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Author Topic: Mt. Gox and Dwolla  (Read 972 times)
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September 15, 2012, 02:40:15 PM
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I finally bit the bullet and decided to have my Dwolla account verified to make it easy to buy Bitcoins. However, I didn't know that a larger hurdle was ahead to also verify to a larger degree my identity with Mt. Gox. What's the point? Mt. Gox claims that they don't share any information with a third party under any circumstances, but their privacy policy seems to suggest otherwise. In any case, why would Dwolla require stronger verification from an exchange rather than the account which is connected to my bank? And if the exchange doesn't share information with anyone "external to Mt. Gox under any circumstances" what would keep me from verifying the two differently, with different addresses, identities, etc? I was just really looking forward to be able to easily participate in exchanging Bitcoins, but this whole Dwolla verification thing is really stupid and, unless I'm missing something, entirely ineffective.
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September 15, 2012, 09:57:11 PM
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unless I'm missing something, entirely ineffective.

The simple scenario is where a hacker gains access to an individual's Dwolla account and transfers funds to the hacker's own Mt. Gox account.   If Mt. Gox has identify from verifying the account, then Dwolla would know who supposedly received the funds.   This also lessens the chance of a fraudulent claim that the transfer was not authorized.


what would keep me from verifying the two differently, with different addresses, identities, etc?

I don't think it matters, at least not for deposits.  I can send my Dwolla funds to your Mt. Gox account I believe.   But with Dwolla being U.S. only, presumably only Mt. Gox accounts that are verified with a U.S. address then could receive Dwolla transfers.

But you can't withdraw your Mt. Gox USDs to my Dwolla I believe -- those two must be the same party, I believe.

So this verification cuts down on the permutations of risk to ones that are less exploitable.

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October 26, 2012, 03:22:09 PM
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DWOLLA just came to extort me out of my $40 with them if I don't give ID

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October 28, 2012, 01:09:37 AM
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DWOLLA just came to extort me out of my $40 with them if I don't give ID

If it's going to Mt. Gox, the extortion won't stop. I sent them an ID and utility bill. Then as soon as I figured everything was good, I transferred money and they locked it up until I proved that I was associated with the business on my Dwolla. And each step takes about two days.
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October 28, 2012, 01:15:59 AM
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DWOLLA just came to extort me out of my $40 with them if I don't give ID

If it's going to Mt. Gox, the extortion won't stop. I sent them an ID and utility bill. Then as soon as I figured everything was good, I transferred money and they locked it up until I proved that I was associated with the business on my Dwolla. And each step takes about two days.

I've only transferred to/from other dwolla users

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