Topic: Is it safer to use bank -> dwolla -> campbx than directly from my bank? (Read 1032 times)
August 22, 2013, 06:38:11 AM
Thanks for the info guys. I feel safer about using Dwolla now, just to get the money from my bank account to CampBX for some small bitcoin transfers. Thanks
August 22, 2013, 06:37:26 AM
"the feds seized $2,915,507.40 held in an account controlled by Dwolla"
http://gigaom.com/2013/08/19/feds-seized-2-9m-in-bitcoin-funds-from-mt-gox-court-docs-show/
True, but it was "because Mt. Gox owner Mark Karpeles had allegedly concealed the fact that he opened the account in order to run a money transfer business."http://gigaom.com/2013/08/19/feds-seized-2-9m-in-bitcoin-funds-from-mt-gox-court-docs-show/
Luckily I'm not doing that.
August 20, 2013, 03:32:33 PM
"the feds seized $2,915,507.40 held in an account controlled by Dwolla"
http://gigaom.com/2013/08/19/feds-seized-2-9m-in-bitcoin-funds-from-mt-gox-court-docs-show/
http://gigaom.com/2013/08/19/feds-seized-2-9m-in-bitcoin-funds-from-mt-gox-court-docs-show/
August 20, 2013, 03:30:26 PM
If you are just worried about your bank knowing you bought Bitcoins, I would assume they would not go through the trouble to ask Dwolla what you are buying with your money, and thus Dwolla is a good enough intermediary.
Privacy laws probably prevent Dwolla from disclosing that info without a court order. August 20, 2013, 03:27:26 PM
I would like my bank accounts to remain separate from my bitcoin transactions. Is using dwolla safe enough to do this? It adds an intermediary step in there.
The bank would just see money going to dwolla. Or can that be easily traced back through dwolla?
I just don't want my personal bank accounts getting shut down for some government reason down the road
The bank would just see money going to dwolla. Or can that be easily traced back through dwolla?
I just don't want my personal bank accounts getting shut down for some government reason down the road
Traced back by whom? Dwolla is a service started independent of Bitcoin and continues to be. It's simply a way for people to send each other money. That means it's possible to use Dwolla without having anything to do with Bitcoin.
If your local bank sees transfers to Dwolla they may guess you're dealing with Bitcoin, but that wouldn't seem to be sufficient grounds to close your account. The guidance issued by FinCEN clearly shows they don't consider people using bitcoins to be breaking the law. Now does this mean banks won't come under pressure from obscure sources to close your account for such transfers? Of course that can happen, but I wouldn't think they would do so without being able to say exactly why.
So, you're probably OK to do so, but if paranoid then use other options to obtain bitcoins.
August 20, 2013, 03:13:15 PM
However, Dwolla will have logs of transaction dates between you and your bank, as well as transfers to CampBX. This information could easily be used to prove you bought Bitcoins, and Dwolla/CampBX would no doubt hand this information over to the appropriate tax authorities/government Bitcoin cops on request.
And it is not just Dwolla/CampBX. It would include any registered "financial exchange".
Everyday I Write The Book -Elvis Costello
August 20, 2013, 02:34:18 PM
I would like my bank accounts to remain separate from my bitcoin transactions. Is using dwolla safe enough to do this? It adds an intermediary step in there.
The bank would just see money going to dwolla. Or can that be easily traced back through dwolla?
I just don't want my personal bank accounts getting shut down for some government reason down the road
The bank would just see money going to dwolla. Or can that be easily traced back through dwolla?
I just don't want my personal bank accounts getting shut down for some government reason down the road
I would just set up a separate account for your Bitcoin transactions if you're that worried. There's plenty of online banks out there where you can make an account pretty easily (and link them to your main bank). That way if they close your account it won't impact your day to day transactions.
August 20, 2013, 11:00:43 AM
If you are just worried about your bank knowing you bought Bitcoins, I would assume they would not go through the trouble to ask Dwolla what you are buying with your money, and thus Dwolla is a good enough intermediary.
However, Dwolla will have logs of transaction dates between you and your bank, as well as transfers to CampBX. This information could easily be used to prove you bought Bitcoins, and Dwolla/CampBX would no doubt hand this information over to the appropriate tax authorities/government Bitcoin cops on request.
If you want anonymous Bitcoins, use localbitcoins.com, or mine Bitcoins yourself over VPN/Tor.
However, Dwolla will have logs of transaction dates between you and your bank, as well as transfers to CampBX. This information could easily be used to prove you bought Bitcoins, and Dwolla/CampBX would no doubt hand this information over to the appropriate tax authorities/government Bitcoin cops on request.
If you want anonymous Bitcoins, use localbitcoins.com, or mine Bitcoins yourself over VPN/Tor.
August 20, 2013, 05:57:37 AM
I would like my bank accounts to remain separate from my bitcoin transactions. Is using dwolla safe enough to do this? It adds an intermediary step in there.
The bank would just see money going to dwolla. Or can that be easily traced back through dwolla?
I just don't want my personal bank accounts getting shut down for some government reason down the road
The bank would just see money going to dwolla. Or can that be easily traced back through dwolla?
I just don't want my personal bank accounts getting shut down for some government reason down the road
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