|WTB| Bitcoins for MoneyPaks

[Unacceptable]

Ah Hah!  Well apparently YOU know how to convert these "moneypaks" into packs of money by your earlier response to my question.  So tell me then, how does one do this??

Getting a Paypal account is one way to do it 

[lonestranger]

It is sounding more and more like there IS no way to convert moneypaks into cold, hard CASH!  Without first having to announce to the know-your-customer-we-are-anti-money-laundering people that you are receiving "moneypaks" for SOME service or product rendered.

Is that so?

[Unacceptable]

It is sounding more and more like there IS no way to convert moneypaks into cold, hard CASH!  Without first having to announce to the know-your-customer-we-are-anti-money-laundering people that you are receiving "moneypaks" for SOME service or product rendered.

Is that so?

You need a credit card that works with Moneypak or a bank account,as far as I know you can't just "cash" a MP at any store 

https://www.moneypak.com/Home.aspx

Look it over & maybe call them for more info......................

[DannyHamilton]

Ah Hah!  Well apparently YOU know how to convert these "moneypaks" into packs of money by your earlier response to my question.  So tell me then, how does one do this??

A few options come immediately to mind, there may be additional methods.

Option 1. Get an account somewhere such as a prepaid debit card or paypal.  Load the value from the MoneyPak into the account.  Withdraw pack of money from the account.

Option 2. Find someone with a pack of money that wants to load a paypal account or prepaid debit card.  Offer the MoneyPak that you have in exchange for the pack of money that they have. They can then load the MoneyPak, and you can walk away with the pack of money.

Option 3. Find someone with bitcoins that wants to load a paypal account or prepaid debit card.  Offer the MoneyPak in exchange for the bitcoins.  Then exchange the bitcoins with someone else that has a pack of money and wants bitcoins.

[shawshankinmate37927]

It is sounding more and more like there IS no way to convert moneypaks into cold, hard CASH!  Without first having to announce to the know-your-customer-we-are-anti-money-laundering people that you are receiving "moneypaks" for SOME service or product rendered.

Is that so?

You can make an ATM withdrawal after the moneypak code has been loaded to your prepaid debit card account.

[lonestranger]

Alrighty then, you all have been most helpful.  Such is the tenuous state of bitcoin that I am hard pressed to exchange them for real-world items, like cars and groceries.  Hopefully we will all look back on these times and laugh at the folly of it all.

Meantime, I am going to do a deep dive into prepaid debit cards and moneypaks and I will report back to you on what I find out.

Many thanks.

[lonestranger]

One observation: bitcoin is not liquid.  I have offered to buy a car with bitcoin in the Austin market.  I have had a localbitcoins ad up for almost a week now in the Austin market.  No one is contacting me.

Localbitcoins.com is disappointing.  I am attracted to localbitcoins because I want a smooth, anonymous cash transaction, and now that I've thought about it, I would be willing to give the buyer a good deal for this.  But the majority of action on localbitcoins seems to be among people buying and selling to nationwide customers and they're not offering very good deals.  For one thing, the transactions are not in cash, but in traceable, trackable ways that betray oneself to the antimoney-laundering-know-your-customer assholes.  (If I can do better by selling on an exchange, wiring to my bank, and paying tax then why wouldn't I?) 

Also, everyone is, for the most part, trying to scalp the other guy. In my opinion someone buying bitcoin for a moneypak should be paying full price and someone paying cash should get a discount but on localbitcoins the local deals are so silly I can't take them serious.  Why would I sell my bitcoin for $115? 

Sounds like localbitcoins is working well in a handful of cities, but it's broken in Austin.

[DannyHamilton]

Why would I sell my bitcoin for $115? 

Because it increases your liquidity and allows you to maintain your anonymity.  Seems like an obvious answer.

[Unacceptable]

Hey MsBitcoin,I got 5.5BTC for sale,you interested  

[stex2009]

If you load 4 or more cards or load >$1000 in a week, with moneypaks bought outside the state you registered the card with, it'll get frozen automatically within a week or two for unusual activity. You will then be banned by greendot.

Stop posting false information, you can only cash 4 a day, 7 a week, 21 a month. I've cashed hundreds of mps from outside states, the trick is don't cash more than 1 in 20 minutes, that's how all my cards get blocked, they even tell you why it was blocked if you call them.

Like KOS said,  Moneypak will ban you, your SSN, for loading loads of moneypak. They say the limit is 4 a day, but you will be surprised to see their actual limits are much lower. I think their major issue is accounts which look like scams loading many cards from out of state.

[lonestranger]

Why would I sell my bitcoin for $115? 

Because it increases your liquidity and allows you to maintain your anonymity.  Seems like an obvious answer.

Too steep of a discount for me.  But if they are getting this price more power to them.

[desertxp]

i will give this a shot.. do you have $500 or lower?

[shawshankinmate37927]

I bought a $1000 MoneyPak code from MsBitcoin back on August 7th (see Post # 61 of this thread) and loaded it onto my Green Dot prepaid debit card.  I withdrew $400 of it at an ATM shortly afterwards without any issues and decided to leave the other $600 in my account until I needed it.  That $600 was removed from my account on August 24th with the annotation: "PIN DISPUTE RESOLUTION REVERSAL".  I informed MsBitcoin of this via PM and she informed me on October 21st that she would look into it and get back to me later that day.  I received another PM from her on October 23rd where she stated that "If the problem is on my end rest assured I will reimburse you."

After not hearing anything back from MsBitcoin for a few days, I called Green Dot to inquire about the missing funds.  They said that a claim was filed with them by the person that bought the MoneyPak and the $600 was returned to the purchaser after they investigated and were provided with sufficient proof of purchase.  They said there is nothing else they can do for me and that my next step would be to file a police report.  I informed MsBitcoin of this on October 31st via PM and asked her how she wants me to proceed.  She has yet to respond, so I plan to file a police report within the next few days and will post updates in this thread.

Below are links to screenshots that show the activity on this Green Dot prepaid debit card.  This was a brand new card when the MoneyPak was loaded and these three transactions are the only transactions to ever occur with this account.  Green Dot closed the account after removing the $600.

http://tinypic.com/r/1zgdqur/5
http://tinypic.com/r/iepa43/5

Edit:  This is the transaction for 9.6154 BTC that was used to purchase the MoneyPak code: http://blockchain.info/tx/84ad3f51a783db1f3bc6b675c730fc05a3ffedb40d8a0ee1c975c50014dcc08f

[sublime5447]

Usually this is a double dip situation but it seems this is the exception, not the rule.

Called it.

[realestone]

i figured something smelled fishy about this when i first read it

[erschiessen]

That ink looked like it smelled fishy.

Anyway, I am looking into selling a few coins.

How could the $600 ripoff have been prevented?
Would a second transfer between two cards that one dude holds alleviate such circumstances?

[shawshankinmate37927]

How could the $600 ripoff have been prevented?
Would a second transfer between two cards that one dude holds alleviate such circumstances?

I should have withdrawn the cash from an ATM sooner.

One option is to load the code and withdraw all of the cash from an ATM before you send the BTC.

[Pineappleman]

I was pretty sure people were still interested in trading these even with some of the paypal issues.  Am I wrong: https://localbitcoins.com/ad/47183/cash-out-your-bitcoins-moneypak