Silk Road forums
Discussion => Off topic => Topic started by: TheNightHawk on December 26, 2011, 03:33 pm
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As the title states.. where can i do this transfer?
Thought i could sell some genuine CD-keys, but when i saw the fee of ~150 USD, i changed my mind.. So it seems like i just gotta buy some BCs.
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VIRWOX.com
but i think you can only buy like $56 worth per day....
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VIRWOX.com
but i think you can only buy like $56 worth per day....
Are these guys trustworthy?
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VIRWOX.com
but i think you can only buy like $56 worth per day....
Are these guys trustworthy?
would also like to know if these guys are trustworthy?!
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it's a legit site. i've heard of many people successfully buying lindens with paypal then converting those to bitcoins. I think they have a lengthy verification process to protect against fraud but my memory is fuzzy
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Are these guys trustworthy?
Yes, I've done a couple of exchanges with them. They randomly (?) do manual verifications of (bitcoin) transactions and that can take up to three days.
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bitcoin-otc.com
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Concerning virwox.com:
Your first two Paypal deposits are going to take almost 48 hours due to manual verification. Afterwards they start letting it through right away with random manual verifications thrown in occasionally. The random verifications seemed to get done a lot sooner than the first couple you do. You also start off with a low deposit limit of $20 if I recall. After that your limit increases as you successfully make deposits and conduct other business on the site. The number of days since your last PP deposit also affects your limit. They state your limit increases a bit for every day between transactions but I didn't notice that aspect in action as my limit went up from use. I'm up to $500 at a time as of three days ago.
Something to be aware of: FEEs and market manipulation
You can't directly buy BTC with a Paypal deposit. You have to buy Linden dollars (second life digital currency) first, then buy btc with the LD. You end up having to pay transaction fees twice that way. Depending on the amount you're trying to deposit, it is still sometimes cheaper to get btc this way than paying 4 bucks for a moneypack + SR coin merchant fees and btc rates.
I've noticed a lot of price manipulation going on within the past week on virwox when the BTC jumped to around 4 dollars. You may make out much better by placing buy orders and waiting a bit instead of just trying to have your orders filled instantly.
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And it seems you need a fucking Second Life account to trade with them. Fuck me and my third-world country residence.
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No second life account needed :) You only have to actually verify one to withdraw or deposit linden dollars from a second life terminal. I have no second life account and have not had any issues using them to obtain btc.
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No second life account needed :) You only have to actually verify one to withdraw or deposit linden dollars from a second life terminal. I have no second life account and have not had any issues using them to obtain btc.
But on registration they ask for an avatar name (there are other options besides SL, but still) and you can't proceed without it. Can you just make something up and proceed with no problems?
My concern is if the actual owner of whatever avatar I name there can't get access to my account.
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I just typed in the word none at that step and proceeded as normal. In my account it says I still haven't verified my avatar and there's no name in the box for the avatar's name.
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I just typed in the word none at that step and proceeded as normal. In my account it says I still haven't verified my avatar and there's no name in the box for the avatar's name.
Yep, that did the trick. Thanks!
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Concerning virwox.com:
Your first two Paypal deposits are going to take almost 48 hours due to manual verification. Afterwards they start letting it through right away with random manual verifications thrown in occasionally. The random verifications seemed to get done a lot sooner than the first couple you do. You also start off with a low deposit limit of $20 if I recall. After that your limit increases as you successfully make deposits and conduct other business on the site. The number of days since your last PP deposit also affects your limit. They state your limit increases a bit for every day between transactions but I didn't notice that aspect in action as my limit went up from use. I'm up to $500 at a time as of three days ago.
Something to be aware of: FEEs and market manipulation
You can't directly buy BTC with a Paypal deposit. You have to buy Linden dollars (second life digital currency) first, then buy btc with the LD. You end up having to pay transaction fees twice that way. Depending on the amount you're trying to deposit, it is still sometimes cheaper to get btc this way than paying 4 bucks for a moneypack + SR coin merchant fees and btc rates.
I've noticed a lot of price manipulation going on within the past week on virwox when the BTC jumped to around 4 dollars. You may make out much better by placing buy orders and waiting a bit instead of just trying to have your orders filled instantly.
getting on this shit thanks
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VIRWOX.com
but i think you can only buy like $56 worth per day....
Yea, ive used them once - worked perfectly, but took quite a while! And.. you have to remember that youre gonna pay them fees for converting, and they deduct the paypal fee as well.
And since you can only do paypal -> Linden dollar -> BTC, then you're gonna pay their fee twice!
So if if 1 BTC is equal to 1300 Linden dollars and that is equal to 5 euro, then you need to remember the paypal fee, the euro to linden dollar fee and the linden dollar to BTC fee..
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I'll never be able to reinstate this enough: Paypal is a dangerous company to deal with. They really do know how to manipulate you into getting into your money!
Thank based god that I've had enough legal sense to keep them out of my damn money.
As I say: Fuck Paypal.
-DF
drugfather
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The only method I know to use paypal to buy bitcoins is a bit risky, but I've done it a number of times without an issue - only for small amounts (10 bitcoin and under)
here's what I've done:
hang out at one of the exchanges with a chat room, or one of the irc-channels. I mostly use btc-e for my trading, so I know some of the regulars. chime in asking if anyone wants to sell 'X' bitcoins for 'Y' dollars each via paypal. if the transaction size is small enough, someone will be willing..... assuming you're offering more than market rate.
Keep in mind that it's risky for both sides - The buyer could wait until he gets his bitcoins and dispute the charge.... he would get his money back. The seller could simply accept the paypal funds and send nothing.
Now, if you're in the US - you can use bitinstant.com, you make a cash deposit at a Chase, Wells Fargo, Bank of America, or Citibank branch - and have the funds (less their service fee) put into your tradehill account, where you can buy bitcoins and send them wherever you want.
Bitinstant rocks - you can call or email them 5 minutes after you leave the bank and they'll fund your transaction on the spot. I think the service fee is 5% or something.
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PayPal isnt safe for sellers of bitcoins because the buyer can claim they didn't receive the item and PayPal will always side with the buyer.
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PayPal isnt safe for sellers of bitcoins because the buyer can claim they didn't receive the item and PayPal will always side with the buyer.
It isn't safe bottom line.
-DF
drugfather
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FYI- because of Paypal policy, if you dispute a transaction and they find out it was for bitcoins (even a mere mention by the seller) your Paypal account will be frozen and your funds trapped in it.
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generally not a good idea, I exhausted the search for a Paypal to Bitcoin supplier when I first heard about SR if it wasn't for Intersango (straight up deposit into their account. browse BTC vendors. make payment) I wouldn't even be here.
the main issue is chargebacks...although BitCoinOTC + VirWox sound good might give them a go if intersango ever shut down...I think i've got too used to not paying any fees...
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That's a lot of fucking fees.
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Paypal is probably the most unsafe way of purchasing BTC, but it can be done if you really want.
As stated, virwox. I've used it myself and it works fine, it just takes them up to 2 days sometimes before they will approve your purchase of BTC with SLL which is an absolute PITA. If you watch the rate SLL and BTC are going for you can actually play a little forex with virwox and make substantial money (eg. price of SLL crashes, buy all the BTC worth you have of SLL, wait, sell for way more BTC once the SLL price goes back to normal ... and it will, so long as that game exists).
The only other place you should consider when it comes to paypal is the #bitcoin-otc marketplace in IRC. You will need to setup an account, authenticate with the bot, and then wait 24 hours before you can verify and be given permission to speak in the channel (+). As of late though i've seen that system more or less fly out the window since until just recently there was no demand for BTC. With no rating you may be able to get a few people to sell you 2 or 3 BTC to help you establish a rating. Once you have a number of good transactions people will sell you any amount of BTC for paypal .... a sickeningly amount actually.
The main problem is chargeback fraud, and there's little you can do to protect yourself because Paypal has publicly announced that it does not recognize bitcoins as a 'real' currency. It's easy for a buyer to make a chargeback claim on something that Paypal doesn't recognize, they'll approve the chargeback claim and there's one more screwed seller.
From the seller vantage point, well first you shouldn't sell BTC for Paypal, if you don't know why you should get out of the game. The ONLY tiny thing i've come across that helps you argue your case should a chargeback claim tribunal occur is to make the buyer send you the money as Personal -> Payment Owed. This is acknowledging that no actual goods have been exchanged, and if the buyer does try and scam you through a chargeback claim, there are no tangible goods for them to claim, and they also admitted freely that it was the personal exchange of currency (chargeback claims cover goods, not currency or services)
Moral is you just shouldn't use Paypal period. If you are American there are like 500 options available to you, i'd check SR first, all you need is one of those moneypak things that I imagine are in most stores in the US (i'm not American, my journey into obtaining BTC was far more painful) and a reputable vendor, of which there are many.
Stay away from Paypal !!
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I agree, fuck paypal.
If you're dealing with SR, there's almost no way to avoid any bank fees but paypal and so on are just too much to support the system which will do anything to keep you away from the great experience of life.
Everyone who's from EU, the best way is Intersango as I don't now the US options but there are something for USD too if you don't find anything better. https://intersango.com/fees.php
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Everyones mentioned there's a lot of fees involved with the VirWox route, I use intersango but just so I know in future what are the total fees in % exactly? going from PayPal USD > Linden dollars > bitcoins?