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Author Topic: Is Accesscoin (bitcoin with credit cards) gonna last?  (Read 1160 times)
Shuai
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October 25, 2011, 09:15:44 PM
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www.accesscoin.com seems to have found a way to sell bitcoin for credit card money without immediately getting scammed to death: using facebook connect to verify the buyers identity.

But is this model going to last, or will the scammers outsmart them?

I can already see that their rate is a bit higher than the exchange rate, which I guess is to cover the losses of the fraudulent purchases that currently get through. Do you think this discrepancy is just gonna continue to rise as scammers come up with more elaborate methods, essentially elimininating the business? Or is it a viable method that will see more widespread adoption?
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DeathAndTaxes
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October 25, 2011, 10:22:56 PM
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It will fail.

Legit users will say "cool idea but too expensive".  Thus they buy where it is cheaper.
Fraudulent users will say "shit I would buy it for $9 per BTC.  It isn't my money".  They buy where it is possible to commit fraud.

Over time ratio of fraudulent to legit users continually rises thus fees have to keep rising resulting in a downward spiral.

I don't see how facebook accounts is much of a deterrent.   Don't we hear everyday about facebook accounts getting hacked.  The sophistication of average facebook users isn't much higher than average credit card user and single trojan can acquire both.
mndrix
Michael Hendricks
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October 25, 2011, 11:07:58 PM
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Another challenge for this particular service is that Google Checkout's terms of service prohibit currency exchange.  I vaguely recall a similar service being shut down last year, but can't find the forum posts now
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