Bitcoin for manufactured spend

Old Dec 3, 13, 2:51 pm
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Bitcoin for manufactured spend

I did a search on bitcoin, but didn't come up with much.

I've been hearing a ton about bitcoin recently I believe I read it can be purchased with credit cards.

I was thinking of doing a purchase and then reselling. Of course there is a bit of risk in this , but it appears to be trending up.

Has anyone done this or think it would work as a relatively easy way to meet minimum spend or manufacture spend?
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Old Dec 3, 13, 3:17 pm
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Originally Posted by laflyguy View Post
I did a search on bitcoin, but didn't come up with much.

I've been hearing a ton about bitcoin recently I believe I read it can be purchased with credit cards.

I was thinking of doing a purchase and then reselling. Of course there is a bit of risk in this , but it appears to be trending up.

Has anyone done this or think it would work as a relatively easy way to meet minimum spend or manufacture spend?
my understanding that most processors have a latency period. Also I assume bitcoin=casino to all CC issuers so if they had a way to see what you are buying (they prob do) they wouldn't be happy.
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Old Dec 3, 13, 3:21 pm
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Originally Posted by laflyguy View Post
I did a search on bitcoin, but didn't come up with much.

I've been hearing a ton about bitcoin recently I believe I read it can be purchased with credit cards.

I was thinking of doing a purchase and then reselling. Of course there is a bit of risk in this , but it appears to be trending up.

Has anyone done this or think it would work as a relatively easy way to meet minimum spend or manufacture spend?
....you are serious with this? The value of bitcoins tanked like $300 yesterday...like Precious Metal Au...$30 or something like that..."a bit of risk"...if you think it hit the bottom, I guess so.
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Old Dec 3, 13, 3:30 pm
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Most places charge a fee to purchase Bitcoins with a CC. I've seen as high as: 3.1% + $0.18

Also along with the CC fee, they will also tack on a fee to purchase through their service as high as 10%.

Last edited by NewGirl; Dec 3, 13 at 3:37 pm
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Old Dec 3, 13, 4:05 pm
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Originally Posted by NewGirl View Post
Most places charge a fee to purchase Bitcoins with a CC. I've seen as high as: 3.1% + $0.18

Also along with the CC fee, they will also tack on a fee to purchase through their service as high as 10%.
Oh ok...well if that's the case, then it's far from any kind of deal.

Unless of course Bitcoin triples again in a month!
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Old Dec 3, 13, 4:10 pm
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Originally Posted by laflyguy View Post
Oh ok...well if that's the case, then it's far from any kind of deal.

Unless of course Bitcoin triples again in a month!
bit coins may be the new bennie babies
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Old Dec 3, 13, 4:53 pm
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Originally Posted by particlemn View Post
bit coins may be the new bennie babies
Possibly , but it does seem that many people are starting to take it more seriously including many big companies and governments. It could fizzle out though of course.
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Old Dec 3, 13, 7:45 pm
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It's worth almost as much as gold, 90% of BTC are held by speculators.

You do the risk analysis
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Old Dec 3, 13, 8:51 pm
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I've looked into it, but the bid-offer spread is too high, not to mention additional transaction fees.
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Old Dec 5, 13, 5:54 pm
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The reason this doesn't work, apart from risks of price fluctuation while you hold the bitcoin, is transaction costs. Bitcoin has gotten a lot of attention for being a cheap way to process payments, and while that's true if you already have bitcoins and you're sending them to someone else who is going to keep them as bitcoin, high costs of swapping bitcoin for regular currencies are probably inevitable. Bitcoin transfers are irreversible, which means there is a huge potential for fraud. Once they've sent you the bitcoin, they have little to no recourse against a chargeback. And the person who fraudulently obtained the bitcoins can easily launder them through untraceable transfers between many different addresses before cashing them out, so the risk of being caught is probably a lot lower than other forms of CC fraud.

Not only could the card be stolen, but even if it isn't, I'm sure there are friendly fraud concerns as they would have a hard time proving you received the item purchased. To some extent they can mitigate fraud with a waiting period between placing an order and receiving the bitcoin, verifying billing address, etc. but they can't stop it all so they have to charge high fees to cover their losses. Anyone can start a bitcoin exchange so if the exchange fees were too high, competition would drive them down. The worst part is as fees rise, it drives legitimate buyers out of the market, but not fraudsters who don't care about fees, creating a negative feedback loop that makes things worse.

Not to mention in addition to the CC companies not being too happy about all this due to fraud risks, large amounts of transactions swapping bitcoin for USD will probably draw unwanted attention from the feds since they know well about all of its untraceable characteristics. We already look enough like terrorist financiers/money launderers to them without adding large bitcoin transactions into the mix.
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Old Dec 5, 13, 6:01 pm
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Originally Posted by particlemn View Post
bit coins may be the new bennie babies
Worse than Beanie Babies. When Beanie Baby prices collapsed, at least you had something tangible. When Bitcoin collapses, all you'll have is cyberbitcoins in a cyberwallet.
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Old Dec 5, 13, 8:29 pm
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i just want to on record as saying this is the most stupid thing ive ever seen posted in this forum, possibly in all of ft

i will now unsubscribe from this thread until the time comes to come back here and say "told you so"
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Old Dec 5, 13, 8:45 pm
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Originally Posted by ma91pmh View Post
i just want to on record as saying this is the most stupid thing ive ever seen posted in this forum, possibly in all of ft

i will now unsubscribe from this thread until the time comes to come back here and say "told you so"
FT Logic:
Sane:
ordering thousands of dollars in gold coins from the US mint just to lug them across town in the trunk of your car to redeposit them at the bank.

"the most stupid thing ive ever seen":
Trying to find a way to do the exact same thing - only digitally, with a new type of currency.

Honestly, the only thing that makes this plan not feasible is that BitCoin is an unknown entity. You can't trust that the value is stable, or that the people you are working with are reputable - but I can promise you if FTers found another foreign currency they could buy at/near face value, and readily convert to USD (or whatever their local currency is) without conversion fees - it would explode just like the mint did.

I'll edit to add: I imagine that if there were a site confirmed as reputable on these boards that took credit cards for bit coins, and banks did not charge a cash advance fee - FTs would do it.
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Old Dec 5, 13, 8:50 pm
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Originally Posted by CFFrost View Post
FT Logic:
Sane:
ordering thousands of dollars in gold coins from the US mint just to lug them across town in the trunk of your car to redeposit them at the bank.

"the most stupid thing ive ever seen":
Trying to find a way to do the exact same thing - only digitally, with a new type of currency.

Honestly, the only thing that makes this plan not feasible is that BitCoin is an unknown entity. You can't trust that the value is stable, or that the people you are working with are reputable - but I can promise you if FTers found another foreign currency they could buy at/near face value, and readily convert to USD (or whatever their local currency is) without conversion fees - it would explode just like the mint did.

I'll edit to add: I imagine that if there were a site confirmed as reputable on these boards that took credit cards for bit coins, and banks did not charge a cash advance fee - FTs would do it.
Can I sell you some tulips? I accept credit cards
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Old Dec 5, 13, 8:54 pm
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Originally Posted by ma91pmh View Post
Can I sell you some tulips? I accept credit cards
Please, we both know plenty of people here take FTD up on those 30/$ + 150 offers.

Now, if I could readily convert those tulips back to cash . . . even at 1/$ . . .
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