COINBASE IS A BUNCH OF THIEVES. - page 2.

csun

newbie

Activity: 31

Merit: 0

Quote from: almostmike on November 18, 2013, 12:21:28 AM

Has anyone else managed to get their situation resolved?

Rees from Coinbase responded to my support email, but it was a boilerplate response (I've seen it posted on Reddit verbatim) that suggested he didn't even read my email. Olaf hasn't responded to my PM here either.

Now, I know they are busy and overwhelmed. I just want some reassurance that they are a trustworthy company who will make things right for their honest customers in the long run. My canceled orders were only 2 BTC and 3 BTC and I sincerely hope they can push them through at the original exchange rate and whitelist my account. That's all want. Others have had success getting this worked out, as seen on here and Reddit. I've been a huge supporter of Coinbase before this whole fiasco and this is just so disheartening.

Sad

Sorry to dampen your hopes, but the answer will be no.

They make themselves out to be a reliable way to obtain BTC, but can't actually fulfill that role. They make posts here saying that they regularly review cancelled transactions and push them through at the original rate, but rarely ever do, unless it seems it's for a bit of PR.

They role out a failed system and sucker people into using it all the while benefiting from their own mistakes.

almostmike

newbie

Activity: 37

Merit: 0

Has anyone else managed to get their situation resolved?

Rees from Coinbase responded to my support email, but it was a boilerplate response (I've seen it posted on Reddit verbatim) that suggested he didn't even read my email. Olaf hasn't responded to my PM here either.

Now, I know they are busy and overwhelmed. I just want some reassurance that they are a trustworthy company who will make things right for their honest customers in the long run. My canceled orders were only 2 BTC and 3 BTC and I sincerely hope they can push them through at the original exchange rate and whitelist my account. That's all want. Others have had success getting this worked out, as seen on here and Reddit. I've been a huge supporter of Coinbase before this whole fiasco and this is just so disheartening.

Sad

Phinnaeus Gage

legendary

Activity: 1918

Merit: 1570

Bitcoin: An Idea Worth Spending

Quote from: yvv on November 13, 2013, 10:38:43 AM

Quote from: Minor Miner on November 13, 2013, 10:26:11 AM

Quote from: yvv on November 13, 2013, 10:23:08 AM

Sure, when price goes up rapidly it is a high risk for them. Transaction takes 3 days, and I guess price and their bitcoin reserves may change significantly during this time. It is highly probable that they will not be able to fulfill your order in this case. I guess, they prefer not to risk under this circumstances.

The situation you describe is a prop trading house. a broker does not have that risk because he takes your order and executes it immediately and either takes a commission or makes money on a spread basis.

As I understand, they don't have your money. They need to transfer you money from your bank first then they give you bitcoins. But the price is set when you place a buy order, not when your money is transferred to their bank. I don't know why they do it this way.

Some people clam that that's exactly what Coinabul does. Not defending, nor elsewise, Coinbase, I think it's a good practice to have the rate set in stone oppose to having it fluctuate, up or down, during the settlement of funds process.

yvv

legendary

Activity: 1344

Merit: 1000

.

Quote from: Minor Miner on November 13, 2013, 10:26:11 AM

Quote from: yvv on November 13, 2013, 10:23:08 AM

Sure, when price goes up rapidly it is a high risk for them. Transaction takes 3 days, and I guess price and their bitcoin reserves may change significantly during this time. It is highly probable that they will not be able to fulfill your order in this case. I guess, they prefer not to risk under this circumstances.

The situation you describe is a prop trading house. a broker does not have that risk because he takes your order and executes it immediately and either takes a commission or makes money on a spread basis.

As I understand, they don't have your money. They need to transfer you money from your bank first then they give you bitcoins. But the price is set when you place a buy order, not when your money is transferred to their bank. I don't know why they do it this way.

Minor Miner

legendary

Activity: 2464

Merit: 1020

Be A Digital Miner

Quote from: yvv on November 13, 2013, 10:23:08 AM

Sure, when price goes up rapidly it is a high risk for them. Transaction takes 3 days, and I guess price and their bitcoin reserves may change significantly during this time. It is highly probable that they will not be able to fulfill your order in this case. I guess, they prefer not to risk under this circumstances.

The situation you describe is a prop trading house. a broker does not have that risk because he takes your order and executes it immediately and either takes a commission or makes money on a spread basis.

yvv

legendary

Activity: 1344

Merit: 1000

.

Sure, when price goes up rapidly it is a high risk for them. Transaction takes 3 days, and I guess price and their bitcoin reserves may change significantly during this time. It is highly probable that they will not be able to fulfill your order in this case. I guess, they prefer not to risk under this circumstances.

japerry

sr. member

Activity: 306

Merit: 250

Quote from: Hexadecibel on November 08, 2013, 01:33:44 PM

Not that my experience with them is all encompassing, but I've never had a problem using their service.

+1

Minor Miner

legendary

Activity: 2464

Merit: 1020

Be A Digital Miner

Quote from: Tomatocage on November 12, 2013, 06:18:39 PM

Explain to me how Coinbase works. How does them canceling a transaction benefit them?

I think what he is implying is this simple scam: in an upward moving market, one could use the customer's money to buy the bitcoin and then if bitcoin goes down, give him the coins but if it goes up say "sorry we never bought them". Basically, having free options in a high vol market could make you a lot of money.

in this case "lag" would be very valuable to the broker....
I have never dealt with them so I cannot say, I am just explaining you "how does cancelling....."

Tomatocage

legendary

Activity: 1554

Merit: 1222

brb keeping up with the Kardashians

Explain to me how Coinbase works. How does them canceling a transaction benefit them?

Olaf (Coinbase)

newbie

Activity: 36

Merit: 0

Hey, Olaf from Coinbase here. Sorry for the trouble with this! Email support and we can review the transaction - let me know if you have any questions about this!

sublime5447

legendary

Activity: 966

Merit: 1000

Quote from: DMTechie on November 08, 2013, 02:03:18 PM

They don't have the coins?!?

LOL

I didnt say they didnt have any coins, I said they dont have his coins.

DMTechie

newbie

Activity: 11

Merit: 0

They don't have the coins?!?

LOL

sublime5447

legendary

Activity: 966

Merit: 1000

Quote from: DMTechie on November 08, 2013, 01:43:47 PM

My lawyer lives next door.

I just wanted my coins at the price I ordered them at.

/wrists

Business promise products they are unable to deliver all the time. They cant give you your coin because they dont have them.

TKeenan

hero member

Activity: 874

Merit: 1000

Quote from: DMTechie on November 08, 2013, 01:43:47 PM

My lawyer lives next door.
I just wanted my coins at the price I ordered them at.

Tell your lawyer next door that you'd like to be the 'lead plaintiff' in a 'class action' suit against a financial company backed by $6million from Silicon Valley.

It will cost you $350 filing fee to initiate this action.

I'll bet Coinbase will re-instate your order in one hour if they even think your lawyer will listen to you for five minutes.

If Coinbase is really running this scam - it is the VERY END of another big exchange due to mismanagement. WTF?

DMTechie

newbie

Activity: 11

Merit: 0

My lawyer lives next door.

I just wanted my coins at the price I ordered them at.

/wrists

TKeenan

hero member

Activity: 874

Merit: 1000

Quote from: DMTechie on November 08, 2013, 01:30:41 PM

They fucking cancel my transactions every time the price goes up.
I specifically emailed them and told them NOT TO CANCEL MY MOST RECENT TRANSACTION.
YOU know what they did?! they cancelled it anyway just to make a profit.
Don't do business with them, they're a bunch of crooks.

This will result in a class action lawsuit in just a few more days. It will be very easy to subpoena their records and learn whether these 'security detections' occur more on orders where BTC value increased than where BTC decreased. If coinbase is keeping value more on the increases to their customer's disadvantage - they will surely be held liable and have to pay.

Coinbase will be shut down in less than one week if this is true.

Lawyers love these kinds of cases because the underlying money amounts are huge. I hope a shark attorney goes after them right away. This kind of crap shouldn't be happening at an established firm like CoinBase.

Who is the leader at coinbase?

DMTechie

newbie

Activity: 11

Merit: 0

this is the second time in a row.

No explanations

No apology

just another automated email about a "high risk" transaction

I used BOA

I sent them emails all last week asking them not to cancel this transaction, the money was in my account, why had it not been debited out yet... blah blah

they obviously don't care at all.

sublime5447

legendary

Activity: 966

Merit: 1000

Their business model doesn't work when there are rapid up ticks in the market.

BitChick

legendary

Activity: 1148

Merit: 1001

Do you mind saying what bank you are using? We have not had any problems but we are not using a major bank like BofA or Citi. I wonder if it is more a problem on that end?

Hexadecibel

vip

Activity: 571

Merit: 504

I still <3 u Satoshi

Not that my experience with them is all encompassing, but I've never had a problem using their service.

Topic: COINBASE IS A BUNCH OF THIEVES. - page 2. (Read 4507 times)