Topic: Coinbase? (Read 1609 times)

I don't think there's anything you can call these "high-risk" transaction cancellations anything other than blatantly dishonest business.  The company is getting an unfair advantage during 3-4 day swings in price where they can arbitrarily decide to cancel the ones that work out in the consumer's favor, while keeping every transaction that is "high-risk" to the consumer.  Yes, they are growing and seem like the most reputable source to buy BTC in the US, but to me, behavior like this says a lot and raises a major red flag.  I'd really like to see this issue get more exposure in order to correct this bad business practice.

It appears bitbook is doing something similar with odds changes.  It's really a shame to see some of these bitcoin businesses trying to unknowingly squeeze extra money out of their customers rather than simply taking what is theirs for the honestly great service that they provide.

Nope. That's not the excuse for providing lousy service; just the excuse for why it might take three days or more to answer your emails... When has an excuse ever made anything better anyways?

This is a developing network and its subject to rapid changes and fluctuations that can overwhelm the establishments who link us to the global market. I don't think Coinbase intended to provide lousy service but I think they don't have adequate human resources to deal with all of the variables that are playing out right now. I think it's reasonable to suspect that problems might occur with something so new and as time goes on these issues will be addressed accordingly.

You have every right to be upset but if you take a pro-active approach and contact your bank you'll probably get your money back faster. Coinbase could be overwhelmed for a while.

If the intention of your post was to ascertain how reputable they are in order to make a decision about your next course of action; then my answer is that I have no reason to believe that they are anything less than reputable and I suspect they will refund your money as soon as they can get their feet back on the ground, so to speak. If your intention was only to get your money back as quickly as possible; call your bank.

So they are busy, and that's an excuse for providing lousy service??  And, eh...where's my money, again???  Come on, man...

Probably because they are dealing with the market frenzy which is going on right now. It sucks but you might want to contact your bank and let them know whats going on...

"Coinbase is probably the most reputable company that deals with Bitcoin"...according to who?  Perhaps some would want us to believe that Coinbase is the only alternative out there, and perhaps there are employees of Coinbase who post here, but as I stated, these are facts.  Sorry, but the fact is, Coinbase sucks.

And, Coinbase supporter, would you care to explain to me why all attempts at communication over the past three g*d* days are ignored?  Yeah, that's so reputable...

Coinbase is probably the most reputable company that deals with BitCoin. Right now they are going through massive user growth, so they may be slow to help you in the case that their software acts erroneously. However, to the best of my knowledge, many people who have vocally complained loudly about some issue with them have gotten their issues resolved, albeit a bit slower than they would have liked.

I can tell you my experience with Coinbase, and it is lousy. 

On Dec. 10th I placed an order with them for .30btc, after following all their procedures to the letter and linking my bank account.  The order became "pending" on Dec. 12th, and on Dec. 16th the order was cancelled.  The reason given was that the transaction was cancelled because it was "high risk", meaning, according to their definitions, a reversable transaction because the funds came from a bank withdrawal.  Now, according to that definition, since any bank-withdrawal-based transaction is by their thinking "reversable", that would mean all bank-linked transactions would be "high-risk" and therefore Coinbase shouldn't even allow that option.

Of course, it doesn't end there.  ALL attempts at communication, through their site and through e-mail support are ignored.  You can open a case on their site, but of course the case is also ignored.  So I spent $291, Coinbase took it, cancelled the transaction, has my money and will not respond to any attempt at contact.

This is not some angry rant.  This is a factual account of my interaction with Coinbase.  I will give them a bit more time to refund my money, and then I will contact the California State Attorney General's office to try to initiate proceedings against them. 

However this turns out, Coinbase's conduct in this matter, and their cavalier lack of conduct, is at best thoroughly unprofessional and at worst actionable.