Topic: CoinGator - page 5. (Read 20367 times)

Nope...that's just me being poor so I has tiny mining rig and that was all the coin I had. So 'technically' that was a rather large investment for me...

...yet still no examples? Trollololololol

Lets be honest they are not going to register with FinCEN, they are only doing $150 per transaction which in a couple months will make it very hard to do even 1 bitcoins worth of buying. This is vey weird business, cause they are just taking the amount they are buying at very cheap for 6% fees, and re-selling it for a descent profit. Basically just taking advantage of newbies that want to cash out fast.

Also they should have some legal team, cause this how people get shutdown, this is basically laundering money. If they get caught they be going to jail.

Also I am going to be a troll but


Your buying bitcoins why would you even say that LOL so basically you care more about litecoins, but just use bitcoins to build your cash reserves. LOL

Also a kinda young kid, and an old guy, I smell a Bruce Wagner situation Thailand next? LMAOOOOOOOOOOOOOOO

Your rationalizing the dangers by saying "only $12". Quaint.

You're right...there is plenty of room for other companies...but what is your point? I had even mentioned a few posts back that the usual service I use ( http://coin2pal.info ) is down for maintenance for the next two weeks so basically CoinGator has 2 weeks to convince me to use their service instead of the one I have a long history with. So again...what is your point? Or is CoinGator just another one of your troll targets? Because I've re-read your reply above a few times now and other than getting me to post another reply, hence continuing your pointless trolling, I really see no other point so... Are you a troll bro? Or did you just have charge back issues in your past and will forever be butt hurt by it? Because I really don't see what benefit CoinGater would receive by going through the crazy long and involved process of doing a charge back with my $12.13 ...? Or maybe they will pick and choose and only charge back on the big orders? Which they'd only be able to do what? Once? Maybe twice? Before PayPal steps in and goes NOPE and puts a freeze on their account. I've been a business member with PayPal for around 10 years...maybe more. I think my $12.13 is safe so...unless you have something constructive to add like an actual example of these people doing illicit business, why not go elsewhere and let these guys run their business in peace. Just sayin...

That's like saying "Cars wouldn't be anywhere where they are today if people didn't take the risk of driving around without a seatbelt."

Yes, that's true. And now there are seatbelts. What's your excuse for not wearing one or excusing a car company that makes a car without one?

There is just as much room for another Paypal>BTC company as there is for a car company that makes family cars without seatbelts (and equally few excuses for it).

Just wanted to let everyone know that Litecoin > PayPal is coming online next week. And we appreciate your business!

It's always hard to trust ventures like this...but if nobody took any risks bitcoins wouldn't be where they are today. I'm ok with getting my feet wet from time to time

Now you've only got to wait 180 days to see if they scammed you!

ooo ty ty! Seems odd timing that I post the site I usually use in this thread and suddenly they will be down for maintenance for 2 weeks. Anywho, that prompted me to give your service a go. For the neigh sayers...

Started a transaction around 11:30am Pacific time for 0.1 btc which would result in $12.13 sent to my PayPal account. Roughly 30 minutes after initial start of transaction money was deposited into PayPal. So...so far so good. Guess we'll see how bigger/future transactions go. Anybody else try it out yet?

ty ty btw CoinGator!

lol

aka

doing nothing

I feel bad for Matt, hes the one here trying to shine light on to an obvious shady business.
But what can I say, if you're too dumb to realize whats going on here, you deserve to be scammed.

Just be clearly I am not threatening nobody. I am not making any calls, but they should hire a lawyer. Any exchange even if it is a very simple like this or not a lot of transactions, should have a lawyer that they can call. It is just the smart thing to do, if you don't want to be in jail.

hmm...posted (what I thought was) a valid question about 12 hours ago and posts have been made since then but none to answer my (seemingly) simple question. Seems I'm be sticking with my current service... http://coin2pal.info

It wouldn't matter if they registered with FinCEN or not, what they're doing (and what anyone does who uses Paypal in combination with Bitcoin) is violating section 3.h of the terms of use:


FinCEN has classified Bitcoin as a digital currency. Exchanging it is against Paypal's TOS. Wake the fuck up already, your account is going to be frozen the same as everyone elses' has and I'm going to hate saying "I told you so", but it is apparent to me you don't care at all about your business and are probably a scam. (Any serious business would have done research, read TOS, and listened to the criticisms and not just the "positive support".

EDIT: Also, Gweedo seems to be going overboard with the whole "prison" threat, but actually it's true. Read all about the felony of operating a money transfer business or currency exchange without being licensed in your state first.


Keep in mind, this is all an aside as the main point here is that your business model is unhealthy for you and downright dangerous for anyone trying to sell their bitcoins for paypal (because you can easily rip them off with chargebacks up to 180 days after sending them the payment). I digress:

Timer removed. End time: 2013-11-23+7:09:59

You must be confused. No where have I mentioned any companies that sell "Bitcoins for Paypal" (which would not be a risk to anyone but the service owners). They are selling Paypal and receiving bitcoin.



People are sending CoinGator their bitcoins (which they can never get back) and receiving Paypal in exchange for them (which the company can reverse at their will later. What exactly have I said they're doing that's different from that that would cause you to think I "don't know what I'm talking about"? I can only assume you either misunderstood my posts or haven't read their website yet.

Matthew, you have no idea what you're talking about. This business is completely different from the businesses that sell people bitcoins for PayPal, which this business does not do. That being said, this business still needs to register with PayPal's legal department, since the buying or selling of currency is against PayPal's terms of use, even when chargebacks are impossible. Check the fastcash4bitcoin thread for how they did that. You will also want to register with FinCEN as a MSB, as per their guidelines.

I use another site and their minimum is .3 btc and their maximum is 10 btc. What is your minimum?

ty ty!

Thanks for the timers. But they are heavy on effect and light on substance.

Randomly pulling "180 days" out of the PayPal terms of service as it applies to account closures and suggesting that somehow it applies to payment reversals seems to me misguided or maybe even a bit disingenuous.

Currently our greatest challenge is bearing the numerous compliance/regulatory costs recently imposed upon the industry. We have recently hired a legal consulting firm and are working with various licensing agencies to ensure we are in full compliance as our long term goal is to provide a reliable and invaluable service to the bitcoin community.

We appreciate those of you with words of encouragement, and thank you all for your business and support.

Are you guys a registered MSB?

No..... 180 days is how long a PayPal user has, merchant or otherwise, to issue a chargeback. It's not a random number. So far my feedback and experience has been positive. I will let others know within or at 180 days after my transaction if that changes.

I didn't mean trustless, I meant untrustable but at 6am my vocabulary is failing me. Anonymous is not trustless, just untrustable, and CoinGator is anonymous (forum avatar pictures and potentially made up business names do not equate to identity).

Time to call it a night before I end up posting the threads of actual businesses here who used Paypal and had to close their operations months later for having their accounts closed and owing people money.

CoinGator, do the right thing and drop Paypal immediately if you're actually legit. There is no shortage of failed businesses and horror stories from people just like you but smarter who tried to do exactly what you're doing. Please understand that your lack of knowledge and continued ignoring of warnings does not make you look better, just more determined to scam or run a business into the ground.

Cheers!


P.S. Here is a similar thread I "bullied" another "smothered" genius business man who thought he knew everything too. Notice the random sockpuppet whitenights for him and the "Matthew is wrong because of *how* he is talking so we can ignore the logic in what he's saying" posts. Spoiler alert: every single thing I said came true and he closed shop in shame and moved on to his next anonymous name. Please keep in mind this was in December 2011 so it's extra disappointing for me to see people still not able to learn these business mistakes after 2 years. In fact, it's so stupid that you kind of assume anyone offering Paypal these days is a scammer.

https://bitcointalksearch.org/topic/mr-coins-purchase-bitcoins-with-your-credit-card-mt-gox-codes-52625