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Author Topic: Paypal to BTC price acceptable  (Read 3710 times)
avoid3d
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November 09, 2011, 07:33:01 PM
 #1

If I found a sneaky way to offer paypal > btc, what price would you accept Smiley think people buying there first bitcoins


the current price is 2.93 and my method would work to about 3.30

what would the demand at that rate be ?

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November 09, 2011, 07:45:51 PM
 #2

If I found a sneaky way to offer paypal > btc, what price would you accept Smiley think people buying there first bitcoins

the current price is 2.93 and my method would work to about 3.30

what would the demand at that rate be ?
If you're able to do this with a simple and clean user experience, I think you'll have a large market at that price.

But if by "sneaky way" you mean that the user will use PayPal to buy A, use A to buy B, and use B to buy bitcoins, it will be closer to 0.

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November 09, 2011, 08:23:15 PM
 #3

ya, what is this sneaky way?

avoid3d
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November 09, 2011, 08:25:46 PM
 #4

its:

paypal to buy A
A to buy BTC

^ and the user doesnt need to know about those two Smiley

and tbh I dont want to give it away until I confirm I cant do it with a clean user experience Smiley

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November 09, 2011, 08:26:30 PM
 #5

"sneaky ways" usually end up not working and getting you in trouble.

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November 09, 2011, 08:31:18 PM
 #6

"sneaky ways" usually end up not working and getting you in trouble.

Hehe. Well said !
avoid3d
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November 09, 2011, 08:32:46 PM
 #7

the glory of the internet Tongue

I am reconsidering now...

oh doing some research I also found a competing way that is more secure and trusted, I tried it out now and it worked nearly instantly

go to virwox

buy LD at ~260 LD/USD

buy BTC at ~ ~950 LD/BTC

works quite well and that's what I will recomend to people in the future

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November 09, 2011, 08:35:44 PM
 #8

the glory of the internet Tongue

I am reconsidering now...

oh doing some research I also found a competing way that is more secure and trusted, I tried it out now and it worked nearly instantly

go to virwox

buy LD at ~260 LD/USD

buy BTC at ~ ~950 LD/BTC

works quite well and that's what I will recomend to people in the future
And how much did that cost in fees?

Edit: Also, do you have to install SL / have a SL account to do it?

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November 09, 2011, 08:39:28 PM
 #9

the glory of the internet Tongue

I am reconsidering now...

oh doing some research I also found a competing way that is more secure and trusted, I tried it out now and it worked nearly instantly

go to virwox

buy LD at ~260 LD/USD

buy BTC at ~ ~950 LD/BTC

works quite well and that's what I will recomend to people in the future
And how much did that cost in fees?

Edit: Also, do you have to install SL / have a SL account to do it?

You don't need a SL account... just make up a fake avatar name and it works fine.  Fees are reasonable, but you won't be able to do this at scale.  Virwox has fairly small daily transaction limits.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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November 09, 2011, 08:59:54 PM
 #10

This doesn't work because:

When a user disputes a Paypal payment, and they didn't even know they were first buying LD, then how will you prove to paypal that they got what they were paying for?

So chargebacks will happen probably with 100% success for those filing disputes.
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November 09, 2011, 09:42:56 PM
 #11

Ya I wouldn't do this "sneaky way" if i were you
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November 09, 2011, 09:45:38 PM
 #12

the only way to sell bitcoins right now via paypal or credit card that is even remotely safe is to sell physical bitcoins. However there is still a high possibility of charge back in that case as well and for instance Memory Dealers although doing it in the safest way possible is still assuming a decent amount of risk selling an irreversible coin to a very reversible paypal
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November 10, 2011, 12:58:49 AM
 #13

the glory of the internet Tongue

I am reconsidering now...

oh doing some research I also found a competing way that is more secure and trusted, I tried it out now and it worked nearly instantly

go to virwox

buy LD at ~260 LD/USD

buy BTC at ~ ~950 LD/BTC

works quite well and that's what I will recomend to people in the future
And how much did that cost in fees?

Edit: Also, do you have to install SL / have a SL account to do it?

You don't need a SL account... just make up a fake avatar name and it works fine.  Fees are reasonable, but you won't be able to do this at scale.  Virwox has fairly small daily transaction limits.


I did the VirWox purchase just to see how it all worked and what happens.

I signed up for Virwox and made up an avatar name at random.

I deposited $40 via Paypal.  After the fees (PayPal's) I had $38.34 in my Virwox account.

I bought  9486.76 SLL - $0.34 left over.

I then bought 9 BTC for 8630.96 SLL.  Virwox will only let you buy whole amounts - no 9.5 BTC for example.  I now have 855.71 SSL left over.

So, I effectively spent $35 for 9 BTC = $3.89 per BTC.  Plus I have some extra SLL and USD sitting in my VirWox account.

I tried to widthdraw my BTC and got this message "Your withdrawal request has been received. However, a manual step is required before it can be completed. More information can be found here"  "here" is a link to a FAQ:

"What is the "manual step" required to process some withdrawals, and how long does it take?

Withdrawals to bank accounts are usually processed on the morning of the next business day. While most withdrawals to PayPal, NETELLER, Moneybookers, and Bitcoin accounts are processed instantly, we manually check some of them for security reasons. They will be processed within 48 hours. In any case, you will receive an email confirmation when the withdrawal has been processed."

I've not gotten my BTC yet, but it's only been 10 minutes.  The FAQ says 48 hours.

Anyway, I can't see using this method unless you MUST use paypal. It's too expensive.

Hope I helped.

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November 10, 2011, 01:29:41 AM
 #14

If I found a sneaky way to offer paypal > btc, what price would you accept Smiley think people buying there first bitcoins


the current price is 2.93 and my method would work to about 3.30

what would the demand at that rate be ?

Within a few weeks you will be able to use VirWox (paypal, moneypak...) to fund your TradeHill / Gox / Intersango account using Bitinstant.com

All done in one easy process, by the company you all know and trust  Cheesy
Will keep everyone updated

-Charlie

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
avoid3d
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November 10, 2011, 09:55:59 AM
 #15

Note that I have not disclosed my sneaky method, and I just checked out virwox for fun aswell Smiley



avoid3d - Pierre Hugo
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November 10, 2011, 12:32:02 PM
 #16

Keep in mind that Paypal forbids the use of their system to buy/sell bitcoins. Coinpal was a successful site to buy bitcoins with Paypal that ended up having its account frozen.
If your "sneaky way" doesn't include a way to hide yourself from Paypal, you won't go to far.
The only way I can see a paypal<->BTC exchange operating is under these terms, but that doesn't address the considerable chargeback risks, and I wouldn't call it a "simple and clean user experience" either.
avoid3d
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November 10, 2011, 12:52:11 PM
 #17

How does virwox do it for interest sake?

avoid3d - Pierre Hugo
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November 10, 2011, 03:47:44 PM
 #18

It would take too long before Paypal discover the "sneaky" methods and plug the loopholes.
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November 10, 2011, 06:11:24 PM
 #19

It would take too long before Paypal discover the "sneaky" methods and plug the loopholes.

Don't think so. Those folks over at PP are determined to screw us over hard and soon.
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November 10, 2011, 06:22:28 PM
 #20

I tried to widthdraw my BTC and got this message "Your withdrawal request has been received. However, a manual step is required before it can be completed. More information can be found here"  "here" is a link to a FAQ:
Please let us know how long it eventually takes to get your BTC.  Thanks.

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LTC: LMS7SqZJnqzxo76iDSEua33WCyYZdjaQoE
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