the exchange rate:
Quote
I purchased 4 $100 cards and when redeemed, each gave .33 btc. The odd thing is at the time mtgox was trading at exactly $253. I only received ~85 worth of btc for each of the cards, shorting me about $60 or approx .25 btc. What exchange rate are you using?

And I received this somewhat curt unhelpful reply:
Quote
for a start we are using our own exchange rate as any other exchange.
not sure why people keep using mtgox as reference, they are not own bitcoins or have exclusive rights...just 2 guys running exchange.

Our exchange rate will be listed with with up coming update tomorrow morning.

Rate is higher then all exchanges and it will be like this, we are not exchange, we do not accept wires that take days to settle and this costs money...high risk game and we have to cover ourselves and resellers

The lesson here is never use a service like this unless their exchange rate is known and reasonable.

FML

edit... added giftcoins.me email address
edit... added transactions
TheDarkBanker
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April 30, 2013, 10:38:12 PM
 #166

Why don't they just restock more regularly?!!! This is driving me nuts! always sold out! Have to wait the whole week

Donate BTC: 14iQSjCUF7kaTFeTU3Zhh7UEx3RxtZfNSn
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May 02, 2013, 07:51:16 PM
 #167

None of the images are gone.

TheDarkBanker
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May 04, 2013, 11:49:31 AM
 #168

What happened to the giftcoins?!!! They should have restocked already!

Cmon! All this bad luck happened and now this?!!!!!  I've been waiting forever and then they take it down right when I have a card ready?!!! This is bullshit. Somebody put a voodoo curse on me or something

Donate BTC: 14iQSjCUF7kaTFeTU3Zhh7UEx3RxtZfNSn
arklan
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May 04, 2013, 01:09:37 PM
 #169

What happened to the giftcoins?!!! They should have restocked already!

Cmon! All this bad luck happened and now this?!!!!!  I've been waiting forever and then they take it down right when I have a card ready?!!! This is bullshit. Somebody put a voodoo curse on me or something

from watching this thread, it seems that jagoo runs out of stock frequently, and quickly. just try back tomorrow or such, i suppose. they really should set up a "notify me when in stock" email though.

also - giftcoins, are there any other resellers as of this time?
TheDarkBanker
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May 05, 2013, 12:52:39 PM
 #170

No answer.

I think these guys are shutting down now. Something CLEARLY happened...
*cough* Feds *cough*

Great. Just like ALL THE OTHER CC to BTC exchangers. TYPICAL =_=
And RIGHT WHEN I NEEDED IT THE MOST!!!

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adpinbr
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June 18, 2013, 12:17:43 PM
 #171

I don't get how these guys are avoiding credit card fraud?


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adpinbr
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June 19, 2013, 07:14:50 AM
 #172

And Why don't they just sell the BTC on their own site....why is jangoo taking more of my money?


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