BTCPak - Exchange your Bitcoins for MP [$100, $250, $500 and $1000 MPs]

[DeathAndTaxes]

How do you determine your fees, they seem awfully high based on current MtGox price.

Your $1000 MP works out to 11.3895 per btc but MtGox current price is 12.50915 giving you $98 in fees. 

The $250 MP charges $30 in fees.

Its called profit.  Did you expect he would sell at cost? Does any store sell at cost?

[1714191111]

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[1714191111]

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[1714191111]

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[koin]

Your $1000 MP works out to 11.3895 per btc but MtGox current price is 12.50915 giving you $98 in fees. 

Its called profit.

and a darn nice one at that.

the problem is turning over the bitcoins received into cash (paper currency) that is then used to buy replacement moneypaks.  to do this you need a lot of capital since the exchanges don't always process withdrawals quickly or inexpensively.

there's room for competition for sure.

[illWill]

+1 to the service. Very fluid. Highly recommended

[DBordello]

+1 to the service. Very fluid. Highly recommended

I am glad that you enjoyed it.

You may have noticed, we are currently "skating" along at limited inventory levels.  We should be back to normal inventory levels soon.

Sorry for the inconvenience.

Dan

[Viceroy]

Sorry for the inconvenience.

As a potential customer who decided to go with a competitor, I think you should be more transparent with your pricing scheme.  The reason I chose the competitor is that they were more transparent with their pricing scheme even updating the current buy price "on the fly" and plainly stating a $10 fee for processing.  (Though I do take issue with the competitor for an additional 3% up-charge between their current buy price and mt gox).

Consumers want to understand your model, personally I don't like your 'black box' pricing approach and so I am letting you know that for this reason alone I chose a competitors site over yours.  If your site were more dynamic and offered a better explanation of your pricing model I would have given it a try but I after realized your markup was >10% with no explanation I was forced to seek out an alternative.

My 0.02 btc

[DBordello]

Sorry for the inconvenience.

As a potential customer who decided to go with a competitor, I think you should be more transparent with your pricing scheme.  The reason I chose the competitor is that they were more transparent with their pricing scheme even updating the current buy price "on the fly" and plainly stating a $10 fee for processing.  (Though I do take issue with the competitor for an additional 3% up-charge between their current buy price and mt gox).

Consumers want to understand your model, personally I don't like your 'black box' pricing approach and so I am letting you know that for this reason alone I chose a competitors site over yours.  If your site were more dynamic and offered a better explanation of your pricing model I would have given it a try but I after realized your markup was >10% with no explanation I was forced to seek out an alternative.

My 0.02 btc

Viceroy,

I appreciate your honest feedback. 

I am trying to go for a very clean, simple interface.  In doing so, the "fees" are slightly hidden.  However, I will consider a better way to display this sort of information.  Obviously it is not hidden, since it takes two seconds to back calculate our buying price.

Thank you for the feedback.

Dan

[sinner]

how long does it usually take to receive GDMP for bitcoins?

who is the main competitor?

[DBordello]

how long does it usually take to receive GDMP for bitcoins?

who is the main competitor?

Our site generally waits for 6 confirmations.  However, if you send from the Mt. Gox green address, or through the blockchain.info mixer, you receive the MoneyPak code within minutes. 

Our main competitor is Fastcash4Bitcoins.

I hope this helps you make an informed decision 

Dan

[Stephen Gornick]

Mt. Gox green address, or through the blockchain.info mixer, you receive the MoneyPak code within minutes. 

ORLY?   That's awesome!   

I was going to suggest some sort of wallet so that the MoneyPak code could be acquired within minutes.   So a green address solves that.

Though I have no idea how the blockchain.info mixer would be protected against a Finney attack though.  This is a perfect example of what not to do.  When mining, include a transaction that spends to self.  If a block is solved, hold the block and the transaction without broadcasting.   Send a 0/unconfirmed to a blockchain.info/wallet, then send payment to BTCPak through the mixer.  Wait a few seconds until BTCPak shows payment and reveals the MoneyPak code.  Then release the mined block which double spends the coin.

Profit.

I'm suspecting there must be something I'm overlooking with how you are notified by the mixer, or something.

[DBordello]

Mt. Gox green address, or through the blockchain.info mixer, you receive the MoneyPak code within minutes. 

ORLY?   That's awesome!   

I was going to suggest some sort of wallet so that the MoneyPak code could be acquired within minutes.   So a green address solves that.

Though I have no idea how the blockchain.info mixer would be protected against a Finney attack though.  This is a perfect example of what not to do.  When mining, include a transaction that spends to self.  If a block is solved, hold the block and the transaction without broadcasting.   Send a 0/unconfirmed to a blockchain.info/wallet, then send payment to BTCPak through the mixer.  Wait a few seconds until BTCPak shows payment and reveals the MoneyPak code.  Then release the mined block which double spends the coin.

Profit.

I'm suspecting there must be something I'm overlooking with how you are notified by the mixer, or something.

I appreciate your concern against a finney attack.  However, BlockChain.info takes precautions against these types of attacks: https://blockchain.info/wallet/send-anonymously

In any case, they assume zero-confirmation risk.  If they get double-spent (or a finney attack), the input to the mixer would be invalid, not the output. 

Although an attack is always possible, we haven't had an issue yet.  Hopefully this continues  

[illWill]

Overall this service is great. I had one problem though... My comp seemed to shut off on the last conformation on my last order. I've contacted your support team but to response yet   I really want to continue business DBordello just need to get this taken care of first.

Please let me know what else I need to provide to square this away.

Thanks
illwill -



Wow they fixed the problem before i even submitted the post. Very professional, best additional to BTC!

Great work guys.
+11111

[DBordello]

Sorry for the brief outage.  We back fully stocked.

Dan

[Stephen Gornick]

Any chance BTCPak would sell the PayPal Cash card (like MoneyPak but from PayPal):
 - https://www.paypal-cash.com/how_it_works.html

[DBordello]

Any chance BTCPak would sell the PayPal Cash card (like MoneyPak but from PayPal):
 - https://www.paypal-cash.com/how_it_works.html

I have seen these around.  I am going to do some more research how they work. 

We should be fully stocked again.

Dan

[DBordello]

Our inventory levels have stabilized. 

Dan

[DBordello]

Shameless bump

[polymorphous]

I shot off an e-mail to support@btcpak.com but thought I would post here as well in case someone else had had a similar issue. I went to purchase a $250 MP through the option in my blockchain wallet, the BTC was debited from my account, but when I came back a few minutes later, where the code would normally appear there was a message saying that the transaction had been cancelled due to lack of deposits. Should I expect the coins to be refunded to the address they were sent from?

[DBordello]

It appears the Blockchain.info mixer is having difficulties.  I am looking in to it.

[polymorphous]

It appears the Blockchain.info mixer is having difficulties.  I am looking in to it.

Thanks. I just wasn't sure what the easiest way of getting your attention would be.

[DBordello]

It appears the mixer has released the funds.  You should be good to go now.  Sorry for the mixup.

Dan