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Author Topic: CoinPal beta - Buying bitcoins with PayPal  (Read 100091 times)
mndrix
Michael Hendricks
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January 06, 2011, 04:41:01 PM
 #21

The service is open for business again.  PayPal approved me for their micropayments fee structure which amounts to a 26% decrease in PayPal fees on a 20 BTC order.

I made a few adjustments to fraud detection.  If things continue working well for the next week or so, I'll increase the maximum order limit.
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January 06, 2011, 05:03:01 PM
 #22

The service is open for business again.  PayPal approved me for their micropayments fee structure which amounts to a 26% decrease in PayPal fees on a 20 BTC order.
cool! Smiley

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I made a few adjustments to fraud detection.  If things continue working well for the next week or so, I'll increase the maximum order limit.
best be very careful with that.

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January 06, 2011, 05:52:55 PM
 #23

Bravo..... on having the courage to keep trying.    Smiley

Wishing you Success.

( I just now added you to http://bitcoincard.com )
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January 08, 2011, 05:05:32 AM
 #24

Hey, mndrix
I want to thank you for making my first USD to BTC transaction a breeze  Cheesy

As a total newb, and as someone who gets a little put-off by the charts and graphs and puzzling exchange-rate numbers that are sometimes thrown in people's faces upon visiting some other sites ... I totally appreciate what you're doing.

mndrix
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January 08, 2011, 02:53:33 PM
 #25

I just fixed a bug with email addresses using capital letters.  If you got an error message about email addresses not matching when placing an order, it should work now.

This has turned out to be much more popular than I anticipated.  I'm restocking coins as fast as I can, but it looks like I'll run out again this weekend.  Could be mid-week before I have a substantial inventory again.  Eventually I'll implement dynamic pricing to keep supply and demand in balance, until then it could be on again, off again.  Thanks for all the feedback.
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January 08, 2011, 03:36:52 PM
 #26

Just to confirm that I successfully purchased 20BTC on CoinPal.

Good luck with that.

Bitalo.com coming soon!

1MAHKULzqZb4evFFg9157LvnJhJQQbeYo7
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January 08, 2011, 05:06:53 PM
 #27

works great. thanks.
mndrix
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January 10, 2011, 03:23:43 PM
 #28

Coins sold out last night.  I'm working on a deal that should get me coins to reopen later today.  I'll post here when I'm open again.

I also fixed a bug in my volume limit calculations which caused some people to be told they had exceeded their weekly volume limit when they actually hadn't.  That bug is fixed now.

Thanks for the feedback and patience during the beta.
mndrix
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January 10, 2011, 05:01:22 PM
 #29

Open again with about 3x the inventory.  Thanks to morpheus for the pleasant MTGUSD trade.  I should have about 10x the inventory by the end of the week.  Hopefully that can meet demand for a little while.

A few people have asked me about the volume limits.  I'll raise them when I can.  Selling 200 BTC spread across 10 customers gives 10 people a taste of Bitcoin which is probably better for the community.  It also reduces fraud likelihood and gives me more data points for my fraud prediction model.
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January 11, 2011, 05:24:59 AM
 #30

Just a heads-up, in case you weren't already aware ... IRS 6050W:

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If you meet the stated thresholds [at least 200 trxs/year and at least $20K gross sales], you will be required to verify your identity by adding a SSN/TIN/EIN to your existing account.

Quote
If you are currently using a Personal or Premier account, you will be required to upgrade to a Business account.

https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W

i.e., PayPal will be reporting the gross revenues you received on a 1099-K sent to you and to the IRS.

http://federalregister.gov/a/2010-20200
http://www.irs.gov/pub/irs-news/reg-139255-08.pdf

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January 12, 2011, 03:21:03 PM
 #31

First CoinPal transaction (and first forum post) a resounding success. Thanks mndrix
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January 13, 2011, 06:21:44 PM
 #32

This is why we need a Bitcoin-for-Cash dealer on every corner of every village, every town, every city, in every country.   Email me to list yourself as a Bitcoin-for-Cash contact in your own town.... on http://bitcoinbuy.com     Every one of us should be a volunteer bitcoin-for-cash person wherever you live.....  Contact me to get listed.  My email is:  email@bitcoinme.com
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January 13, 2011, 09:50:09 PM
 #33

This is why we need a Bitcoin-for-Cash dealer on every corner of every village, every town, every city, in every country.   Email me to list yourself as a Bitcoin-for-Cash contact in your own town.... on http://bitcoinbuy.com     Every one of us should be a volunteer bitcoin-for-cash person wherever you live.....  Contact me to get listed.  My email is:  email@bitcoinme.com


The problem with that is some people have very little bitcoins.

Bitalo.com coming soon!

1MAHKULzqZb4evFFg9157LvnJhJQQbeYo7
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January 14, 2011, 03:57:44 AM
 #34

This is why we need a Bitcoin-for-Cash dealer on every corner of every village, every town, every city, in every country.   Email me to list yourself as a Bitcoin-for-Cash contact in your own town.... on http://bitcoinbuy.com     Every one of us should be a volunteer bitcoin-for-cash person wherever you live.....  Contact me to get listed.  My email is:  email@bitcoinme.com


The problem with that is some people have very little bitcoins.

That's why we need it, so people can buy more of them.

Tarot Card Readings for Bitcoins, available via e-mail, phone, skype or IM of your choice.  Inquire for price, quite reasonable.
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January 14, 2011, 02:07:09 PM
 #35

This is why we need a Bitcoin-for-Cash dealer on every corner of every village, every town, every city, in every country.   Email me to list yourself as a Bitcoin-for-Cash contact in your own town.... on http://bitcoinbuy.com     Every one of us should be a volunteer bitcoin-for-cash person wherever you live.....  Contact me to get listed.  My email is:  email@bitcoinme.com

I suppose I'd be up for that here in Manchester, CT, but all I'd be doing is reselling from Bitcoin Gateway. Why wouldn't potential buyers just go to my Bitcoin Gateway in the first place?

Use my Trade Hill referral code: TH-R11519

Check out bitcoinity.org and Ripple.

Shameless display of my bitcoin address:
1Hio4bqPUZnhr2SWi4WgsnVU1ph3EkusvH
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January 14, 2011, 03:15:58 PM
 #36

Using bitcoin means your bitcoin dealer can be on the other side of the world. It brings people together from everywhere and breaks down barriers.

mndrix
Michael Hendricks
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January 14, 2011, 06:19:27 PM
 #37

I've increased CoinPal purchase limits to 40 BTC per week.  Past customers who hit the old limit can immediately place orders up to the new limit.

Depending on typical order size and future BTC exchange rates, I may change my PayPal account back to the standard fee structure.  The standard fee structure gives lower fees for payments over $11.90.  I'll post here if/when that happens.

I anticipate current order limits staying in place until the end of February or March.  That gives the initial transactions enough time to mature past the PayPal dispute deadline (45 days) and to approach the credit card chargeback deadline (~90 days).  Which gives me better data for my fraud prediction model. I'd rather go slowly and keep the service open than rush to a hasty demise.
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January 14, 2011, 06:34:39 PM
 #38

I've increased CoinPal purchase limits to 40 BTC per week.  Past customers who hit the old limit can immediately place orders up to the new limit.

Depending on typical order size and future BTC exchange rates, I may change my PayPal account back to the standard fee structure.  The standard fee structure gives lower fees for payments over $11.90.  I'll post here if/when that happens.

I anticipate current order limits staying in place until the end of February or March.  That gives the initial transactions enough time to mature past the PayPal dispute deadline (45 days) and to approach the credit card chargeback deadline (~90 days).  Which gives me better data for my fraud prediction model. I'd rather go slowly and keep the service open than rush to a hasty demise.

i wouldn't hurry too much to raise the limits. you'll get plenty of volume due to high number of customers, while keeping fraud risk from any individual account low.

you have a great service there, i'd hate to see it go bust due to one or two large frauds.

Join #bitcoin-market on freenode for real-time market updates.
Join #bitcoin-otc - an over-the-counter trading market. http://bitcoin-otc.com
OTC web of trust: http://bitcoin-otc.com/trust.php
My trust rating: http://bitcoin-otc.com/viewratingdetail.php?nick=nanotube
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January 14, 2011, 10:33:37 PM
 #39

Set the maximum purchase to $11.90 to make it profitable on the micropayment fees.

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January 14, 2011, 10:36:54 PM
 #40

This is why we need a Bitcoin-for-Cash dealer on every corner of every village, every town, every city, in every country.   Email me to list yourself as a Bitcoin-for-Cash contact in your own town.... on http://bitcoinbuy.com     Every one of us should be a volunteer bitcoin-for-cash person wherever you live.....  Contact me to get listed.  My email is:  email@bitcoinme.com


Bruce--Thanks so much for making bitcoinme.com.  That's a site I can actually send people to and expect them to be attracted to bitcoin without needing a degree in math, as opposed to the comparatively noob-unfriendly bitcoin.org!  I've been wanting to do a big pitch for it to my social network contacts, but I've been waiting for the images to start working again so it looks proper professional.  Any idea when that might be?  Is it something I could send you some donations towards?  I'd love to have that be a reliable place I can just send people when they ask me what bitcoin is.

Sincerely,
eMansipater

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