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Author Topic: [closed] $100 MtGox USD for sale on Ebay  (Read 11919 times)
dacoinminster
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May 10, 2011, 10:16:40 PM
 #21

I discovered that I am vulnerable to price speculation selling these gift certificates on Ebay, so I had to cancel my $100 auction early.

Assuming the e-check clears, I will still pay the 14.29 bitcoins to the winner of my earlier auction.

The problem is that the winning bidder can pay by e-check, which takes a week to clear. The winning bidder can cancel that e-check at any time. If the price of bitcoins doubles, they let the e-check clear, and I send them the gift certificate that they bought at a much lower price than it is currently worth. If they don't like the price in one week, they cancel the e-check before it clears, and I have to re-list the gift certificate. Ebay rules won't let me exclude e-checks.

I've learned an important lesson, and I'm changing my strategy. From now on, I will be selling gift certificates good for MtGox USD on ebay instead of bitcoins. Since the price for them doesn't vary wildly, there isn't a vulnerability to price speculation.

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May 11, 2011, 02:25:57 AM
 #22

I discovered that I am vulnerable to price speculation selling these gift certificates on Ebay, so I had to cancel my $100 auction early.

Assuming the e-check clears, I will still pay the 14.29 bitcoins to the winner of my earlier auction.

The problem is that the winning bidder can pay by e-check, which takes a week to clear. The winning bidder can cancel that e-check at any time. If the price of bitcoins doubles, they let the e-check clear, and I send them the gift certificate that they bought at a much lower price than it is currently worth. If they don't like the price in one week, they cancel the e-check before it clears, and I have to re-list the gift certificate. Ebay rules won't let me exclude e-checks.

I've learned an important lesson, and I'm changing my strategy. From now on, I will be selling gift certificates good for MtGox USD on ebay instead of bitcoins. Since the price for them doesn't vary wildly, there isn't a vulnerability to price speculation.

Can't you just take paypal only, or is the e-check done through paypal?  I'm a little confused, could you state "paypal only" in your auction and if they pay with an e-check just refund the money and tell them you don't accept payment via e-check?  I thought the idea was pretty solid, so much so, that before finding this thread this evening, I had even come up with my own certificate and was pretty much going to copy you!
dacoinminster
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May 11, 2011, 03:46:24 PM
 #23

Can't you just take paypal only, or is the e-check done through paypal?  I'm a little confused, could you state "paypal only" in your auction and if they pay with an e-check just refund the money and tell them you don't accept payment via e-check?  I thought the idea was pretty solid, so much so, that before finding this thread this evening, I had even come up with my own certificate and was pretty much going to copy you!

Yeah, the e-check is through PayPal. If I accept PayPal, I have to accept their e-checks.

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May 11, 2011, 04:12:05 PM
 #24

Can't you just take paypal only, or is the e-check done through paypal?  I'm a little confused, could you state "paypal only" in your auction and if they pay with an e-check just refund the money and tell them you don't accept payment via e-check?  I thought the idea was pretty solid, so much so, that before finding this thread this evening, I had even come up with my own certificate and was pretty much going to copy you!

Yeah, the e-check is through PayPal. If I accept PayPal, I have to accept their e-checks.

So do you think if you made it a "term of service" it would suffice?  Borrowing heavily from you, I went ahead and started an auction.  Let me know if you see anything glaringly obvious that I may have left out.  I really like the idea behind this as it ties into ebay's current feedback system with ebay protections built in.  Anyways, your comments would be appreciated.
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May 11, 2011, 04:21:12 PM
 #25

So do you think if you made it a "term of service" it would suffice?  Borrowing heavily from you, I went ahead and started an auction.  Let me know if you see anything glaringly obvious that I may have left out.  I really like the idea behind this as it ties into ebay's current feedback system with ebay protections built in.  Anyways, your comments would be appreciated.

His auction is here: http://cgi.ebay.com/280675399419

I can't find the official policy, but everyone seems to think if you accept PayPal, you have to accept e-checks. For instance: http://answercenter.ebay.com/question/Paypal/Echeck/900247346

The real hang-up is that a new PayPal user won't know that they are paying by e-check until after they send Payment. This actually happened to me the first time I tried to pay somebody with my new PayPal account. I hit "send payment", and then when I looked at my transaction history, it said an e-check would be sent in a few days. I had to cancel the e-check and jump through some hoops before I could send the instant payment I had meant to send.

Just for the fun of it, I put in a low bid on your auction Smiley

P.S. If your auction sells for more than $250, you need to ship with signature confirmation in order to be eligible for seller protection.

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May 11, 2011, 04:55:36 PM
 #26

So do you think if you made it a "term of service" it would suffice?  Borrowing heavily from you, I went ahead and started an auction.  Let me know if you see anything glaringly obvious that I may have left out.  I really like the idea behind this as it ties into ebay's current feedback system with ebay protections built in.  Anyways, your comments would be appreciated.

His auction is here: http://cgi.ebay.com/280675399419

I can't find the official policy, but everyone seems to think if you accept PayPal, you have to accept e-checks. For instance: http://answercenter.ebay.com/question/Paypal/Echeck/900247346

The real hang-up is that a new PayPal user won't know that they are paying by e-check until after they send Payment. This actually happened to me the first time I tried to pay somebody with my new PayPal account. I hit "send payment", and then when I looked at my transaction history, it said an e-check would be sent in a few days. I had to cancel the e-check and jump through some hoops before I could send the instant payment I had meant to send.

Just for the fun of it, I put in a low bid on your auction Smiley

P.S. If your auction sells for more than $250, you need to ship with signature confirmation in order to be eligible for seller protection.

Nice, thank you!

I guess a link would have been helpful.  Smiley

I'll see how this one goes...if nothing else, it may be a good learning experience.
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May 11, 2011, 05:46:43 PM
 #27

Post #1 in the thread has been updated to reflect that I am now selling $100 in MtGox USD on Ebay. Ebay listing is here:
http://cgi.ebay.com/300556550490

Buy-it-now price is $115, which I think should cover ebay fees, paypal fees, and shipping costs.

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May 12, 2011, 07:26:49 AM
 #28

So do you think if you made it a "term of service" it would suffice?  Borrowing heavily from you, I went ahead and started an auction.  Let me know if you see anything glaringly obvious that I may have left out.  I really like the idea behind this as it ties into ebay's current feedback system with ebay protections built in.  Anyways, your comments would be appreciated.

His auction is here: http://cgi.ebay.com/280675399419

I can't find the official policy, but everyone seems to think if you accept PayPal, you have to accept e-checks. For instance: http://answercenter.ebay.com/question/Paypal/Echeck/900247346

The real hang-up is that a new PayPal user won't know that they are paying by e-check until after they send Payment. This actually happened to me the first time I tried to pay somebody with my new PayPal account. I hit "send payment", and then when I looked at my transaction history, it said an e-check would be sent in a few days. I had to cancel the e-check and jump through some hoops before I could send the instant payment I had meant to send.

Just for the fun of it, I put in a low bid on your auction Smiley

P.S. If your auction sells for more than $250, you need to ship with signature confirmation in order to be eligible for seller protection.


This is  a good reason for bitbills! It gives you a physical item to ship to customers.
morpheus
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May 12, 2011, 02:49:57 PM
 #29

Hey guys, I just want to let you know Paypal decided not to allow people to sell bitcoin with their service (this also includes Mt Gox USD). You may be able to sell for a while, but be prepared for Paypal to freeze your account.

I know this from experience. Sad

I'm selling Mt. Gox USD and Bitcoin for cash, check or money order in the mail: http://bitcoinmorpheus.tumblr.com/

Check out my 100% decentralized P2P exchange: https://github.com/macourtney/Dark-Exchange
dacoinminster
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May 12, 2011, 02:52:18 PM
 #30

Hey guys, I just want to let you know Paypal decided not to allow people to sell bitcoin with their service (this also includes Mt Gox USD). You may be able to sell for a while, but be prepared for Paypal to freeze your account.

I know this from experience. Sad

I'm aware of the bad experiences you and mndrix had. I'm hoping that selling "gift certificates" rather than currency will avoid that problem.

dacoinminster
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May 12, 2011, 06:58:20 PM
 #31

The ebay listing has been ended.

I'm kind of a dummy - I hadn't messed around with Dwolla at all, and didn't realize how easy it is to fund MtGox that way. Nobody in the U.S. is going to be interested in a marked-up gift certificate when they can just use Dwolla.

I could always sell a certificate to international folk who can't use Dwolla, but then I'd have to deal with scummy Nigerians in internet cafes. (No offense if that is you)

OK, I take that back. Go ahead and be offended you dirty 419ers.

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May 12, 2011, 07:12:05 PM
 #32

The ebay listing has been ended.

I'm kind of a dummy - I hadn't messed around with Dwolla at all, and didn't realize how easy it is to fund MtGox that way. Nobody in the U.S. is going to be interested in a marked-up gift certificate when they can just use Dwolla.

I could always sell a certificate to international folk who can't use Dwolla, but then I'd have to deal with scummy Nigerians in internet cafes. (No offense if that is you)

OK, I take that back. Go ahead and be offended you dirty 419ers.

Why not just lower your buy it now price?
dacoinminster
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May 12, 2011, 07:16:53 PM
 #33

Why not just lower your buy it now price?

Overhead costs described earlier in this thread (ebay, paypal, shipping)

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