If anyone is interested in testing out prv.shopping, I have recently opened up a shop to sell visa gift cards. As more people buy the cards, the prices will decrease. For now we are in experimental testing phase.
I just wanted to see if anyone is interested in purchasing Visa Gift Cards on the incognito platform.
A visa gift card is like a visa prepaid card? Unfortunately I’m not living in USA, if there was something similar for Europe, I’d go for it straight away!
The card itself says only available in the US, but its good for online transactions, so i’m not sure if you can circumvent the restriction (or if it’s even legal to). It’s just your standard prepaid Vanilla eGift Card.
i think we can make better than this but it is a kind of start.
Like I said, it’s just experimental to see the kind of response we get from the community. If things go smoothly, and there’s a demand, we will be able to make a more professional platform.
sure sure i undestood. it is always good to experiment !
anyway i was thinking more at p2p portal like localbitcoin, localmonero, paxful.
We should try to build in that direction because credit cards require KYC and prepaid card are usefull but not so much as they have 100 dollar limit.
If people need to buy crypto without KYC they use p2p mostly!
We should work on implementation on the existing markets also at one point…
Pretty awesome. Will this help with privacy? Most ppl are concerned with kyc, and having stuff tracked.
Right now I send my crypto to coinbase, then sell it for cash and deposit to paypal.
I lose a few cents with transaction fees, so how would buying a visa giftcard help me/us more than doing it the way I just described? 
Whenever you make an online transaction with fiat, you expose your personal information to merchants and transaction processing companies. By using a Visa Giftcard, there is no way to link your identity to the transaction, unless of course you are shipping something to your house. Companies like coinbase and paypal require KYC which log all your transactions and send personal data to merchants, making it increasingly difficult to be anonymous online. The Visa Card works just like a debit card and can be used on most websites.
Since a card is only valued at $25, $50, $100: It’s only really good for a few transactions. Your mostly going to be wanting to use the cards for online services, or empty it, and use it to sign up for free trials. You can add these cards as a payment method on PayPal, but that kind of defeats the purpose of being anonymous, unless your PayPal isn’t linked to your personal identity in any way.
Selling crypto for cold hard cash is the main method of unlocking your value anonymously. However, that requires physical interaction, and you can’t use cash for online payments without depositing it somewhere that requires KYC. Visa Giftcards bypass this whole problem. It’s basically the most secure way to pay online without a leaving a trace.
Really good approach. But price seems quite high right now. If the demand would be big enough, what do you think you could sell them for? I would have no problem to pay 5 USD more as a fee. But paying 35 USD for 20 USD card, seems to much in my opinion. I care a lot for privacy so 5 USD I would be willing to pay for it. Once this could be achieved I would use this way to spend my crypto.
Unfortunately, I can’t get it down that low just yet. Currently I have to do everything manually and what not. Activation fee’s consist of $4 - $6. The lowest I would be comfortable going is listed below. If there is a much bigger demand then expected, I don’t mind making my profit margin 1-2$ a pop.
$25 : $29 | $32 = 3$ profit
$50 : $55 | $57 = 3$ profit
$100 : $106 | $109 = 3$ profit
I wasn’t expecting many purchases at the prices I have now. But the prices I listed above is what I want to head towards. I made this post to gauge the demand, if there is indeed any, I will lower the prices.
Hi I think that is a great idea you set up pretty cool!
In the future, I was thinking that I’d also like to make a stablecoin on the incognito network backed by visa gift cards. This would be a pCoin redeemable for specific denominations of visa gift card at any time. The activation fees and costs would be averaged out and baked into the price of the coin potentially making the cost lower. As visa cards have an expiration date, I might have to store a majority of value in another stablecoin and convert when necessary. I would like to avoid that if at all possible.
I am working on making the buying process completely automatic. I would prefer a more decentralized solution for something like this, but currently we are in the pretty early stages. Any cool ideas would be appreciated.
1 Idea for the coin would be to store the value in PRV and stake a large majority of it. Liquidate PRV from the smaller non staked pool when someone purchases a visa giftcard. If the price of PRV goes down, the staked PRV should be generating enough returns to supplement for the value loss (Only ever liquidating to sustain). If PRV get’s more valuable, more PRV will be sent to the staking mechanism, keeping the same value in the non staked pool. (Eventually a lot of PRV would be locked up, which is good for the network anyways. A large pool of PRV will be generated and only ever released to adjust the value of the smaller pool)
If we were doing it this way, I wonder if we could eventually add the pCoin in to something like the provide tab. Users would be able to gain interest off the stablecoin, while simultaneously providing their value in some PRV(via the staking pool). That’s like double time PRV lockup because the stablecoin would have to be paired with other PRV to gain a return. It would probably add more stability to the price of PRV, and more people would want to hold the stablecoin as opposed to redeeming it.
stablecoin backed by visa giftcards is a very interesting idea… cool concept.
Eventually, in the future, larger quantity cards could be available and possibly even custom amounts.
With the idea for an incognito stablecoin (that’s redeemable for Visa Gift Cards) in the works, I wanted to make a poll figuring out what the community thinks the best path is to proceed.
The issue we face in creating a stablecoin backed on Visa Gift Cards, is that they have an expiration date. This means that the value that was used to purchase the stablecoin would have to be stored somewhere until it is redeemed for a gift card. Since the community is going to be using the stablecoin, I thought it would be best for the community to have a say in how it is backed.
Here are the current contenders. If you have any other thoughts or ideas on the issue, please feel free to speak your mind.
0 voters