Coinbase. :-( - page 2. | Bitcointalksearch.org

hobo_sapien

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Quote from: Hfleer on March 08, 2015, 06:59:28 PM

Quote from: chmod755 on March 08, 2015, 06:10:08 PM

Companies like Coinbase only charge a very low fee - it's definitely annoying for a few people, but they need to have a very high rate of legitimate users (I guess >99%) to be profitable.

This is only one reason. A high rate of fraud will really put a damper on the relationships they have with banks.

A high rate of fraud false positives and repeated last-minute cancellations of customer's legitimate transactions - especially instances where customers bought or sold at fortunate prices, have monies tied up with Coinbase for 4 days while ACH clears and price moves against Coinbase in that period - will really put a damper on the trust and relationships with with their customer base and prospective new ones.

Coinbase sucks. Plus they are Goldman Sachs which makes them suck even more.

Hfleer

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Quote from: chmod755 on March 08, 2015, 06:10:08 PM

Companies like Coinbase only charge a very low fee - it's definitely annoying for a few people, but they need to have a very high rate of legitimate users (I guess >99%) to be profitable.

This is only one reason. A high rate of fraud will really put a damper on the relationships they have with banks.

chmod755

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Companies like Coinbase only charge a very low fee - it's definitely annoying for a few people, but they need to have a very high rate of legitimate users (I guess >99%) to be profitable.

Joca97

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The Best Tipster on the Forum!!

i still dont know why you buy btc from coinbase,better buy them from some exchange
and send them to blockchain.info and you wouldent have much problems!

abyrnes81

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Quote from: hobo_sapien on March 08, 2015, 08:48:28 AM

Quote from: abyrnes81 on March 08, 2015, 08:33:35 AM

This is insane, maybe try to use circle.com ( I have never used it because I don't have a US bank account) but maybe it is better than coinbase.

yup. I signed up with Circle and Kraken and everythings peachy with them.

By the way, if CB cancels your transaction and you are persistant with contacting them to resolve it (which won't work) and then escalating it to the point of informing them that you "will take appropriate action if this is not resolved" YOU WILL GET THIS:

Yes I am agree with you, as I said before the OP may try to buy bitcoin using the circle.com service, maybe he will not have the coinbase problem. I want to use them but I am fine with the various online exchange.

OROBTC

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...

I have not used Coinbase so cannot offer a good comment on them.

I HAVE used trucoin.com, and yes they are expensive (9% total by my calculations, not their's!), but they have always come through. But, trucoin is easy to use (after set-up), and has not failed me.

My city does not offer many who I can meet via localbitcoins (I've tried). THAT option would be great because it leaves much less of a trail...

Quickseller

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Quote from: hobo_sapien on March 08, 2015, 08:31:44 AM

Quote from: Quickseller on March 08, 2015, 01:21:51 AM

Out of curiosity, when you verified your bank account did you elect to allow them to check your online banking credentials or did you provide the deposit amounts they made to your account?

How long prior to buying the bitcoin did your bank account have funds available to fund the transaction? In theory coinbase could have contacted your bank who could have said that there was a recent deposit that may or may not actually clear (e.g. a check deposit that could be retuned unpaid, among other things).

None of that matters. They don't care. I've been through all that, I had all the verifications they asked for (and I offered more to them), plenty of funds in bank account.

Plain and simple: I bought low, they took my money, price had risen significantly during the 4 day ACH wait, and on the last day - WHEN THE ACH WAIT TIME WAS OVER - THEY CANCELLED THE PURCHASE WITH A SOME VAGUE, CANNED EMAIL. Attempts at trying to resolve it by contacting CB LEADS NOWHERE.

Plenty of examples of this all over the web. Buy low, price rises, they cancel. Sell high, price declines, they cancel. They do it under the guise of "security concerns". All in all, your money gets tied up for AT LEAST a week and a half. They are most likely leveraging your money between the time you buy and the time they cancel and refund it.

Fuck Coinbase and their Goldman Sachs/Big Brother scamming bullshit.

I think it would matter. If you had verified your bank account via online banking then they may be able to more easily verify if funds are going to be available or not.

If there was a recent check deposit that would be required to clear in order to cover the transaction then there would be a higher risk that ACH transaction would be reversed. There is no ACH wait time, a deposit (ACH or check) can be reversed by your bank for long after the transaction posts to your account depending on the reason. The "wait time" that you probably normally see is the bank putting a hold on the deposit for the amount of time that a deposit will normally be returned by if it is in fact going to be returned.

I don't think they are trading against you. They have started offering the USD wallet with USD deposits so people could just make a USD deposit and would still have the deposit cancelled under the same circumstances

Hfleer

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Quote from: OgNasty on March 07, 2015, 08:45:17 PM

Quote from: Hfleer on March 07, 2015, 03:16:31 PM

Quote from: OgNasty on March 07, 2015, 03:11:56 PM

Quote from: mishax1 on March 07, 2015, 04:23:16 AM

So whats the verdict ? Why did they cancel the orders and don't allow buying BTC ? I still don't get it, didn't they provide an explanation on how to fix this ?

The verdict is that they cancelled the orders for no reason and refunded the money after holding it for a week.

I am pretty sure they didn't cancel those orders to profit from the exchange rate difference. There must be some kind of deeper reason behind this?

I can't say why they cancelled the order, but I can say that every verification was completed and I don't think anything could have been done differently that would have made this order successful.

The problem here will be that they work with a "zero mistake" policy. So even if they canceled it on accident and it was indeed a legit order (which it looks to be), they will never admit that.

hobo_sapien

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Quote from: abyrnes81 on March 08, 2015, 08:33:35 AM

This is insane, maybe try to use circle.com ( I have never used it because I don't have a US bank account) but maybe it is better than coinbase.

yup. I signed up with Circle and Kraken and everythings peachy with them.

By the way, if CB cancels your transaction and you are persistant with contacting them to resolve it (which won't work) and then escalating it to the point of informing them that you "will take appropriate action if this is not resolved" YOU WILL GET THIS:

https://i.imgur.com/MrGfQlj.png

abyrnes81

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This is insane, maybe try to use circle.com ( I have never used it because I don't have a US bank account) but maybe it is better than coinbase.

hobo_sapien

newbie

Activity: 36

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Quote from: Quickseller on March 08, 2015, 01:21:51 AM

Out of curiosity, when you verified your bank account did you elect to allow them to check your online banking credentials or did you provide the deposit amounts they made to your account?

How long prior to buying the bitcoin did your bank account have funds available to fund the transaction? In theory coinbase could have contacted your bank who could have said that there was a recent deposit that may or may not actually clear (e.g. a check deposit that could be retuned unpaid, among other things).

None of that matters. They don't care. I've been through all that, I had all the verifications they asked for (and I offered more to them), plenty of funds in bank account.

Plain and simple: I bought low, they took my money, price had risen significantly during the 4 day ACH wait, and on the last day - WHEN THE ACH WAIT TIME WAS OVER - THEY CANCELLED THE PURCHASE WITH A SOME VAGUE, CANNED EMAIL. Attempts at trying to resolve it by contacting CB LEADS NOWHERE.

Plenty of examples of this all over the web. Buy low, price rises, they cancel. Sell high, price declines, they cancel. They do it under the guise of "security concerns". All in all, your money gets tied up for AT LEAST a week and a half. They are most likely leveraging your money between the time you buy and the time they cancel and refund it.

Fuck Coinbase and their Goldman Sachs/Big Brother scamming bullshit.

Quickseller

copper member

Activity: 2996

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Out of curiosity, when you verified your bank account did you elect to allow them to check your online banking credentials or did you provide the deposit amounts they made to your account?

How long prior to buying the bitcoin did your bank account have funds available to fund the transaction? In theory coinbase could have contacted your bank who could have said that there was a recent deposit that may or may not actually clear (e.g. a check deposit that could be retuned unpaid, among other things).

Possum577

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Loose lips sink sigs!

Quote from: OgNasty on March 05, 2015, 05:40:50 PM

Quote from: CrackedLogic on March 05, 2015, 05:20:07 PM

Any reason for why it for cancelled? Coinbase isn't the same wallet/exchange it was before all the updates. A few years ago.

According to them it was for, "After an assessment of your account activity."

The only account activity was the 2 purchases listed above.

Quote from: ScryptAsic on March 05, 2015, 05:39:23 PM

Have you confirmed your identity to them and followed the step to verify? I know that they have canceled orders in the past when the prices have moved wildly. I have been using them for several months and never had orders canceled.

All the requested banking information was provided and confirmed.

OG, you gotta call them. Their office is in San Francisco in the US, call them and figure out what happened.

OgNasty

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Quote from: Hfleer on March 07, 2015, 03:16:31 PM

Quote from: OgNasty on March 07, 2015, 03:11:56 PM

Quote from: mishax1 on March 07, 2015, 04:23:16 AM

So whats the verdict ? Why did they cancel the orders and don't allow buying BTC ? I still don't get it, didn't they provide an explanation on how to fix this ?

The verdict is that they cancelled the orders for no reason and refunded the money after holding it for a week.

I am pretty sure they didn't cancel those orders to profit from the exchange rate difference. There must be some kind of deeper reason behind this?

I can't say why they cancelled the order, but I can say that every verification was completed and I don't think anything could have been done differently that would have made this order successful.

Hfleer

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Quote from: OgNasty on March 07, 2015, 03:11:56 PM

Quote from: mishax1 on March 07, 2015, 04:23:16 AM

So whats the verdict ? Why did they cancel the orders and don't allow buying BTC ? I still don't get it, didn't they provide an explanation on how to fix this ?

The verdict is that they cancelled the orders for no reason and refunded the money after holding it for a week.

I am pretty sure they didn't cancel those orders to profit from the exchange rate difference. There must be some kind of deeper reason behind this?

BitcoinDistributor

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Exchange rates went up. They freeroll the market on your penny for 4 days and if it goes against them they cancel the trade.

Sold $1000 of BTC and they canceled my sell a week later after BTC dropped 30% saying I provided wrong banking info however those same bank accounts were used the week prior to sell BTC with NO ISSUE. Filed a BEtter business bureau complaint and they still wouldn't do anything.

They are thieves, avoid COINBASE.

OgNasty

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Quote from: mishax1 on March 07, 2015, 04:23:16 AM

So whats the verdict ? Why did they cancel the orders and don't allow buying BTC ? I still don't get it, didn't they provide an explanation on how to fix this ?

The verdict is that they cancelled the orders for no reason and refunded the money after holding it for a week.

hobo_sapien

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Activity: 36

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Quote from: mishax1 on March 07, 2015, 04:23:16 AM

So whats the verdict ? Why did they cancel the orders and don't allow buying BTC ? I still don't get it, didn't they provide an explanation on how to fix this ?

The only explanation they gave me are those screenshots I just posted above. That's after a week and a half of me emailing them asking why this happened and how to resolve it - I offered any and all (above and beyond what is required) proof they needed to legitimize the purchase (they already had my drivers license, bank account info which had cleared).

The only explanation/correspondance I got from them was what I showed above.

That's it.

mishax1

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Quote from: cheekychap on March 07, 2015, 04:26:24 AM

Quote from: mishax1 on March 07, 2015, 04:23:16 AM

So whats the verdict ? Why did they cancel the orders and don't allow buying BTC ? I still don't get it, didn't they provide an explanation on how to fix this ?

I doubt they provide reasons, but its really unfair that they do this. It makes coinbase at the end of my list to ever approach for buying or selling BTC

I guess a reddit post should spark things up..

cheekychap

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Quote from: mishax1 on March 07, 2015, 04:23:16 AM

So whats the verdict ? Why did they cancel the orders and don't allow buying BTC ? I still don't get it, didn't they provide an explanation on how to fix this ?

I doubt they provide reasons, but its really unfair that they do this. It makes coinbase at the end of my list to ever approach for buying or selling BTC

Topic: Coinbase. :-( - page 2. (Read 3123 times)