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Author Topic: Curious about 1:1 paypal/gox trades...(avoiding scams) can someone enlighten me?  (Read 697 times)
demoncrest
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June 13, 2011, 06:23:59 AM
 #1

Hey all, I'm new here and since I will be buying Mt.Gox credits I was wanting to use paypal since thats all I really use for online purchases.

Thing is, I don't want this to end up as a scam situation, that i end up sending paypal money and then they just gtfo...

Any help for newbies looking to get into the market using paypal as their method of entering?




Thanks a billion =]
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Oldminer
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June 13, 2011, 06:27:41 AM
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Paypal isnt accepted here

(god it felt good typing that)

If you like my post please feel free to give me some positive rep https://bitcointalk.org/index.php?action=trust;u=18639
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demoncrest
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June 13, 2011, 06:32:38 AM
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Paypal isnt accepted here

(god it felt good typing that)

Oh really? I never knew that... how else can I get money from paypal onto my Mt.Gox then =/??? I've been looking for a few ways since I want to start investing.

Like, correct me if I'm wrong but Mt.Gox is essentially a trading company for Bitcoin/USD like a stock.... you can purchase bitcoins 1 second, they go up $2 in value, you can then sell them... etc?

like day-trading no?
darkgamer
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June 13, 2011, 08:08:28 AM
 #4

Some bitcoin exchangers might but due to paypal, you have to wait so long before you can get your bitcoin. That is to prevent fraud.
CorruptDropbear
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June 13, 2011, 08:22:23 AM
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Unfortunately, people have been abusing PayPal by getting the bitcoins and then saying that they didn't receive them to PayPal, who reverses the transaction.

This now means that PayPal is not accepted anywhere, however you could buy Lindan Dollars with PayPal and then buy Bitcoins with the Lindan dollars. I don't know how that works though, you'd have to ask an expert.

The first company to allow people to buy bitcoins using Visa or MasterCard will be very, very popular.
Alex Beckenham
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June 13, 2011, 09:45:11 AM
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Paypal isnt accepted here

(god it felt good typing that)

Oh really? I never knew that... how else can I get money from paypal onto my Mt.Gox then =/???

Step 1 in converting PayPal to Bitcoins: Withdraw your PayPal to your bank account and never mention the word 'paypal' again... from that point onwards you are just buying bitcoins for 'cash'.

haydent
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June 13, 2011, 10:40:21 AM
 #7

despite all the nay'sayers here it goes on all the time in #bitcoin-otc on freenode. you just gotta reg per here http://wiki.bitcoin-otc.com/wiki/GPG_authentication so you can get some feedback and give it

getting your first few ratings is tricky but start with small transactions and work your way up.

read more here http://www.bitcoin-otc.com/

and obviously be careful there are still fraudsters given the best security practises

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palessard
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June 13, 2011, 11:25:57 AM
 #8

Is fraud really that prevalent?

What are the main vectors of attack? Any tips?
haydent
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June 13, 2011, 11:40:26 AM
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Is fraud really that prevalent?

What are the main vectors of attack? Any tips?

no not really but it can and has happened.

theoretically someone could go to some work to rate themselves up with dummy accounts or do smaller transactions to gain trust to then go rogue(disappear) with larger ones.

so in regard to this its important to look at who rated them and what their rating is. its a bit like ebay and even then they may still just decide its worth disappearing for a $1000 trade (or any number)

so to be safe with bigger numbers (and/or if your dealing with low rated users), you can do them in smaller segments one after the other or use an escrow service like clearcoin

another thing to remember is that nearly all the risk is worn by the seller when you are talking paypal trades as its them that bears the risk of a payment being reversed (chargeback) even many days/weeks afterwards. (and even not deliberately if it turns out you ended up with some stolen funds)

anyway theres alot here about it all http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc

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