Silk Road forums

Support => Technical support => Topic started by: Irishdan on July 12, 2012, 08:35 am

Title: Newbie Seller Question...Cashing Out SR>EWallet>Mt.Gox>Dwolla> Bank Account
Post by: Irishdan on July 12, 2012, 08:35 am
Hello, I am a newbie, but I treat my customers great, the customers always right. So I have a seller account with some money in it I want to get out. I created a seller account on SilkRoad. I then downloaded a Bitcoin Wallet. I was told to send the BTC from SilkRoad to the Bitcoin Wallet I downloaded, I did that. Then I was told to send the BTC from the Bitcoin wallet to Mt. Gox and to sell the bitcoin for USA Dollars, I did that.

Now, here is where I have trouble.

I have a dwolla account and I verified it but am unable to comprehend how I get money into my bank account. I think once the money is in the dwolla account I can just transfer the money easily. How do I get money into the Dwolla account from Mt.Gox. Could someone please give me a very detailed explanation (like step by step and even what buttons to push) for helping me cash out. I guess if I had the money in the Dwolla account I could get it to my bank account but...

I hope someone out there is able to help.

Thanks in advance for your answers.

Irish Dan
Title: Re: Newbie Seller Question...Cashing Out SR>EWallet>Mt.Gox>Dwolla> Bank Account
Post by: moxycotton on July 12, 2012, 02:50 pm
If you want to transfer from Mt. Gox to Dwolla, you need to submit AML documents to Mt. Gox: government issued photo id, proof of address (utility bill), and maybe some other info. This kind of sucks. Another thing is that Mt. Gox is slow as fuck when it comes to moving USD around. You could try using their withdraw to Paypal via bitinstant.

Or... you can use bitcointalk.org to find better withdraw methods. I'm not going to list names, but there are plenty of new, smaller services for turning bitcoins to cash that are awesome. They generally charge a small fee (they'll pay you a few percent less per bitcoin than you get on Mt. Gox), but it's worth it because you get your money in a reasonably timely fashion. Mt. Gox is taking ~2 weeks on average for bank withdraws and Dwolla transfers. Then you need to get your Dwolla withdrawn to your bank account (which I believe is easy). Basically Mt. Gox sucks and takes forever with USD. You'll have funds sitting around for weeks and have to give a lot of personal information to multiple sites. It's high risk for no real gain. I recommend finding smaller sites that do paypal and bankwire withdrawals. Mt. Gox is reasonable for using as a wallet, although I wouldn't leave TOO much on there at once, just in case.

Hope that helps a bit :)

-moxycotton
Title: Re: Newbie Seller Question...Cashing Out SR>EWallet>Mt.Gox>Dwolla> Bank Account
Post by: Limetless on July 12, 2012, 02:54 pm
Depends on how much volume of trade you are doing. If you are doing small amounts or going to address the situation properly but looking for a quick-fix then yeah, the above is viable. If you are doing large amounts over a long period the above is not sufficient.
Title: Re: Newbie Seller Question...Cashing Out SR>EWallet>Mt.Gox>Dwolla> Bank Account
Post by: moxycotton on July 12, 2012, 03:45 pm
Yeah, definitely true Limetless. Based on his post, I just kind of assumed that he needed to get money out relatively quickly this time to cover a re-up or something like that. I'm a pretty new seller so don't have a solution for moving large amounts yet, although based on how it's going so far, I better figure it out soon :P.

Bitcointalk.org seems like a great resource, regardless. There's a lot of trade going on in there, and if you get established, I'm sure you could sell plenty of BTC to large individual buyers at a slight discount.

Another way to move around larger quantities might be to just use a large variety of different methods to use bitcoins (spend and convert. Spending helps grow the BTC economy!). Of course, if the quantities get extremely large, this could become impractical and annoying.
Title: Re: Newbie Seller Question...Cashing Out SR>EWallet>Mt.Gox>Dwolla> Bank Account
Post by: moxycotton on July 12, 2012, 03:47 pm
Yeah, definitely true Limetless. Based on his post, I just kind of assumed that he needed to get money out relatively quickly this time to cover a re-up or something like that. I'm a pretty new seller so don't have a solution for moving large amounts yet, although based on how it's going so far, I better figure it out soon :P.

Bitcointalk.org seems like a great resource, regardless. There's a lot of trade going on in there, and if you get established, I'm sure you could sell plenty of BTC to large individual buyers at a slight discount.

Another way to move around larger quantities might be to just use a large variety of different methods to use bitcoins (spend and convert. Spending helps grow the BTC economy!). Of course, if the quantities get extremely large, this could become impractical and annoying.

And if it gets to that point, you might want to hire limetless :P
Title: Re: Newbie Seller Question...Cashing Out SR>EWallet>Mt.Gox>Dwolla> Bank Account
Post by: Limetless on July 12, 2012, 03:48 pm
If you want to know how to cash out properly then I offer consultations on how achieve it for a very reasonable fee. My system allows you to cash out at will and completely launders your funds and keeps them tax-free. :)
Title: Re: Newbie Seller Question...Cashing Out SR>EWallet>Mt.Gox>Dwolla> Bank Account
Post by: Irishdan on July 12, 2012, 05:15 pm
OK, Thanks for answering. I still do not know how to get my money from Mt. Gox into Dwolla. I'm not concerned about the time it takes I just want to learn how to do it.

What is the 6 confirmations that Mt Gox or Dwolla needs.

Please offer some of the other names in the business that are able to take mtgox USD and deposit or cashout.

I will pay for this information.
Title: Re: Newbie Seller Question...Cashing Out SR>EWallet>Mt.Gox>Dwolla> Bank Account
Post by: moxycotton on July 12, 2012, 05:37 pm
Well MT Gox now does paypal for bitcoin payments via BitInstant. You could try that out.

The 6 confirmations is just talking about the bitcoin block, or whatever. It's just confirming that the bitcoins are legit; you don't have to worry about that. As far as Mt. Gox to Dwolla, it should just be an option in the withdrawal menu in Mt. Gox: Funding Options --> Withdrawal Tab --> US Dollar (Dwolla) on drop down menu. But again, you have to have a VERIFIED Mt. Gox account to do that, so you have to go through whatever hoops and send whatever documentation they require. You can look it up, but you need a gov ID and proof of address (utility bill) at a minimum, for sure.