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Author Topic: Secret way to buy/sell with Paypal  (Read 1402 times)
bitpop
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March 01, 2012, 07:39:03 AM
 #1

Is this a good idea? I setup a secret tor service where buyers and sellers come together like that drug site. We use mtgox rates plus a paypal markup then to cover ourself, a buyer lists a random item on ebay and the seller purchases it. Secretly, the seller ships a private key.

1. Paypal has no clue, if anything they can go under cover as a buyer and figure out the seller paypals. Quite a lot of work and each one has to be done seperately.

2. We use internal and ebay feedback for trust.

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brendio
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March 01, 2012, 08:08:42 AM
 #2

Is this a good idea? I setup a secret tor service where buyers and sellers come together like that drug site. We use mtgox rates plus a paypal markup then to cover ourself, a buyer lists a random item on ebay and the seller purchases it. Secretly, the seller ships a private key.

1. Paypal has no clue, if anything they can go under cover as a buyer and figure out the seller paypals. Quite a lot of work and each one has to be done seperately.

2. We use internal and ebay feedback for trust.

Huh? The seller purchases the item on eBay and the seller ships a private key? What does the seller get out out it?

What do you do when the eBay buyer files a claim that they did not receive their random item?

bitpop
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March 01, 2012, 08:14:03 AM
 #3

The seller gets paid in paypal.

It would all be about feedback, like silk road.

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HostFat
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March 01, 2012, 08:24:55 AM
 #4

I think that this can be a good idea Smiley

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March 01, 2012, 08:42:22 AM
 #5

The idea is good, but there are some risks: the "fake" object can be bought by a normal ebay user (it's not a high risk but it's still there), ebay can become suspicious if a user sold a lot of objects as soon as he put them on the market (not sure but maybe they've a check on that).
On the other side the fees of ebay for an auction with fixed price are 11% of the final price + 0.15€ for the media section. Plus the 3.4% and 0.35€ of paypal fees. That's means that you've to ask mtgox rate + 15% + 0.50€ to cover the expenses (on a 100€ - 27.2528BTC transaction you've to pay 115.50€, is like you pay more than 5.6$/BTC)

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bitpop
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March 01, 2012, 09:18:57 AM
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We could use another shopping cart or market(s) that sell instantly and have low or no fees.

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John (John K.)
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March 01, 2012, 02:46:52 PM
 #7

Paypal could come over and make an account too  Tongue Not that they have this free time, but just a possibility that they don't have anything better to do.

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March 02, 2012, 02:19:40 AM
 #8

I don't get it. If you are relying on the honesty of each party not to scam the other, and this is judged according to feedback, why involve eBay and not just send directly (like is happening on OTC)? It just seems like needlessly lining PayPal/eBay's pocket.

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March 02, 2012, 02:36:59 AM
 #9

even if it would work, probably wont work long.
This is because ebay is starting to cash in on the buyer directly. Which means, if you buy something off ebay, you do not pay the seller, but instead ebay collects from you. once they got the money, they ask you to send the shipment, then 7 days later they pay you out. They already started that crap on new accounts, and they released a press statement that they will make this the way it works for all payments.

What this means is basically that people can cash in bitcoins, then file a claim, and watch the seller cry, because he cant prove the shipping of whatever he "sold". (if you ever had trouble with an unhonest buyer on ebay, you can have whatever you want, as long as it's not a tracking number, you will lose a dispute as a seller)

Thing is, this way of doing things leaves the seller with multiple disadvantages:
a) he wont receive his money instantly, but has to wait 7+ days for it.
b) he has the ~15 % fees for ebay and gaypal as discussed.
c) there's an even higher fraud risk than doing normal paypal purchases

Finally, both parties will have the noob problem, since I saw more than one person to date trying to checkout via tor. people just seem to be unable to understand that using paypal over tor is really bad karma.
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