Coinbase problems - Took my money and gave me no coins! 10 days and counting

X68N

hero member

Activity: 672

Merit: 500

Quote from: Michael Robinson on December 16, 2013, 08:24:35 PM

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050. By the time I actually got them the price had dropped to $500. While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet. Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished. So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low. Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase. They can take that $25 million and either shove it, or give it back to the people they screwed royally.

sad story, but what came to my mind when i read the last sentence,

Coinbase - All your money are belong to us Grin

-> http://de.wikipedia.org/wiki/All_your_base_are_belong_to_us

accord01

full member

Activity: 238

Merit: 100

Quote from: matreciman on December 25, 2013, 02:23:58 AM

Quote from: ?? on ??

Quote from: matreciman on December 18, 2013, 03:15:25 PM

It has now been 12 days since the purchase of my BTC and still no response from support.

I just wanted to back up your experience with my own. I purchased 2 BTC on Dec 8th. The money was taken out of my bank account on Dec 10th. The coins were supposed to be deposited on the 12th or 13th. The transaction then "disappeared" from my transaction history on Coinbase.com. I opened a support ticket as soon as I realized this had happened.

It's now Dec 18th and 2 BTC suddenly showed up in my account. There has been no response to my support ticket. There has been no compensation for the loss in price of the BTC. I sold/traded all of the rest of my bitcoin when they were much higher priced. I will be forced to take a $600 loss if I try to sell the coins they just put into my account. This is complete BS.

If they can't deliver on time, they need to cancel the order and refund the charges.

(FYI I have been a coinbase member for over 30 days and am instant verified)

I still have no resolution to the case and the purchase was made on December 6th. I don't even care about the lost money(should have been released with the price at $875) I just want my damn money back. Holding my money hostage for three weeks is just not acceptable, especially when I can't even get a response from support.

This thread should help:

https://bitcointalksearch.org/topic/psa-coinbasecom-defrauds-with-different-schemes-341188

matreciman

newbie

Activity: 32

Merit: 0

Quote from: ?? on ??

Quote from: matreciman on December 18, 2013, 03:15:25 PM

It has now been 12 days since the purchase of my BTC and still no response from support.

I just wanted to back up your experience with my own. I purchased 2 BTC on Dec 8th. The money was taken out of my bank account on Dec 10th. The coins were supposed to be deposited on the 12th or 13th. The transaction then "disappeared" from my transaction history on Coinbase.com. I opened a support ticket as soon as I realized this had happened.

It's now Dec 18th and 2 BTC suddenly showed up in my account. There has been no response to my support ticket. There has been no compensation for the loss in price of the BTC. I sold/traded all of the rest of my bitcoin when they were much higher priced. I will be forced to take a $600 loss if I try to sell the coins they just put into my account. This is complete BS.

If they can't deliver on time, they need to cancel the order and refund the charges.

(FYI I have been a coinbase member for over 30 days and am instant verified)

I still have no resolution to the case and the purchase was made on December 6th. I don't even care about the lost money(should have been released with the price at $875) I just want my damn money back. Holding my money hostage for three weeks is just not acceptable, especially when I can't even get a response from support.

gweedo

legendary

Activity: 1498

Merit: 1000

Quote from: karlmarxxx on December 16, 2013, 08:27:48 PM

Have you already purchased btc before? They place a 30 day hold for your first order, campbx used to/still does the same thing. If you don't like it I would suggest writing your congress people and telling them the regulations are too much.

The hold is so you don't scam them. Remember a bitcoin isn't reversible, but many ways to send USD are reversible. People fail to remember that coinbase isn't an exchange it is easy to forget that. Just like you wouldn't go to a local currency exchanger to hedge yourself against the Euro, it works the same way. You have to use coinbase as way to change dollars into bitcoins, and not to worry about the price. Even though coinbase claims they are like the bitcoin trading software for average people, you also have to work through the tiers to get to that point.

When you hear Brian Armstrong talk, you see that he is creating the first bitcoin bank. A place that will be known to be safe and secure. A place where the average user will just use bitcoins to send overseas with very low fees. After watching his Foundation episode you get that sense even more. When he starts talking about wills and such.

matreciman

newbie

Activity: 32

Merit: 0

It has now been 12 days since the purchase of my BTC and still no response from support.

tclo

hero member

Activity: 518

Merit: 500

Quote from: beetcoin on December 17, 2013, 02:10:05 AM

Quote from: tclo on December 17, 2013, 12:57:02 AM

Quote from: GoldWater on December 17, 2013, 12:42:40 AM

Quote from: tclo on December 17, 2013, 12:34:03 AM

Conbase has ripped me off so many times....I finally closed my account. They have done the same to my friends as well.

They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later.

They will recharge your bank acct for BTC that you bought months earlier and cause an NSF on your acct. Their are crooks and thieves, end of story.

Stay away from CONbase.

Quote from: beetcoin on December 17, 2013, 12:25:28 AM

i purchased for the first time about 2 weeks ago and there was no 30 day hold. just 4 business days for the ACH transfer to go through.

Quote from: Michael Robinson on December 16, 2013, 08:24:35 PM

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050. By the time I actually got them the price had dropped to $500. While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet. Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished. So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low. Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase. They can take that $25 million and either shove it, or give it back to the people they screwed royally.

the delay doesn't mean they are cheating you. it's not their fault that BTC crashed after you bough the BTC. if you had purchased your BTC from an exchange that paid you instantly, you still would have lost your money.

the only problem that i would have is if they'd cancel your order if BTC rose after making your order, but i don't think that's the case (based on user feedback on the forums).

They clearly state their limitations and their transfer speeds on their website. Within the first 30 days, it takes 4 business days for purchased Bitcoin to appear in your account-this is no secret.

To say they scam people is so funny, and ignorant....

Speaking of ignorant, I've been a fully verified customer on there for 5 months. It's funny how you conveniently assume otherwise..lazy, ignorant thinking.

And I wasn't complaining about a delay....go back and read and try to comprehend.

They have scammed me and SO many other people on here who post about it all the time..wake up.

he didn't quote you, so he wasn't talking to you originally. no need to get belligerent.

He did quote me...you pay attention just as well as he does.

Anyway no big deal and just allows me to bump the thread and warn people about CONbase. They will thank me later.

beetcoin

sr. member

Activity: 434

Merit: 250

Quote from: tclo on December 17, 2013, 12:57:02 AM

Quote from: GoldWater on December 17, 2013, 12:42:40 AM

Quote from: tclo on December 17, 2013, 12:34:03 AM

Conbase has ripped me off so many times....I finally closed my account. They have done the same to my friends as well.

They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later.

They will recharge your bank acct for BTC that you bought months earlier and cause an NSF on your acct. Their are crooks and thieves, end of story.

Stay away from CONbase.

Quote from: beetcoin on December 17, 2013, 12:25:28 AM

i purchased for the first time about 2 weeks ago and there was no 30 day hold. just 4 business days for the ACH transfer to go through.

Quote from: Michael Robinson on December 16, 2013, 08:24:35 PM

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050. By the time I actually got them the price had dropped to $500. While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet. Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished. So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low. Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase. They can take that $25 million and either shove it, or give it back to the people they screwed royally.

the delay doesn't mean they are cheating you. it's not their fault that BTC crashed after you bough the BTC. if you had purchased your BTC from an exchange that paid you instantly, you still would have lost your money.

the only problem that i would have is if they'd cancel your order if BTC rose after making your order, but i don't think that's the case (based on user feedback on the forums).

They clearly state their limitations and their transfer speeds on their website. Within the first 30 days, it takes 4 business days for purchased Bitcoin to appear in your account-this is no secret.

To say they scam people is so funny, and ignorant....

Speaking of ignorant, I've been a fully verified customer on there for 5 months. It's funny how you conveniently assume otherwise..lazy, ignorant thinking.

And I wasn't complaining about a delay....go back and read and try to comprehend.

They have scammed me and SO many other people on here who post about it all the time..wake up.

he didn't quote you, so he wasn't talking to you originally. no need to get belligerent.

matreciman

newbie

Activity: 32

Merit: 0

Quote from: GoldWater on December 17, 2013, 01:14:00 AM

You're not complaining about a delay? Because you say - "They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later."

Oh wait no, you're really saying that they take your money, and then do nothing with it, and return it to you?

You're funny.

Well in my case they have been holding my money a week and have not gave my money back or responded to my support claim.

And like was said, it's funny how you assume we are not verified users. I have been using Coinbase over 6 months now and had instant purchases until they decided debit cards weren't accept and only accept a visa credit card. I do not have a visa credit card or I would still have instant purchase. I decided to wait the 4 days as stated and if it had fallen to $200 in that time and they released my coins on time that would be on me not them. Now I just want my damn money back or the coins, I don't care what the current price is I just want what I am owed.

tclo

hero member

Activity: 518

Merit: 500

Quote from: GoldWater on December 17, 2013, 01:14:00 AM

You're not complaining about a delay? Because you say - "They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later."

Oh wait no, you're really saying that they take your money, and then do nothing with it, and return it to you?

You're funny.

You are getting closer...keep trying. I know it's not easy for you, but you can do it.

GoldWater

newbie

Activity: 12

Merit: 0

You're not complaining about a delay? Because you say - "They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later."

Oh wait no, you're really saying that they take your money, and then do nothing with it, and return it to you?

You're funny.

tclo

hero member

Activity: 518

Merit: 500

Quote from: GoldWater on December 17, 2013, 12:42:40 AM

Quote from: tclo on December 17, 2013, 12:34:03 AM

Conbase has ripped me off so many times....I finally closed my account. They have done the same to my friends as well.

They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later.

They will recharge your bank acct for BTC that you bought months earlier and cause an NSF on your acct. Their are crooks and thieves, end of story.

Stay away from CONbase.

Quote from: beetcoin on December 17, 2013, 12:25:28 AM

i purchased for the first time about 2 weeks ago and there was no 30 day hold. just 4 business days for the ACH transfer to go through.

Quote from: Michael Robinson on December 16, 2013, 08:24:35 PM

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050. By the time I actually got them the price had dropped to $500. While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet. Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished. So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low. Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase. They can take that $25 million and either shove it, or give it back to the people they screwed royally.

the delay doesn't mean they are cheating you. it's not their fault that BTC crashed after you bough the BTC. if you had purchased your BTC from an exchange that paid you instantly, you still would have lost your money.

the only problem that i would have is if they'd cancel your order if BTC rose after making your order, but i don't think that's the case (based on user feedback on the forums).

They clearly state their limitations and their transfer speeds on their website. Within the first 30 days, it takes 4 business days for purchased Bitcoin to appear in your account-this is no secret.

To say they scam people is so funny, and ignorant....

Speaking of ignorant, I've been a fully verified customer on there for 5 months. It's funny how you conveniently assume otherwise..lazy, ignorant thinking.

And I wasn't complaining about a delay....go back and read and try to comprehend.

They have scammed me and SO many other people on here who post about it all the time..wake up.

kjj

legendary

Activity: 1302

Merit: 1026

30 days gives the owner of a stolen bank account time to notice the transaction and reverse it. If it really is your account, you will not be able to claim hax on subsequent transactions.

GoldWater

newbie

Activity: 12

Merit: 0

Quote from: tclo on December 17, 2013, 12:34:03 AM

Conbase has ripped me off so many times....I finally closed my account. They have done the same to my friends as well.

They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later.

They will recharge your bank acct for BTC that you bought months earlier and cause an NSF on your acct. Their are crooks and thieves, end of story.

Stay away from CONbase.

Quote from: beetcoin on December 17, 2013, 12:25:28 AM

i purchased for the first time about 2 weeks ago and there was no 30 day hold. just 4 business days for the ACH transfer to go through.

Quote from: Michael Robinson on December 16, 2013, 08:24:35 PM

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050. By the time I actually got them the price had dropped to $500. While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet. Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished. So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low. Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase. They can take that $25 million and either shove it, or give it back to the people they screwed royally.

the delay doesn't mean they are cheating you. it's not their fault that BTC crashed after you bough the BTC. if you had purchased your BTC from an exchange that paid you instantly, you still would have lost your money.

the only problem that i would have is if they'd cancel your order if BTC rose after making your order, but i don't think that's the case (based on user feedback on the forums).

They clearly state their limitations and their transfer speeds on their website. Within the first 30 days, it takes 4 business days for purchased Bitcoin to appear in your account-this is no secret.

Just like ALL other exchanges, the more you identify yourself, the more they trust you and reduce those wait times and limitations. You'll need to wait 30 days after completing a purchase, before you can instantly buy Bitcoin, not from when you create the account.

Any mistake that coinbase might make, they will absolutely fix on their own, but it's usually not a mistake, rather a lack in understanding of what to expect when using them.

I'm a fully verified and level 2 account holder at coinbase and understand their process thoroughly. I too, missed out on a lot of the early gains, but this is my own fault, not coinbase's. Once you're verified completely, you can buy 10 BTC INSTANLTY per week and sell 50 BTC per day- that's amazing...

To say they scam people is so funny, and ignorant....

tclo

hero member

Activity: 518

Merit: 500

Conbase has ripped me off so many times....I finally closed my account. They have done the same to my friends as well.

They will take your money and hold it for a week and then if BTC goes up, they will cancel your order and refund your money a week later.

They will recharge your bank acct for BTC that you bought months earlier and cause an NSF on your acct. Their are crooks and thieves, end of story.

Stay away from CONbase.

beetcoin

sr. member

Activity: 434

Merit: 250

i purchased for the first time about 2 weeks ago and there was no 30 day hold. just 4 business days for the ACH transfer to go through.

Quote from: Michael Robinson on December 16, 2013, 08:24:35 PM

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050. By the time I actually got them the price had dropped to $500. While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet. Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished. So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low. Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase. They can take that $25 million and either shove it, or give it back to the people they screwed royally.

the delay doesn't mean they are cheating you. it's not their fault that BTC crashed after you bough the BTC. if you had purchased your BTC from an exchange that paid you instantly, you still would have lost your money.

the only problem that i would have is if they'd cancel your order if BTC rose after making your order, but i don't think that's the case (based on user feedback on the forums).

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: karlmarxxx on December 16, 2013, 08:33:25 PM

AML/KYC regulations along with FINCEN guidence = companies doing this kinda stuff to protect themselves from being shutdown.

There is no AML/KYC regulation which requires a 30 day hold. Companies doing this kinda stuff is companies doing this kinda of stuff.

matreciman

newbie

Activity: 32

Merit: 0

Quote from: Michael Robinson on December 16, 2013, 08:24:35 PM

I have $1,000's of dollars worth of losses from Coinbase, for the very same reason.

I ordered my coins at $1050. By the time I actually got them the price had dropped to $500. While going from $1050 down to $500, all I could do was sit there and watch, because when I tried to sell the coins at the beginning of the drop, I realized they had taken the money out of my bank account, but hadn't actually given me the coins yet. Then when it hit $500 I tried to buy more while the price was low, but they wouldn't let me because my 1st transaction hadn't finished. So not only did they prevent me from selling after the China announcement in order to mitigate my losses, they wouldn't even let me buy more when the price hit it's low. Then, to add insult to injury, they later cancelled my second order for being "high risk", even though my first order was successful, came out of the SAME bank account, and was for FIVE TIMES AS MUCH MONEY.

Coinbase = Conbase. They can take that $25 million and either shove it, or give it back to the people they screwed royally.

Your experience sounds like an unfortunate event, but had the stated time you would have the coins pass before this? I am not worried as much about lost profits as the fact they took $2600 out of my bank account, said they would give me 4 BTC on the 12th and its now the 16th and they won't respond to any support tickets.

matreciman

newbie

Activity: 32

Merit: 0

Yes I have purchased from Coinbase before. My account shows the coins were released on the 12th and I received the usual email stating the coins were in my account. However they are not there.

karlmarxxx

newbie

Activity: 27

Merit: 0

AML/KYC regulations along with FINCEN guidence = companies doing this kinda stuff to protect themselves from being shutdown.

EnderHf

member

Activity: 60

Merit: 10

Well you should have read their terms of use before you tried to use them. They have a hold time on the first transaction on that site

Topic: Coinbase problems - Took my money and gave me no coins! 10 days and counting (Read 2728 times)