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Author Topic: Dwolla?  (Read 2458 times)
Yankee (BitInstant)
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June 15, 2011, 12:48:54 AM
 #21

Enjoy waiting 6 days while the price rises.

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beginningbitcoin
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June 15, 2011, 12:53:55 AM
 #22

Enjoy waiting 6 days while the price rises.

When you start a sale, it is sold at the price at that time, 6 days it the Dwolla processing time.

Even if I used your service, sure I can get the money instantly, but the price would still rise over 6 days. It doesn't make a difference which one I use, so I'd rather go with a well established service like Dwolla as opposed to some random small service ran by some guy in a basement.
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Charlie 'Van Bitcoin' Shrem


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June 15, 2011, 01:13:38 AM
 #23

The price if BTC changes every second. When you use Dwolla to fund your MtGox account, all your doing is funding it with USD which takes 5-7 days.
If today the price is $18 for 1 BTC, in 6 days it could be $25, or $15...your running the chance. Once your funds are avail, at that point you buy BTC at the current price.

Our service which is in development, does something a little different.
We keep very high reserves within the major exchanges i.e mtgox and tradehill.
Once you place a transaction (LibertyReserve- Confirmed, Paypal and others are Pending), we INSTANTLY credit your MtGox account with USD so you could buy it at the current price.

I know your new here, but do you understand the difference?

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More about me: http://CharlieShrem.com
zurzon
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June 15, 2011, 01:34:14 AM
 #24

Dwolla seems like a pretty good deal.

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EpicFail
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June 15, 2011, 01:43:00 AM
 #25

Dwolla seems like a pretty good deal.
Indeed. Where else can you make a $4,999 transaction for only $0.25 in fees.
Stephen Gornick
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June 15, 2011, 02:09:02 AM
 #26

Branching off the bank account -> dwolla question, my money has been taken out of my bank account but it's not in my dwolla account yet?  How long might it be in transit?

It appears to take from one to three business days after the funds have been pulled from your bank account before they show as available with Dwolla. 

I have no access to the money cause it appears to be just floating somewhere in limbo.

This is not Dwolla sitting on your money, this is how the Federal Reserve's ACH banking network operates.
  - http://en.bitcoin.it/wiki/Dwolla#Timeline

Down the road, Dwolla hopes to sign up banks and credit unions to use FiSync -- which creates a shorter path:
 - http://techcrunch.com/2011/03/25/dwollas-fisync-lets-you-instantly-access-cash-eliminates-ach-wait-times-for-banks

beyondnotion
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June 15, 2011, 02:18:23 AM
 #27


Is there a general rule for how long it takes for bank-dwolla transfers to take? I'm curious, I just signed up with them.


Heres some inside information. When Fisync is setup, if you open a bank account with a bank that uses it you can make same day transfers from mt.gox to your bank, using dwolla.

Well almost sameday, It depends on how fast mt.gox sends funds to dwolla. 

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kiwiasian
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June 15, 2011, 03:21:54 AM
 #28

The price if BTC changes every second. When you use Dwolla to fund your MtGox account, all your doing is funding it with USD which takes 5-7 days.
If today the price is $18 for 1 BTC, in 6 days it could be $25, or $15...your running the chance. Once your funds are avail, at that point you buy BTC at the current price.

Our service which is in development, does something a little different.
We keep very high reserves within the major exchanges i.e mtgox and tradehill.
Once you place a transaction (LibertyReserve- Confirmed, Paypal and others are Pending), we INSTANTLY credit your MtGox account with USD so you could buy it at the current price.

I know your new here, but do you understand the difference?

I think he is only interested in selling BTC.
Which is why he pointed out there would be no difference which market he uses.

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Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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June 15, 2011, 03:39:19 AM
 #29

The price if BTC changes every second. When you use Dwolla to fund your MtGox account, all your doing is funding it with USD which takes 5-7 days.
If today the price is $18 for 1 BTC, in 6 days it could be $25, or $15...your running the chance. Once your funds are avail, at that point you buy BTC at the current price.

Our service which is in development, does something a little different.
We keep very high reserves within the major exchanges i.e mtgox and tradehill.
Once you place a transaction (LibertyReserve- Confirmed, Paypal and others are Pending), we INSTANTLY credit your MtGox account with USD so you could buy it at the current price.

I know your new here, but do you understand the difference?

I think he is only interested in selling BTC.
Which is why he pointed out there would be no difference which market he uses.

ah. now it makes sense lol

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
magik
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June 15, 2011, 03:49:38 AM
 #30

I wish there was a better way than Dwolla....  Took my last transfer 8 days to clear =(
Stephen Gornick
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June 15, 2011, 06:01:43 AM
 #31

I wish there was a better way than Dwolla....  Took my last transfer 8 days to clear =(

Just to be fair, I don't think your problem is with Dwolla, right?  In other words if you had funds in your Dwolla account and you sent it to Mt. Gox, it would be there in minutes, right?

Thus ... your problem is likely with the payment network that Dwolla uses to transfer funds from your bank.  It is the Federal Reserve's ACH network.  They set it up to work this way back in the early 1970s.

As far as the 8 days, ... that won't likely repeat either, correct?   You only needed to do the first-time verification transaction once.   Now that your bank account is linked, you can add funds and they'll be in Dwolla in three business days.  From there the money travels to Mt. Gox within minutes.

It's just three business days for you from here on out.

Stephen Gornick
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June 15, 2011, 06:04:50 AM
 #32

Heres some inside information. When Fisync is setup, if you open a bank account with a bank that uses it you can make same day transfers from mt.gox to your bank, using dwolla.

Well almost sameday, It depends on how fast mt.gox sends funds to dwolla. 

How about the original direction, funding a transfer to Mt. Gox from my FiSync enabled bank?  Does that go same-day?

duckfeet
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June 15, 2011, 06:31:29 AM
 #33

Quote
What makes Paypal so evil? I'm just curious where all this hate is coming from since I've never had problems and haven't heard much about the problems that happen
.

I don't hate Paypal: the're no different than the rest.  The problem I've had with them, is that when they first got rolling with eBay and such, they were happy to be linked to any website...but after they got big, they started making moral judgements, and pulled the plug on websites they didn't approve of...like, say, opiophile.org.  They wanted to be the internet bank, and kind of became that, but once they got a monopoly, they started making puritanical judgement calls. 

Most of the competition--except for google pay--is pretty small time....hopefully bitcoin, and it's related enterprises will change all that...hell, I think it'll continue to bring down the whole notion of nation/states, which, along with the internet in general, is certainly taking us down that path...where we end up will be interesting to see...
Yankee (BitInstant)
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Charlie 'Van Bitcoin' Shrem


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June 15, 2011, 01:40:43 PM
 #34

Quote
What makes Paypal so evil? I'm just curious where all this hate is coming from since I've never had problems and haven't heard much about the problems that happen
.

I don't hate Paypal: the're no different than the rest.  The problem I've had with them, is that when they first got rolling with eBay and such, they were happy to be linked to any website...but after they got big, they started making moral judgements, and pulled the plug on websites they didn't approve of...like, say, opiophile.org.  They wanted to be the internet bank, and kind of became that, but once they got a monopoly, they started making puritanical judgement calls. 

Most of the competition--except for google pay--is pretty small time....hopefully bitcoin, and it's related enterprises will change all that...hell, I think it'll continue to bring down the whole notion of nation/states, which, along with the internet in general, is certainly taking us down that path...where we end up will be interesting to see...

Paypal just has very strict rules and compliance and BitInstant is working with them at this point to be able to fund mtgox accounts.
Will keep you guys posted!

Bitcoin pioneer. An apostle of Satoshi Nakamoto. A crusader for a new, better, tech-driven society. A dreamer.

More about me: http://CharlieShrem.com
WinterIsComing
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June 15, 2011, 01:58:48 PM
 #35

Darn You Dwolla, taking my money and not posting it in the time you stated.  Blast them.  Seriously!!! ARGGGGG!!!! Angry
Stephen Gornick
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June 15, 2011, 08:58:45 PM
 #36

Darn You Dwolla, taking my money and not posting it in the time you stated.  Blast them.  Seriously!!! ARGGGGG!!!! Angry

If that is what happened, that is rare.   What date were the funds withdrawn from your bank?  And when you look into your account with Dwolla, does the current status still show "pending"?

What is the count of *business days* that have passed since the bank withdrawal occurred?

vergodusk
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June 18, 2011, 07:47:55 PM
 #37

no problems with dwolla so far
cecil w.
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June 18, 2011, 07:54:19 PM
 #38

The only problem is how far off the estimate is for funds clearing. The rest is pretty quick and sensible.
vector76
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June 18, 2011, 08:08:16 PM
 #39

The price if BTC changes every second. When you use Dwolla to fund your MtGox account, all your doing is funding it with USD which takes 5-7 days.
If today the price is $18 for 1 BTC, in 6 days it could be $25, or $15...your running the chance. Once your funds are avail, at that point you buy BTC at the current price.

Our service which is in development, does something a little different.
We keep very high reserves within the major exchanges i.e mtgox and tradehill.
Once you place a transaction (LibertyReserve- Confirmed, Paypal and others are Pending), we INSTANTLY credit your MtGox account with USD so you could buy it at the current price.

I know your new here, but do you understand the difference?

This would be useful to give free options.  Make a purchase and if bitcoins rise relative to USD then I got them at the earlier, lower price.  If bitcoins fall in value (or if the rise doesn't exceed the inevitable comission), then repudiate the transaction and I haven't lost anything.

There is a reason people wait for funding to clear.
indio007
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June 18, 2011, 10:01:34 PM
 #40

Dwolla withdrawal only took me one day to get into my bank account.
4 hours from MTGOX to Dwolla
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