Topic: Coinbase honored my contract. - page 2. (Read 8533 times)

No, they didn't take his money.  They probably didn't even take the money out of his bank account.

I hate to say it, but this guy IS high risk.  Adding and deleting bank accounts, making large purchases right after small one's...

Every business in the real world has fraud management.  I don't see why Coinbase shouldn't.

Basically, he purchased bitcoin, they took his money, bitcoin increased in value dramatically, and they canceled his order.  The gain in value of bitcoin between his purchase and the cancellation is lost to him.  Presumably Coinbase actually did purchase the coins back when he placed the order and they had the cash, so they're probably making a lot of money refunding him and selling those coins to someone else today at a higher value.

Hello,

i feel with you, but  i dont understand how they could steal you the money. Do you mean you buyed, and left the bitcoins at your account?
How much time passed between your buy and their scam trick ?

from my expierience, avoid MT. Gox also.

greetings

So I woke up this morning all excited to add 9.25 btc to my measly collection of 13 btc.
 
https://blockchain.info/address/13F5BR74596kSc7neuZYYbLPar2utuNyrC

I turn on my computer & I see this:



They have previously canceled 3 attempted orders of 10 BTC each when I was using a major bank, but it appeared that my original bank would never transfer the money. I didn't blame Coinbase even though prices were about $123 each back then. So I opened up an account at a very small bank, linked up the account, and successfully made a small 0.25 btc purchase. So I now know that I found a bank that works with them.

This last action was obviously performed by them (or their software - same thing). Read the message.

Price at purchase: $210.278
Price at cancel: $330.280
Difference: $120.002
Difference * 9.25 btc = $1110.0185 that they gained by cancelling my order

Just because us poor people don't have the wealth to obtain a VISA card and such are denied level 2 verification, doesn't make it right for them to cancel orders during a rising market. BTW, this is more money than I make at my job in a month.

I have been trying to buy bitcoins from them since they were $123 (I was REALLY REALLY late to the bitcoin party). Most of the 13 btc I have bought so far were purchased by wiring money to Bitstamp in Slovenia back in October.


Update: This has been resolved by Olaf to my satisfaction. I was whitelisted and the original order has been reinstated at the original contract rate.