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Author Topic: I will buy Bitcoins via Paypal ($10.00 USD for Current Mt. Gox BTC Rate)  (Read 10222 times)
talkinrock
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January 03, 2011, 03:04:21 AM
 #1

@Moderators, can you please delete this thread?

I'm no longer using Bitcoin, and am trying to remove my presence on the Bitcointalk forum...

Thanks!

-talkinrock
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Anonymous
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January 03, 2011, 03:11:46 AM
 #2

It's nOt the person using bitcoin who needs the good reputation imo.
FreeMoney
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January 03, 2011, 03:28:18 AM
 #3

It's nOt the person using bitcoin who needs the good reputation imo.

I've said this before and almost said it again, but I didn't because I realized we will want him to send first which means he has to trust us to send at all. Once we send he knows we were trustworthy and that's it, but we won't know for sure about him for a while (months?).

So you kind of need trust both ways in this trade.

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nanotube
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January 03, 2011, 04:15:43 AM
 #4

Indeed, trust both ways is necessary.

All that said - consider using #bitcoin-otc for your transaction. We have a web of trust and all. Smiley http://bitcoin-otc.com

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Nefario
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January 03, 2011, 04:21:40 AM
 #5

Isn't it a little dangerous to accept payment from PayPal? If the payee changes their mind PayPal can revoke the payment?

I'm not exactly sure but I know enough about paypal to be careful about them, why doesn't talkinrock just buy from mtgox?

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Anonymous
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January 03, 2011, 12:01:11 PM
 #6

Paypal is all some people can use for buying online. Letting people buy small amounts of bitcoins to build their reputation is a small risk to take.




Nefario
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January 03, 2011, 12:16:29 PM
 #7

Hey guys, I would just like to let you know I'm a teenager and I don't have a credit card or any sort of steady income, so my Paypal account is my main source of cash for me. Mt. Gox doesn't accept PayPal or Debit, or even Credit for that matter. And I don't know much about the financial world, Nefario, because, as I mentioned, I'm a teen, but as far as I know, PayPal is one of the safest ways to pay online. If I'm wrong about that, somebody please correct me. And I looked at BitCoin OTC, and it looked fairly complicated, but when I have more time, I'll take a look at it. I guess I was hoping Bitcoin would be a nice to way for me to manage money, but it looks fairly complicated, even for someone like me who deals with programming web design related things, mobile phone apps, and software on a daily basis. If anyone could please help me with using Bitcoin, or would like to buy from me, that would be appreciated. I know I have no way to prove that I am who I say I am, or that I'm trustworthy, but I don't know how to improve my rep without buying from someone first. And since Bitcoin Market isn't accepting registrations, and there are no markets that use PayPal or credit cards open (at the moment), I don't know how to improve my rep right now.

I didn't know mtgox does not accept paypal (I've never done business with him). There are two practical ways to get bitcoins, one is to buy them(this is what you wanted to do), the other is to trade; either a good or a service. Maybe you have some skill, something you are good at that you can do for bitcoin payment? Or you could sell something.

I was not saying you're not trustworthy, I was simply saying that there is a risk accepting payment from paypal.

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mndrix
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January 03, 2011, 03:21:07 PM
 #8

Hi there fellow Bitcoin users! I just started using Bitcoin today, and I would like to purchase Bitcoins through Paypal from somebody who has a good reputation.

For those finding this thread later, there's CoinPal which sells Bitcoins for PayPal.  The process is automated, so buyers usually get their coins within about 2 minutes of payment.
nanaimogold
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January 03, 2011, 06:16:57 PM
 #9

Frankly, for a Paypal or other reversible transaction to be safe, the receiver must trust the spender. Not just to be a straight shooter, but also to understand the risk of chained freezes that occur when stolen funds are passed to a third party.

The OP concerned primarily with the receiver being trustworthy clearly indicates that he does not understand this and could be unwittingly passing stolen funds. $11 is only a small amount, but any amount of stolen PP is enough to get accounts frozen and create huge hassles for those involved.


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nanotube
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January 03, 2011, 08:59:20 PM
 #10

Going back to what I said before about me not realky knowing much about Bitcoin, if anyone could give me a link to a tutorial or detailed description of how it works, that would be greatly appreciated. The bitcoin.org FAQ, wiki, and Wikipedia description didn't really answer my questions, so any help besides those two sources would be appreciated. If anyone wouldn't mind taking a moment of their time and explaining a brief overview in a paragraph or so of how this thing works, you would be my lifesaver for today. Seriously, I would REALLY appreciate any help, tutorials, or "paragraph descriptions" a great deal. I don't know if I'm wrong about this, but do your Bitcoins grow over time like interest? That's probably the one main question I don't understand, and if anyone could answer that, I would be very grateful...  

https://en.bitcoin.it/wiki/Getting_started
https://en.bitcoin.it/wiki/How_bitcoin_works

start with those, and follow the links. Smiley

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FreeMoney
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January 04, 2011, 09:29:10 AM
 #11

Did you ever get someone?

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Anonymous
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January 04, 2011, 08:49:13 PM
 #12

Ive been busy.

 Smiley

Its christmas holidays you know  Tongue
nanaimogold
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January 04, 2011, 10:36:02 PM
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@Nanaimo - As I mentioned, I'm only a teenager, and I guess I am beginning to understand this type of "stuff" about the financial world and monetary accounts and such, but I guess the only real way to learn and build a rep anywhere, including Bitcoin, is to get experience (in this case by selling and buying), as you sort of said, in a sense...    

...  

I said Paypal sucks and is totally inappropriate as a vector for currency exchange.


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nanotube
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January 04, 2011, 11:02:50 PM
 #14

I guess I don't understand:  I always thought that PayPal is one of the safest ways to do business online. What is so bad about it, in your opinion?

chargebacks. it's safe to give it... not so safe to receive it.

so for example... you pay someone via paypal, they send you bitcoins. then you claim you never received goods, and chargeback the receiver. now you walk away with both the bitcoins and the usd.

another alternative: someone uses stolen paypal account, receives btc... then real owner comes in and goes 'zomg, someone used my account, paypal help me', and paypal does a chargeback. end result, still the same that seller of bitcoins has ended up with nothing.

so in other words... paypal is very safe for the buyer of goods... but not safe for the seller.

Join #bitcoin-market on freenode for real-time market updates.
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Mahkul
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January 05, 2011, 12:22:26 AM
 #15

So I guess it's a matter of trust, then. Basically, the only way I can do PayPal transactions with (most) people on here is if I have a good rep, am I correct?

It seems so. Unless you have someone who is trusted around here and could vouch for you?

Bitalo.com coming soon!

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nanaimogold
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January 05, 2011, 04:06:19 AM
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So I guess it's a matter of trust, then. Basically, the only way I can do PayPal transactions with (most) people on here is if I have a good rep, am I correct?

No. Fuck sakes. Just start at the top and read this thread again.

Not only does the receiver have to trust you not to screw around, he has to trust that you know the PP is good and that you are not just a unwitting link in a chain of theft. That $11 PP you want to spend might be hot before you received it yourself. 45 days from now, everyone who touched that $11 might have their account frozen. You can't know, it's not about your "rep".

Paypal is not a suitable vector for currency exchange. It works only for illiquids such as subscriptions.

The safety that PP brags about is all buyer protection and the friendly Nigerians know exactly how to screw you over with that policy.

You know my face is blue, but understand; all this shit has been hashed over for so long already. It's always the same old crap. e-gold debuted in '97 - this issue is not new. Paypal does not work for this task. The end.

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FreddyFender
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January 05, 2011, 04:12:07 AM
 #17

Thanks Nanaimogold,
We all know deep down that theft is too easy in forums and blogs. We will all benefit when postings are show to be scams or lose/lose endeavors.
Fight da fight! Eh?

nanotube
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January 05, 2011, 04:17:38 AM
 #18

Not only does the receiver have to trust you not to screw around, he has to trust that you know the PP is good and that you are not just a unwitting link in a chain of theft. That $11 PP you want to spend might be hot before you received it yourself. 45 days from now, everyone who touched that $11 might have their account frozen. You can't know, it's not about your "rep".

if the guy is pulling from bank balance, then there's no issue about 'chains of theft'. you only need to trust the sender not to be a dick, and that's all.

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
nanaimogold
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January 05, 2011, 04:30:09 AM
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Not only does the receiver have to trust you not to screw around, he has to trust that you know the PP is good and that you are not just a unwitting link in a chain of theft. That $11 PP you want to spend might be hot before you received it yourself. 45 days from now, everyone who touched that $11 might have their account frozen. You can't know, it's not about your "rep".

if the guy is pulling from bank balance, then there's no issue about 'chains of theft'. you only need to trust the sender not to be a dick, and that's all.


True enough. But consider that he does not know that, and we can't know where he got his PP.

talkinrock is not being personally insulted here. Chances are that his $11 PP is OK and chances are he would not mess around. But as a business policy, PP can't be acceptable for trade into cash.

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nanotube
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January 05, 2011, 04:42:16 AM
 #20

True enough. But consider that he does not know that, and we can't know where he got his PP.

talkinrock is not being personally insulted here. Chances are that his $11 PP is OK and chances are he would not mess around. But as a business policy, PP can't be acceptable for trade into cash.

indeed, running a business of trading 'cash-like goods' for paypal is dangerous. but occasional one-off p2p small trades... are probably ok if you can establish trust.

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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