I purchased and withdrew 1 bitcoin today from Coinbase. The entire transaction took less than a minute from purchase to withdrawing the bitcoin to an external address.
Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.
No, they are not different; when you purchase the allowed 1BTC after the verification steps, it is guaranteed by the credit card on file until it clears your bank account, and with the speed of ACH these days it is almost an instant transaction with your bank behind the scenes. The delay in it appearing in your bank account as an ACH withdrawal is a security step done by both banks to ensure that the bank accounts are real and funds are actually present and not the result of you defrauding your bank with a bad check or a dubious money order scam.
When the bank account was verified by each member of the site, it was a statement of mutual trust between you and Coinbase (They can deposit and withdrawal any amount present at any time -- A good reason to only associate an account that you keep nothing in.)
The OP was withdrawing coin from Coinbase to his/her bank account. This takes 3-4 business days. We were not talking about the "instant buy" that you can do when you've linked your credit card.
Yes, when you sell bitcoin, the resulting fiat gets deposited into your bank account via ACH (aka the fiat gets /withdrawn/ from your Coinbase account).
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BoardBitcoin Discussion
Re: Silk Road 2.0 hacked through malleability, ~4000 BTC STOLEN
Christ, reading this it's like Occam came to bitcointalk and traded in his razor for a plastic spork.
No shit. And then tried to shave with it. Is there seriously anyone here who believes this cock-and-bullshit story?
Also, there are still people out there stupid enough to treat an anonymous site exclusively operating for the purposes of criminal activity as a goddamn online wallet? Are these people retarded? How many times do they have to learn this lesson?
People believe what they want to believe, even though it isn't always reality or truth. Greed is also a strong motivator which I'm sure is a huge part of why people will continue to trust those places (though they should not).
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BoardService Discussion
Re: DID COINBASE ALSO SUSPENDED BITCOINS SALES PAYMENTS???
I purchased and withdrew 1 bitcoin today from Coinbase. The entire transaction took less than a minute from purchase to withdrawing the bitcoin to an external address.
Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.
No, they are not different; when you purchase the allowed 1BTC after the verification steps, it is guaranteed by the credit card on file until it clears your bank account, and with the speed of ACH these days it is almost an instant transaction with your bank behind the scenes. The delay in it appearing in your bank account as an ACH withdrawal is a security step done by both banks to ensure that the bank accounts are real and funds are actually present and not the result of you defrauding your bank with a bad check or a dubious money order scam.
When the bank account was verified by each member of the site, it was a statement of mutual trust between you and Coinbase (They can deposit and withdrawal any amount present at any time -- A good reason to only associate an account that you keep nothing in.)
The OP was withdrawing coin from Coinbase to his/her bank account. This takes 3-4 business days. We were not talking about the "instant buy" that you can do when you've linked your credit card.
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BoardService Discussion
Re: DID COINBASE ALSO SUSPENDED BITCOINS SALES PAYMENTS???
I purchased and withdrew 1 bitcoin today from Coinbase. The entire transaction took less than a minute from purchase to withdrawing the bitcoin to an external address.
Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.
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BoardService Discussion
Re: DID COINBASE ALSO SUSPENDED BITCOINS SALES PAYMENTS???
There have been some cases where people were charged with money laundering or running an unlicensed money transmitting business, and those cases involved selling BTC, but it wasn't alleged that selling BTC is illegal by itself.
FWIW the guidance has, since last March - May, suggested that if you are selling BTC for USD as a business, you must register as an MSB with FinCen. Additionally, you might need the appropriate state licenses depending on the details.
If you're just doing small trades as a trader for yourself, and not as a business, you might not have to, but I would certainly talk to an attorney!
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BoardSpeculation
Re: And the Downfall continues
by
c0dex
on 13/02/2014, 08:10:16 UTC
How are you figuring it goes from $500 to $100? Or are you just guessing the same thing that happened on btc-e the other day will happen again?