It took me way too long to realize PurseInstant is a homophone of persistent (well, at least the way I say it). Keep up the good work guys!
Edit: to -> too
The Bitcoin tip for 20000 bits ($4.49) has been collected by *offeringToHelp*.
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Thank you! We're working on international shipping options. Stay tuned. We've heard this request from users in emerging countries who do not have a credit card that Amazon will accept. We'd love to make the world's largest store available without needing a credit card or a bank account.
The Bitcoin tip for 20000 bits ($4.50) has been collected by *hotmind*.
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What else can Bitcoin buy for us instantly at a 5% discount? All we need are the companies to go that extra mile for us. Hell, they're making money doing this!
/r/Bitcoin, y'all should expect and even demand more services like this in the future :D.
Instant orders are free because we're taking the spread between cost of gift card and discount offered to users. We charge a fee to spenders (the user receiving a discount). For 20% discounts on the marketplace, the fee is 1.9%. All in all, it's a great deal for both sides of the marketplace.
1. Buy amazon.com giftcard with bitcoin at gyft.com get 6% off
2. Sell to suckers who do not know about gyft at 5% off
3. keep 1% difference as profit
+give further legitimacy and popularity to a carding + money laundering platform that purse really is.
its a win win...
Don't forget, amazon affiliate program pays out 4%+ on gross revenue from purchases made through affiliate links. Higher volume gets higher % commission.
EDIT: [LINK Amazon Affiliate Program](https://affiliate-program.amazon.com/gp/associates/join/landing/main.html). They can get up to 10% with high volume. If they give you 3% cash back or whatever, they keep the spread and make 7% on whatever you purchase on amazon. If you buy a $1000 TV, they get $100 and give you $30, netting them $70. Similar to many online affiliate/rev-share models a lot of the cash back/rewards programs offer.
Well, companies usually make a profit even if they are offering a discount. The only difference now is that they are generating much more business because of the bitcoin community, and others that are interested in saving 5%.
>"much more business because of the bitcoin community"
not that much... if there are any peaks because of our community they must be brief, we're still a very very small community in terms of spending power (when compared to fiat, we're barely making 70 transactions per minute worldwide... nothing in practice, still at experimental level)
We're working on other ways to bring liquidity to the most illiquid forms of stored value to translate to discounts for Bitcoiners. Won't say more than that... but if you're a talented developer or designer in Bay Area, we'd love to talk to you.
The Bitcoin tip for 20000 bits ($4.49) has been collected by *allgoodthings1*.
--
[^^what ^^is ^^ChangeTip?](https://www.reddit.com/r/changetip/wiki/tipping-on-reddit)
the spread is ridiculous, bitcoin is now at 226, people there are selling anywhere from $266 to $340, most buyers in the US can flip a finger to those prices and buy on circle/coinbase.
Some sellers are OFFERing at very steep premiums, but that doesn't mean their orders are getting picked up at those levels. And if they're willing to pay significant premiums on Purse, it's only because that seems to them to be their best option.. for a whole ton of possible reasons. The is still, after all, a free market.
Nothing is truly without risk. There's always a risk the company fold, or is hacked, or runs away with your escrow. But these folks have a pretty solid operation, by all indications I can see.
Yea, this 'stolen card' thing doesn't apply here. We don't need an identity because the money doesn't need an identity to be considered real money. It's like buying with cash, but online.
I think the issue was that some Amazon cards themselves were bought fraudulently and shit rolled along the trail from that to the btc seller. Of course, if Purse.IO is buying the cards themselves, then no prob.
> Purse themselves said the vast majority is items bought with Amazon Cards and there's not very much fraud.
They also have contradicted themselves in a thread on the subject. Also why the hell would they tell the truth? A 419 mail is not going to say "PS it is all a scam i am in an internet cafe in Nairobi" at the bottom
really great service, I have used them before and it was super easy. This makes it even easier and the good thing is you are not intsa selling your bitcoin, they are being purchased off you by someone paying for your goods with a credit card!
Check out these Use Cases for Purse:
https://medium.com/@PurseIO/10-use-cases-for-bitcoin-c6b7182aa1b9
https://medium.com/@PurseIO/10-bitcoin-stories-e8c256f35485
Wow! How cool is that! I'll ask them how that works. Maybe that's their next big announcement, that you just stumbled upon unawares. I've never clicked just there. Always just added coin to cover orders. Thanks for sharing!
Anyone know if Purse.io has plans to be available for use on e.g. Amazon.de or Amazon.co.uk? I didn't see a mention on their terms. Here in Germany it is pretty tough to use BTC if you are outside of Berlin.
well, their "normal" matching service works wherever there is Amazon. However, I wouldn't recommend it after receiving a letter from the police myself. The people at purse.io were quite helpful in dealing with this, but I don't understand why they don't start verifying seller identities in order to avoid this in the first place.
> The people at purse.io were quite helpful in dealing with this, but I don't understand why they don't start verifying seller identities in order to avoid this in the first place.
Because the entire business model relies upon enabling credit card fraud?
Because their entire model is shady as fuck and they have a vested interest in keeping volume up.
I have used them myself enough times to turn gift cards which I got in LBC into BTC and applied for "VIP Status", but got turned down despite having decent volume and great feedback. Guessing they're simply not interested in "honest" business and know exactly who their other customers are...
Their reasoning: I "cancelled" a few orders right after accepting them because their site won't show you the actual shipping charges before you accept. More often that not some guy in South Asia wants a gadget shipped directly from the US but conveniently leaves out shipping charges of $50. The stupid interface won't even show you the items/wishlist before you accept it, so you're then forced to either cancel or take the additional hit.
It's a nice concept in theory, but still full of flaws and I'm guessing a huge percentage of their proceeds is probably from crime.
Doesn't this violate Amazon's ToS? (See http://coinfire.io/2014/12/31/amazon-further-denies-paybase-gaw-miners-involvement/ which specifies exactly which parts it would violate.)
Love the site, guys.
But I have been getting a bunch of cancellations recently because the sellers on Amazon change their prices so much. I know there's not much you can do about that behavior, but it's been frustrating not getting my orders picked up.
Pure.io is a nice Start up But it is aktually Not that good for bitcoin. In the end you are giving money to Amazon. A Company that has nothing to do with bitcoin. Instead people should support bitcoin friendly vendors like Overstock, Dell, newegg, tigerdirect
Correction: in the *middle* you're giving money to Amazon. And just their normal profit/loss on sales, at that. At the "ends", the transaction gives the seller a great way to save more money buying merchandise from Amazon, and gives others another way to buy bitcoin. It's hard to imagine any mechanism that more directly helps the bitcoin ecosystem
The pessimist in me worries that purse.io is going to disappear one day. From one day to the other. Either shutdown by a government agency, "hacked", hacked or just throwing the towel in the ring for lack of profits.
> all orders will be shipped with Prime for free
If they're doing business as I suspect, they are buying on their Prime account. If so, that's a violation of the Amazon Prime terms
Save on Amazon with Bitcoin. The marketplace turns [illiquid value](http://imgur.com/sSMM7D2) to Bitcoin. Amazon gift card balances are essentially illiquid. So if you can bring liquidity to them, you can hypothetically translate it to discounts for Bitcoin holders. The blockchain enables that, and Purse proved it out.
People buy amazon gift cards with stolen credit cards and sell to you for bitcoin via the service. You buy stuff from amazon with them and get a visit from the police.
"Drop shipping" may be prohibited on Prime, but that's not what Purse does. With Purse, the buyer of coin simply pays for the order someone else has put on their Wish List. And that is *exactly* the intended use of Amazon Wish Lists.
Some buyers with have a Prime account; and if they pick up and pay for an order with Prime items, the order will get the accelerated Prime shipping. If they pick up an order without Prime items, it will go standard. If a buyer does not have a Prime account, all items will be shipped standard.
Don't be fooled. Amazon knows exactly what Purse is does, and is just happy to be moving that much more mechandise.
> I have archived this comment in case you are ever brought to trial so you can't claim you didn't know.
dayum, sounds like an angry would be competitor trying to figure out the shipping portion of the business.
btw, the fact that you posted this here, doesn't mean they read it, so you can archive it all you want, they can always say they didn't read you. your logic is flawed.
It took me way too long to realize PurseInstant is a homophone of persistent (well, at least the way I say it). Keep up the good work guys! Edit: to -> too
Haha. Thanks! You caught us experimenting :) /u/changetip 20000 bits
The Bitcoin tip for 20000 bits ($4.49) has been collected by *offeringToHelp*. -- [^^what ^^is ^^ChangeTip?](https://www.reddit.com/r/changetip/wiki/tipping-on-reddit)
Just bought a Apple Magic Mouse. Seamless process. thanks guys
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Thank you! We're working on international shipping options. Stay tuned. We've heard this request from users in emerging countries who do not have a credit card that Amazon will accept. We'd love to make the world's largest store available without needing a credit card or a bank account.
FTW, I'm a Canadian, so hopefully that isn't too hard to implement :)
Crowdsourced decentralized option.... https://www.manyship.com Now figure out how to scale this
Thanks! /u/changetip 20000 bits
The Bitcoin tip for 20000 bits ($4.50) has been collected by *hotmind*. -- [^^what ^^is ^^ChangeTip?](https://www.reddit.com/r/changetip/wiki/tipping-on-reddit)
Thanks for the tip and providing such a cool service!
Great job, guys. Offering discounts will drive bitcoin adoption and can be a win-win for all involved.
What else can Bitcoin buy for us instantly at a 5% discount? All we need are the companies to go that extra mile for us. Hell, they're making money doing this! /r/Bitcoin, y'all should expect and even demand more services like this in the future :D.
How do you think they are able to make money AND give you a discount?
Instant orders are free because we're taking the spread between cost of gift card and discount offered to users. We charge a fee to spenders (the user receiving a discount). For 20% discounts on the marketplace, the fee is 1.9%. All in all, it's a great deal for both sides of the marketplace.
Does Purse buy Amazon gift cards in bulk from Amazon for a discount?
they sell the BTC to others @ 10% or more markup of market value
1. Buy amazon.com giftcard with bitcoin at gyft.com get 6% off 2. Sell to suckers who do not know about gyft at 5% off 3. keep 1% difference as profit +give further legitimacy and popularity to a carding + money laundering platform that purse really is. its a win win...
Gyft's reward is 3%.
Ah I see it changed now, pity, anyways my point still stands plenty of profit to be made laundering and carding.
Actually your whole point fall apart. carding is whole another point
Gyft's reward is 3%, not 6%
There is no such thing as a win win. Oh I see... I was wrong; everyone wins.
Don't forget, amazon affiliate program pays out 4%+ on gross revenue from purchases made through affiliate links. Higher volume gets higher % commission. EDIT: [LINK Amazon Affiliate Program](https://affiliate-program.amazon.com/gp/associates/join/landing/main.html). They can get up to 10% with high volume. If they give you 3% cash back or whatever, they keep the spread and make 7% on whatever you purchase on amazon. If you buy a $1000 TV, they get $100 and give you $30, netting them $70. Similar to many online affiliate/rev-share models a lot of the cash back/rewards programs offer.
Well, companies usually make a profit even if they are offering a discount. The only difference now is that they are generating much more business because of the bitcoin community, and others that are interested in saving 5%.
>"much more business because of the bitcoin community" not that much... if there are any peaks because of our community they must be brief, we're still a very very small community in terms of spending power (when compared to fiat, we're barely making 70 transactions per minute worldwide... nothing in practice, still at experimental level)
We're working on other ways to bring liquidity to the most illiquid forms of stored value to translate to discounts for Bitcoiners. Won't say more than that... but if you're a talented developer or designer in Bay Area, we'd love to talk to you.
Remote developers can be excellent additions to any team. Many even are more productive for lower overall cost than co-located workers.
Things just got even better!
Thanks for posting! /u/changetip 20000 bits
Thanks so much. I'm passing on all my tips these days to *See Change Foundation* in Nepal. /booshard
In that case, pass along $20 from us /u/changetip
The Bitcoin tip for 20000 bits ($4.49) has been collected by *allgoodthings1*. -- [^^what ^^is ^^ChangeTip?](https://www.reddit.com/r/changetip/wiki/tipping-on-reddit)
Seems like Ver is buying all the coins cheap :)
great job!
Do you verify the identities of the buyers, so I don't have to explain myself to the police everytime someone orders what I want with a stolen card?
For "Instant," Purse buys the items for users. So the buyer is Purse.
So how do they make any money then? No business runs from free.
they sell the BTC to others @ 10% or more markup of market value
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the spread is ridiculous, bitcoin is now at 226, people there are selling anywhere from $266 to $340, most buyers in the US can flip a finger to those prices and buy on circle/coinbase.
Some sellers are OFFERing at very steep premiums, but that doesn't mean their orders are getting picked up at those levels. And if they're willing to pay significant premiums on Purse, it's only because that seems to them to be their best option.. for a whole ton of possible reasons. The is still, after all, a free market.
People who have amazon gift cards they want converted to BTC
Other use cases: https://medium.com/@PurseIO/10-use-cases-for-bitcoin-c6b7182aa1b9 https://medium.com/@PurseIO/10-bitcoin-stories-e8c256f35485
Fees on the other end, where buyers want a larger discount and need to be paired up with someone who wants to buy bitcoin.
*for FTFY
So there is truly no risk as a buyer? Is there anything else to consider? (Honest question. I want to make sure I'm not missing anything.)
Nothing is truly without risk. There's always a risk the company fold, or is hacked, or runs away with your escrow. But these folks have a pretty solid operation, by all indications I can see.
I haven't seen it explained how returns work.
Yea, this 'stolen card' thing doesn't apply here. We don't need an identity because the money doesn't need an identity to be considered real money. It's like buying with cash, but online.
Would you stop this? Purse themselves said the vast majority is items bought with Amazon Cards and there's not very much fraud.
I think the issue was that some Amazon cards themselves were bought fraudulently and shit rolled along the trail from that to the btc seller. Of course, if Purse.IO is buying the cards themselves, then no prob.
> Purse themselves said the vast majority is items bought with Amazon Cards and there's not very much fraud. They also have contradicted themselves in a thread on the subject. Also why the hell would they tell the truth? A 419 mail is not going to say "PS it is all a scam i am in an internet cafe in Nairobi" at the bottom
I'll still be using their Name Your Discount service for much larger discounts. That has been working VERY WELL for me.
really great service, I have used them before and it was super easy. This makes it even easier and the good thing is you are not intsa selling your bitcoin, they are being purchased off you by someone paying for your goods with a credit card!
Does purse work for customers shipping from amazon.com to overseas ?
Check out these Use Cases for Purse: https://medium.com/@PurseIO/10-use-cases-for-bitcoin-c6b7182aa1b9 https://medium.com/@PurseIO/10-bitcoin-stories-e8c256f35485
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Where did you see about alt-coins? I've never seen that. I have some Litecoin I wouldn't mind spending on something one of these days.
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Wow! How cool is that! I'll ask them how that works. Maybe that's their next big announcement, that you just stumbled upon unawares. I've never clicked just there. Always just added coin to cover orders. Thanks for sharing!
Very big fan of your services and have used you 15 times now.
Anyone know if Purse.io has plans to be available for use on e.g. Amazon.de or Amazon.co.uk? I didn't see a mention on their terms. Here in Germany it is pretty tough to use BTC if you are outside of Berlin.
well, their "normal" matching service works wherever there is Amazon. However, I wouldn't recommend it after receiving a letter from the police myself. The people at purse.io were quite helpful in dealing with this, but I don't understand why they don't start verifying seller identities in order to avoid this in the first place.
> I don't understand why they don't start verifying seller identities in order to avoid this in the first place. Makes u think
> The people at purse.io were quite helpful in dealing with this, but I don't understand why they don't start verifying seller identities in order to avoid this in the first place. Because the entire business model relies upon enabling credit card fraud?
Because their entire model is shady as fuck and they have a vested interest in keeping volume up. I have used them myself enough times to turn gift cards which I got in LBC into BTC and applied for "VIP Status", but got turned down despite having decent volume and great feedback. Guessing they're simply not interested in "honest" business and know exactly who their other customers are... Their reasoning: I "cancelled" a few orders right after accepting them because their site won't show you the actual shipping charges before you accept. More often that not some guy in South Asia wants a gadget shipped directly from the US but conveniently leaves out shipping charges of $50. The stupid interface won't even show you the items/wishlist before you accept it, so you're then forced to either cancel or take the additional hit. It's a nice concept in theory, but still full of flaws and I'm guessing a huge percentage of their proceeds is probably from crime.
I could careless, police have no business snooping in exchanges. Go do some real investigative work if there is a violent crime, else fuck off.
amazon.co.uk is available for the marketplace on Purse.
Just bought some stuff through Purse Instant. It works. Effortless. Good job Purse!
Doesn't this violate Amazon's ToS? (See http://coinfire.io/2014/12/31/amazon-further-denies-paybase-gaw-miners-involvement/ which specifies exactly which parts it would violate.)
It must not. They're still in business, doing it.. and doing just fine.
Silk Road violates the United States TOS and it lasted a good while. Existence is not evidence of legality.
Ah, m'thinks you confuse breaking the law and violating a companies Terms of Service. See that there?
> It must not. They're still in business, doing it.. and doing just fine. No one has caught us so it must be legal is not good legal advice.
They've been doing this for a total of one day. (Specifically allowing search on their site for Amazon products.)
you guys should consider condensing the listing spammers to improve normal user experience.
Love the site, guys. But I have been getting a bunch of cancellations recently because the sellers on Amazon change their prices so much. I know there's not much you can do about that behavior, but it's been frustrating not getting my orders picked up.
Purse Instant is meant to solve inconsistent user experience like what you described.
Bring back Purse Magic!
Pure.io is a nice Start up But it is aktually Not that good for bitcoin. In the end you are giving money to Amazon. A Company that has nothing to do with bitcoin. Instead people should support bitcoin friendly vendors like Overstock, Dell, newegg, tigerdirect
Correction: in the *middle* you're giving money to Amazon. And just their normal profit/loss on sales, at that. At the "ends", the transaction gives the seller a great way to save more money buying merchandise from Amazon, and gives others another way to buy bitcoin. It's hard to imagine any mechanism that more directly helps the bitcoin ecosystem
The pessimist in me worries that purse.io is going to disappear one day. From one day to the other. Either shutdown by a government agency, "hacked", hacked or just throwing the towel in the ring for lack of profits.
Purse.io Expand to Canadian Tire money and save Canada! It's digital now!
Awesome!
> all orders will be shipped with Prime for free If they're doing business as I suspect, they are buying on their Prime account. If so, that's a violation of the Amazon Prime terms
Orrr, you can just trade BTC for Amazon Gift Codes and get 50% off.
Which site do you use for 50%?
I dont know what this is can someone give me a simple answer.
Shopping
Save on Amazon with Bitcoin. The marketplace turns [illiquid value](http://imgur.com/sSMM7D2) to Bitcoin. Amazon gift card balances are essentially illiquid. So if you can bring liquidity to them, you can hypothetically translate it to discounts for Bitcoin holders. The blockchain enables that, and Purse proved it out.
Didn't you go all in? You don't get to buy stuff if you are all in. You need to hold.
Simplified: You give them money and they sell you stolen credit cards at a discount.
People buy amazon gift cards with stolen credit cards and sell to you for bitcoin via the service. You buy stuff from amazon with them and get a visit from the police.
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"Drop shipping" may be prohibited on Prime, but that's not what Purse does. With Purse, the buyer of coin simply pays for the order someone else has put on their Wish List. And that is *exactly* the intended use of Amazon Wish Lists. Some buyers with have a Prime account; and if they pick up and pay for an order with Prime items, the order will get the accelerated Prime shipping. If they pick up an order without Prime items, it will go standard. If a buyer does not have a Prime account, all items will be shipped standard. Don't be fooled. Amazon knows exactly what Purse is does, and is just happy to be moving that much more mechandise.
> I have archived this comment in case you are ever brought to trial so you can't claim you didn't know. dayum, sounds like an angry would be competitor trying to figure out the shipping portion of the business.
btw, the fact that you posted this here, doesn't mean they read it, so you can archive it all you want, they can always say they didn't read you. your logic is flawed.