TheBitMint - Buy Bitcoins With PayPal (Site Closed)

[PatrickHarnett]

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.

[BCB]

Yes +5
No +1

[RandomQ]

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.

[TheBitMan]

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?

[PatrickHarnett]

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.

[BCB]

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.

[TheBitMan]

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

[PatrickHarnett]

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.

[Philj]

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.

[TheBitMan]

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.

[DeathAndTaxes]

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

[TheBitMan]

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

[TheBitMan]

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?

[TangibleCryptography]

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.

[PatrickHarnett]

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.

[TheBitMan]

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.

[TheBitMan]

Where would users go to decode the hash?

[TangibleCryptography]

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.

[TheBitMan]

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..

[DeathAndTaxes]

idk if theres something im not getting but if i refresh the page and enter the same address I get a different hash..

I find that hard to believe.  Hashing functions always return the same output.  Make sure you are hashing the EXACT same value. As an example, "test " won't produce the same hash as " test" or "test" however the SHA-256 hash of "test" will never change. The SHA-256 hash of "test" (without quotes) will ALWAYS be:

9f86d081884c7d659a2feaa0c55ad015a3bf4f1b2b0b822cd15d6c15b0f00a08

The link provided is just one calculator, you can always use another one. Baring a flaw in the calculator the hash of an input will always be the same.   Bitcoin simply wouldn't work if SHA-256(x) wasn't always the same value.