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Topic: COINBASE RIPPED ME OFF $80k. *WARNING WARNING WARNING* - page 2. (Read 5413 times)

newbie
Activity: 26
Merit: 0
Coinbase purchase times are growing. I first purchased 6 BTCs on 11/14/13 and was credited on 11/21/13 (7 days). I purchased 10 BTCs on 11/23/13 and now I find out it will take 9 days (11/2/13) to get credit.

I am now going to a local bitcoin dealer for purchases which only take 20 minutes.

would you please let us know how this turned out?
thx

Flawlessly. However, I first went through this local dealer before I was able to get validated through Coinbase. The advantage Coinbase has over local dealers is the transaction amount. You can request 50 btc withdrawals per day and you can deposit 10 btc per day for the first month and 50 btc per day after that. My local dealer has a $2500/day limit.

I have also gone through localbitcoins.com and deposited to bank accounts and was credited almost immediately. That web site has a escrow service so you're not going to have someone just walk off with your bank deposit.

Take your localbitcoin deal elsewhere into another thread and stop jacking my thread. This is the scam accusations for christ's sake. You wanna tell other people how good your Coinbase or local deal went, then go ahead and post elsewhere. Thank you.
sr. member
Activity: 434
Merit: 250
Coinbase purchase times are growing. I first purchased 6 BTCs on 11/14/13 and was credited on 11/21/13 (7 days). I purchased 10 BTCs on 11/23/13 and now I find out it will take 9 days (11/2/13) to get credit.

I am now going to a local bitcoin dealer for purchases which only take 20 minutes.

would you please let us know how this turned out?
thx

Flawlessly. However, I first went through this local dealer before I was able to get validated through Coinbase. The advantage Coinbase has over local dealers is the transaction amount. You can request 50 btc withdrawals per day and you can deposit 10 btc per day for the first month and 50 btc per day after that. My local dealer has a $2500/day limit.

I have also gone through localbitcoins.com and deposited to bank accounts and was credited almost immediately. That web site has a escrow service so you're not going to have someone just walk off with your bank deposit.
member
Activity: 70
Merit: 10
Coinbase purchase times are growing. I first purchased 6 BTCs on 11/14/13 and was credited on 11/21/13 (7 days). I purchased 10 BTCs on 11/23/13 and now I find out it will take 9 days (11/2/13) to get credit.

I am now going to a local bitcoin dealer for purchases which only take 20 minutes.

would you please let us know how this turned out?
thx
sr. member
Activity: 434
Merit: 250
Coinbase purchase times are growing. I first purchased 6 BTCs on 11/14/13 and was credited on 11/21/13 (7 days). I purchased 10 BTCs on 11/23/13 and now I find out it will take 9 days (11/2/13) to get credit.

I am now going to a local bitcoin dealer for purchases which only take 20 minutes.
newbie
Activity: 26
Merit: 0
So guys. I just want to bump this up to let u guys know that this issue still hasn't been resolved. And $50k has gone to, due to recent price increases, $80k :/

Still waiting on Coinbase's response. Sad
newbie
Activity: 26
Merit: 0
YO MAN! THANKS A TON! I've sent a complaint in to the Attorney General. Let's see what Coinbase will say now or if they will keep ignoring me.


hehe.  Grin
full member
Activity: 238
Merit: 100
same thing happened to me.  Don't worry op, just file this report:

http://oag.ca.gov/contact/consumer-complaint-against-business-or-company

just explain exactly the transactions that went down and make sure u have your bank statements, and the emails coinbase sent u.

Also, it is unbelievable how he just casually makes a dishonest statement.

Trance,

Sorry for the confusion here. We use machine learning algorithms to prevent fraud and they're not always 100% accurate. If you feel you've had a transaction cancelled incorrectly send support an email. We regularly review transactions and push them through at the original purchase price upon request. I also wrote a bit about our fraud program in the fourth section here:

http://newsbtc.com/2013/11/07/coinbases-olaf-carlson-wee-answers-questions-users-technical-issues/

Hope that helps!

This is just a straight up lie, they don't regularly push transactions through at original purchase price upon request.  They didn't do it for me because the amount was so high.  They won't do it for you either because your amount is EVEN higher.

Also see this post:

https://bitcointalksearch.org/topic/m.3655543
hero member
Activity: 756
Merit: 522
IF bitcoin was regulated in the USA by something similar to the SEC/NFA/or CFTC then this would bring audits, lawsuits, and eventually large fines and possible closure of the company.

People shouldn't have to hire babysitters in lieu of reading.

This is how Ycombinator projects work.

Coinlab/Coinbase/Coincrap - Multiple cases of stealing from users through the "canceling BTC sale when price goes up" scam, amplified by "pay anyone complaining on the forum" double-down. In any event their burn rate takes them out of the picture this year, so damage should be limited, but try and sit at a safe distance.

Going by the density of forum complaints I'd venture a guess that even the double-down has by now proved to be too consuming.

Good luck in any case, OP.
member
Activity: 75
Merit: 10
Coinbase is ripe with asymmetric slippage and requotes, two very large red flags and HUGE signs of manipulation.

IF bitcoin was regulated in the USA by something similar to the SEC/NFA/or CFTC then this would bring audits, lawsuits, and eventually large fines and possible closure of the company.

It has happened to me as well, 3 times on the buy side and once on the sell side. Smaller amounts then you are mentioning here but still complete and utterly BLATANT market manipulation.

Cheers,
newbie
Activity: 26
Merit: 0
I'm level 2 verified member. Done transactions in the thousands with them. 3 weeks ago I bought around 100 BTC at $200 each. The price has since skyrocketed then. Well you guessed it, a week after I bought 100 BTC, they high risk'ed me. Been 3 week already and 12 emails to them, 10 reddit messages to Olaf and Brian Armstrong (their CEO), 10 tweets, and 5 facebook posts on their facebook fan page and still, NO RESPONSE. I'm tired of this and I just want to let people know, you can get very nice service from Coinbase and all that, but yet on the other hand, they scam too. You can be legitimate, and use that legitimacy to hide something dark dark dark beneath. This is just a warning for all that are considering using Coinbase. If I get scammed, there is a possibility you may too.

And Olaf, if you see this, you know who I am. I want you to make this right with me. Make the right decision and honor your side of the deal. Otherwise, this thread will stick around and haunt you.

-javaguardian
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