Topic: Need to establish myself (Read 965 times)

Try buying 5-10 BTC via a bank deposit or cash from a reputed seller. You pay first and then coins sent. Then you rate eachother. Easiest way to slowly build a rep.

What country are you in? If you are in the UK I can sell you some BTC to get started.

Appreciate the thorough responses. I will do additional research although aware of current limitations/problems with greendot.
Will try to establish smaller trade history on OTC and see where that takes me.

Thanks again.

It isn't against the forum's rules, ... but Green Dot has a different opinion on the matter:

MoneyPak is an excellent way to cash out of bitcoin where you then use that MP to reload a debit card or PayPal, for instance.

But MoneyPak is a horrible way to try to buy bitcoins.  Here's why:

The problem is no commercial service can accept MoneyPak as payment for the purchase of bitcoins.  Green Dot doesn't want that happening.  They only allow you using the MoneyPak codes with authorized merchants or for loading funds to your own debit card.  So the only ones where trading MoneyPak for bitcoins is happening is with individuals who accept MoneyPak for payment when selling bitcoins person-to-person and are small enough to operate below Green Dot's radar.  The person that accepts MoneyPak then uses it to load a PayPal account or to add funds to a reloadable debit card.

Cashing out your bitcoins to MoneyPak is not a problem, and there are a couple of commercial services which offer this:

 - http://www.BTCPak.com
 - http://www.FastCash4Bitcoins.com  [Update: Discontinued cash-out to MoneyPak]
 

MoneyPak is a bearer instrument -- anyone who knows the code can spend it.

There are a few ways these MoneyPak codes can end up in the hands of thieves and criminal hackers who then trade them for bitcoins.

The theif might even provide what seems to be a valid MoneyPak code and the person selling bitcoins might see the funds loaded into the PayPal account or wherever the code were used but then later the funds are reversed after the rightful owner of the code reports theft.

To regain access to the funds, the person that accepted the MoneyPak needs to provide to Green Dot a copy of the receipt used to purchase the MoneyPak, using cash.  Even with that, if there is someone else with the same receipt reporting the theft, that person would likely lose the dispute as another person was actually the party that bought the MoneyPak from the store.

So it comes down to ... you are offering a payment method that is reversible and is frequently used to defraud.   If you had a trust history, then you might find sellers willing to trust you for smaller amounts.  But trying to start out of the gate selling MoneyPak without months of good prior trading history is not likely going to get you many trades.

In the U.S. there are cash deposit methods that are available to you.  

Deposit $500 or more at Bank of America, Wells Fargo , or PNC bank and buy bitcoins at Mt. Gox's rate or better:

 - https://bitcointalksearch.org/topic/bitcoins-direct-support-thread-87094

If after a trade you would like a rating added to your #Bitcoin-otc Web of Trust (WoT) history, I'm sure that provider would be happy to oblige.

There are already some exchange services for MoneyPak so you will find competition.

https://en.bitcoin.it/wiki/MoneyPak

https://en.bitcoin.it/wiki/BTCPak

The Problem is that MoneyPaks can be reversed by anyone with the receipt. Even if you put the customers name on the moneypak, there is still a risk of fraud.

There are already two major Vendors that have been providing this service flawlessly

Because this is high risk and your a new user IMHO, you will have to start very low dollar 50 or 100 and build alot of positive Rep.

Going 100>200>400>800 is a classic scamming tactic.

Another question are you Buying these moneypak in cash? or did someone give you these moneypaks


For the Record I don't currently Sell Moneypaks.

Hello all,

Registered here, and as a newbie I am of course restricted from posting in the relevant section. I totally understand the reasoning and welcome any input/advise from both users and mods how to proceed further here without breaking any rules.

I would like to exchange moneypaks for BTC, and support any volume. I know this sounds bad coming from a new user, but the world is changing, so is the financial state, so the demand for BTC on my part is high.

To alleviate standard thought process, that i am just a new scammer looking for fresh meat, I am willing to prove myself. I can provide MPs first and wait for your BTC. Would do that only with users with reputation here. For simplicity on my part I am interested in transactions of incremental value($200-400-600) and so on.

There is no fee at all. I will buy your BTC at the current MtGox ask price. I will also buy the voucher for any of the major exchanges for the equivalent amount in moneypak. 1-to-1.

I would like to deal with users with reputation here in the beginning to establish track record. Welcome input from the adminstrators/ modderators, if something in my potential offering is against the rules. I also welcome them to test me by conducting the transaction with me providing payment upfront.

Ready to listen to your thoughts...