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"With e-currency based on cryptographic proof, without the need to
trust a third party middleman, money can be secure and transactions
effortless." -- Satoshi
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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grondilu
Legendary
 Offline
Activity: 1288
Merit: 1076
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November 24, 2010, 05:45:24 PM |
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OMG If it really works as it claims, it is just REVOLUTIONNARY. It seems so awesome I have difficulties believing in it. |
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The Madhatter
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November 24, 2010, 06:07:00 PM |
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Thank you, Bruce. Yes, it is very real -- I promise. Scouts' honor!  |
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skull88
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November 24, 2010, 06:22:57 PM |
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This is great, if this thing works it's the best invention after Bitcoin  |
BTC: 1MifMqtqqwMMAbb6zr8u6qEzWqq3CQeGUr
LTC: LhvMYEngkKS2B8FAcbnzHb2dvW8n9eHkdp
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grondilu
Legendary
Offline
Activity: 1288
Merit: 1076
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November 24, 2010, 06:27:03 PM |
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Thank you, Bruce. Yes, it is very real -- I promise. Scouts' honor! I'll try that soon. I'll try to buy a Vim t-shirt with bitcoins. I've been wanting to buy one for some time now. I'll use this as a pretext to do so. |
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tyler
Newbie
Offline
Activity: 56
Merit: 0
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November 25, 2010, 10:37:04 AM |
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Thank you, Bruce. Yes, it is very real -- I promise. Scouts' honor! I'll try that soon. I'll try to buy a Vim t-shirt with bitcoins. I've been wanting to buy one for some time now. I'll use this as a pretext to do so. Just bought a vim shirt with bitcoincc http://www.freewear.org/?page=show_item&id=FW0048 |
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Bruce Wagner (OP)
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November 25, 2010, 07:12:47 PM |
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His service converts Bitcoin into a Visa credit card number... which you can use for shopping online anywhere. Nothing whatsoever to do with PayPal or bank wire transfers.
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grondilu
Legendary
Offline
Activity: 1288
Merit: 1076
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November 25, 2010, 07:36:20 PM |
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His service converts Bitcoin into a Visa credit card number... which you can use for shopping online anywhere. Nothing whatsoever to do with PayPal or bank wire transfers.
Well, freewear.org 's paiement methods were Paypal or bank transfer. So I had to create a Paypal account. Still, Madhatter has done something great. I can't deny it. |
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tyler
Newbie
Offline
Activity: 56
Merit: 0
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November 26, 2010, 05:11:22 AM |
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His service converts Bitcoin into a Visa credit card number... which you can use for shopping online anywhere. Nothing whatsoever to do with PayPal or bank wire transfers.
Well, freewear.org 's paiement methods were Paypal or bank transfer. So I had to create a Paypal account. Still, Madhatter has done something great. I can't deny it. On paypal you can click "don't have a paypal account?" and it will let you enter in a normal credit card number |
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tyler
Newbie
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Activity: 56
Merit: 0
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November 26, 2010, 01:23:59 PM |
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Hey MadHatter,
Firstly thanks for this great service.
How are the prices being set? From BitCoinWatch the current rate is $1 = 3.54 btc. Therefore $25 = 88 btc. However you sell $25 for 100 btc. That's a huge increase.
Yeah, i noticed this also.... |
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hugolp
Legendary
Offline
Activity: 1148
Merit: 1001
Radix-The Decentralized Finance Protocol
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November 26, 2010, 02:18:20 PM |
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I want to praise Madhatter for the initiative, but I am not convinced this is good for growing the bitcoin economy.
At the end of the day it encourages changing bitcoins for dollars to buy stuff, not creating a real bitcoin economy. If people start using your service a lot you will end up with a bunch of bitcoins and less dollars, and if you have nowhere to directly spend those bitcoins... If you are happy to accumulate bitcoins for the future and you see this as a way to as a complement to encourage people to use bitcoin then its ok. But its not something sustainable.
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grondilu
Legendary
Offline
Activity: 1288
Merit: 1076
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November 26, 2010, 02:25:12 PM |
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At the end of the day it encourages changing bitcoins for dollars to buy stuff, not creating a real bitcoin economy. If people start using your service a lot you will end up with a bunch of bitcoins and less dollars, and if you have nowhere to directly spend those bitcoins... If you are happy to accumulate bitcoins for the future and you see this as a way to as a complement to encourage people to use bitcoin then its ok. But its not something sustainable.
It would be way more easy to use bitcoin directly. But until people realize that, a compatibility layer is a good thing. |
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tyler
Newbie
Offline
Activity: 56
Merit: 0
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November 26, 2010, 02:29:29 PM |
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At the end of the day it encourages changing bitcoins for dollars to buy stuff, not creating a real bitcoin economy. If people start using your service a lot you will end up with a bunch of bitcoins and less dollars, and if you have nowhere to directly spend those bitcoins... If you are happy to accumulate bitcoins for the future and you see this as a way to as a complement to encourage people to use bitcoin then its ok. But its not something sustainable.
It would be way more easy to use bitcoin directly. But until people realize that, a compatibility layer is a good thing. Yeah regardless of the most 'ideal' way, people won't use bitcoin until they feel its "safe" and they're not just throwing money away. |
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caveden
Legendary
Offline
Activity: 1106
Merit: 1004
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November 26, 2010, 03:08:14 PM |
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I want to praise Madhatter for the initiative, but I am not convinced this is good for growing the bitcoin economy.
At the end of the day it encourages changing bitcoins for dollars to buy stuff, not creating a real bitcoin economy.
Well, while bitcoins cannot be easily used for exchanging (money), they can be used as a store of value, pretty much like gold and silver are used today. His service makes that much easier, since now you can easily sell your coins for something more much more liquid. I believe that first bitcoins will be used as some sort of "odd investment". If like this they become sufficiently popular and stable to be used as money, then they might go mainstream. |
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The Madhatter
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November 26, 2010, 03:27:46 PM |
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How are the prices being set? From BitCoinWatch the current rate is $1 = 3.54 btc. Therefore $25 = 88 btc. However you sell $25 for 100 btc. That's a huge increase.
Currently, I buy Visa numbers from two different banks. They both charge a fee for each card number up front. The purchase fee is in dollars. (CAD). Because these card numbers are essentially prefunded they do not bear any interest charges, or overdue fees when in use, so I assume this is how the banks make their money. The pricing works like this: A $25 number, for example, has a purchase fee in dollars. I add my own fee in dollars to that for my time. (Unfortunately I can't refill my inventories automatically. I buy the numbers in batches and I have to manually copy+paste them into my database.) The combined fee in dollars is converted to Bitcoins using the Canadian Dollar exchange rate from Bitcoin 4 Cash. I am still adjusting the prices around, so you'll likely see some card denominations go up and some go down. I'm trying to match/or beat the retail rates, but it is difficult when each bank that I use charges different fees. I am still trying to find that "sweet spot" where the prices are fair and competitive for Bitcoin users, I can make a bit of scratch to cover my expenses, and provide a valuable service at the same time. I hope that answers your question. |
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Bruce Wagner (OP)
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November 26, 2010, 09:02:12 PM |
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I'm curious... if these are essentially the same thing as the "prepaid visa cards" I see being sold in various denominations at local stores like Walgreens...?
Are these the same idea?
Or are they different somehow?
I've never bought one, so I don't know how they deal with issues like: verification of "billing address" and "billing zip code", etc. ....during purchase approval process....?
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tyler
Newbie
Offline
Activity: 56
Merit: 0
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November 26, 2010, 09:09:47 PM |
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I'm curious... if these are essentially the same thing as the "prepaid visa cards" I see being sold in various denominations at local stores like Walgreens...?
Are these the same idea?
Or are they different somehow?
I've never bought one, so I don't know how they deal with issues like: verification of "billing address" and "billing zip code", etc. ....during purchase approval process....?
They work just like a debt card. I successfully linked one to paypal and bought stuff on its own with a different one. liqpay.com is hard to link because its USD and they put money into your account to verify and i think the conversion or something throws it off because i kept getting the verify amount wrong |
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The Madhatter
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November 26, 2010, 09:29:15 PM |
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I'm curious... if these are essentially the same thing as the "prepaid visa cards" I see being sold in various denominations at local stores like Walgreens...?
Are these the same idea?
Or are they different somehow?
I've never bought one, so I don't know how they deal with issues like: verification of "billing address" and "billing zip code", etc. ....during purchase approval process....?
They are very similar, except I am able to activate them as they are ordered. I also get them at wholesale prices. If you buy one over the counter they are activated at the shop and they are far more expensive. |
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The Madhatter
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November 26, 2010, 09:47:18 PM |
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I'm curious... if these are essentially the same thing as the "prepaid visa cards" I see being sold in various denominations at local stores like Walgreens...?
Hmm... you just gave me a great idea! I could accept prepaid visa gift cards in the mail (with the receipt) and charge the cards when they arrive with my USD merchant numbers and then destroy the card. (The customer can't chargeback without the receipt AND plastic card.) I would send the Bitcoins to the customer at that point. There would be no risk of chargebacks that way, and I don't have to lose on currency conversion. I can already charge credit cards in US funds. If someone wants to try it out email me or PM me -- I'll try it out at cost (0%). US Dollar VISA giftcards only! (Sorry to my friends in Europe.) The Madhatter P.S. $100 card numbers have been refilled @ Bitcoin 2 Credit Card |
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Bruce Wagner (OP)
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November 26, 2010, 10:42:59 PM |
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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. Email me and tell me what you want me to do. bruce@brucewagner.com |
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