[closed] $100 MtGox USD for sale on Ebay

[dacoinminster]

I canceled this auction for reasons described in the thread

I am now selling MtGox USD on Ebay: http://cgi.ebay.com/300556550490

Below is the auction for a bitcoin gift certificate which I had to cancel for reasons described in this thread.

Here is my current ebay auction selling a paper gift certificate for 25BTC (no reserve): http://cgi.ebay.com/300555905164

Here is my gift certificate template in case anybody else wants to use it:

http://img856.imageshack.us/img856/7460/certificate100.png

Feel free to make it your own. The font is Papyrus (it's overused for a reason!)

Original post that started this thread:

Now that coinpal/coincard is down, I've listed a "gift certificate" on ebay which can be used to buy some of my bitcoins:

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=300553474425

This is an experiment to gauge demand for purchasing bitcoins on ebay, and whether there are any problems with selling bitcoins this way. If this works further auctions may follow.

Edit: If anybody else wants to try this, here's the image I am using for the gift certificate:

http://img28.imageshack.us/img28/6060/certificateg.png

Edit: I just realized that people will be able to buy my gift certificates using CREDIT CARDS. A way to buy bitcoins with credit cards has always been high on many people's wish lists. I hope this works!

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[Mahkul]

Why US only?

[dacoinminster]

Why US only?

I'm Xenophobic

It's all about shipping costs. They are lower if I keep it to the US.

Really, there's nothing stopping any of you from doing the same thing, so if you want to sell internationally, please do!

[tomcollins]

Why US only?

I'm Xenophobic

It's all about shipping costs. They are lower if I keep it to the US.

Really, there's nothing stopping any of you from doing the same thing, so if you want to sell internationally, please do!

Is there any requirement you actually have to ship something on ebay, or can you just email the code?

[marcus_of_augustus]

I think he means "shipping costs" 

Awesome idea, electronic  "Gift Certificates", redeemable in BTC at your favourite supplier.

Could be electronic images, pdf documents of value, whatever ...

[dacoinminster]

I think he means "shipping costs" 

Awesome idea, electronic  "Gift Certificates", redeemable in BTC at your favourite supplier.

Could be electronic images, pdf documents of value, whatever ...

Actually there are no air quotes. I am literally going to ship a piece of paper, tracking number and all.

If I don't, I'm not eligible for seller protection in case of fraud.

[graingert]

Why is the certificate not signed by your PGP key?

[marcus_of_augustus]

I think he means "shipping costs" 

Awesome idea, electronic  "Gift Certificates", redeemable in BTC at your favourite supplier.

Could be electronic images, pdf documents of value, whatever ...

Actually there are no air quotes. I am literally going to ship a piece of paper, tracking number and all.

If I don't, I'm not eligible for seller protection in case of fraud.

Ah, okay. But sending a Gift Certificate outside US in an envelope costs aren't great or?

I just assumed it was because doing business like this across international borders would be fraught.

I like the idea though because you leverage Ebay's payment system (PayPal), seller rating (trust) and existing infrastructure

[dacoinminster]

Why is the certificate not signed by your PGP key?

That would be because, like most people, I don't have one!

Anyway, even if I did make one, it would be new/untrusted, and it would just confuse 99.9% of people on Ebay who saw the auction.

I'm going offline for the evening - you guys all bid so I can be happy tomorrow morning, k?

If the auction ended right now, some lucky person would get their bitcoins for just over $1 each

Hopefully I'll have some snipers when it ends.

[error]

Ah, okay. But sending a Gift Certificate outside US in an envelope costs aren't great or?

It's US$0.98 to mail a simple letter.

A priority mail envelope is $10-$15 but also offers international tracking (using the tracking # on the customs form).

[Darth Severus]

Great idea , I hope this works and you don´t get trouble with ebay.

[dacoinminster]

For future auctions, I'm thinking about using this gift certificate template:

http://img10.imageshack.us/img10/8881/certificate50.png

I created a "web store" that this gift certificate goes with: https://sites.google.com/site/onedollarbitcoinsandcarrots/

What do you guys think?

I decided this idea wasn't going to work very well.

[Longmarch]

Would it a lot of extra trouble to sell smaller lots?

[dacoinminster]

Would it a lot of extra trouble to sell smaller lots?

Not a lot of extra trouble, but the fixed cost for shipping might make it not worth it. I'm guessing my next auction will be for a $25 gift certificate, but it will be good for 25 bitcoins as described above, so it will actually be a BIGGER lot than the $50 certificate I'm selling now. Edit: Next auction is linked in the top post, and is for 25BTC with a face value of $100.

[tomcollins]

Would it a lot of extra trouble to sell smaller lots?

Not a lot of extra trouble, but the fixed cost for shipping might make it not worth it. I'm guessing my next auction will be for a $25 gift certificate, but it will be good for 25 bitcoins as described above, so it will actually be a BIGGER lot than the $50 certificate I'm selling now.

I want some carrots.

[dacoinminster]

Just posted what my next certificate will look like at the top of the thread, assuming this auction goes smoothly.

A 7-day auction feels way too long. Next auction will probably be 3 days with a buy-it-now option.

[dacoinminster]

Bidding is at $53 with one hour left. There may be a frenzy of sniping at the end (I hope), but if not, these bitcoins will be sold at $3.71 each! (MtGox is currently at $3.88 each)

Once Ebay takes their 9% and PayPal takes their 3%, that means I would get $3.26 each for my bitcoins (even less than that, depending on how much shipping costs). Even if I sell at a loss, I will still do at least one more auction. I'd like to establish whether this is a viable way to sell coins, even if I have to lose some money doing it.

If I make a substantial profit, I will definitely do more auctions, and I'm sure some of you will too.

[dacoinminster]

Buyer got their bitcoins below market value, which means I get quite a bit less than market value.

Buyer paid by e-check, which means I have to wait for it to clear before shipping.

New auction selling 25BTC is posted, this time with a buy-it-now option: http://cgi.ebay.com/300555905164

[Bit_Happy]

Great idea and I hope it works well; Sorry to hear about the high fees.
Please, tell me if the seller protection costs you extra, or is it "free" since you are shipping the gift cert.

[dacoinminster]

Great idea and I hope it works well; Sorry to hear about the high fees.
Please, tell me if the seller protection costs you extra, or is it "free" since you are shipping the gift cert.

Seller protection is "free" if you follow their rules and ship to the Ebay/PayPal confirmed address using a tracking number or USPS delivery confirmation. I've heard that if you ship USPS, you have to write "DO NOT FORWARD" on the package, otherwise the buyer can have USPS forward the package to another address, then claim the package never arrived, and Ebay/PayPal makes the seller eat the loss.