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Author Topic: Bitcoin with paypal Escrow Service  (Read 1783 times)
PowerChaos
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August 06, 2011, 01:05:24 PM
 #1

hi all
i started a escrow service at this moment

it is kinda easy , you place your offer and send the email to the buyer , the buyer pays the XX amount to my paypal , you send the bitcoin after conformation and then i send the payment to your paypal

this escrow service is only for paypal

why do i offer this ?? because i see a lot of users who get scammed with chargebacks , as in my case ( in 3 years) i got only 2 sucessfull chargebacks does it seems usefull for me to offer this service to the public to make a more fair trade and a more garantie trade (you send bitcoin ?? you get the money for sure , i take the risk of chargebacks)

you can find the site at http://powerchaos.info

the escrow service is a project of powerchaos company , if things goes well then i keep it alive , if it provide to mutch problems then i going start up a new project as i am not in the mood to deal with a lot of problems and silly abuses


here are the rules in case of intrest

the seller place his price offer for the bitcoins (put amount of bitcoins in the info )
the buyer buys the bitcoin for the asked price +5% escrow fee (i take the risk , fee can be raised to 10% depends on the amount of problems/risks) to my paypal (you get a button on the site to pay to )

as soon the payment is done , both party's get a email to say that the payment is done , the seller can send then the bitcoins
as soon the buyer got the bitcoins , just press the complete link , and i forward the payment to the seller ( the amount he asked)

a example
user1 sell 10BTC for 150$ , the buyer pays 157.5$ to ME (3.14% paypal fee , 1.86% for me ) and after user1 sended the bitcoin to the buyer then i send the money to user1 (150$ , sended as personal payment )  


should there be any problem , you can contact us always at powerchaos.com , powerchaos.info , dehost.org , demopower.com , differend sites/forums under the username PowerChaos or on this forum

Greets From PowerChaos

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koin
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August 06, 2011, 10:51:51 PM
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PayPal requires pre-approval to accept payments for certain services as set out in 6 above and detailed in the chart below.

http://cms.paypal.com/us/cgi-bin/?cmd=_render-content&content_ID=ua/AcceptableUse_full

Service Requiring Pre-Approval: providing escrow services

you might do everything on the up and up, but paypal then places a hold on the money i got from you and i'm stuck without my bitcoins and without the money, right?
PowerChaos
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August 06, 2011, 11:21:07 PM
 #3

not realy

in case they place my account on hold then i still got a other paypal account to send the money (in case it is needed) but it can take a bit more time to complete the transfer to the seller
it are both verified accounts and they got both the needed documents on it to prevent any silly blocking

it can happends that paypal does a payment check (kinda claim but from paypal itself) but that only happends a few times (some strange payments )

hopely this make you feel a bit more safe about it

the site itself is not yet optimised , need to do a lot about it but the main core is working at this moment

Greets From PowerChaos

PowerChaos
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August 07, 2011, 01:46:10 PM
 #4

the service has beein updated now

now you can fill in your bitcoin adress and paypal adress , no more need to fill in all other adress information as they are not used

it is as simple as possible

you just need to provide a bitcoin adress so the seller know where to send the bitcoins to after payment
and the seller need to provide a paypal adress so i can send the payment to him after completion of the bitcoin sending (after buyer paid ofcourse)

added a cancel button in case the buyer never paid in a XX timespan or when you saw that you made a mistake

a transaction can be canceled at any moment , if a transaction get canceled then it get refunded to the buyer
in case the buyer never confirm that he got the bitcoins then the seller can send us a email to verifie if it is realy sended
once it is sended and it match the value's on your profile then a refund to the buyer is not possible as he got what he asked (eliminate fraude)

feel free to leave revieuws over this idea or what you like to have changed
i am a bit limited on editing skills so it can take a bit of time to get this added

in meantime , feel free to try it out and let me know what you think of it

Greets From PowerChaos

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August 09, 2011, 08:10:06 PM
 #5

bumping ..

i love to have some feedback or to hear alteast a few idea's from some users so i know what you all think of this

do you like the idea ?? do you hate the idea ??

do you need some changes ?? or is everything fine ??

does it seems a bit strange ?? or does it seems great ??

if i can get a bit of feedback then i know more about this then i do at this moment

waiting for feedback :d

Thank you
Greets From PowerChaos

PowerChaos
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August 17, 2011, 09:24:14 PM
 #6

Hello PowerChaos,

I've registered at your site of escrow service and there's some feedback I'd like to share with you. Unfortunately as a newbie I cannot post on Marketplace forum, so I send you a PM that you may copy&paste in your thread "Bitcoin with paypal Escrow Service":
Thank you , as requested i added it to my topic

1) I would like to buy bitcoins but I don't find any sellers. Does it mean that there are no sellers in the website or that I need to put the price I am willing to pay (like in a dark pool?). If there are no sellers, I kindly ask you to copy this message into the thread and to bump it, since the more people use this service, the easier for me will for be to find sellers.

I've read several times the FAQ and I couldn't find the answer.

to answer this user his questions (and why i post it here)

you can use my service for a safe way betwean buyer/seller
that means that you need to know who want to buy the bitcoins

you give up his email adress in my system ( after you got a account .. create a escrow and fill in his email as buyer )
my system sends you and him a email to inform that a escrow is generated , as soon the buyer register then he will be able to complete the escrow

he will see a payment button that he can use to pay the XX + 5%  money to me and as soon that is done the api will mark it as paid
then you get a second email to inform that he paid (or a new escrow is enabled)

you send the user the bitcoins to the bitcoin adress you can see on the escrow page  , the user need to press a button as soon he got the bitcoins
as soon he pressed that button then i send the money from paypal to your paypal email you provided on your account when registering

in case the user failt to do this then you can complain ofcourse
you just contact me ( contact page ) and let me know how many bitcoins you sended
i check if you realy sended the bitcoins (it need to match the bitcoin adress on your account .. it is not visible as seller and get only visible as buyer ) and any extra proof is always welcome

if i see that the bitcoins are sended , then i mark it as completed , i take action against the user that failt to complete the process and i complete the payment to your account

in case you never sended the bitcoin like needed , and you dit not press the CANCEL button (seller can cancel at any given time , even if buyer completed his payment ) then the same action will be taken to the seller , and the buyer get his amount refunded

on that way i can eliminate fraude as mutch as possible

because bitcoin is a 1 way sending service will the seller mostly get the money if he can provide any kind of proof (same count for buyer , send me any kind of proof and it can be canceled )

please note , action can only be taken as soon the seller or buyer contacts me by contact form .. so i got all the info i need

thats all for your first question

2)I don't like that the passwords are not hashed. Maybe now it's easier to recover a lost password, but I bet that many (too many!) people will use the same password as in their Paypal account. If someday their computers got hacked, you would have to explain Paypal that even though you had their username and password it wasn't you who hacked their account.


It's great that someone is willing to handle the risk of Paypal chargebacks and defy scammers. I firmly believe that there is a great market for transactions of Bitcoins with Paypal and your service can become something great.

because my service only get used betwean buyer/seller that probaly know each other from 1 of other place or talked to them before is it not needed for me to heavy secure the passwords , there is a few server side security ofcourse and a few script security

the info i got is just a paypal adress (to send payment to if you are seller ) , a email adress ( to get emails of new sales/buys from the persones you contacted and to create a escrow service to the right user)  a bitcoin adress ( to send payment to if you are buyer) and a username (verification of the seller to know that it is  the right buyer ? a login name ?? )

so basicly the information i got is no more then the information you can already find public
exept the passwords ofcourse , it is not my responsibility that the user use his paypal password , it is just my responsibility that i keep the things safe
as the site itself does not contain any valuable information and does not contains a strengt check does the password encryption not mather mutch

to give a example
do you want use "1" as pass .. who stops you from using that ?
if they get into your account ?? what they find ?
a email .. a paypal and a bitcoin adress ?? (they are not even verified by the system .. so who says that they are valid )

if the database get hacked (it is secured but it can happen) then they still got the same information if they can find the right database (i got more databases on it then just this database)

so at this moment i see no point in securing the accounts more then it is at this moment , it is useless to make logins harder and to add a lot of security to a service that just get used to confirm a payment and that does not even store valuable information (maybe the pass that can be anyhting)

even the emails doesnt have a verification check , as it is not my responsibility that you can not get a email when a seller want to sell bitcoins to you or that you dit not get a conformation that the trade is in the next stage

hopely this explained why it is this way at this moment

it is possible that i tune the script more and more when i got spare time left and when i feel that it is needed to tweak it more
but at this moment i want to keep it as easy as it can be for the seller/buyer

at this moment i going start up a forum topic on my other support forum to support more questions/problems about powerchaos.info (forum is located at http://forum.boosterking.com )
please note , that forum get mainly used for boosterking, but it got a ticket system , and a personal corner and soon a forum for powerchaos.info that will contain a review topic , a buy/sell topic and a general question topic

Greetings From PowerChaos

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