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Author Topic: Take Bitcoin by Scanned Check  (Read 1265 times)
moocow1452
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June 03, 2012, 01:17:29 AM
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Working on an instant transaction engine on the Bitcoin->PayPal engine, mostly because I'm young, stupid, and can't take no for an answer, but the backbone is primed and it should be ready to go once I have some capital stashed away. (Donation PIMP!)

Anyway, thinking about augmenting service with an option to scan checks and pdf them to me for Bitcoin payout. I know check fraud is a thing, but was curious on exactly what could happen if someone took me for a ride, if I either deposited a printed PDF or used a webcamascanner to cash it, and it bounced. Never seen it offered, so I figure there is a reason or an opportunity there somewhere.
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June 03, 2012, 01:24:52 AM
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Working on an instant transaction engine on the Bitcoin->PayPal engine, mostly because I'm young, stupid, and can't take no for an answer, but the backbone is primed and it should be ready to go once I have some capital stashed away. (Donation PIMP!)

Bitcoins to PayPal never works. MANY have tried and all have failed and lost lots of money, take my advice and don't do it. I don't want to see another thread in a months time saying that PayPal have frozen your account.

Its against PayPal's TOS to do it and you will also have to deal with plenty of chargebacks from people paying with stolen PP accounts.

Busy ATM.
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June 03, 2012, 01:58:24 AM
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Well, yeah, but I was asking about check fraud. Smiley
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June 03, 2012, 02:13:44 AM
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The check bounces, your bank deducts the funds back, hits you with $0 to $35+ bounced check fee plus $0 to $35+ overdraft fee.  Check fraud is pathetically easy especially if you don't have access to check verification software/database.  Anonymous internet based check cashing is simply a license for others to take every cent you own.

Lets put it this way.  Check cashing places are in person, check/record ID, use extensive databases/software, sell debt to collectors, and some require biometrics and they still need very high fees ($4 to $8+) to avoid going bankrupt from the fraud.
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June 03, 2012, 02:16:01 AM
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Thanks D&T. Guess that's off the table then.
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June 03, 2012, 02:20:53 AM
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Thanks D&T. Guess that's off the table then.

Well no more than accepting Paypal, which you plan to do anyways.  Accept both and offer wagers on which you ends up bankrupting you. Smiley I would put money on Paypal because it requires less skill/work. 
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June 03, 2012, 02:28:59 AM
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There has got to be a way to profit off my own bankruptcy, right?
Stephen Gornick
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June 03, 2012, 05:45:24 AM
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Bitcoins to PayPal never works. MANY have tried and all have failed and lost lots of money, take my advice and don't do it. I don't want to see another thread in a months time saying that PayPal have frozen your account.

Its against PayPal's TOS to do it and you will also have to deal with plenty of chargebacks from people paying with stolen PP accounts.

SpendBitcoins.com has been offering PayPal as a cash-out method for quite some time.  Bitcoin Nordic offers a way to sell bitcoins for PayPal as well.   So maybe PayPal turns a blind eye to it when it is only used for cash out (and use normal payments where fees are paid, versus "personal, payment owed/gift").

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June 04, 2012, 12:54:55 PM
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There has got to be a way to profit off my own bankruptcy, right?

Actually there are a few, CDS (credit default swaps) being popular among failing banks, corporates and sovereigns.

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June 04, 2012, 07:10:25 PM
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if I either deposited a printed PDF or used a webcamascanner to cash it, and it bounced. Never seen it offered, so I figure there is a reason or an opportunity there somewhere.

There are exchanges in the that accept a check (in the mail) for deposits.

In the U.S.:
 - BitFloor
 - Camp BX (Personal check)

In Scandanavia:
 - Bitcoin Nordic

Elsewhere:
 - #Bitcoin-otc marketplace - http://bitcoin-otc.com/vieworderbook.php

moocow1452
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June 08, 2012, 02:59:27 PM
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Thanks, looking for immediate exchange though. Ah well.
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