Apparently PayPal can no longer be used to buy/sell Bitcoin mining hardware - page 3.

Littleshop

legendary

Activity: 1386

Merit: 1004

Quote from: SlyFoxy12 on May 11, 2013, 03:48:21 PM

I can see why there's a problem with bitcoin miners tbh, I think Butterfly labs excepting paypal has meant that a lot of money is riding on if they ever deliver, supposedly BFL have only been sending out a small number to keep paypal happy so it makes more sense that they don't want their claim system over run being somewhat dodgy transactions.

At the end of the day eventually we'll see thing like Paypal hopefully become a thing of the past, it's really a horrible company.

The problem was all of the 'pre-order' sales. So many of them were scams that now even that is out. In reality Paypal could allow in stock sales of bitcoin miners as well as known physical shipped bitcoins. Paypal wants to avoid having chargebacks, and pre-orders and online bitcoins give LOTS of chargebacks. I am not defending them, I think they suck and are ignoring loosing out on money they could be making if they were just SMART.

Vod

legendary

Activity: 3668

Merit: 3010

Licking my boob since 1970

I wonder if Paypal has noticed a dip in usage since Bitcoin became more popular... Tongue

SlyFoxy12

member

Activity: 111

Merit: 10

I can see why there's a problem with bitcoin miners tbh, I think Butterfly labs excepting paypal has meant that a lot of money is riding on if they ever deliver, supposedly BFL have only been sending out a small number to keep paypal happy so it makes more sense that they don't want their claim system over run being somewhat dodgy transactions.

At the end of the day eventually we'll see thing like Paypal hopefully become a thing of the past, it's really a horrible company.

2weiX

legendary

Activity: 2058

Merit: 1005

this space intentionally left blank

LOL

Fuck them.

mitty

sr. member

Activity: 359

Merit: 250

Over the past week I've been selling BFL Singles (FPGA) on eBay until today I got the following email from PayPal. (below)

TL;DR:

Quote from: Email from PayPal

PayPal may not be used to sell e-currency, such as bitcoins, bitcoin mining units, and other related bitcoin products.

This is news to me, as I'm pretty sure Butterfly Labs has been taking in millions of $ via PayPal, along with all the sales facilitated through these forums. My PayPal account was actually locked yesterday due to someone paying me as a "gift" transaction (I didn't request this- he just sent it that way) and I called them and explained what I was selling, showed them a few PayPal transactions where I purchased the BFL Singles to prove that they weren't stolen, and had my account unlocked. I even called eBay and had my selling limit increased and told the customer support rep that I was selling bitcoin mining hardware.

So take it as a warning- be careful if you use PayPal for anything related to Bitcoin. I currently have thousands of USD locked up in PayPal that I can't get to; if this isn't a good reason for the use of Bitcoin then I don't know what is. Wink

Unfortunately it's still not easy to pay everyday expenses in BTC. :/

Full email:

Quote

----------------------------------------------------------------------
We need your help
----------------------------------------------------------------------

Dear (removed),

We have reviewed your PayPal account and found that you are selling bitcoin
mining machines. Per our current Acceptable Use Policy for Money Service
Businesses, PayPal may not be used to operate a currency exchange, bureau
de change or check cashing business including the sale of bitcoins, bitcoin
mining units, and other related bitcoin products.

To continue using your PayPal account, we need some additional information
from you. Keep in mind that we have placed a limitation on your PayPal
account, and this limitation will remain until we receive and review this
information. Please provide us with the following:

• A brief affidavit stating that you understand and will comply with
PayPal's terms and conditions.
• The type of payments you will send and receive, including the type of
goods or services you will accept payments for in the future.

Below you will find suggested affidavit language. Please make sure that the
requested affidavit is signed and notarized.

I the undersigned do affirm that I understand and will comply with PayPal's
policy regarding the use of PayPal Accounts to sell e-currency, such as
bitcoins, bitcoin mining units, and other related bitcoin products. I
understand that PayPal may not be used to sell e-currency, such as
bitcoins, bitcoin mining units, and other related bitcoin products. I
further affirm that any further detected violation of the policy may result
in the immediate closure of, or restriction to access to the account.

Please log in to your account and go to the Resolution Center to find out
what you need to do. Your account will remain limited until the issue is
resolved.

Additionally, in the future, if we find that your account is acting as a
seller of bitcoin products, we will need to sever our business relationship
with you.

We look forward to hearing from you and thank you for choosing PayPal as
your business partner.

Sincerely,
Megan
PayPal Compliance Department
PayPal, an eBay Company

Please do not reply to this email address as it is not monitored and we
will not receive your response. You can get in touch with us by clicking
"Contact Us" at the bottom of any PayPal page.

Copyright © 1999-2013 PayPal. All rights reserved.

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