Topic: 134 pages of complaints filed to the SEC against Coinbase - page 2. (Read 253 times)

You misread that post and it says don't use them anymore than your basic need. Don't leave funds on an exchange, not even for a day because that could be the one day they go down. This happened with me on Bitgrail and I gotta say it sucks to lose a lot of money that way.

How did some of us manage to do this before there was an exchange?
You could always use localbitcoin to do trades, although even in that case you still have to trust LB with your coins for a while.

But moving back to Coinbase, if this one goes down....it's going to be one bloody summer...autumn..winter.


Most of the amounts in the article are far from obscene...15, 20, 21k$ are no insane since we're talking about the US here.
As far as I understand most of them had problems with Coinbase crediting their accounts, so people didn't even have the option of getting their coins out of there once bought.
I don't wanna see Coinbase in trouble but if it does it will trigger the best damn fireworks since MtgOX  
Cheap coins anyone?

LE.
Oh crap I just looked at the prices....

I can't say anything about it till these allegations are proving to be right or wrong. Lets see what happens next. But as much as I know coinbase is a trustworthy exchange.

I didn't say not to use them, as bolded, but to use them sparingly. Don't trust them with obscene amounts, etc., etc. Exchanges, even as they are now, are necessary for adoption and I don't want them to disappear. I want them to be better, but who knows if that'll happen.

But yeah, people who would rather not use them at all still have peer-to-peer alternatives available so it's not all bad.

How will you buy and sell Bitcoins if there are no exchanges ??

yeah, fair point mate, always be careful when it comes to exchanges...
they must be fairly regulated!!!

Allegations are just allegations until they're proven, but these complaints are actually very believable and not at all far from what usually happens with embattled exchanges. I never thought of Coinbase as being particularly safe, but I only usually hear about them being a shitty exchange, not a scammy one. Turns out everyone has plenty of scam allegations. I hope these are resolved as soon as possible.

This is just another reminder to not trust exchanges with your money and to not use them any more than necessary.

Life savings lost. Desperate cries for help. Allegations of fraud. In the six years since its founding, the San Francisco-based exchange Coinbase has established itself as one of the most trusted places to trade ether, bitcoin, litecoin, and bitcoin cash. It's also run up its share of critics: namely, its customers.

In 134 pages of complaints filed to the SEC and the California Department of Business Oversight obtained by Mashable following a five-month FOIA process, a picture emerges not of a responsible actor in the cryptocurrency space opening the market to new investors, but rather a company overwhelmed by and underprepared for its own success.And the consequences — as expressed by Coinbase's own customers — are enough to give even the most diehard crypto-enthusiast pause.

Money gone and no one homeA recurring theme in the SEC complaint files Mashable obtained is the seeming disappearance of a would-be trader's money, and what is portrayed as an aggressive nonchalance on the part of Coinbase in response to the loss.Notably, the SEC redacted the complaints to remove personally identifiable information. This, while an understandable privacy measure, makes it practically impossible to reach out to the complainants for follow up. As such, we'll mostly let their words speak for themselves.And there are a lot of words.

https://mashable.com/2018/06/20/sec-coinbase-complaints-fraud/