Dwolla?

[Yankee (BitInstant)]

Enjoy waiting 6 days while the price rises.

[beginningbitcoin]

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.

[Yankee (BitInstant)]

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?

[zurzon]

Dwolla seems like a pretty good deal.

[EpicFail]

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]

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]

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. 

[kiwiasian]

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.

[Yankee (BitInstant)]

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

[magik]

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

[Stephen Gornick]

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]

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]

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)]

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!

[WinterIsComing]

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

[Stephen Gornick]

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

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]

no problems with dwolla so far

[cecil w.]

The only problem is how far off the estimate is for funds clearing. The rest is pretty quick and sensible.

[vector76]

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]

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