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Author Topic: CoinPal beta - Buying bitcoins with PayPal  (Read 170214 times)
BCEmporium
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May 18, 2011, 06:30:42 PM
 #361

Not to alarm you, but some people also found some withdrawals from their Paypal-linked account/CC after receiving those calls.
Something like: PAYPAL 4029357733 SGP.

Rather keep an eye over your accounting for a while, just in case.

Paypal is really getting desperate with bitcoin, isn't it?

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EvanR
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May 18, 2011, 06:50:53 PM
 #362

So it's a scam?

Or paypal is stealing peoples money??
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May 18, 2011, 07:42:16 PM
 #363

Withdrawing via Virwox/Second Life still seems to work ok.  I would imagine going the other way would be safe as well.  Paypal has been doing business with Second Life for a long time, so it is unlikely that you would raise any red flags going that route.

I think I will no longer do any sort of direct bitcoin <-> Paypal transactions though.  All of these accounts getting frozen is making me rather averse to the idea.
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May 18, 2011, 09:12:04 PM
 #364

So it's a scam?

Or paypal is stealing peoples money??

Actually, according to the reports, it seams it's Paypal itself doing it. For "verification" (ripoff) purposes, I guess.

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May 18, 2011, 09:53:59 PM
 #365

Hi, I have been tiring to buy bitcoin with paypal and came across your site, and send Paypal a Email, asking if they allow buying bitcoin. the reply:
*************
I can assure you that there is no policy against the purchase of
BitCoins, however it is possible that BitCoin simply do not accept
payment through PayPal.
*************
The reply might mean that the front line that replys to this E-mails has no ideal what Bitcoin is?
if enough people sends them E-mail asking for Bitcoins, they might give it some weight in future decision.
I will attempt inform them of what a Bitcoin is.

By the way, sorry if some one posted a similar reply, a lot of people have a lot to say about this, and i can't read it all.
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May 18, 2011, 10:01:09 PM
 #366

Hi, I have been tiring to buy bitcoin with paypal and came across your site, and send Paypal a Email, asking if they allow buying bitcoin. the reply:
*************
I can assure you that there is no policy against the purchase of
BitCoins, however it is possible that BitCoin simply do not accept
payment through PayPal.
*************
The reply might mean that the front line that replys to this E-mails has no ideal what Bitcoin is?
if enough people sends them E-mail asking for Bitcoins, they might give it some weight in future decision.
I will attempt inform them of what a Bitcoin is.

By the way, sorry if some one posted a similar reply, a lot of people have a lot to say about this, and i can't read it all.
Interesting.  Care to post the full email here?  Definitely update on any future replies they come back with...

Discrepancies in what their employees tell us may force Paypal to outright announce that Bitcoin transactions aren't allowed.  It'd be good publicity.  Smiley
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May 25, 2011, 09:56:09 AM
 #367

You shouldn't wait to get involved in bitcoin projects! You have a great mind for what's needed and what people like!

 
I'm still very interested in Bitcoin and plan to continue working on Bitcoin projects.  The Bitcoin ecosystem can change a lot in a few months.  When that time comes, I'll see what needs can be met and go from there.


If you still have that anti-fraud software available, I'd love to talk to you about licensing it for some of my bitcoin projects to save us some time on that end.

Send me a PM!

Brad

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Investor - Former miner - Former Bitcoin Business Owner - Survivor of the Great Bitcoin Crashes of 2011 and 2012, the MtGox Heist of 2014 & the 2017 crypto bubble.
Bitrated user: bradmillscan.
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May 25, 2011, 10:14:42 AM
 #368

If you still have that anti-fraud software available, I'd love to talk to you about licensing it for some of my bitcoin projects to save us some time on that end.

Send me a PM!

Brad
You'll probably get a faster response sending him an email, see http://ndrix.com/ .

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May 30, 2011, 11:48:33 PM
 #369

mndrix: 

When selling BTC, you could maybe pursue becoming a merchant accepting Credit Card payments for BTC digital cryptographic key rights, and not process your credit card customer's purchases through Paypal. 

Then when you buy BTC digital cryptographic key rights, you could maybe still pay your sellers with paypal because of your good reputation with your BTC sellers - that you will not reverse any paypal payments.

BTC being anonymous is open to discussion, BTC being an e-currency and not maybe just plain digital cryptographic key rights is open to discussion.

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May 31, 2011, 02:05:41 AM
 #370

Pardon my ignorance, what exactly is a "BTC digital cryptographic key rights"?

(I dont always get new reply notifications, pls send a pm when you think it has happened)

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May 31, 2011, 04:28:30 AM
 #371

Pardon my ignorance, what exactly is a "BTC digital cryptographic key rights"?

Rights to numbers in wallets as opposed to the value.

Proposal: http://forum.bitcoin.org/index.php?topic=11541.msg162881#msg162881
Inception: https://github.com/bitcoin/bitcoin/issues/296
Goal: http://forum.bitcoin.org/index.php?topic=12536.0
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May 31, 2011, 04:48:09 AM
 #372

you mean the private keys?

(I dont always get new reply notifications, pls send a pm when you think it has happened)

Wanna gimme some BTC/BCH for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX Smiley

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May 31, 2011, 02:45:46 PM
 #373


This whole situation has reminded me once again why distributed, resilient systems like Bitcoin and OTC are so important.


I love this statement.

What name would you give to the smallest unit of bitcoin (0.00000001)? sat. What name would you give to 100 sats? bit. 1 bit = 1 uBTC. 1,000,000 bits = 1 BTC. It's bits
mndrix
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October 27, 2011, 03:14:53 PM
 #374

PayPal thawed my account today (after 6 months).  My full PayPal balance is being transferred to my bank account.  I received two small chargebacks shortly after the freeze and none for the following 5.5 months.  Those chargebacks didn't materially affect the fraud rates I mentioned in April.

My plan is to bring back CoinCard within the next month or so (minus PayPal plus a couple other payment methods).  Once that's running smoothly again, I'll start implementing credit card payments on CoinPal.  I don't have a timeline, but I think my anti-fraud systems are up to the task.  I've kind of missed swimming with the sharks :-)
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October 27, 2011, 03:17:30 PM
 #375

I do believe AccessCoin beat you to the punch on the creditcard idea. Sad

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October 27, 2011, 03:59:02 PM
 #376

PayPal thawed my account today (after 6 months).  My full PayPal balance is being transferred to my bank account.  I received two small chargebacks shortly after the freeze and none for the following 5.5 months.  Those chargebacks didn't materially affect the fraud rates I mentioned in April.

My plan is to bring back CoinCard within the next month or so (minus PayPal plus a couple other payment methods).  Once that's running smoothly again, I'll start implementing credit card payments on CoinPal.  I don't have a timeline, but I think my anti-fraud systems are up to the task.  I've kind of missed swimming with the sharks :-)
Great news!

I do believe AccessCoin beat you to the punch on the creditcard idea. Sad
A service that charges 20% extra doesn't count.

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October 27, 2011, 06:04:40 PM
 #377

I do believe AccessCoin beat you to the punch on the creditcard idea. Sad
A service that charges 20% extra doesn't count.

MemoryDealers beat me too it also (via physical delivery).  As I understand it, AccessCoin uses Google Checkout whose ToS prohibit currency exchange.  I'm sure Google will be friendlier than PayPal was, so I wish AccessCoin the best of luck.

I don't want to promise a specific fee at this point, but I'll be disappointed with myself if it's above 10%.  High fees tend to discourage honest customers, leaving only the fraudulent ones using the service.
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October 27, 2011, 06:08:53 PM
 #378

I do believe AccessCoin beat you to the punch on the creditcard idea. Sad
A service that charges 20% extra doesn't count.

MemoryDealers beat me too it also (via physical delivery).  As I understand it, AccessCoin uses Google Checkout whose ToS prohibit currency exchange.  I'm sure Google will be friendlier than PayPal was, so I wish AccessCoin the best of luck.

I don't want to promise a specific fee at this point, but I'll be disappointed with myself if it's above 10%.  High fees tend to discourage honest customers, leaving only the fraudulent ones using the service.
I thought Google Checkout was friendly to digital currency?

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October 27, 2011, 07:32:13 PM
 #379

I thought Google Checkout was friendly to digital currency?

It's always a little hard to tell how the ToS will be interpreted.  Google says they prohibit "wholesale currency" transactions which includes "currency exchanges."  I don't know whether Google's legal department considers Bitcoin a currency.
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October 31, 2011, 02:25:01 AM
 #380

I thought Google Checkout was friendly to digital currency?

Not at all.

Months ago, I ran the Bitcoin Store, which sold bitcoins in return for Liberty Reserve / GlobalDigitalPay / etc.  Tried to add Google Checkout, and was explicitly denied within 24 hours of adding G.C. to my site.  When bitcoins were explained to Google, they pointed me to the "no digital currencies" portion of their ToS.


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