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Author Topic: In reality, it may be cheaper not using Dwolla  (Read 1873 times)
Elwar
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May 15, 2013, 02:44:12 AM
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I guess I have been using the bank->Dwolla->MtGox->bitcoin for the simplicity of it and I figured it was cheapest since Dwolla only charges 25 cents and MtGox only charges .55%

But in reality, MtGox almost always has the highest price of all exchanges.

So doing bank->wire transfer->1% at some other exchange may allow me to buy my bitcoins cheaper at another exchange if the price is lower.

Plus I will not need to wait almost a week for my transfer to go through Dwolla as the price rises.

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May 15, 2013, 02:46:59 AM
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It's still kind of interesting that once again, we've arrived at a situation where we realize that the value of the bitcoin is inexorably tied to MtGox.  If there are problems with it, the price tanks.  If there's good news, the price skyrockets.

I hope the bitcoin ATM can arrive soon.

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May 15, 2013, 02:49:57 AM
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It's still kind of interesting that once again, we've arrived at a situation where we realize that the value of the bitcoin is inexorably tied to MtGox.  If there are problems with it, the price tanks.  If there's good news, the price skyrockets.

I hope the bitcoin ATM can arrive soon.

Dwolla was MtGox's ace in the hole. Other exchanges actually offer more than MtGox. I usually exchange to BTC on MtGox before moving it to either BitFinex or btc-e.

MtGox is about to lose a significant amount of its market share.

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May 15, 2013, 02:54:26 AM
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It's still kind of interesting that once again, we've arrived at a situation where we realize that the value of the bitcoin is inexorably tied to MtGox.  If there are problems with it, the price tanks.  If there's good news, the price skyrockets.

I hope the bitcoin ATM can arrive soon.

Yes I completely agree, ive never used mtgox and don't plan too, there are tons of better alternatives out there.

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May 15, 2013, 03:08:51 AM
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I think Coinbase is going to get a lot of Dwolla's business now. At least that's where I'm considering putting some of money into. They make it easy to setup your bank accounts and get them confirmed. They charge a 1% fee. They make it easy to start buying bitcoin which is what a lot of folks are looking to do. I'm still considering other options though.

I've used coinbase 80% of the time and I never had one issue

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May 15, 2013, 03:16:42 AM
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I think Coinbase is going to get a lot of Dwolla's business now.

Yup.  If Coinbase hadn't gotten their cash infusion (last week's $5M investment round), I would have been more concerned about this development with Dwolla. 

It still leaves us with too few methods to easily transfer fiat to and from bitcoins.

I'm hoping to learn a little more about Ripple over this weekend.  Hopefully we can start solving this problem ourselves in a manner in which a piece of paper from DHS has no impact.

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May 15, 2013, 03:28:30 AM
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do you guys think this is somewhat good news, meaning that it will make bitcoins users more legitimate and can help real bitcoin businesses succeed. it seems like they are just trying to catch the guys that are using bitcoin for money laundering and other illegal activities.

i dont believe they will do this to coinbase for example, they have records of everything so there will be no need to shut them down.

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May 15, 2013, 03:43:03 AM
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I guess I have been using the bank->Dwolla->MtGox->bitcoin for the simplicity of it and I figured it was cheapest since Dwolla only charges 25 cents and MtGox only charges .55%

But in reality, MtGox almost always has the highest price of all exchanges.

So doing bank->wire transfer->1% at some other exchange may allow me to buy my bitcoins cheaper at another exchange if the price is lower.

Plus I will not need to wait almost a week for my transfer to go through Dwolla as the price rises.

Yes Gox does have the highest price of the exchanges.  That's why it was the best place to sell your BTC and transfer the money out with Dwolla.
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May 15, 2013, 03:46:48 AM
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seems that the market doesn't care too much.

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Keyur @ Camp BX
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May 15, 2013, 04:31:30 AM
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Just read this on Coinbase's website:

Are there any limits in place?

Yes, the maximum you can buy or sell right now is $100 USD per user, per day.  This is a low limit just so we can keep an eye on things as we ramp up, and make sure we have all the right systems in place to prevent abuse.  We’ll raise this limit over the coming months.


I'm really not digging the $100 per day limit. If Bitcoin is cheap and I want to buy lots of it, I won't be able to capitalize on the situation. Hopefully they increase the maximum soon.

Try CampBX - we support free Dwolla transfers and you can raise daily transfer limits through KYC.


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May 15, 2013, 07:53:40 PM
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I actually think that the bad guys could be beneficial for Bitcoin. I'm sure a lot of them launder their money into bitcoin and use bitcoins to buy things on SR and Bitcoin accepting merchants. So they could actually help the Bitcoin economy.

Define bad guys. Someone who offers you the choice to buy drugs? Or someone who forces, by threatening you with violence, to pay income tax? I can say no thanks to the former, but not the latter.

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May 15, 2013, 11:07:46 PM
 #12

It's still kind of interesting that once again, we've arrived at a situation where we realize that the value of the bitcoin is inexorably tied to MtGox.  If there are problems with it, the price tanks.  If there's good news, the price skyrockets.

I hope the bitcoin ATM can arrive soon.

im releasing a bitcoin vending machine in my home town later this week  Grin

its at the decal shop right now but thats my last step, it will be ready to go live after that

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Malawi
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May 15, 2013, 11:16:11 PM
 #13

I guess I have been using the bank->Dwolla->MtGox->bitcoin for the simplicity of it and I figured it was cheapest since Dwolla only charges 25 cents and MtGox only charges .55%

But in reality, MtGox almost always has the highest price of all exchanges.

So doing bank->wire transfer->1% at some other exchange may allow me to buy my bitcoins cheaper at another exchange if the price is lower.

Plus I will not need to wait almost a week for my transfer to go through Dwolla as the price rises.

I have been a bit envious at the US users and Dwolla.
If you have to wait almost a week, that is comparable to a normal SWIFT-wire. Only thing about SWIFT and GOX is that GOX apparently demand a quite hefty fee($75?) per transaction.

Lets hope there will be some kind of decentralized network of exchanges, so that people all over the world can deposit in their local markets without all this crappy SWIFT and various conversion sites. You should be able to do a normal country-internal bank-transfer that normally takes a day or less in as many countries as possible.
If I have understood Buttercoin correctly, their aim is to facillitate something along those lines.

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