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Author Topic: Offering PayPal for Bitcoin? You're likely to be labeled a scammer - Read why  (Read 27862 times)
jbah01
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April 10, 2013, 12:30:12 PM
 #141

If I understand correctly, the risk, in contrast to eg. paypal, is completely for the sender/customer (hoping he will receive what he paid for) than for the receiver/seller (who will have his bitcoins guaranteed and non-revocable)?
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Ghostdog
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April 10, 2013, 01:09:10 PM
 #142

No way I was scammed as a buyer also. Be careful.

They tried to crack the reality (http://www.woodmann.com/fravia/realicra.htm)
Always remember that you are absolutely unique. Just like everyone else.
cubism4nerds
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April 10, 2013, 02:45:28 PM
 #143

Posted elsewhere, but probably more appropriate in this thread:



As we all know/read CC => BTC is about as tricky a business as any.

Scammers are rampant and chargeback folk are just as nasty.

However, as with anything new...something needs to give.  My buddies and I are looking to try something similar to this, so I thought it might be a good idea to see what ideas everyone here might have regarding security and identification.

So I've classified the "enemy" into two categories:

1) Stolen CC's

2) Chargeback people (dishonest folk)

I'll try to map out some security measures to address each of these, and hopefully you guys can add more.  It'd be nice to help legitimate people exchange CC => BTC.

1)

Stolen CC's. 

We will be utilizing:

CVV2 Authentication
Address Verification

We will also utilize a 2-factor authentication (Authy) which texts their cell phone.
Finally, as Mt.Gox and other exchanges require (for verification), we may require a photo ID (picture taken and sent in)





2)

Chargeback folk that deny ever receiving the funds.

The best that we can do here is to utilize blockchain.info to prove that the transaction took place and that the BTC was indeed transferred.

We will also document our actions for transfer to make sure we are transferring to their provided wallet (after all CC approval checks out).


Any other ideas/suggestions would be very welcome!

Thanks!

Hopefully the vast majority of us honest folk would benefit from something like this (see BitInstant hating over on the next thread).




How are you going to deal with dishonest sellers?
How are you going to satisfy people who will pass your checks, ID, text, CC2, STD check that they will really receive what they paid for?


So we would be the sellers - and we're quite honest Smiley

As for people that pass all the checks - we will send them the BTC, and we are currently working on algorithms to prevent them from denying having ever received the funds Cheesy
uyjulian
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April 10, 2013, 10:10:43 PM
 #144

Paypal...

It's only good for ebay, and rarely nothing else... (like bitcoins)

Tip jar: 14fXxRQLPSNamBfR4F49vHFSVApV9a6asL
donnyw
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April 10, 2013, 11:12:09 PM
 #145

In my case Paypal is quite important, as in our country we dont have many choices of other type of online payment.
There are risk involve, but since 7years of selling services I only encounter 2-3 problems with Paypal, anyhow I believe when it comes to tangible item, or even bitcoin purchase, Paypal posesss mich greater risk.
jerethdaminer
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April 10, 2013, 11:18:02 PM
 #146

i think it also depends on what your buying selling as to the scam likly hood
bought a tablet pc no problem bought some magic cards never showed up

i do a lot of online shopping for items for people wo have mobility or learning difficulties
Getawhale
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April 11, 2013, 12:30:35 AM
 #147

I was thinking about PayPal and Bitcoin this morning, actually. With Bitcoin becoming very large, and PayPal being a business, I imagined them maybe wanting to somehow support or offer Bitcoins (down the road.)

Regardless of why they are super-against this idea currently (which I can understand), I thought of one main point. If they were to keep the same model they currently use for currency exchanges and transactions, specifically the FEES they impose, they would be at a HUGE competitive disadvantage in the world of Bitcoin. If I can already go to MtGox and transfer USD/BTC without fees, why would I want to go to PayPal and shave them off part of the transaction as a fee?

I am admittedly new and haven't yet converted any BTC to USD, but what are your thoughts on this? Even if it's theoretical.
Gnegne
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April 11, 2013, 02:58:03 AM
 #148

Hi everyone, what about Skrill? Isn't used for the same reasons?
I tried to found some valid site for buying with Skrill but i sucked Sad
topquark
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April 11, 2013, 01:00:01 PM
 #149

It's a shame there isn't a workaround to make paypal-bitcoin transactions safe. I get paid dollars into paypal, and converting into my local currency (GBP) to buy BTC via bank transfer seems very inefficient.
ande85
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April 11, 2013, 01:46:16 PM
 #150

The way I understand things is this: no matter what it is you fool with there is always pros and cons. This is good for some things while at the same time being bad for others...basically you roll the dice, and you take your chances.
Zeke_Vermillion
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April 11, 2013, 02:31:05 PM
 #151

that is how i bought my first btc, but the date was in may 2011. now there are better ways.
travelhack
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April 11, 2013, 04:18:54 PM
 #152

The way I understand things is this: no matter what it is you fool with there is always pros and cons. This is good for some things while at the same time being bad for others...basically you roll the dice, and you take your chances.

exactly. bt seems to be a nice supplement. it isn't a total replacement.
Bit.Trip
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April 11, 2013, 04:24:57 PM
 #153

I don't think people who use Paypal should always be labeled a scammer. There are a lot of ways people have Paypal cash (such as buying or selling other virtual items from other games, lik WoW), and might want to invest in Bitcoin.
deepbtc
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April 11, 2013, 04:39:43 PM
 #154

is there any trust worthy BTC exchange site?
mckov
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April 11, 2013, 06:11:04 PM
 #155

Sure, but most of us are not sitting on piles of cash.  I have been trying to find a way to get some bitcoin for a few weeks now, and it is a royal pain in the rear.  Open up with dwolla, wait for verification....  transfer from bank,.. wait days...  then wait some more.  In that time, I have watched bitcoin go from $70 to $250, and now to $130, I think?   Maybe it is a good thing that I didn't get any yet :-)
SalehCoder
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April 11, 2013, 06:30:46 PM
 #156

Thank you

BTC donation is appreciated: 1AHQ3itGd8PNGtsxqtPEM6WvzApF5eoJkP
ezetortuga
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April 11, 2013, 06:53:49 PM
 #157

I have used paypal to send money to secondlife/lindens, and then sent the money from secondlife to virwox and traded the lindens for bitcoins. The fees suck but it's a fast process
InternetBatman
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April 11, 2013, 07:04:41 PM
 #158

I am suprised a trustworthy corporation hasn't picked up bitcoins for mass currency conversion, they would stand to make alot of money if they took a % cut just like real world cash currency converters.

If you have the capital and the trust of the general public as a corporation, bitcoins could be a highly profitable trade item.
Coincrazy
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April 11, 2013, 07:46:31 PM
 #159

I am suprised a trustworthy corporation hasn't picked up bitcoins for mass currency conversion, they would stand to make alot of money if they took a % cut just like real world cash currency converters.

If you have the capital and the trust of the general public as a corporation, bitcoins could be a highly profitable trade item.

pick up at what price ? and sell at what price ? and who takes the loss IF that is massive like the last two days ?

_______ Have a nice day folks =:) _______
===I'm wondering why I was slaving away 9 to 5 , NOT knowing Bitcoins earlier ; Regards, CC===
Shneebly
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April 11, 2013, 08:00:03 PM
 #160

Just got through a terrible claim process with Paypal.

1. Person buys your Bitcoin.
2. You deliver bitcoin.
3. OMG OMG MY ACCOUNT WAS HACKED!! (Scammer tries to get ebay/papal to take back your money)

Thankfully, I did win my case, and get the money. But it took a lot of effort and stress, and my funds were suspended for a week and a half. Luckily they acknowledged they received it- without this smoking gun I'm not so sure what would have happened.

Never using Paypal/Ebay again to sell. It's not just me-- this does happen on a frequent basis.
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