MC-Market Credits Currency

[Swift]

I might get a lot of people disagreeing with me on this, but I think it would be a cool idea if MC-Market had it's own currency/coin which you can purchase with PayPal, Venmo etc.
Then you can send it to other MC-Market users. Then, you would be able to sell the coin in exchange back to PayPal to other users.

Positives:
- Could lead to a lot less charging back on PayPal (as you wont be able to chargeback the transactions with it)
- Users who can not pay PayPal F&F and aren't "trusted", can be trusted by using this currency
- Would easily be purchasable by a new tab on the top of the screen.
- Can easily be investigated by MC-Market staff if the seller did not send the products
- Would attract more users to use this website.

Negatives:
- Could put a lot of stress on MC-Market staff (although could be cancelled out by the decrease in scam reports)
- Fees could be high when purchasing the currency.
- Could not be appealing for many users

 

[solo]

YES SIR

AMAZING IDEA

 

[Swift]

You can make a currency purchase of let's say 1k , chargeback. and spend the 1k in idk transacting bitcoin or somthing , it'll just lead to a lot more scams.



People would not put in money into a site , what if they don't spend it ? MCM is going to refund it back? Who's going to convert this currency back into someone's PayPal? Terrible idea IMO

Well you won't be able to chargeback the purchase of the currency obviously, just like you can't chargeback on a fuckin maccies.

 

[Kavish]

As well, if 20k of this coin is bought and Mick spends the money in whatever, and suddenly a large number of people withdraw 10k from the site, how is he going to pay? I can't see this working although I would like it.

 

[Swift]

As well, if 20k of this coin is bought and Mick spends the money in whatever, and suddenly a large number of people withdraw 10k from the site, how is he going to pay? I can't see this working although I would like it.

It's your responsibility for what you buy. I think it would be a useless idea to purchase in bulk of 2k..
If someone was needing to pay a user $20 in the currency, they would simply purchase $20 of it, then send it and have their balance be 0 again.

 

[Scroll32]

As other people stated, in practice its a great idea, its just execution thats an issue. It also holds MCM liable for transactions, which Ik Mick doesn't like.

 

[Swift]

huh? I buy currency from mick, I use the currency and I chargeback from mick and get the money back?

Mick would win the chargeback just like other services/shops do...?
You can't just win every chargeback, Mick would obviously need to find a way to present evidence of purchase if someone charges back

 

[Swift]

I was sceptical at first but this does sound good. This would also be great for Mick, he could take a small fee per transaction and make him a lot of money.

Exactly, the fee would only be the same fee as you would sending PayPal...

 

[Swift]

there's ways to win without needing to put a claim of not receiving the products but I will not go into them but trust me you can win a chargeback VERY easily.

I doubt it, if I tried charging back on every single one of my PayPal payments made to Topman (clothing company), I would lose them all

 

[Swift]

Like I said , there's ways to win you aren't aware of them

Maybe limit how much of the currency you can buy depending on your reputation on the site? Would reduce the risk, and if a chargeback is made, the user would be automatically banned.

 

[Kavish]

It's your responsibility for what you buy. I think it would be a useless idea to purchase in bulk of 2k..
If someone was needing to pay a user $20 in the currency, they would simply purchase $20 of it, then send it and have their balance be 0 again.

It's kinda like the stock market. If I think McM is just bad or going under, I'm pulling my money out and I'm sure many others will. That will 100% force McM under. It's too much of a risk. However, if Mick keeps this money aside so he never actually touches it except for the fees, I can see it working.