CoinPal beta - Buying bitcoins with PayPal

[mndrix]

I've reduced fees for repeat customers by .5 percentage points.  This reflects my reduced costs for servicing such customers.  First-time buyers still pay approximately the same as they did before.

[EllisD]

bitcoin address was accepted, thanks


e - just received, thanks

[grue]

I've reduced fees for repeat customers by .5 percentage points.  This reflects my reduced costs for servicing such customers.  First-time buyers still pay approximately the same as they did before.

repeat customer = same email, correct?

[mndrix]

repeat customer = same email, correct?

Yes, that's right.

[mndrix]

I have to concentrate on some big projects that are coming up (not related to Bitcoin) and won't be able to devote much time to the forum for the next several months.  I'll still manage CoinPal as I have over the last few months.  I'll try to check in on this thread about once a week, usually on Fridays.  If you notice problems with CoinPal, please contact me at coinpal@ndrix.com so that I can fix them right away.

[mndrix]

For customers who have linked their PGP key to their CoinPal account, OTC ratings are now automatic.  Within an hour of linking your account, your OTC rating will be updated.  As you place new, successful orders, your rating will be updated if justified.  Likewise, chargebacks are automatically reported through negative ratings.

If CoinPal has already rated you for past trades, new trades may not give you a higher rating immediately.  The ratings are based on PayPal payment age and volume.  This is essentially the same formula I was using when rating OTC users manually.

Thanks to nanotube for making the automated ratings possible.

[Meni Rosenfeld]

I have to concentrate on some big projects that are coming up (not related to Bitcoin) and won't be able to devote much time to the forum for the next several months.  I'll still manage CoinPal as I have over the last few months.  I'll try to check in on this thread about once a week, usually on Fridays.  If you notice problems with CoinPal, please contact me at coinpal@ndrix.com so that I can fix them right away.

Good luck with those projects. I hope managing CoinPal/CoinCard will include improvements to their automation, robustness, prices and limits.

Have you considered making an automated service for selling MoneyPak for bitcoins? These can't be chargebacked, right? If it's possible, it should really help with maintaining cash for CoinCard while obviating your need to buy MoneyPak on the forum.

For customers who have linked their PGP key to their CoinPal account, OTC ratings are now automatic.  Within an hour of linking your account, your OTC rating will be updated.  As you place new, successful orders, your rating will be updated if justified.  Likewise, chargebacks are automatically reported through negative ratings.

I'm confused about the "Order ID" part of linking PGP. Does it need to be the order ID of any one of my orders, the first one, all of them?

[mndrix]

Have you considered making an automated service for selling MoneyPak for bitcoins? These can't be chargebacked, right? If it's possible, it should really help with maintaining cash for CoinCard while obviating your need to buy MoneyPak on the forum.

I have considered something similar.  I may pursue it further once my schedule lightens up.

For customers who have linked their PGP key to their CoinPal account, OTC ratings are now automatic.  Within an hour of linking your account, your OTC rating will be updated.  As you place new, successful orders, your rating will be updated if justified.  Likewise, chargebacks are automatically reported through negative ratings.

I'm confused about the "Order ID" part of linking PGP. Does it need to be the order ID of any one of my orders, the first one, all of them?

Any order ID will work.  I'll try to clarify the instructions.  Thanks for the feedback.

[eMansipater]

@mndrix here's a driveby idea:  What about offering bitcoin subscriptions?  It would stabilise exchange rates during the inflationary period, reduce risk, and you could create an open futures market to fill them

[Anonymous]

@mndrix here's a driveby idea:  What about offering bitcoin subscriptions?  It would stabilise exchange rates during the inflationary period, reduce risk, and you could create an open futures market to fill them

Basically you could subscribe with paypal and automatically get coins sent each month or week ?

[eMansipater]

@mndrix here's a driveby idea:  What about offering bitcoin subscriptions?  It would stabilise exchange rates during the inflationary period, reduce risk, and you could create an open futures market to fill them

Basically you could subscribe with paypal and automatically get coins sent each month or week ?

Yup.

[mndrix]

What about offering bitcoin subscriptions?

That's an interesting idea.  I'll consider it.

[mndrix]

Some CoinPal orders from first-time buyers are now verified with an automated phone call.  These orders were previously reviewed manually which required buyers to wait 2-48 hours for my attention.  The new system completes these orders immediately after verifying their phone number.  It should be a more pleasant experience for everyone

The phone number used is the one on your PayPal account.  The language used on the automated phone recording is one of 30 possible languages.  It's chosen based on your browser's Accept-Language header.

Some orders will still be reviewed manually.  Overall, I think this new approach provides more accurate order screening.  Hopefully it can help reduce fraud rates and labor costs so that I can further reduce CoinPal fees.

[Ricochet]

Heh, and Bitcoin once again forces me to check to see which phone numbers I have on file with various places.  The first time was when I was first buying Bitcoins through Bitcoin Gateway but realized my bank had my parents' home phone number on file instead of my own.  Wouldn't be surprised if I did that for PayPal too.

[Mike Hearn]

That's excellent. You really are doing a superb job mndrix.

[eMansipater]

That's excellent. You really are doing a superb job mndrix.

+1

[mndrix]

I've been out sick for the last couple days and am just now catching up on emails.  I may continue to be slower than usual responding to emails over the coming few days.  Just so you know, I'm not ignoring you all on purpose

[Keefe]

Welcome back. I hope you're feeling alright now.

[mndrix]

Because of recent Bitcoin appreciation and to keep fraud losses manageable, I've reduced the purchase limit for first time customers to 10 BTC.  All other purchase limits remain the same.

I may have to drop that limit to 5 BTC, if current prices and past fraud conditions remain constant.

[Cheeseman]

ETA on when the site will be back up?