Shopping Online - Now EVERY Store Accepts Bitcoin

[The Madhatter]

I'll help you out if I can.
I'm not sure if I understand the plan completely.
I buy a $100 prepaid Visa from a shop here...
Then mail it to you?
I'm slightly lost after that.
Be careful you don't violate any MasterCard /Visa TOS, or worse, banking regulations.

Correct. You are sending me a gift.. a giftcard. Get it? Mailing a giftcard isn't against the rules.

I'll trade you $100 USD's worth of Bitcoins for it. When I receive it here I'll just buy something from myself (with my virtual terminal) and destroy the card.

Email me and tell me what you want me to do.
bruce@brucewagner.com

Email sent.

[tyler]

I'll help you out if I can.
I'm not sure if I understand the plan completely.
I buy a $100 prepaid Visa from a shop here...
Then mail it to you?
I'm slightly lost after that.
Be careful you don't violate any MasterCard /Visa TOS, or worse, banking regulations.

Correct. You are sending me a gift.. a giftcard. Get it? Mailing a giftcard isn't against the rules.

I'll trade you $100 USD's worth of Bitcoins for it. When I receive it here I'll just buy something from myself (with my virtual terminal) and destroy the card.

Email me and tell me what you want me to do.
bruce@brucewagner.com

Email sent.

All your cards are out of stock

[Bruce Wagner]

I guess his new service is more popular than he expected. 

[grondilu]

I guess his new service is more popular than he expected. 

A lot of people have just been hoarding bitcoins so far.  And suddenly Madhatter makes it possible for them to spend their bitcoins anywhere on the web.  No wonder his cards are sold quickly.


I think he should raise his prices, or sell his cards with an auction process.

[Bruce Wagner]

- 1 I don't like the idea of him raising his prices. Others will just compete for less anyway. And definitely not an auction.  We need a stable reliable ways to convert Bitcoins to cash/credit card, and vice versa.   The pricing has to be stable and competitive.

[grondilu]

- 1 I don't like the idea of him raising his prices. Others will just compete for less anyway. And definitely not an auction.  We need a stable reliable ways to convert Bitcoins to cash/credit card, and vice versa.   The pricing has to be stable and competitive.

I don't know what you mean by "stable", since we're talking about pricing in $.   I know the dollar has not already plunged, but in the long term, we can't hope for any stable BTC/USD rate anyway.  Otherwise, it would deny the whole purpose of bitcoin.

[Stephen Gornick]

No bids yet ...  opening bid on a $100 gift card 300 BTC, about $83 at current market rate:

  http://www.biddingpond.com/item.php?id=145

[Bruce Wagner]

What I mean by "a stable price", is a fixed % fee (in addition to the current exchange rate).  Not an auction.   If I want to buy something online RIGHT NOW, I want to know that I can go buy a visa number for a reasonable fixed price.  Right Now.    Not an auction. 

[The Madhatter]

All your cards are out of stock

I am aware of that, thank you.

I am selling them as fast as I refill them at the moment.

[Cryptoman]

sgornick, why not sell Visa gift cards on BiddingPond?  Is there a premium?

[The Madhatter]

I managed to refill again from some spares I had. I have to wait until the banks are open to add more.

[Stephen Gornick]

Cryptoman,

> Is there a premium?

Here is my "system":

Safeway / Von's has a kiosk for GiftCardMall.com gift cards with the retailers and denominations that I listed on that BiddingPond listing.  

The special offer from Safeway was $15 voucher for the next grocery purchase if you buy $150 of gift cards.  

So, if you already plan to buy groceries at Von's, ... then the gift cards are, in effect, 90 cents on the dollar.

I then purchase using my PayPal debit card (signature method) and get 1.5% rebate from PayPal as well.

So that leaves the cards costing me $0.885 for each $1 face value.

Selling costs are the 2 BTC for the BiddingPond Listing (PayNow listing price), plus the postage (USPS First Class Mail Parcel, w/delivery confirmation ... about $1.60).   Plus the time (and gas) for the short trip to Vons.  So, ... basically breaking even.

My objective was to see if this was a feasible method that provided me a way to exchange USD for BTC without going much over market price.  For that purpose, there is now BiddingGateway.com as an option.  I'll keep the listings up though, to see what level of interest there is for them.

As far as Visa cards specifically -- the $15-off deal specifically excluded some retailers cards, e.g., mobile phone prepaid cards, reloadable cards, and prepaid VISA / MC cards.  So I could do them but I would pay face value (well, less PayPal's 1.5% rebate).  And Madhatter ( http://www.bitcoin2cc.com ) already provides a Visa prepaid solution.

[jorgen]

Cryptoman,

> Is there a premium?

Here is my "system":

Safeway / Von's has a kiosk for GiftCardMall.com gift cards with the retailers and denominations that I listed on that BiddingPond listing.  

The special offer from Safeway was $15 voucher for the next grocery purchase if you buy $150 of gift cards.  

So, if you already plan to buy groceries at Von's, ... then the gift cards are, in effect, 90 cents on the dollar.

I then purchase using my PayPal debit card (signature method) and get 1.5% rebate from PayPal as well.

So that leaves the cards costing me $0.885 for each $1 face value.

Selling costs are the 2 BTC for the BiddingPond Listing (PayNow listing price), plus the postage (USPS First Class Mail Parcel, w/delivery confirmation ... about $1.60).   Plus the time (and gas) for the short trip to Vons.  So, ... basically breaking even.

My objective was to see if this was a feasible method that provided me a way to exchange USD for BTC without going much over market price.  For that purpose, there is now BiddingGateway.com as an option.  I'll keep the listings up though, to see what level of interest there is for them.

As far as Visa cards specifically -- the $15-off deal specifically excluded some retailers cards, e.g., mobile phone prepaid cards, reloadable cards, and prepaid VISA / MC cards.  So I could do them but I would pay face value (well, less PayPal's 1.5% rebate).  And Madhatter ( http://www.bitcoin2cc.com ) already provides a Visa prepaid solution.

Just place my bid. Check out at biddingpond please. I prefer electronic delivery.

[tyler]

- 1 I don't like the idea of him raising his prices. Others will just compete for less anyway. And definitely not an auction.  We need a stable reliable ways to convert Bitcoins to cash/credit card, and vice versa.   The pricing has to be stable and competitive.

I don't know what you mean by "stable", since we're talking about pricing in $.   I know the dollar has not already plunged, but in the long term, we can't hope for any stable BTC/USD rate anyway.  Otherwise, it would deny the whole purpose of bitcoin.

The amounts are in CAD not USD

[Cryptoman]

Sgornick, thanks for explaining your system.  Good thinking!  I wish you the best of luck--having more Bitcoin exchange options is definitely a good thing.  

[Immanuel]

Could I theoretically use this prepaid number in physical stores?

[tyler]

Could I theoretically use this prepaid number in physical stores?

I don't see why not... a visa is a visa... although they might be suspicious that you're using numbers without a card, even though its not inherently "illegal"

[The Madhatter]

Could I theoretically use this prepaid number in physical stores?

I might be able to get the $100 denominations as physical cards. I could mail them out as lettermail.

Any interest in this service?

[grondilu]

I might be able to get the $100 denominations as physical cards. I could mail them out as lettermail.

Any interest in this service?

You're kidding ?  Of course it would be nice.  Although I'm not sure I could use them in Europe.  But that would worth a try.

[tyler]

I might be able to get the $100 denominations as physical cards. I could mail them out as lettermail.

Any interest in this service?

You're kidding ?  Of course it would be nice.  Although I'm not sure I could use them in Europe.  But that would worth a try.

Don't they have visa in europe?