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

[DBordello]

BTCPak - Exchange your Bitcoins for MP: secure, anonymous and easy!

Introducing https://www.btcpak.com

Now offering $1,000 MP!

I am proud to announce BTCPak.  BTCPak is a new service that will allow you to purchase MPs with Bitcoins.  Buying MPs has never been easier.  

• Select the value of the MP
• Provide a refund address
• Send bitcoins to deposit address provided
• After 6 confirmation, receive your MP Code!

If you sent your Bitcoins from the Mt. Gox green address, your MP code is released immediately!  Otherwise the MP code is available after 6 network confirmations.  

The service is completely anonymous.  The only information required is a refund address! (Which likely will never be utilized).

We are currently offering three denominations: $1,000 MP, $500 MP, $250 MP and $100 MP.

I have been involved in numerous BTC<->MP transactions over the last couple of months.  My #bitcoin-otc Web of Trust (WOT) rating is available here: http://bitcoin-otc.com/viewratingdetail.php?nick=DBordello

I look forward to providing this service to community.  Please feel free to disdcuss your experiences with the service.  

Dan

[newdude]

I love this! Innovation at its BEST. Will be using your service this week.

[DBordello]

I love this! Innovation at its BEST. Will be using your service this week.

I am glad to hear that!  Please let me know how your experience is.

Dan

[newdude]

I would recommend being able to change the amount of the MoneyPak.

[DBordello]

I would recommend being able to change the amount of the MoneyPak.

Initially we are going to stick with the $100 MP.  In the future we plan to expand to other denominations.

Dan

[grue]

What is the advantage is using this over a btc -> paypal service?

[Stephen Gornick]

What is the advantage is using this over a btc -> paypal service?

PayPal is just one place that accepts MoneyPak for deposit (Serve from American Express), to reload prepaid cards or for bill payment (e.g., Metro PCS).
 - https://www.moneypak.com/WhoAccepts.aspx

[newdude]

I would-NOT do anything concerning Paypal.

[grue]

What is the advantage is using this over a btc -> paypal service?

PayPal is just one place that accepts MoneyPak for deposit (Serve from American Express), to reload prepaid cards or for bill payment (e.g., Metro PCS).
 - https://www.moneypak.com/WhoAccepts.aspx

thanks.

[abaaj]

Vouch for OP , I have done numerous amount of exchanges.

[sunnankar]

If you sent your Bitcoins from the Mt. Gox or Instawallet green address, your MoneyPak code is released immediately!  Otherwise the MoneyPak code is available after 6 network confirmations. 

I think you may need to extend the period of time, currently what like 2 minutes?, for a transaction to be sent to the network before the transaction is closed due to lack of deposits. It seems Strongcoin.com takes a while to get a payment sent out to the network. Perhaps increase it to an hour or something.

[DBordello]

If you sent your Bitcoins from the Mt. Gox or Instawallet green address, your MoneyPak code is released immediately!  Otherwise the MoneyPak code is available after 6 network confirmations.  

I think you may need to extend the period of time, currently what like 2 minutes?, for a transaction to be sent to the network before the transaction is closed due to lack of deposits. It seems Strongcoin.com takes a while to get a payment sent out to the network. Perhaps increase it to an hour or something.

Thank you for the comment.  The timeout on the transaction has been extended.

It is odd that strongcoin is taking so long for a transaction to hit the bitcoin network.  Most other clients send the transaction immediately.  I will investigate the issue.

Dan

[DBordello]

If you sent your Bitcoins from the Mt. Gox or Instawallet green address, your MP code is released immediately!  Otherwise the MP code is available after 6 network confirmations.  

I think you may need to extend the period of time, currently what like 2 minutes?, for a transaction to be sent to the network before the transaction is closed due to lack of deposits. It seems Strongcoin.com takes a while to get a payment sent out to the network. Perhaps increase it to an hour or something.

Just to clarify, although the transaction was closed (and therefore a MP code was not released), the deposit was refunded.  

However, this bug did work slightly in your favor.  Since bitcoins are worth more now, you can purchase the same MP for slightly less.

Sorry for the hassle,  

Dan

[sunnankar]

I think you may need to extend the period of time, currently what like 2 minutes?, for a transaction to be sent to the network before the transaction is closed due to lack of deposits. It seems Strongcoin.com takes a while to get a payment sent out to the network. Perhaps increase it to an hour or something.

Just to clarify, although the transaction was closed (and therefore a MoneyPak code was not released), the deposit was refunded. 

However, this bug did work slightly in your favor.  Since bitcoins are worth more now, you can purchase the same MoneyPak for slightly less.

What is odd is the transaction does not show up in the blockchain. It does show up in Strongcoin.com's transaction history but the link to the transaction shows an error and that no transaction exists. I think Strongcoin is having issues. Anyone else having problems with Strongcoin?

The MoneyPaks are Sold Out. Need moar MoneyPaks!

Would be really cool if you added the ability for there to be multiple suppliers who can be rated or at least have the transactions closed with a satisfactory remark from buyers. Then this informal hawala network could scale better. You could take a small fee as the trust agent.

[DBordello]

I think you may need to extend the period of time, currently what like 2 minutes?, for a transaction to be sent to the network before the transaction is closed due to lack of deposits. It seems Strongcoin.com takes a while to get a payment sent out to the network. Perhaps increase it to an hour or something.

Just to clarify, although the transaction was closed (and therefore a MP code was not released), the deposit was refunded.  

However, this bug did work slightly in your favor.  Since bitcoins are worth more now, you can purchase the same MP for slightly less.

What is odd is the transaction does not show up in the blockchain. It does show up in Strongcoin.com's transaction history but the link to the transaction shows an error and that no transaction exists. I think Strongcoin is having issues. Anyone else having problems with Strongcoin?

The MPs are Sold Out. Need moar MPs!

Would be really cool if you added the ability for there to be multiple suppliers who can be rated or at least have the transactions closed with a satisfactory remark from buyers. Then this informal hawala network could scale better. You could take a small fee as the trust agent.

I am not exactly sure what is going on with strongcoin.  Hopefully they sort it out soon.

The multiple suppliers idea makes me nervous.  Since I am 100% in possession of the MPs, I know that they are valid.  If a buyer claims that a MP is invalid, it is difficult to prove who is at fault, the seller or the buyer.  So for now I think we are going to stick with a single seller model.  

I apologize for the sold out page.  That was a little bug that popped up (erring on the side of saftey).  Don't worry, we are fully loaded and waiting for your bitcoins.  

[sunnankar]

The multiple suppliers idea makes me nervous.  Since I am 100% in possession of the MoneyPaks, I know that they are valid.  If a buyer claims that a MoneyPak is invalid, it is difficult to prove who is at fault, the seller or the buyer.  So for now I think we are going to stick with a single seller model. 

Something to keep in mind. I have a friend who owns a few mobile home parks. His tenants currently deposit cash into his bank account to pay their rent. There is a good chance he would prefer Bitinstant for a few tenants every month so long as he can convert back out to cash easily with MoneyPaks and Amex cards.

[DBordello]

The multiple suppliers idea makes me nervous.  Since I am 100% in possession of the MP, I know that they are valid.  If a buyer claims that a MP is invalid, it is difficult to prove who is at fault, the seller or the buyer.  So for now I think we are going to stick with a single seller model.  

Something to keep in mind. I have a friend who owns a few mobile home parks. His tenants currently deposit cash into his bank account to pay their rent. There is a good chance he would prefer Bitinstant for a few tenants every month so long as he can convert back out to cash easily with MP and Amex cards.

That sounds very interesting.  Let me know how I can be assistance to him.

Dan

[sunnankar]

I am not exactly sure what is going on with strongcoin.  Hopefully they sort it out soon.

Strongcoin finally got a few of their issues sorted out so I was able to make transfers. Got one of the Moneypak's and the transaction went flawlessly as I reloaded the Amex page after using the Moneypak and the balance was shown on my card.

It did take about one hour for the 6 confirmations to go through. Was stuck at 4 confirmations for like 20 minutes. So if someone gets the Moneypak then make sure you keep that transaction ID safe and probably just pick it up after doing some errands, etc.

This is a great loop, although some friction at about 6% both ways, between BitInstant, BTCPak and Amex prepaid debit/ATM cards.

Great service!

[DBordello]

I am not exactly sure what is going on with strongcoin.  Hopefully they sort it out soon.

Strongcoin finally got a few of their issues sorted out so I was able to make transfers. Got one of the Moneypak's and the transaction went flawlessly as I reloaded the Amex page after using the Moneypak and the balance was shown on my card.

It did take about one hour for the 6 confirmations to go through. Was stuck at 4 confirmations for like 20 minutes. So if someone gets the Moneypak then make sure you keep that transaction ID safe and probably just pick it up after doing some errands, etc.

This is a great loop, although some friction at about 6% both ways, between BitInstant, BTCPak and Amex prepaid debit/ATM cards.

Great service!

I am glad that strongcoin was able to sort everything out and that you were able to utilize our service.

Unfortunately, confirmations are one of the weaknesses of the bitcoin network that we have to deal with.  Generally, if the funds are sent from the standard bitcoin client, a fee is provided and the transaction is picked up in the next block.  However, the trouble comes when people send from online wallets such as Mt. Gox or Instawallet.  These services don't always include fees and the transaction hangs out in limbo for a while.  We try to get around that by recognizing the green address of these services.

Dan

[DBordello]

I am proud to report that BTCPak has sold over $2000 worth of MP codes.  So far all of the transactions have been smooth and we have gotten positive feedback from our users.

Thank you everybody!

Dan