first Coinbase applied for a BitLicense in New York which scares some Coinbase users
and now they increased bounty for referral who buys $100 worth of bitcoin, they want more users?
Topic: "Coinbase Referral Bonuses Have Increased From $25 to $75!" - What? - page 2. (Read 1729 times)
August 21, 2015, 04:12:00 AM
August 21, 2015, 04:00:56 AM
Maybe, but the ref is available even in Europe, and they give 75 euro now :|
Can't check my account right now, but it was 25 euros, if now it's 75, that's a very good incentive, a great one...
August 21, 2015, 03:39:16 AM
They make much more (I assume) by collecting user data.
August 21, 2015, 02:49:51 AM
1000 ATMs will be placed in Greece.
Coinbase is backed by really BIG VCs.
They're trying to grab as many users possible before new bubble.
i have to go to buy bitcoin immediately, as people would be mad on bitcoin, leading to the rise of bitcoin. Coinbase is backed by really BIG VCs.
They're trying to grab as many users possible before new bubble.
August 21, 2015, 02:47:52 AM
US$75 for each referral is very huge. This is good opportunity for internet marketers to promote their referral link to new Bitcoin investors.
August 21, 2015, 02:26:14 AM
Isn't this just asking for people to scam the system?
Sign up through vpn on own referral link. Buy 100 dollar bitcoin, send to other exchange. Get 75 dollar, buy bitcoin, send to other exchange. Cash out or keep 175 usd worth of bitcoin for the price of 100?
Sign up through vpn on own referral link. Buy 100 dollar bitcoin, send to other exchange. Get 75 dollar, buy bitcoin, send to other exchange. Cash out or keep 175 usd worth of bitcoin for the price of 100?
August 21, 2015, 01:00:21 AM
I think the cost for a new sign-up (advertisement, server costs etc.) is something around $100 for them. that's why it still makes sense to increase the affiliate payout.
August 21, 2015, 12:13:34 AM
Your paranoia is impressive. You've listed a bunch of reasons here that support Coinbase's decision to run this promotion
Maybe they're not stifling the entire Bitcoin trade. Maybe they're feeling victim to Xapo's security assurances. Maybe they're feeling victim to all the other options that allow people to maintain custody of their coin. Yet you assume that this is purely to document everyone using bitcoin? The effort involved int that, in something that doesn't earn them revenue, isn't logical for any business.
They're subject to the same laws as all US based Bitcoin "banks". And those other Bitcoin "banks" aren't facing any legal trouble! Both firms have had to limit operations in some states due to American laws...what makes you think Coinbase is getting a free pass from the Feds? There's literally NO evidence to support such a claim.
A solid reason why Coinbase may need to create a "too good to be true" promotion!
Sounds like you're speaking from personal experience. Maybe Coinbase want's to treat their customers better...this is a great way to do it!
Is possible Coinbase could be doing this because they know that it would A) generate a spike in new wallet holders and accounts, B) generate a lot of talk on forums, and C) earn them some serious brand recognition outside of their existing market footprint? YES! YES! YES!
Coinbase is stifling the entire Bitcoin trade, especially by marking people who trade in medium to high volume. So I think they're trying to get more people marked and their info documented, it'll be a map to everyone who uses bitcoin. $75 of bitcoin is especially irresistible to people who already use cryptocurrency.
Maybe they're not stifling the entire Bitcoin trade. Maybe they're feeling victim to Xapo's security assurances. Maybe they're feeling victim to all the other options that allow people to maintain custody of their coin. Yet you assume that this is purely to document everyone using bitcoin? The effort involved int that, in something that doesn't earn them revenue, isn't logical for any business.
The only reason coinbase isn't facing any legal trouble is they give all their info to the government without any resistance, regardless of legal justification. Exactly what the government needs to get inside the bitcoin world.
They're subject to the same laws as all US based Bitcoin "banks". And those other Bitcoin "banks" aren't facing any legal trouble! Both firms have had to limit operations in some states due to American laws...what makes you think Coinbase is getting a free pass from the Feds? There's literally NO evidence to support such a claim.
A large % of people who use coinbase for a decent amount of bitcoins, even if it's just the $1k weekly limit, get multiple banks shut down due to the way coinbase reports things to banks. Doing business with coinbase can be financially crippling if you're a serious Bitcoiner who does real business of any kind.
A solid reason why Coinbase may need to create a "too good to be true" promotion!
I have never seen a company that is so malicious towards good customers, they don't even give people a fair chance to present the documents coinbase asks for if your account is suspended. They cancel all your orders, report you, and if you ask any questions about the exact documents they need they assume that is your final response and send an email saying your account is now banned.
Sounds like you're speaking from personal experience. Maybe Coinbase want's to treat their customers better...this is a great way to do it!
Is possible Coinbase could be doing this because they know that it would A) generate a spike in new wallet holders and accounts, B) generate a lot of talk on forums, and C) earn them some serious brand recognition outside of their existing market footprint? YES! YES! YES!
August 20, 2015, 11:57:42 PM
I sign up in coinbase but I did not recieve the $5 free? How can I get the $5 free
August 20, 2015, 11:53:55 PM
yes i think using coinbase in US right now is... really risky.
August 20, 2015, 11:37:24 PM
Maybe they are just trying to be bought by Paypal 
August 20, 2015, 11:36:52 PM
1000 ATMs will be placed in Greece.
Coinbase is backed by really BIG VCs.
They're trying to grab as many users possible before new bubble.
Coinbase doesn't need to give out free money to get business, people come running to them.Coinbase is backed by really BIG VCs.
They're trying to grab as many users possible before new bubble.
I think a really good theory is they want to get more users stuck in their honeypot, and collect all their info so they can submit an extensive list of every bitcoin user to the government. Something just doesn't seem right here.
They're giving out $75 to users that aren't likely to buy much more than the first $100, yet they are permanently banning people who give them hundreds of thousands of dollars of business, and they file reports to the government on them. How does that make any sense? Maybe 1,000-10,000 of these new signups will equal the profit of 1 solid bitcoin dealer that they throw out, and they're throwing them out left and right.
You probably just answered your own question. They would rather have 1,000's of smaller, honest customers than a few big money laundering/drug dealing types whose actions could lead to them getting into legal trouble and risk their entire operation. Makes perfect sense.
August 20, 2015, 11:23:44 PM
1000 ATMs will be placed in Greece.
Coinbase is backed by really BIG VCs.
They're trying to grab as many users possible before new bubble.
Coinbase is backed by really BIG VCs.
They're trying to grab as many users possible before new bubble.
August 20, 2015, 11:16:22 PM
They are expecting that many people end up buying more then $100 worth of bitcoin when they are referred by a friend.
I am not sure how much the average user buys/trade when they are referred to coinbase, however I would assume that it is a lot over time otherwise this kind of promotion would be horribly unprofitable for them.
Coinbase only makes ~1% off of users when they buy/sell from them so a referral would still be unprofitable for them if the referral only purchased $100 worth of bitcoin and they gave the referrer a $25 bonus.
I am not sure how much the average user buys/trade when they are referred to coinbase, however I would assume that it is a lot over time otherwise this kind of promotion would be horribly unprofitable for them.
Coinbase only makes ~1% off of users when they buy/sell from them so a referral would still be unprofitable for them if the referral only purchased $100 worth of bitcoin and they gave the referrer a $25 bonus.
August 20, 2015, 10:58:43 PM
Maybe, but the ref is available even in Europe, and they give 75 euro now :|
August 20, 2015, 10:56:29 PM
maybe coinbase wants to increase its subscribers based in the US
I thinks US based are the only ones who can buy bitcoins through their site... correct?
I thinks US based are the only ones who can buy bitcoins through their site... correct?
August 20, 2015, 10:53:51 PM
https://blog.coinbase.com/2015/08/20/our-referral-bonuses-have-increased-from-25-to-75/
How is this possible?
Quote
A month ago we launched a revamped version of our referral program, and it has been an outstanding success. Since then, we’ve paid out over $20,000 in commissions to people who’ve referred their friends to Coinbase (and helped them get their first bitcoin).
Our referral program is simple. For each person you refer who buys at least $100 worth of bitcoin, we’ll pay you a referral bonus. That bonus used to be $25, but today we’re increasing it to $75. We’ve crunched the numbers and decided we want to invest in Bitcoin’s growth for the long term and increase our support for the people and companies that are bringing new users to Bitcoin. Luckily, we have the capital to do just that.
Our referral program is simple. For each person you refer who buys at least $100 worth of bitcoin, we’ll pay you a referral bonus. That bonus used to be $25, but today we’re increasing it to $75. We’ve crunched the numbers and decided we want to invest in Bitcoin’s growth for the long term and increase our support for the people and companies that are bringing new users to Bitcoin. Luckily, we have the capital to do just that.
How is this possible?
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