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Author Topic: Chase Bank to offer deposits for MTGox  (Read 8286 times)
Litt
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October 18, 2011, 04:31:30 AM
 #21

This is great news for bitcoin. Having a direct cash deposit option at MtGox is def a plus for bitcoin since they are serving the majority of the community.

Regardless of being first or innovative, having more options for funding and withdrawing for an exchange is always a good thing imo.
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October 18, 2011, 05:12:11 AM
 #22

Chase Bank to offer deposits for MTGox

Are you retarded?

Don't you mean:


MTGox opens up bank account through ChaseBank

What? this is going to be huge... too bad it came in at a bad time. or is it a good time?

Why would this be big?

ExchB has already done it. We were already doing it. Someone's been asleep at the wheel if they think this is 'innovative'. Just another example of MtGox being 10 steps behind everyone else.

I do not see the steps that were in ExchangeB where you had to take a picture of your deposit slip or set up a pre-deposit.

This will be huge. Converting dollars to Bitcoins has been the biggest obstacle. The more streamlined, the better.

It's even better than that! Since it's now so easy to get money into MtGox, they'll be using the same exact process for withdraws. Now we'll have USD in our accounts within minutes opposed to days. Thank you, MtGox.



Where did they say using the same process for withdraws?

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October 18, 2011, 05:35:19 AM
 #23

Chase Bank to offer deposits for MTGox

Are you retarded?

Don't you mean:


MTGox opens up bank account through ChaseBank

What? this is going to be huge... too bad it came in at a bad time. or is it a good time?

Why would this be big?

ExchB has already done it. We were already doing it. Someone's been asleep at the wheel if they think this is 'innovative'. Just another example of MtGox being 10 steps behind everyone else.

I do not see the steps that were in ExchangeB where you had to take a picture of your deposit slip or set up a pre-deposit.

This will be huge. Converting dollars to Bitcoins has been the biggest obstacle. The more streamlined, the better.

It's even better than that! Since it's now so easy to get money into MtGox, they'll be using the same exact process for withdraws. Now we'll have USD in our accounts within minutes opposed to days. Thank you, MtGox.



Where did they say using the same process for withdraws?

It's not said anywhere. But it should be implied. Easy In = Easy Out. Same exact process, but only reverse. If that's not the case, then there's something wrong with that business model. I assumed they also fixed the time it takes for you to withdraw your funds. No more 3-14 days for USD to hit your bank via the old way.
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October 18, 2011, 05:38:07 AM
 #24

Chase Bank to offer deposits for MTGox

Are you retarded?

Don't you mean:


MTGox opens up bank account through ChaseBank

What? this is going to be huge... too bad it came in at a bad time. or is it a good time?

Why would this be big?

ExchB has already done it. We were already doing it. Someone's been asleep at the wheel if they think this is 'innovative'. Just another example of MtGox being 10 steps behind everyone else.

I do not see the steps that were in ExchangeB where you had to take a picture of your deposit slip or set up a pre-deposit.

This will be huge. Converting dollars to Bitcoins has been the biggest obstacle. The more streamlined, the better.

It's even better than that! Since it's now so easy to get money into MtGox, they'll be using the same exact process for withdraws. Now we'll have USD in our accounts within minutes opposed to days. Thank you, MtGox.



Where did they say using the same process for withdraws?

It's not said anywhere. But it should be implied. Easy In = Easy Out. Same exact process, but only reverse. If that's not the case, then there's something wrong with that business model. I assumed they also fixed the time it takes for you to withdraw your funds. No more 3-14 days for USD to hit your bank via the old way.


No its not implied anywhere, just because you misunderstood, dont say it as fact.

You cant "withdraw" cash from some body else account. You can however "deposit" cash to anyone's account in minutes.

How old are you btw? have you ever done banking?

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October 18, 2011, 07:10:21 AM
 #25

All I can say is, good luck to MtGox when people chargeback their bank transfers.

It isn't a transfer.

It's a cash deposit.

You can't "un-deposit" cash at a bank.


heh "un-deposit"... otherwise known as "withdraw".


I have heard un-deposits work well if you bring a rifle and ski mask.
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October 18, 2011, 07:46:36 AM
 #26

Once you upgrade to a verified Mt.Gox account,

.....

Making Bitcoin access easier !

Yeah, and make it easier to track you as well.... am I the only one worried about this? MtGox is creating a central database with the ID of the great majority of bitcoin traders. The mere existence of such database is very worrisome, to say the least.
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October 18, 2011, 08:06:25 AM
 #27

Alas, they are apparently holding off releasing the very usage agreement that would allow them to make these changes until after they've already made the changes. I realize I came off as a tool for harping on the cash deposits thing, but there are seriously a shitload of questions that need to be answered before MtGox deserves any respect. Just existing as a for-profit business and serving a niche doesn't mean you're right.

Our ToS are still being put together by our legal team. It's not that simple.

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October 18, 2011, 03:19:40 PM
 #28

It's not said anywhere. But it should be implied. Easy In = Easy Out. Same exact process, but only reverse. If that's not the case, then there's something wrong with that business model. I assumed they also fixed the time it takes for you to withdraw your funds. No more 3-14 days for USD to hit your bank via the old way.

It's not said anywhere because it isn't true or implied.

Look there is nothing magical that Mt. Gox is doing here.

I could give you my Chase bank account # and you could go to any Chase bank in the country and deposit cash into my bank account.  Chase (or any bank) doesn't verify identity when making a DEPOSIT.  Hell you could it from the drive through with a deposit slip and a roll of cash (as long as it isn't >$10K). Mt. Gox is doing the same thing.  You are making a cash deposit into their bank account and when it shows up in their online banking they will credit your Mt. Gox account.  

Just because you can deposit one way doesn't mean you can "undeposit" the same way. Say I owe you $500 and you know it is in my Chase Savings account?  How exactly do you legally undeposit it?  "Undepositing" cash by anyone other than the account holder is generally called bank robbery and is best accomplished with some sort of firearm.

Seriously though what Mt Gox (or preferably another exchange so we don't end up with a monopoly) needs is Mastercard debit card.  You withdraw money from your account they put it on your reloadable mastercard.  Then you get cash from any ATM or simply use it for purchases.  When it runs low you make another withdrawal.  No checks to cash, no week long delays.  Instant fiat money.
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October 18, 2011, 03:43:48 PM
 #29

"easy in, easy out"  Grin
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October 18, 2011, 03:45:52 PM
 #30

Good luck keeping your account open without a FinCEN ruling excluding you from liabilities regarding reporting the personal information of depositors...

Double-huh?  You write your Mt.Gox account information on the deposit, Mt.Gox has all the information necessary to report to FinCen (because only upgraded Mt.Gox accounts can use the service) if required (if depositing more than whatever the daily/weekly FinCen requirements are, yada yada...).

What's up with the attitude Matthew? More ways to purchase bitcoin is a good thing...


i agree.  what is with the attitude?
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October 18, 2011, 04:02:20 PM
 #31

Chase Bank to offer deposits for MTGox

Are you retarded?

Don't you mean:


MTGox opens up bank account through ChaseBank

What? this is going to be huge... too bad it came in at a bad time. or is it a good time?

Why would this be big?

ExchB has already done it. We were already doing it. Someone's been asleep at the wheel if they think this is 'innovative'. Just another example of MtGox being 10 steps behind everyone else.

I do not see the steps that were in ExchangeB where you had to take a picture of your deposit slip or set up a pre-deposit.

This will be huge. Converting dollars to Bitcoins has been the biggest obstacle. The more streamlined, the better.

It's even better than that! Since it's now so easy to get money into MtGox, they'll be using the same exact process for withdraws. Now we'll have USD in our accounts within minutes opposed to days. Thank you, MtGox.



Where did they say using the same process for withdraws?

It's not said anywhere. But it should be implied. Easy In = Easy Out. Same exact process, but only reverse. If that's not the case, then there's something wrong with that business model. I assumed they also fixed the time it takes for you to withdraw your funds. No more 3-14 days for USD to hit your bank via the old way.


No its not implied anywhere, just because you misunderstood, dont say it as fact.

You cant "withdraw" cash from some body else account. You can however "deposit" cash to anyone's account in minutes.

How old are you btw? have you ever done banking?


Boy, you have this all messed up!

Allow me to work backwards.

My age is 51: https://bitcointalk.org/index.php?action=profile

I have, and continue to do banking. I own a lumber yard.

I know you can't take cash out of somebody else's account, but am able to put cash into somebody else account. I've done it many times before.

Now, I didn't state it as a fact. It is implied. But, moreover, it was meant as an awakening. MtGox announces an easy and quick way to get USD in your account. Therefore, I concluded that they also solved the issue of withdrawing funds from your MtGox account by do just the opposite.

I'll give you an example. You loan me $100 and deposit into my account at Chase, which so happens is where I bank. A week later, I repay that loan by depositing $100 into your account at Chase or any other bank. Easy as pie.

Therefore, I'm now able to deposit $1,000 into my MtGox account via Chase and it's there within minutes, as outlined by the OP. A month later I want to withdraw that same $1,000 from MtGox and want it back into my Chase account within minutes--not 3-10 days.

Now here's my question to you: Why couldn't you have asked the question civilly to me without injecting how old am I?

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October 18, 2011, 04:20:10 PM
 #32

I know you can't take cash out of somebody else's account, but am able to put cash into somebody else account. I've done it many times before.

Now, I didn't state it as a fact. It is implied. But, moreover, it was meant as an awakening. MtGox announces an easy and quick way to get USD in your account. Therefore, I concluded that they also solved the issue of withdrawing funds from your MtGox account by do just the opposite.

I'll give you an example. You loan me $100 and deposit into my account at Chase, which so happens is where I bank. A week later, I repay that loan by depositing $100 into your account at Chase or any other bank. Easy as pie.

Therefore, I'm now able to deposit $1,000 into my MtGox account via Chase and it's there within minutes, as outlined by the OP. A month later I want to withdraw that same $1,000 from MtGox and want it back into my Chase account within minutes--not 3-10 days.
You raise an excellent point.  Why can't the exchanges just use ACH for withdrawals (at least for US customers)?  They're not expensive and the funds are available in a couple of days (if not the next day).  Maybe there's a good reason they don't, but I can't think of one.

(gasteve on IRC) Does your website accept cash? https://bitpay.com
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October 18, 2011, 04:25:22 PM
 #33

I'm not sure how America works, but I'm British. In England you can walk into any branch of your own bank and just transfer money to any other bank account in the world (or walk into any branch of the receiver and pay cash into their account) - but becasue I have a computer I can just use that and save my perspiration, time and effort. Isn't that how banks work everywhere?
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October 18, 2011, 04:25:57 PM
 #34

...
You raise an excellent point.  Why can't the exchanges just use ACH for withdrawals (at least for US customers)?  They're not expensive and the funds are available in a couple of days (if not the next day).  Maybe there's a good reason they don't, but I can't think of one.

This would be a good next step, out of all options I personally would be more inclined to deposit/withdraw through ACH and probably many other people too.
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October 18, 2011, 05:28:33 PM
 #35

...
You raise an excellent point.  Why can't the exchanges just use ACH for withdrawals (at least for US customers)?  They're not expensive and the funds are available in a couple of days (if not the next day).  Maybe there's a good reason they don't, but I can't think of one.

This would be a good next step, out of all options I personally would be more inclined to deposit/withdraw through ACH and probably many other people too.

Yeah I can see no ACH for deposits (they can be reversed) but why has nobody started ACH for withdrawals.  Although Tradehill gets me a check surprisingly quick (usually 2-3 days although they say 5-7) I would love ACH.

When I get a check I deposit it by taking a photo of it w/ my smartphone so it seems kinda silly to have digital funds -> paper check -> postal mail -> smart phone deposit -> digital funds.  Grin
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October 18, 2011, 05:32:51 PM
 #36


When I get a check I deposit it by taking a photo of it w/ my smartphone so it seems kinda silly to have digital funds -> paper check -> postal mail -> smart phone deposit -> digital funds.  Grin

how do you do this?
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October 18, 2011, 05:53:27 PM
 #37


When I get a check I deposit it by taking a photo of it w/ my smartphone so it seems kinda silly to have digital funds -> paper check -> postal mail -> smart phone deposit -> digital funds.  Grin

how do you do this?

some banks do that, they allow customers to virtually deposit checks by scanning or taking picture of it i believe.
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October 18, 2011, 06:06:50 PM
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My bank, USAA, has had this for well over a year.
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October 18, 2011, 07:30:15 PM
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When I get a check I deposit it by taking a photo of it w/ my smartphone so it seems kinda silly to have digital funds -> paper check -> postal mail -> smart phone deposit -> digital funds.  Grin

how do you do this?

I've been doing it at Walmart for over 5 years. I hand them a check, they scan it, and had the check back to me. According to the timestamps of my receipt and my back statement, it was all done within one second.

Now, I'm going to try to do this one more time. MtGox showed me a way to deposit USD into my account with it showing up quickly. Great! Now, I want to withdraw funds from MtGox and have it show up at my bank within the same amount of time. If they can't, then I say that their only looking out for themselves. Get your USD here quick, but we'll still take our sweet time giving your funds back to you. That's the point I was trying to make from my very first post on this thread.

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October 18, 2011, 07:46:59 PM
 #40

Chase Bank to offer deposits for MTGox

Are you retarded?

Don't you mean:


MTGox opens up bank account through ChaseBank

What? this is going to be huge... too bad it came in at a bad time. or is it a good time?

Why would this be big?

ExchB has already done it. We were already doing it. Someone's been asleep at the wheel if they think this is 'innovative'. Just another example of MtGox being 10 steps behind everyone else.

I do not see the steps that were in ExchangeB where you had to take a picture of your deposit slip or set up a pre-deposit.

This will be huge. Converting dollars to Bitcoins has been the biggest obstacle. The more streamlined, the better.

It's even better than that! Since it's now so easy to get money into MtGox, they'll be using the same exact process for withdraws. Now we'll have USD in our accounts within minutes opposed to days. Thank you, MtGox.



Where did they say using the same process for withdraws?

It's not said anywhere. But it should be implied. Easy In = Easy Out. Same exact process, but only reverse. If that's not the case, then there's something wrong with that business model. I assumed they also fixed the time it takes for you to withdraw your funds. No more 3-14 days for USD to hit your bank via the old way.


No its not implied anywhere, just because you misunderstood, dont say it as fact.

You cant "withdraw" cash from some body else account. You can however "deposit" cash to anyone's account in minutes.

How old are you btw? have you ever done banking?


Boy, you have this all messed up!

Allow me to work backwards.

My age is 51: https://bitcointalk.org/index.php?action=profile

I have, and continue to do banking. I own a lumber yard.

I know you can't take cash out of somebody else's account, but am able to put cash into somebody else account. I've done it many times before.

Now, I didn't state it as a fact. It is implied. But, moreover, it was meant as an awakening. MtGox announces an easy and quick way to get USD in your account. Therefore, I concluded that they also solved the issue of withdrawing funds from your MtGox account by do just the opposite.

I'll give you an example. You loan me $100 and deposit into my account at Chase, which so happens is where I bank. A week later, I repay that loan by depositing $100 into your account at Chase or any other bank. Easy as pie.

Therefore, I'm now able to deposit $1,000 into my MtGox account via Chase and it's there within minutes, as outlined by the OP. A month later I want to withdraw that same $1,000 from MtGox and want it back into my Chase account within minutes--not 3-10 days.

Now here's my question to you: Why couldn't you have asked the question civilly to me without injecting how old am I?



You're the one being confused. Its called direct deposit. Not withdrawing...

What you assume was MtGox would offer direct  deposit thro Chase bank. So if the transaction is within the same bank (Chase), MtGox can DEPOSIT the requested amount within minutes but the balance wont be updated till the end of the day. You clearly dont know how banking works and use the term very incorrectly.

Also note, you cant "withdraw" "your money" freely at will as you implied. Once you deposit your money to your MtGox account, its not your money anymore legally. MtGox is the legal holder of that fund as you agree to let them. They can refuse any request for "withdraw" from you. You can take them to court but i'm sure there is a reason for MtGox to freeze your fund.

Regarding my query about your age, are you really surprised now?

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