Silk Road forums

Discussion => Security => Topic started by: Panzerfaust on March 25, 2012, 12:39 pm

Title: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: Panzerfaust on March 25, 2012, 12:39 pm
So I established an account with Dwolla, verified, etc, and as it turns out recipient ALSO needs a Dwolla account in order to retreive the funds!!  I am reading correctly into that? 

A few questions:

1) After I "fund" the account with bitcoins (which takes an absurd 3-5 business days), how to I transfer them to SR?  I see a "send $ to phone" option but I'm not exactly sure how that works..?
2) If all people require Dwolla accounts to retrieve funds, how do I bloody know if they even HAVE a Dwolla account in the first place?  Need I ask each and every vendor, "Do you accept Dwolla"?


Any feedback much appreciated. Thank you. 

PANZERFAUST ;D
Title: Re: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: northsidepk on March 25, 2012, 03:10 pm
Your only part of the way there. Dwolla is just the first of 3 steps

Get your $$ in dwolla

setup a www.mtgox.com account

send your $$ to mtgox (mtgox is a BTC trading co.)

buy or sell $$ or BTC on mtgox

transfer back to dwolla or to SR

Some would say you should wash your BTC a bit more by going through a couple BTC wallets

that's prolly good advice, cant be too safe....
Title: Re: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: northsidepk on March 25, 2012, 03:14 pm
BTW yeah the 3-5 day thing sux, but its the price of tea in china......

You get used to it, SR is not like buying on the street, much better product but it is a process

From the minute you get $$ in your bank account it will most likely be 2 weeks or more before your delivery.

If you order from a quick and close vendor it could be as quick as 7-10 days tho.
Title: Re: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: baxterbrew on March 25, 2012, 03:28 pm
If you don't mind paying a small price go with BTCKing. Bank deposit for instant BTC with NO paper trail. IMO its worth the price of the fee.
Title: Re: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: northsidepk on March 25, 2012, 05:25 pm
If you don't mind paying a small price go with BTCKing. Bank deposit for instant BTC with NO paper trail. IMO its worth the price of the fee.

huh....bank deposit to BTC on SR.....no paper trail, sounds good, How do you go about the bank deposit though? If you wire it, it costs $15 to wire
Title: Re: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: j0blo on March 25, 2012, 05:44 pm
3-5 days isn't absurd, it's the standard amount of time an electronic funds transfer takes.  Paypal does the same thing.  In all honesty, the longer and more complicated the process, the better - it keeps the morons off the SR, which keeps LE off our backs.  It just takes a little planning.

If you want to cut the time, you can buy a MoneyPak at a CVS or 7-11, and find someone who will trade a Moneypak for BTC.

Whichever way you get your BTC - thru a dwolla transfer or a moneypak - you'll transfer it to a bitcoin wallet, and from there send it to your SR wallet.  That process will usually take an hour or two.
Title: Re: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: Panzerfaust on March 27, 2012, 05:21 pm
3-5 days isn't absurd, it's the standard amount of time an electronic funds transfer takes.  Paypal does the same thing.  In all honesty, the longer and more complicated the process, the better - it keeps the morons off the SR, which keeps LE off our backs.  It just takes a little planning.

If you want to cut the time, you can buy a MoneyPak at a CVS or 7-11, and find someone who will trade a Moneypak for BTC.

Whichever way you get your BTC - thru a dwolla transfer or a moneypak - you'll transfer it to a bitcoin wallet, and from there send it to your SR wallet.  That process will usually take an hour or two.

I LOLed when I read "...it keeps the morons off the SR"... Funny man... lolz thanks for responses...

EDIT: i wanted to add that in todays high-speed interweb age, any transaction that takes 3-5 days is ridiculous. We aren't living in the 30's when they sent wires via Atlantic Cable or courier pidgeon. This is the 21st century FFS, everything and anything (& vice versa) should be instantaneous.  8) 8)
Title: Re: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: Dirtyduke on March 31, 2012, 01:37 am
BitInstant has direct cash deposits, there is about a 4-5% fee they take, but it's the price you pay for instant(about 10 minutes-1 hour) USD deposited into an exchange.

They also don't need any of your personal info like DWolla takes.  So, if you don't mind paying the premium, then that's safer then sending people moneypacks (usually cheaper too).
Title: Re: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: mdmamail on March 31, 2012, 05:48 am
Dwolla is just a shitty ACH implementation. It's the middleman between your bank funding mtgox's account because nobody can figure out how to do cheap and secure interbank transfers even in 2012 because financial corporations are clueless corporate drones. Hence dwolla becomes the agent.

You ACH funds into their central bank account, their program then tells the receiver (Gox) they have funds available in their centralized software. ACH is garbage, and take's 3 days to verify hence the 2-3day wait until funds show up in your Dwolla account. Gox then funds your account and you pay people here in bitcoins only. Dwolla you only used to fund an exchange to buy the coins.

If you want to start your own Dwolla it's simple. They use The Members Group to rent them cheap money transfer licenses, so they can operate without having to pay millions to get one themselves. Any fool can program a site to pretend to move money around between users while all the real money just sits in one centralized bank. When they cash out, they ACH the funds and charge a fee to the receiver. Easiest thing in the world to run, but vulnerable to easy fraud because ACH itself is a very terribad system.
Title: Re: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: sniper123 on March 31, 2012, 06:58 am
Dwolla is just a shitty ACH implementation. It's the middleman between your bank funding mtgox's account because nobody can figure out how to do cheap and secure interbank transfers even in 2012 because financial corporations are clueless corporate drones. Hence dwolla becomes the agent.

You ACH funds into their central bank account, their program then tells the receiver (Gox) they have funds available in their centralized software. ACH is garbage, and take's 3 days to verify hence the 2-3day wait until funds show up in your Dwolla account. Gox then funds your account and you pay people here in bitcoins only. Dwolla you only used to fund an exchange to buy the coins.

If you want to start your own Dwolla it's simple. They use The Members Group to rent them cheap money transfer licenses, so they can operate without having to pay millions to get one themselves. Any fool can program a site to pretend to move money around between users while all the real money just sits in one centralized bank. When they cash out, they ACH the funds and charge a fee to the receiver. Easiest thing in the world to run, but vulnerable to easy fraud because ACH itself is a very terribad system.
How would someone commit fraud at Dwolla? Also, the title was misleading OP.
Title: Re: DWOLLA Looks to be a bit of a PITA... Please help..
Post by: mdmamail on March 31, 2012, 07:02 am
Dwolla is just a shitty ACH implementation. It's the middleman between your bank funding mtgox's account because nobody can figure out how to do cheap and secure interbank transfers even in 2012 because financial corporations are clueless corporate drones. Hence dwolla becomes the agent.

You ACH funds into their central bank account, their program then tells the receiver (Gox) they have funds available in their centralized software. ACH is garbage, and take's 3 days to verify hence the 2-3day wait until funds show up in your Dwolla account. Gox then funds your account and you pay people here in bitcoins only. Dwolla you only used to fund an exchange to buy the coins.

If you want to start your own Dwolla it's simple. They use The Members Group to rent them cheap money transfer licenses, so they can operate without having to pay millions to get one themselves. Any fool can program a site to pretend to move money around between users while all the real money just sits in one centralized bank. When they cash out, they ACH the funds and charge a fee to the receiver. Easiest thing in the world to run, but vulnerable to easy fraud because ACH itself is a very terribad system.
How would someone commit fraud at Dwolla? Also, the title was misleading OP.

Dwolla is just ACH based. Fraudsters buy the Black Hole Exploit kit, Spyeye, Zeus the new version, Carberp, or the countless other keyboard stroke stealing bots and use it to zombie thousands of computers. People use their online banking unaware all their card numbers, passwords, question/answer verification and other info is being passed in the clear to somebody who will log in later, fund dwolla with it then rob a shit ton of untraceable bitcoins. A week or month later Dwolla claws back the money from Gox or whoever. This is how Tradehill died (so they claim)