Coinbase: Instant Transactions | Bitcointalksearch.org

fuggedit

full member

Activity: 126

Merit: 100

Do as I say to do--But don't. (Mind Blown)

Quote from: prophetx on September 03, 2013, 06:29:35 AM

Quote from: Franktank on September 02, 2013, 10:15:43 PM

Quote from: collegenitro on September 02, 2013, 05:36:22 PM

If someone verifies to level 2, then empties bank account, instant buys 50 btc, then never pays, how can this be stopped? Cpinbase takes 2 days to take the bank funds....but they give 50 btc instantly? Sounds like coinbase open to get scammed.

To get "Verified, Level 2", they essentially get your personal info. If you attempt to scam them, they know who you are and will go through approved venues (collections, etc) to get their money back. It's why they can do Instant BTC, they know who you are and where you live.

you might also get reported to the 5-0 for wire fraud...

Replace "might" with something a bit more concrete and you are getting warm

BayAreaCoins

legendary

Activity: 3934

Merit: 1248

Owner at AltQuick.com

Quote from: prophetx on September 03, 2013, 06:29:35 AM

Quote from: Franktank on September 02, 2013, 10:15:43 PM

Quote from: collegenitro on September 02, 2013, 05:36:22 PM

If someone verifies to level 2, then empties bank account, instant buys 50 btc, then never pays, how can this be stopped? Cpinbase takes 2 days to take the bank funds....but they give 50 btc instantly? Sounds like coinbase open to get scammed.

To get "Verified, Level 2", they essentially get your personal info. If you attempt to scam them, they know who you are and will go through approved venues (collections, etc) to get their money back. It's why they can do Instant BTC, they know who you are and where you live.

you might also get reported to the 5-0 for wire fraud...

You will be reported for fraud. When I asked they said nothing about collections, just fraud.

prophetx

legendary

Activity: 1666

Merit: 1010

he who has the gold makes the rules

Quote from: Franktank on September 02, 2013, 10:15:43 PM

Quote from: collegenitro on September 02, 2013, 05:36:22 PM

If someone verifies to level 2, then empties bank account, instant buys 50 btc, then never pays, how can this be stopped? Cpinbase takes 2 days to take the bank funds....but they give 50 btc instantly? Sounds like coinbase open to get scammed.

To get "Verified, Level 2", they essentially get your personal info. If you attempt to scam them, they know who you are and will go through approved venues (collections, etc) to get their money back. It's why they can do Instant BTC, they know who you are and where you live.

you might also get reported to the 5-0 for wire fraud...

Franktank

hero member

Activity: 560

Merit: 500

Quote from: collegenitro on September 02, 2013, 05:36:22 PM

If someone verifies to level 2, then empties bank account, instant buys 50 btc, then never pays, how can this be stopped? Cpinbase takes 2 days to take the bank funds....but they give 50 btc instantly? Sounds like coinbase open to get scammed.

To get "Verified, Level 2", they essentially get your personal info. If you attempt to scam them, they know who you are and will go through approved venues (collections, etc) to get their money back. It's why they can do Instant BTC, they know who you are and where you live.

collegenitro

newbie

Activity: 28

Merit: 0

If someone verifies to level 2, then empties bank account, instant buys 50 btc, then never pays, how can this be stopped? Cpinbase takes 2 days to take the bank funds....but they give 50 btc instantly? Sounds like coinbase open to get scammed.

WinterParker

sr. member

Activity: 356

Merit: 250

Dock.io

I can't figure out how to sign a wallet id through Coin Base, does anyone have experience with this??

Thanks,

Ryan.

timmybray

newbie

Activity: 33

Merit: 0

Quote from: CurbsideProphet on July 19, 2013, 08:12:42 PM

Quote from: timmybray on July 17, 2013, 08:00:45 AM

Didn't work for me. Became lvl2 verified but the transaction was pending for almost a day, and then cancelled due to "high risk".

Did they give you a reason or say they would manually whitelist you? Still can't figure out what their criteria is for high risk.

I wrote them like 3 times, but haven't received the answer. Really weird. Don't know what else to say.

krudkeeper

full member

Activity: 182

Merit: 100

Hodl regularly and often!

Quote from: redwraith on July 19, 2013, 10:48:52 PM

LOVE the instant transaction. I have done it twice and had access to the coins within 5 minutes...

I have to say that is FAST! I also like thier merchant tools. I also like Campbx because they offer margin trading and thier price is consistently lower than Gox.

redwraith

full member

Activity: 188

Merit: 102

LOVE the instant transaction. I have done it twice and had access to the coins within 5 minutes...

BayAreaCoins

legendary

Activity: 3934

Merit: 1248

Owner at AltQuick.com

I made a instant transfer, but I used the wrong account. In result my 15BTC was canceled. I had 7BTC in my account (which Coinbase took back.) They sent me a e-mail saying I am responsible for sending the remaining 8BTC. I am going to of course, but what happens if I didn't.... Coinbase is not a licensed Money transfer business to the best of my knowledge so I just can't see them taking anything to court.

Seems strange. If I would have lost my BTC gambling I would be SOL seeing that Coinbase only offered me to pay them back in BTC not cash.

Also why is coinbase $5.00 under MTgox? I thought it was pegged

Edit:
Or starting on a Thursday purchasing 50BTC through Sunday because the ACH wouldn't show returned until Monday. Causing coinbase a lose of 200BTC.

It just seems so weird to me...

CurbsideProphet

hero member

Activity: 672

Merit: 500

Quote from: timmybray on July 17, 2013, 08:00:45 AM

Didn't work for me. Became lvl2 verified but the transaction was pending for almost a day, and then cancelled due to "high risk".

Did they give you a reason or say they would manually whitelist you? Still can't figure out what their criteria is for high risk.

Snipa

newbie

Activity: 12

Merit: 0

Verified up, happy to use it, great way to order BTC for my friends who got locked out when bitinstant went down. They xfer money to me, I order the coins right into their wallet.

krudkeeper

full member

Activity: 182

Merit: 100

Hodl regularly and often!

Quote from: krudkeeper on July 19, 2013, 12:59:55 PM

Quote from: ?? on ??

id sucks

My account has been hacked. This is not me commenting. admin please reset my password and email it to me. thank you.

All is well for the moment now. I agree, Coinbase is a great place and ID is a good thing.

danieldaniel

hero member

Activity: 854

Merit: 1000

Quote from: KingOfSports on July 19, 2013, 03:17:04 PM

I love it personally, I've bought about 15 coins so far and had no problem with it. It doesn't IMMEDIATELY transfer out of your account, takes about an hour before sent out from my experiences so far with the instant purchase. Money was taken out 2 days later as usual.

They're fixing this now, apparently (the hour delay)... I just asked a guy in #coinbase and he manually processed it for me and told me he'd fix it.

Apart from that, though, it is *THE* fastest and most convenient way to buy Bitcoins. And, apparently, only 7% of the coins are in a hot wallet, and they have more than enough cash to cover that (if it gets hacked). I'd venture (hah, get it? Because venture capital?) to say that it's the most secure, too.

KingOfSports

hero member

Activity: 602

Merit: 500

Acc bought - used solely for signature testing

I love it personally, I've bought about 15 coins so far and had no problem with it. It doesn't IMMEDIATELY transfer out of your account, takes about an hour before sent out from my experiences so far with the instant purchase. Money was taken out 2 days later as usual.

filharvey

hero member

Activity: 866

Merit: 1001

just got level 2 status, and tried it. The purchase happened within 5 mins, and I was able to transfer out.

Phil

krudkeeper

full member

Activity: 182

Merit: 100

Hodl regularly and often!

Quote from: ?? on ??

id sucks

My account has been hacked. This is not me commenting. admin please reset my password and email it to me. thank you.

joesmoe2012

hero member

Activity: 882

Merit: 501

Ching-Chang;Ding-Dong

Quote from: ?? on ??

id sucks

ID?

timmybray

newbie

Activity: 33

Merit: 0

Didn't work for me. Became lvl2 verified but the transaction was pending for almost a day, and then cancelled due to "high risk".

joesmoe2012

hero member

Activity: 882

Merit: 501

Ching-Chang;Ding-Dong

Quote from: Franktank on July 16, 2013, 10:18:40 PM

Coinbase isn't meant for the day trader (unless you have multiple accounts). As a verified Level 2 user, you have the option for cashing out a modest sum of Bitcoins. The 1% "high fee" trade off is not dealing with wires.
If you consider yourself a "power user," check out other exchanges but Coinbase does a good job of opening Bitcoins to casual users.

This i agree with, it does make it easy (albeit expensie) for normal users.

Is one permitted multiple accounts with coinbase?

Franktank

hero member

Activity: 560

Merit: 500

Coinbase isn't meant for the day trader (unless you have multiple accounts). As a verified Level 2 user, you have the option for cashing out a modest sum of Bitcoins. The 1% "high fee" trade off is not dealing with wires.
If you consider yourself a "power user," check out other exchanges but Coinbase does a good job of opening Bitcoins to casual users.

arbitrage001

legendary

Activity: 1067

Merit: 1000

Fee is high on Coinbase and it's price is not favorable when buying compare to bitstamp.

zeroblock

full member

Activity: 238

Merit: 100

I think its a fantastic addition to what Coinbase already has.... why do we need Bitinstant anymore?

Franktank

hero member

Activity: 560

Merit: 500

Would like to garner some feedback with their new feature. Now that you get your Bitcoins "immediately," will you use them?Have you purchased coins from them post-July 11 (as a Lvl 2 user)? There are some that intensely dislike the identity verification process but it does open Bitcoin to the general public. Thoughts?

Topic: Coinbase: Instant Transactions (Read 3974 times)