Selling PayPal USD/GBP in return for BTC

[Dorkslayz]

There doesn't seem to be very many places that offer you PayPal Funds for BTC, so i'll go ahead and offer it.

The current rate is 1BTC/85% Of the Current MtGox Rate (If you give me 1BTC and the current MtGox rate is $10/BTC, you get $8.50)

All payments will be sent from my verified PayPal account as gift (So I cannot chargeback)

The maximum I can offer at the moment is up to 10BTC however as more people buy, that will go up.

If your intrested, please post below or send me a PM and we can arrange something.

[BCB]

There doesn't seem to be very many places that offer you PayPal Funds for BTC, so i'll go ahead and offer it.

The current rate is 1BTC/$8 PayPal (If you give me 1BTC, I'll give you $8 through PayPal)

All payments will be sent from my verified PayPal account as gift (So I cannot chargeback)

The maximum I can offer at the moment is up to 10BTC however as more people buy, that will go up.

If your intrested, please post below or send me a PM and we can arrange something.

Just FYI

Paypal can and will charge back gifts - verified or not.  Just ask any of these guys:
https://bitcointalk.org/index.php?topic=83679.msg1084399#msg1084399

Also if paypal sees an account receive too many gift payments without fees it will be flagged.

[DeathAndTaxes]

$8 huh?

So only 25.9% commission.  Customer gives you irreversible BTC, you give them risk prone PayPal and charge 25.9% for the service?

Just making sure I got this right.

[Dorkslayz]

Thank you for the feedback, obviously my initial assessment was too high and I'll lower the commission to reflect this and introduce a flat percentage of 15% commission per a transaction to keep up with MtGox fluctuations.

Obviously there is risk involved, however this is reduced by sending the payment as gift as it can only be charged back by filing an Unauthorised Payment claim, which would require me to fake an entire identity for the transaction and that would just wreck my reputation.

[koin]

Also if paypal sees an account receive too many gift payments without fees it will be flagged.

yes, even though paypal doesn't have a problem with accounts used for cashing out bitcoins, they do have a problem with those payments being sent as "personal, gift" transaction as paypal gets no fees for that.   the sender probably needs to get into the thousands of dollars per month range before paypal says anything though.  but that volume is easy to reach too.

even with it being gift, that doesn't mean the funds aren't from a compromised bank account or something like that.  the #bitcoin-otc web of trust can help to lessen the risk of getting ripped off: http://bitcoin-otc.com/viewratings.php

[Dorkslayz]

Also if paypal sees an account receive too many gift payments without fees it will be flagged.

yes, even though paypal doesn't have a problem with accounts used for cashing out bitcoins, they do have a problem with those payments being sent as "personal, gift" transaction as paypal gets no fees for that.   the sender probably needs to get into the thousands of dollars per month range before paypal says anything though.  but that volume is easy to reach too.

even with it being gift, that doesn't mean the funds aren't from a compromised bank account or something like that.  the #bitcoin-otc web of trust can help to lessen the risk of getting ripped off: *bitcoin-otc*

Hi,

As much as I appreciate your contribution to the thread and feedback you are providing, I would appreciate if you could keep the suggestion of alternatives to a low, I am just trying to earn a profit.

The funds are not from a hacked bank account either, the PayPal account is in my name, the bank account and credit card on the account are in my name and as I mentioned earlier, my account is verified and already has the funds in there, prepared for any transactions anybody wishes to make.

[AndyRossy]

Just bringing attention to https://bitcointalk.org/index.php?topic=14632.0

[John (John K.)]

Just bringing attention to https://bitcointalk.org/index.php?topic=14632.0

And this thread for an example of a legit person who got screwed by PayPal: https://bitcointalk.org/index.php?topic=83679.0
Seriously, don't do this often unless you have a business account like TangibleCrpytography and spendbitcoins.com .

[Dorkslayz]

PayPal would have no reason to limit my account (even if I'm sending a lot of gifts) and when they do, all I would have to provide is identification documents, all of which I have to hand.

[DeathAndTaxes]

And this thread for an example of a legit person who got screwed by PayPal: https://bitcointalk.org/index.php?topic=83679.0
Seriously, don't do this often unless you have a business account like TangibleCrpytography and spendbitcoins.com .

I would clarify that neither TangibleCryptogrphy nor SepndBitcoins sends payments as a gift.   Neither does Bit-Instant (technically they use a partner to send PayPal payouts, but that partner doesn't send them as gifts).   It is a recipe for failure.  Someone can get away with it for a small amount of transactions but eventually it is going to hit PayPal fraud screen.

Has anyone (outside of fraudulently marking Bitcoins sales as gifts) ever known someone who got even 5 "gifts" from 5 different PayPal users all over the country in the same month?  How about 20?  How about 20 a month every month for 3 or 4 months in a row?   That is what the fraud system is wondering too "hey beep beep beep that is weird".

[DeathAndTaxes]

PayPal would have no reason to limit my account (even if I'm sending a lot of gifts)

Of course they will.  You are (from their point of view) stealing.  You are using their payment system for free for transactions which don't qualify as free.   If when they catch you they will freeze your account and reverse all those gifts back making your customers accounts negative.

[Dorkslayz]

PayPal would have no reason to limit my account (even if I'm sending a lot of gifts)

Of course they will.  You are (from their point of view) stealing.  You are using their payment system for free for transactions which don't qualify as free.   If when they catch you they will freeze your account and reverse all those gifts back making your customers accounts negative.

I'm positive that is the process for all US accounts, however accounts in the UK are treated under less-strict conditions because US accounts have to abide by the US's strict anti-fraud policy's (where as the UK doesn't have such strict policy's).

I have sent "gifts" in excess of $50 straight after each other and nothing has been done to my account.

[skull88]

The current rate is 1BTC/85% Of the Current MtGox Rate (If you give me 1BTC and the current MtGox rate is $10/BTC, you get $8.50)

I don't think anyone selling bitcoins for paypal will pay a premium, normally it is the other way around.

I'm happy if someone takes my pp money at 85% btc rate, so I don't think you will have many customers

[Dorkslayz]

I was kind of aiming for a "quick exchange" sort of scenario.

[DeathAndTaxes]

I was kind of aiming for a "quick exchange" sort of scenario.

Kinda like getting some fast cash for bitcoins?

[grue]

sorry, your prices are not at all competitive. https://www.spendbitcoins.com/ they charge no fees, except for the paypal fee.

[Dorkslayz]

I was kind of aiming for a "quick exchange" sort of scenario.

Kinda like getting some fast cash for bitcoins?

Indeed.

[Dorkslayz]

sorry, your prices are not at all competitive. https://www.spendbitcoins.com/ they charge no fees, except for the paypal fee.

I never claimed they were competitive, if you would be so kind as to not trash my thread with other exchangers either please, I don't trash any of your threads so don't do it to mine please.

[grue]

sorry, your prices are not at all competitive. https://www.spendbitcoins.com/ they charge no fees, except for the paypal fee.

I never claimed they were competitive, if you would be so kind as to not trash my thread with other exchangers either please, I don't trash any of your threads so don't do it to mine please.

I don't see how I'm "trashing" your thread if everything I say is true and substantiated.

Also, https://bitcointalk.org/index.php?topic=76663.0.

[Dorkslayz]

sorry, your prices are not at all competitive. https://www.spendbitcoins.com/ they charge no fees, except for the paypal fee.

I never claimed they were competitive, if you would be so kind as to not trash my thread with other exchangers either please, I don't trash any of your threads so don't do it to mine please.

I don't see how I'm "trashing" your thread if everything I say is true and substantiated.

Also, https://bitcointalk.org/index.php?topic=76663.0.

Well you are providing visitors to this thread an alternative, therefor trying to disrupt my sales.