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Author Topic: TheBitMint - Buy Bitcoins With PayPal (Site Closed)  (Read 26082 times)
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July 27, 2012, 10:51:41 PM
 #241

Thank you for the update.  That would obviously be the desired outcome for everyone.

Please keep us posted.
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July 28, 2012, 02:40:13 AM
 #242

Watching due to the loan request.  Considering some funding, but probably in two parts - one to address the smaller amounts owed, and a second to address the larger sums involved.  This is an "arrangement with creditors" as some will be paid ahead of others - and it makes sense given the apparent spread of claims.
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July 28, 2012, 09:28:49 AM
 #243

Yes +5
No +1
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July 28, 2012, 04:42:53 PM
 #244

Just FYI:

Paypal has sent my paypal account to there collections department and I'm now getting phone calls every day.

This was a business account so its not going to ruin my credit if it goes into default/collections while I wait for judgement.

Just a warning to anyone else with an paypal that is negative.

I've already closed the bank account & credit cards linked to paypal account.



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July 28, 2012, 06:49:41 PM
 #245

Just FYI:

Paypal has sent my paypal account to there collections department and I'm now getting phone calls every day.

This was a business account so its not going to ruin my credit if it goes into default/collections while I wait for judgement.

Just a warning to anyone else with an paypal that is negative.

I've already closed the bank account & credit cards linked to paypal account.



its not frozen is it?
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July 28, 2012, 09:29:42 PM
 #246

I am collecting some information on this in order to supply credit and I am looking at if it is sensible to provide a loan covering the five month time period involved here.

Various people are owed $x so payments would be in BTC at current exchange rates.
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July 28, 2012, 09:40:26 PM
 #247

TheBitMan

If you legitimately have the amount due to your creditors "frozen" in your paypal account there is no reason why you would not take this offer.  Unless of course you have already spent the bulk of the funds (on clothes) and don't have frozen funds in nearly the amount you owe.

If that is that case then you still need to consider this or another loan.  If you have/get a job there is no reason you could not payback the amounts you owe in the 5 months time.

Regardless, the people you owe did not extend a loan to you.  Now that you have a respected member of the community considering a loan to you I'm sure we all would strongly suggest you do what is necessary to acquire those funds and start paying people back as soon as possible.
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July 28, 2012, 09:49:38 PM
 #248

TheBitMan

If you legitimately have the amount due to your creditors "frozen" in your paypal account there is no reason why you would not take this offer.  Unless of course you have already spent the bulk of the funds (on clothes) and don't have frozen funds in nearly the amount you owe.

If that is that case then you still need to consider this or another loan.  If you have/get a job there is no reason you could not payback the amounts you owe in the 5 months time.

Regardless, the people you owe did not extend a loan to you.  Now that you have a respected member of the community considering a loan to you I'm sure we all would strongly suggest you do what is necessary to acquire those funds and start paying people back as soon as possible.
I'm all for the loan I am currently talking it out with Patrick
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July 28, 2012, 10:07:27 PM
 #249

TheBitMan

If you legitimately have the amount due to your creditors "frozen" in your paypal account there is no reason why you would not take this offer.  Unless of course you have already spent the bulk of the funds (on clothes) and don't have frozen funds in nearly the amount you owe.

If that is that case then you still need to consider this or another loan.  If you have/get a job there is no reason you could not payback the amounts you owe in the 5 months time.

Regardless, the people you owe did not extend a loan to you.  Now that you have a respected member of the community considering a loan to you I'm sure we all would strongly suggest you do what is necessary to acquire those funds and start paying people back as soon as possible.

BCB - working on it.
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July 28, 2012, 10:40:08 PM
 #250

I would say that one condition be that the loan is paid direct to the people owed rather than sent to TheBitMan to distribute. Might be a little extra work, but would prevent a (low chance, but still possible) double con.
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July 28, 2012, 10:42:09 PM
 #251

I would say that one condition be that the loan is paid direct to the people owed rather than sent to TheBitMan to distribute. Might be a little extra work, but would prevent a (low chance, but still possible) double con.
That's what will happen.
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July 28, 2012, 10:47:36 PM
 #252

I would say that one condition be that the loan is paid direct to the people owed rather than sent to TheBitMan to distribute. Might be a little extra work, but would prevent a (low chance, but still possible) double con.

I agree.  I would even be willing to pay the lender a fee (say 0.5%) to handle it this way.

One thing that is needed is a public (hashed for privacy) manifest of who is owed what.  Would suck to have funds disbursed only to find out there are mistakes with some creditors not paid and others paid the wrong amount.

TheBitMan should take the amount owed each person plus a SHA-256 hash of their bitcoin repayment address and post it in a list right in the thread.  He can give the unhashed version of the list to the lender(s) and they can issue payments with confidence.

Example:
Code:
d2f2d75a6eb129cc4aee6569896b4af4cd7290136193b9ff2a9827a0bcdd14d6    $100.00
570a84882d820f74ac9bbec98e3a1966147052282de9f66083506f5f81463789    $380.00
...
dd55c20d713dc09dca922375764982317583b68cfface3c21d10b86b13d4b34f     $60.00

This allows each creditor and easy way to verify the amount they are owed and the repayment address is accurate before any funds are moved.  Each creditor knows the repayment address they gave to TheBitMan and thus can verify the hash while still keeping the data private.  Private in public just like Bitcoin.  Less chance of a screw up that way.  

TheBitMan this is something you can do now.  While you asked all the creditors to submit info we haven't received anything back indicating the info submitted is correct.

If you need a simple SHA-256 calculator here is one:
http://www.xorbin.com/tools/sha256-hash-calculator
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July 28, 2012, 10:50:14 PM
 #253

I would say that one condition be that the loan is paid direct to the people owed rather than sent to TheBitMan to distribute. Might be a little extra work, but would prevent a (low chance, but still possible) double con.

I agree.  I would even be willing to pay the lender a fee (say 0.5%) to handle it this way.

One thing that is needed is a public (hashed for privacy) manifest of who is owed what.  Would suck to have funds disbursed only to find out there are mistakes with some creditors not paid and others paid the wrong amount.

TheBitMan should take the amount owed each person plus a SHA-256 hash of their bitcoin repayment address and post it in a list.

Example:
Code:
d2f2d75a6eb129cc4aee6569896b4af4cd7290136193b9ff2a9827a0bcdd14d6    $100.00
570a84882d820f74ac9bbec98e3a1966147052282de9f66083506f5f81463789    $380.00
...
dd55c20d713dc09dca922375764982317583b68cfface3c21d10b86b13d4b34f     $60.00

Each creditor can verify the amount and repayment address are correct by hashing the Bitcoin address they provided.  Anonymity is protected and there is a public record before disbursement.
Less chance of a screw up that way.   

TheBitMit  this is something you can do now.  If you need a simple SHA-256 calculator here is one:
http://www.xorbin.com/tools/sha256-hash-calculator

will do now
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July 28, 2012, 10:51:27 PM
 #254

I would say that one condition be that the loan is paid direct to the people owed rather than sent to TheBitMan to distribute. Might be a little extra work, but would prevent a (low chance, but still possible) double con.

I agree.  I would even be willing to pay the lender a fee (say 0.5%) to handle it this way.

One thing that is needed is a public (hashed for privacy) manifest of who is owed what.  Would suck to have funds disbursed only to find out there are mistakes with some creditors not paid and others paid the wrong amount.

TheBitMan should take the amount owed each person plus a SHA-256 hash of their bitcoin repayment address and post it in a list right in the thread.  He can give the unhashed version of the list to the lender(s) and they can issue payments with confidence.

Example:
Code:
d2f2d75a6eb129cc4aee6569896b4af4cd7290136193b9ff2a9827a0bcdd14d6    $100.00
570a84882d820f74ac9bbec98e3a1966147052282de9f66083506f5f81463789    $380.00
...
dd55c20d713dc09dca922375764982317583b68cfface3c21d10b86b13d4b34f     $60.00

This allows each creditor and easy way to verify the amount they are owed and the repayment address is accurate before any funds are moved.  Each creditor knows the repayment address they gave to TheBitMan and thus can verify the hash while still keeping the data private.  Private in public just like Bitcoin.  Less chance of a screw up that way.  

TheBitMan this is something you can do now.  While you asked all the creditors to submit info we haven't received anything back indicating the info submitted is correct.

If you need a simple SHA-256 calculator here is one:
http://www.xorbin.com/tools/sha256-hash-calculator
cant anybody undo the hash though?
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July 28, 2012, 10:53:36 PM
 #255

cant anybody undo the hash though?

No. Hashes are one way functions.  If you could reverse a SHA-256 hash well Bitcoin would insta-fail (and a lot of other bad things would happen too like the instant failure of SSL, most online banking, ATM networks, VPN, password tables, etc).  The irreversibility of a hash is a cornerstone of cryptography.

The person who knows the "secret" (in this case their repayment address) can verify it (by hashing secret and comparing it to hash list provided) but someone who doesn't know the "secret" has no ability to reverse it.
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July 28, 2012, 10:53:59 PM
 #256

An issue that I've just been advised of is that there is a new claim to be added to the list.  While the loan agreement I'm doing is at the charitable end of the scale, if people haven't sorted out their issues with this yet, the payment process isn't open ended.

And, yes, I have requested a list of valid claimants and address to pay direct.
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July 28, 2012, 10:54:25 PM
 #257

cant anybody undo the hash though?

No hashes are one way functions.  If you could reverse a SHA-256 hash well Bitcoin would insta-fail (and a lot of bad things would happen).  The irreversibility of a hash is a cornerstone of cryptography.

The person who knows the "secret" (in this case their repayment address) can verify it (by hashing their secret and comparing it to the hash provided) but someone who doesn't know the "secret" has no ability to reverse it.
Oh, got it. I've never used these.
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July 28, 2012, 11:08:15 PM
 #258

Where would users go to decode the hash?
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July 28, 2012, 11:09:01 PM
 #259

Where would users go to decode the hash?

They can't.  Users can CREATE the hash the same way you did.  Take their address and hash it and look for the hash in the list you provided.
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July 28, 2012, 11:15:16 PM
 #260

Where would users go to decode the hash?

They can't.  Users can CREATE the hash the same way you did.  Take their address and hash it and look for the hash in the list you provided.
idk if theres something im not getting but if i refresh the page and enter the same address I get a different hash..
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