Quote from: saffroncoin on August 01, 2014, 02:23:40 PM

Quote from: tfbpa on August 01, 2014, 01:34:01 PM

I was very excited that you knew all the executive managers and board of directors at Paypal when I read that it will be integrated, as Paypal is extremely notorious for almost not allowing anything to be bough/sold and since you stated that it would be integrated I actually thought that perhaps you were one of the directors.

Only this seems not to be the case. From what I understand you did not even contact the legal department of Paypal yet, is that correct? The very first thing you need to do is get in touch with the board of directors of Paypal, explain your business plan and get a written approval that you are allowed to buy/sell cryptocurrency, otherwise your account will be blocked by Paypal within a very short time.

As long as you don't have specific, written confirmation of the board of directors of Paypal, I really wouldn't waste any time trying to implement it, as it will be blocked almost immediately.

See https://en.bitcoin.it/wiki/Buying_Bitcoins_(the_newbie_version)#PayPal for more information about Paypal and Bitcoin, which you really should have researched before telling everybody that you will integrate it.

That said, I do like your coin and wish you all the best, but again, don't waste any time with Paypal until you have a written confirmation from the Board of Directors.

Thanks for that link. PayPal is not widely used in my part of the world so never knew it had so many issues. Maybe those PayPal regulations were before eBay CEO said that he is interested in Bitcoin. But this has made me think of an even better solution. According to most of you, PayPal doesn't allow merchants doing business with Bitcoin. So let us give out Gift Cards. Certainly PayPal allows the buying of Gift Cards/Vouchers right?
Once our users make a purchase for the amount of SFR they wish to buy through PayPal, we will email them a SFR Gift-Card/Voucher containing a unique code. Entering that code into your wallet will have the amount of SFR you purchased transferred to you within some time. So here PayPal is only used by you to buy Gift-Cards/Vouchers which i feel they have no problems with. I don't think it matters to them that those Vouchers will be used to get digital currencies. They say not to use their service for buying/selling digital currencies, ok we are not. We are just issuing some Gift-Cards/e-Cards/Vouchers. Also we are doing this business under "digital goods and services" which does include virtual Gift-Cards. Wink

In this way i guess everyone is happy and we meet the regulations.

What do u think?

That indeed sounds like a nice and creative solution that should be possible.

The only thing that I could find in short time is that according to Paypal's user agreement as per item 7.3 on https://www.paypal.com/hk/webapps/mpp/ua/useragreement-full gift-cards are not eligible for Paypal buyer protection.

This of course beneficial to the seller and negative for the buyer, but at least there is no chargeback possibility for you the seller and therefore your account will not get locked and as long as you keep the agreement and send the gift-cards which work, then everybody should be happy.

I like it!

Do you already have working gift-cards and if not, any idea as to the timeline when you can have this available?

tfbpa

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