Am I got ripped off by Coinbase? - page 2.

Aleksei Richards

newbie

Activity: 38

Merit: 0

Quote from: Bitsburger on April 26, 2013, 05:29:30 AM

I would avoid Coinbase. My experience is that BTC purchases with them take 5 days. You don't know what BTC value will be in 5 days. If the transaction is favorable to Coinbase the transaction goes through. If it's favorable to you, (a lot of BTC per $), then they say you've been flagged as high risk and cancel it at the last minute.

That's unsubstantiated.

I've read on reddit of people buying BTC then having it delivered even in a rising market. However, I do question there business model.

It's supposed to be buy low sell high, not the other way around. Probably heading for bankruptcy.

Bitsburger

newbie

Activity: 11

Merit: 0

I would avoid Coinbase. My experience is that BTC purchases with them take 5 days. You don't know what BTC value will be in 5 days. If the transaction is favorable to Coinbase the transaction goes through. If it's favorable to you, (a lot of BTC per $), then they say you've been flagged as high risk and cancel it at the last minute.

skidelo

newbie

Activity: 30

Merit: 0

Whats the cheapest/easiest way to buy BTC? Dwolla?

Wingman4l7

newbie

Activity: 56

Merit: 0

Quote from: cp1 on April 26, 2013, 01:20:23 AM

Quote from: millibtc on April 26, 2013, 01:02:40 AM

I've always wondered if sites like Coinbase have a big risk of going out of business due to the volatility of Bitcoin... Is 1% margins really enough to prevent large losses from big price swings?

Not if they function as an exchange where they match up buyers and sellers.

I don't think anyone considers them an exchange, though.

cp1

hero member

Activity: 616

Merit: 500

Stop using branwallets

Quote from: millibtc on April 26, 2013, 01:02:40 AM

I've always wondered if sites like Coinbase have a big risk of going out of business due to the volatility of Bitcoin... Is 1% margins really enough to prevent large losses from big price swings?

Not if they function as an exchange where they match up buyers and sellers.

Wingman4l7

newbie

Activity: 56

Merit: 0

Quote from: millibtc on April 26, 2013, 01:02:40 AM

I've always wondered if sites like Coinbase have a big risk of going out of business due to the volatility of Bitcoin... Is 1% margins really enough to prevent large losses from big price swings?

I would say that this depends on the way they handle transactions.

millibtc

newbie

Activity: 6

Merit: 0

I've always wondered if sites like Coinbase have a big risk of going out of business due to the volatility of Bitcoin... Is 1% margins really enough to prevent large losses from big price swings?

Wingman4l7

newbie

Activity: 56

Merit: 0

Quote from: yeti_alchemist on April 25, 2013, 02:50:31 PM

In my experience (and from what I have read), Coinbase is reputable. They definitely have their share of issues but they seem to resolve them eventually.

I agree with yeti_alchemist; I wouldn't worry.

If it does arrive, please post an update anyway! That way people will be able to see that the situation was resolved properly, and Coinbase doesn't get a bad name for no good reason.

bstock

newbie

Activity: 5

Merit: 0

That's kind of scary. I just started with BTC stuff, and I used them to sell 1 BTC on Tuesday. Sent the BTC from my wallet and then immediately sold, and transferred the balance to my Chase account. Hopefully the cash gets there, it said it would arrive no later than Monday.

If it doesn't arrive I'll post an update.

duhosnyul

sr. member

Activity: 266

Merit: 250

Thanks for this info guys. Hope you get your bitcoin back.

BitshireHashaway

full member

Activity: 182

Merit: 100

I've started hearing things about coin base having some users get ripped of. I would recommend you do not use Coin base anymore. Work to get your 10 BC back, however, even if you do get them back, move on to another retailer, and use them. If something like that happened to me on my first time, it would not be worth my effort anymore to deal with them, and maybe have to go through that again. Best of luck!

mastermeow

newbie

Activity: 5

Merit: 0

Now I'm scared of using coinbase

valzav

full member

Activity: 145

Merit: 100

yeti_alchemist,
Thanks for the advice, I've tried different browser - no luck.
On Reddit I've found there are more people have similar issues, e.g.
http://www.reddit.com/r/Bitcoin/comments/1coz10/warning_coinbasecom_is_having_major_problems_keep/

yeti_alchemist

newbie

Activity: 41

Merit: 0

Hi,

In my experience (and from what I have read), Coinbase is reputable. They definitely have their share of issues but they seem to resolve them eventually.

I suggest searching the Bitcoin subreddit for similar experiences. I think you will see that most problems are corrected (read the top comments for solutions, most of the headlines are overblown).

http://www.reddit.com/r/Bitcoin/search?q=coinbase

In addition, it may be worthwhile to try accessing your account with a different browser to see if that changes how the site is displayed.

Good luck.

valzav

full member

Activity: 145

Merit: 100

I need advice.
I've bought 10BTC 2 weeks ago via Coinbase, money came from my Chase account, transaction was shown in my account on Coinbase and balance was 10BTC.
But to my surprise when I've checked my account 5 days ago it was totally clean - no transactions, no linked bank accounts, 0BTC balance.
I've contacted Coinbase support, next day I've got the following reply:

Quote

APR 22, 2013 | 05:36PM PDT
Julian L replied:

hello,
we are looking into the issue, but i can already see you made one successful 10 btc order 6 days ago. this is probably only a disaplaying issue and will resolve soon.
kind regards,
julian

The issue is not resolved until today, they don't answer my emails anymore.
What should I do? Maybe somebody already has dealt with this kind of situations?
Is it possible to cancel/withdraw ACH transaction in my bank two weeks later?

Topic: Am I got ripped off by Coinbase? - page 2. (Read 2018 times)