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Author Topic: OtcExchange w/ Paypal - is it legit?  (Read 1110 times)
generickid
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October 18, 2011, 11:41:17 PM
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I found the site http://otcexchange.net/ in another thread, and it mentions easy transfer of PayPal funs into bitcoin. I'm wondering has anybody used them before with success/failure?

was mentioned before on another thread here but I can't remember the link... the poster said it was legit though
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bitleaker
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October 18, 2011, 11:54:24 PM
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They are as safe as any other exchange that has completely untraceable owners. The address is an apartment building. There are no names attached to the exchange, and for some reason, they have russian nameservers.

They are also as safe as any PP->BTC transaction (i.e. not safe at all).

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October 20, 2011, 02:17:46 PM
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They are also as safe as any PP->BTC transaction (i.e. not safe at all).

Paypal does not allow trading of digital currencies. If you are caught, they will freeze your account and any assets on your paypal balance.

Other than that, a typical paypal to bitcoin transaction puts the person receiving the paypal currency at highest risk, since the buyer can dispute it at any time.

This site appears to use some type of escrow, so i'll have to read more into it.

EDIT:

When reading the how "How it Works" section, I found these two important notes.

Quote
Seller uses the link provided to perform PayPal funds transfer directly to the correspondent Buyer. Seller is provided with a pregenerated and tamper protected transaction template link and only able to confirm the ongoing payment. Resulting Paypal transaction does not disclose deal details nor it reveals a BitCoin exchange deal. It only says Order#XXXXX.

and

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Credit card transactions are vulnerable for chargebacks. PayPal transfer operation fuded by CC transaction is automatically being reversed once chargeback notification comes from cardholder issuing bank.

So, if the PP transaction is as discrete as the description above, you shouldn't have to worry about your PP account being frozen. As always, beware the CC chargeback, read more on their FAQ
boonies4u
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October 20, 2011, 02:40:24 PM
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There is no way anyone can have an exchange and not know that paypal should not be mixed with bitcoin.

I say a horrible attempt at an exchange, scam or otherwise.

See my edited post, also, since the actual transactions occur between users, I doubt they would make much scamming anyone.

Also, I would consider this less of typical BTC-USD exchange, but more of an escrow service that considers Bitcoin as a/the currency and PPUSD as a commodity.
generickid
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October 20, 2011, 05:00:29 PM
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There is no way anyone can have an exchange and not know that paypal should not be mixed with bitcoin.

I say a horrible attempt at an exchange, scam or otherwise.

See my edited post, also, since the actual transactions occur between users, I doubt they would make much scamming anyone.

Also, I would consider this less of typical BTC-USD exchange, but more of an escrow service that considers Bitcoin as a/the currency and PPUSD as a commodity.

do you think it's a bit too much work just for obtaining bitcoins?

would it be easier finding somebody on here to exchange with?
boonies4u
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October 20, 2011, 05:39:09 PM
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Yes, it would be easier. But, if, let's say the person sending the bitcoins sends first. The person who then would send the PPUSD could just not send and enjoy their free bitcoins.

Escrow ensures that funds are not transacted unless both parties fill the requirements of a transaction.

I'd love for that site to get more volume, but since it is paypal, they have to be careful.
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October 21, 2011, 01:25:06 AM
 #7

Avoid.

generickid
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October 21, 2011, 01:48:21 AM
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Avoid.

plan to avoid thnx!!
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October 21, 2011, 05:14:04 AM
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Also paypal should be avoided  Smiley

boonies4u
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October 21, 2011, 01:57:01 PM
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Now only if I knew how to bring up Cryptographic Currencies not backed up by Governments in every conversation... outside of the internet!

lol, but in all seriousness, cash in hand and bitcoins in wallet would be nice.
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