Topic: Mr Coins -- Purchase Bitcoins with your Credit Card [Mt. Gox Codes] - page 2. (Read 35547 times)

Thanks for the clarification mndrix.

Kudos for trying PayPal again.  The high-risk stuff is where all the fun is :-)  As you probably already know, I own CoinPal.  I just wanted to interject a couple extra data points to the discussion.  My business account was also several years old, in good standing and transacted business since it was created.  If PayPal considered those factors in their decision, they never mentioned it to me when freezing my account.

When requesting a written statement from PayPal, it might help to be sure you speak with the PayPal Compliance Department.  All other PayPal departments assured me that my business was acceptable.  However, the compliance department overturned all those earlier decisions with 5 minutes warning and a phone call.  Unfortunately, my earlier attempts to reach the compliance department failed and I naively assumed the rest of PayPal staff knew what they were doing.  I'd encourage you to persist until you reach Compliance.

Last point, PayPal removed no funds from my account.  They froze the account for 6 months prohibiting me from withdrawing.  Once the six months expired, they allowed me to withdraw all my funds.  The account is still restricted which prevents me from sending or withdrawing any additional funds.

Just to be clear, I wish you the best of luck in your venture.  I'm not trying to rain on your parade; just helping you know where to hold the umbrella :-)

Yea... you're no newb....

I'm having a hard time fathoming what you've 'invested' from looking at your website.

Please visit paypalsucks.com for more people who thought the same thing.

You know, when you posted the first time, you could have avoided me altogether by just answering honestly. Tip for the future.


I lol'ed. Why do you think I'd ever try this failed business idea? I have never tried selling bitcoins through paypal or google checkout. That would be business suicide.

At quite a few things in life, but not at swimming upstream and ignoring advice. That's you.

I believe the explanation you're looking for is "they don't remove posts I disagree with personally", and more power to them.

I mean this will all the sincerity in my heart: You are not special. You will need luck. Your attitude in dealing with people giving you advice and requiring 2 pages of posts just to break a moment of honesty tells me you are not likely to stand a chance in bitcoin businesses. Good luck-- really.

Let the whiteknighting-- begin!

Sounds like you have evaluated your risk. I wish you the best of luck.

Mr. Coins has earned my respect. Failure, success, you have my admiration. Keep standing your ground.

This is a risk I have already accepted. I am prepared to lose all the capital I have invested in this venture. And I am aware of Coinpal and previous failures -- this is why I did not start out accepting PayPal.

However, this said, my PayPal business account is five years old and in good standing, and has transacted a considerable amount of business every year since its creation. Based on my past experience with PayPal, I do not think they will simply close the account and take my money. If they do I may want to file a complaint against them in small claims court here in Brisbane, and this is why I want the written statement from them -- as admissible evidence for a court of law.

My entrepreneurial experience over the years has mostly been in high risk areas (particularly virtual goods) and I think I have some experience in dealing with these matters. Although Matthew would like you and everyone else to believe I'm a 'complete newb' this is not the case. I don't think this really needs to be pointed out, but: my post count on bitcointalk.org does not reflect my actual business experience or wisdom.

Something I have learned about high risk areas is that many who can't will attack those who can to cover their own failings. It may well be the case that it is simply 'impossible' to accept PayPal for bitcoin. But all we know for sure at the moment is that those who have tried -- incuding Matthew -- have failed. In otherwords we know Matthew has failed. He doesn't need to advertise the fact further, especially not on this thread. I don't want or need his 'help' and as I said orginally at the start of this thread, he should go mind his own 'serious business'.

Further, I have been in discussions with 'Maged', a Global Moderator here, and it seems bitcointalk protects its trolls, particularly those pestering honest business threads. To this end I have resolved to simply ignore all further trolling in my threads.

I'm not a troll, but I definitely have no respect for people who assume everyone is a troll who disagrees with what they do. I'll tone it down when people in our community stop being a total embarrassment to us and start following some standards.

Everything does not just magically work because "BITCOIN".

Meh, on the other hand you can tone it down.  You've already said your piece. Richard is an adult; he can weigh your advice and make his own decision.

As I mentioned at the beginning of his thread, what he should be doing is his homework. He is apparently a total newb to the forums, has not done any research on the viability of this business, has ignored people on his thread warning him that his solutions are immature and not practical in the real world, and now not only has he lost his Google checkout account (which I warned would happen), he's going to lose his paypal one too (guaranteed).

Accesscoin.com has been through this before.

CoinPal has been through this before.

Mr.Coins is special! It won't happen to them!  

You should read up on what happened to coinpal.  They had permission from a Paypal customer service representative, yet Paypal shut them down anyway (and took $5k from the owner's Paypal acct.).

Seems you'll be on <> TV Show at CBS. 

I have just called them again, and asked for a more specific written statement along the lines of "we authorize you to sell coupons redeemable for bitcoin using PayPal." This is now in the works. The PayPal agent claims he will get back to me within 24 hours.

I think we can wait to see exactly what Google checkout customer service says/rules before we determine the final outcome.  Give him a chance to work it out with them.  Let's see what happens.

1 for 2.

I'll wait.

Hi Burt,

Thanks. I'm trying to factor in the cost of charge-backs, etc. hence the slightly higher price. -- I haven't had any trouble yet.

I'll have a look at that rounding issue in a minute.

Incidentally, I've called PayPal to OK the business with them. They've said it's fine. But to quell the concerns raised above I will get this in writing from them.

In case anyone is wondering: Our Google Checkout account is still operational, but they have ruled for the moment that Mr Coins breaks their terms of service. I don't believe it does, but I have suspended accepting Google Checkout for the time being until this is resolved. Unfortunately their customer service is not very good (no callable phone number and email support takes weeks), so this may take some time. (In addition we have reached our monthly limit on Google Checkout.)

And restocking is now automatic (but not instant.)

Will keep you all updated as to our progress.

Cheers,
Richard

Ordered 5 BTC using PayPal.  Worked like a charm.  Got my Mt Gox code in seconds.  A bit on the expensive side but fun.  So far so good.  I have been able to order using VISA and PayPal.

Richard, Let us know what happens when you get your first charge back request from either a VISA or PayPal sale.  I am rooting for you.

After buying 1 of the 5 BTC coupons for $16.24 I realized that it was cheaper to by 5 of the 1 BTC coupons for only $16.20 so I did that to cost average my purchase  

Most of the time when you buy more you get a break.  I am sure it is just a rounding error - I am just giving you a hard time  

Watching.

Google Checkout's terms are not really clear. The only "official statement" was a post in their forum saying that it was allowed. However, they will close your account if you get lots of chargebacks. So, theoretically, you can use Google Checkout to sell bitcoins the way btcnow.net is using.
On the other hand, Paypal explicitly forbids selling currency, but they probably won't notice it until they receive the first chargeback...

Just like it doesn't work for google checkout. He isn't listening though, because even though we've run his very business model before ourselves, we just "don't get it".

Paypal will freeze your account. It is explicitly forbidden by their ToS to sell digital currency. "It's an MtGox code" does not work as an excuse.