ewallet + ACH funding security - Sucker born every minute?

[GernMiester]

http://www.bitcoinmoney.com/post/34370468102/coinbase-bank-transfers

Now the idiots can have thier bank accounts cleaned out when this site vanishes with all the depositors funds.

A fool and his money...........

[BCB]

I doubt this site is run by a 16 year old in Singapore. Don't spread fud unless you have facts. Do you know who runs it. Do you know it's corporate structure. Do you know it's funding sources?  If not why don't you so a little research. Before you pass judgement.

[Stephen Gornick]

Now the idiots can have thier bank accounts cleaned out when this site vanishes with all the depositors funds.

Coinbase has over half a million dollars in equity funding.  The max purchase amount they allow (for now) is $100.  The coins aren't available for transfer until the ACH completes, at least two business days later.

[moni3z]

Edited

Press report made this out to be some sort of ACH miracle but it's buying bitcoins for ACH and waiting 2 days to get them

[BCB]

You knucklehead. Dwolla does not sell bitcoin. Can you boys just go back over to 4chan.

[justusranvier]

Now the idiots can have thier bank accounts cleaned out when this site vanishes with all the depositors funds.

You mean that some people would actually link this to their main checking account instead of opening a seperate one, disabling overdraft protection on it, only transferring funds into it just before sending those funds to Coinbase, and immediately moving received funds to their main account?

[niko]

http://www.bitcoinmoney.com/post/34370468102/coinbase-bank-transfers

Now the idiots can have thier bank accounts cleaned out when this site vanishes with all the depositors funds.

A fool and his money...........

Looking through your recent posts, I wonder if they are all simple self-reflections...  Try to relax, keep your coins safe, and then try to actually contribute something useful to this forum. A piece of code, curated data, data analysis, comments on trends, good questions, insights - things of that sort. Also, stop making claims without doing research.

[BorderBits]

http://www.bitcoinmoney.com/post/34370468102/coinbase-bank-transfers

Now the idiots can have thier bank accounts cleaned out when this site vanishes with all the depositors funds.

A fool and his money...........

Try to relax, keep your coins safe, and then try to actually contribute something useful to this forum. A piece of code, curated data, data analysis, comments on trends, good questions, insights - things of that sort.

At least have the decency to start a confidence scam and fleece idiots of their coin.  Sheesh!

[regular]

I use Cavirtex and they sound similar to what this company is doing.  Just have a secondary chequing account that has limited funds you can lose if something does go wrong.

[Stephen Gornick]

Just have a secondary chequing account that has limited funds you can lose if something does go wrong.

I know of at least two prepaid debit cards that can receive ACH / direct deposit transactions and thus should be usable for this as well.

Both the American Express prepaid card and the Western Union prepaid card are free of any monthly fee, and have low or no ATM fee.  The Western Union card features direct deposit (ACH) capability and the American Express prepaid card does as well, I believe.  There was one other card provider that is free and has ACH but I can't think of the brand at the moment.

So then it is fairly easy to have a completely separate "account" just for this.  And adding cash to the card (loading) is $3.74 at Walmart (up to $1,000 per load, at any register) or $5 at the convenience store (maximum $500 per load).
 

So, like this weekend when there was an unexpected buying opportunity ... even without having a card you simply head down to Walmart, pick up a card, register it, load it with $1,000 and when you get home use Coinbase instant verification and buy bitcoins. And if Walmart isn't convenient, any convenience store where Green Dot / Moneypak is available works.


[Update: Doh ... these probably won't work as they don't allow ACH pulls apparently, as D&T describes below.]

[DeathAndTaxes]

Just have a secondary chequing account that has limited funds you can lose if something does go wrong.

I know of at least two prepaid debit cards that can receive ACH / direct deposit transactions and thus should be usable for this as well.

Both the American Express prepaid card and the Western Union prepaid card are free of any monthly fee, and have low or no ATM fee.  The Western Union card features direct deposit (ACH) capability and the American Express prepaid card does as well, I believe.  There was one other card provider that is free and has ACH but I can't think of the brand at the moment.

So then it is fairly easy to have a completely separate "account" just for this.  And adding cash to the card (loading) is $3.74 at Walmart (up to $1,000 per load, at any register) or $5 at the convenience store (maximum $500 per load).

So, like this weekend when there was an unexpected buying opportunity ... even without having a card you simply head down to Walmart, pick up a card, register it, load it with $1,000 and when you get home use Coinbase instant verification and buy bitcoins. And if Walmart isn't convenient, any convenience store where Green Dot / Moneypak is available works.

IIRC those cards (and many other prepaid cards) are limited in that you can ACH funds in but can't ACH funds out.  No technical reason it can't work both ways but the prepaid card companies want the money to only flow in (so they can rack up the fees both from the user and merchants).