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Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

And no chargeback possible it would seem

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Not a system that can not be tweaked in the world.

Some scammer will find a way.

BTW, muzzie, I meant a notice that users should not do deals between themselves off the forum.. an authorised selling thread like your own would be carefully made.
Sorry for the confusion. X
:peace:

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Definitely a good idea!

But I don't think too many sellers would stick around trading BTC for PayPal funds.

The risk is too high for only making 20-30%. You risk receiving 10K in PayPal to make 2K, assuming there are no issues with every payment. Maybe if the exchange fee was closer to 50% or something :spy:

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

The only real way to get someone else BTC is by getting access to their wallet. Even that can be prevented by using a cold store wallet

The blockchain and payment confirmation process just cannot be manipulated. It's just not possible

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Scenario..... customer changes £100 from pp to bitcoin.

Customer gets their bitcoins, then makes a claim in paypal.

Seller is shafted.
and that is that.

Trusted buyers/people/sellers scam. eg. sellers do exit scams and run off, no worries. Buyer make claims of not received etc.

Any sellers make sure you are covered and you know what you are doing or you are going to get a big shaft up ur backside. (soz for rudeness).
People get desperate when they have no money so morals go out of the window.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Yep and that is why there is always such a large % charged to cash out via PayPal because these scams will always be a about a BTC sellers have to make sure they charge enough of a % to still come out profitable even after the scams.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

I think that is on the money - that could potentially work wonders.

I see the other way round not only being abused from a monetary perspective, but I feel it may also cause this fairly friendly forum to come across as some form of shady business - whereby people abuse accounts by selling illicit goods, followed by cashing out to conceal themselves.

I get the gist of the idea that having this service would make it easier for certain people from certain countries, but the two hand in hand can be a catastrophe. If people want such service, there are already alternatives out there.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

I am still 100% in for this. I am using bitcoin alot. Id absolutely be in. I already have a system and have sold quite a bit.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Can we get this up and running, Aspkin? :)

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Like muzzie I too am prepared to give this a go and become an exchanger.
I will not be selling BTC to just anyone though.
Im thinking of having only certain categories of buyers I will be willing to accept:
1. Executive members.
2. Long time regular clients of mine I know and trust.
3. People who have been members of the forums for quite a while (minimum of 2 years maybe? will need to consider that) - and at my discretion only.
In addition I think a maximum amount per week/month might need to be considered as well (at least at first) to see how things work out.
One of my main concerns though is being bombarded by noobs with aspirations of greatness begging me to allow them to use the service. I can see this become a real pain.

Any advice to make this safer for me as a seller of BTC would be welcome. Im sure anyone else considering being a BTC seller - like muzzie - would also appreciate it.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Same attitude as any other business arrangement. Go with your gut feelings.

Do not allow yourself to be swayed by the stories you will be told. If they smell fishy, they are.

Consider getting ID that is traceable. I have other suggestions but they would affect the integrity of your business if mentioned in open forum.

:amen:

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

That's what a PM is for :)

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

This.

Common sense, and ultimately allowing buyers and sellers to choose who they trade with, making it crystal clear that they do so at their own risk. Keeps the lines clear and nobody can cry foul or plead ignorance.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

People that are happy to lose 30% of Paypal funds to buy Bitcoin are generally up to no good (whether they are subscribed, exec members or long standing clients).

You will definitely get chargebacks irrespective of how stringent your client selection process is.

I would suggest that properly ID verifying everyone you deal with is a MUST and knowing how to spot f@ke ID would also be essential.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Well the maximum amount per month is not going to be high enough to be attractive for any scammer. Any executive who scams will have his reputation tarnished which is not worth it for $300-$500. At least that's how I see it.
Also I was thinking about 20% premium - so $100 PP would get $80 BTC. Or is that too low?

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

I think 20% is going to be too low.

Given you'll be receiving payments from multiple stealth accounts you're likely to get your own issues with Paypal as well as the possibility of funds being reversed if any of the sending stealth accounts gets limited.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Guess that's true as well...
What do you think I should start it at then?

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Soon.

I'm a little behind on things at the moment so I have been playing catch up for awhile.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

Exchangers that are dealing with real people and real paypal accounts can take 20% to 30%.

You have to factor in that you'll be dealing with real people (assuming you have a robust ID verification system) with stealth Paypal accounts.

I would re-iterate that people operating stealth accounts legitimately and selling legitimate goods tend to have legitimate methods to cash out those Paypal accounts (ie bank accounts).

People keen to cash out to BTC and lose 30% of their funds are not likely to be operating above board. None of the sending accounts are going to have proper bank accounts attached so any account receiving funds from such Paypal accounts is going to be at serious risk.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

You have to keep in mind those operating out of country Paypal accounts.. for example Vietnam sellers operating US accounts.

Out of country sellers usually don't have a bank account and need reliable ways to cash out funds.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

That's true but you'd have to question what they are selling if they can afford to give away 30% of their profits.

I think the plan to have an exchange section is certainly a good one. All I am saying is that anyone brave enough to sell BTC for Paypal funds needs to be absolutely on the ball as they are almost guaranteed to face issues with Paypal limitations on the receiving accounts.

Re: Are people interested in a Bitcoin for PayPal section? (currency exchange)
 

I think you're missing the point. Whilst I agree that it does have potential to attract undesirables, like anything in life, a little common sense and using your judgement will keep often be all you need, coupled with reviewing somebody reputation.

Finally, and more importantly, as as I keep saying, nobody is forcing anybody to be using this section, if you aren't happy with it or smell a rat, just pass. It really is that simple. As long as people understand the risks and also understand that Aspkin is not responsible for any trades/disputes, then there's really nothing to be concerned about.

Scammers will quickly be outed and then you'll just be left with brand new accounts trying it on- and I can't imagine any of us will entertain those! :)