Coinbase, the Final Death Blow? | Bitcointalksearch.org

glitch003

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Quote from: BitcoinTate on April 01, 2013, 08:35:23 PM

Quote from: boscorocks on April 01, 2013, 08:28:51 PM

Quote from: BitcoinTate on April 01, 2013, 08:23:32 PM

Quote from: Aozora21 on April 01, 2013, 08:21:10 PM

time it right based on what? i cant just click until it goes through anymore

Their is an auto buy script you can execute floating around here somewhere that will do it for you. Can't remember which thread its in.

I know there is a script, but can't use it on my work computer. It is bad enough trying for weeks just to try to buy any and then have this new information to top it off. I really really tried to give them the benefit of the doubt, but it has been too long now. I have put up with the pending transactions not going though thus having bitpay invoices expire, merely sending money to my other wallet taking days, strange balances appearing and disappearing..all that I have tolerated but the annoyances are really adding up. I really was hoping they would pull through, but just take a look at their Facebook comments lately.

Looks like it was written for Linux, is that what you tried it on?

It's a node.js program, and since javascript is an interpreted language, it's multiplatform. It does require that the user understand how to install and run node.js however.

Anyway, it seems like the GP's issue is that they can't use it on their work computer. I would invest in a bitcoin VPS (they start at like $3 a month) and install node.js on there.

louisBSAS

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Proof-of-Stake Blockchain Network

Quote from: bozak on April 01, 2013, 10:00:21 PM

Overall, I've been very happy with Coinbase. The lack of buy side liquidity hurts those who have no other way to buy, but in the long run it is not a big deal. However, they could simply tighten the buy/sell spread so that they could match more orders and entice more people to sell. It is actually a very good opportunity to gain market share for Coinbase. All Coinbase has to do is eliminate the buy/sell spread for short while, gain more sell side orders (not that much of a stretch considering Coinbase does not have the tiny $ transfer limits in place at Gox), then they match order flow instead of relying on filling orders from Gox (I'm not positive they do this, but it seems really likely considering they typically match the Gox buy and sell bids). Coinbase already has pretty high volume, if they went this route they could become very serious competition for Gox in a very short period of time. Transform from intermediary to exchange in one fell swoop.

I just verified my Coinbase account and am hoping to buy bitcoins in less than 3-4 weeks (which has been the case with Bitinstant lately) At least Coinbase tells you "We've exceeded our normal buy limits for today" instead of taking your money and giving you the coins weeks later. You have the choice to buy in the future (not great, but all are having liquidity problems right now). If 3000 orders were started on Bitinstant TODAY, then 3000 people would be out of luck until they get their funding back up to par (not a good business model). Can't stand having my money in 'Limbo' for 3 weeks at a time. I am also waiting for Gox verification. Seems the cheapest method out there.

MPOE-PR

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No, it will slowly crawl deeper and deeper into the scwamp.

justusranvier

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Quote from: BitcoinTate on April 01, 2013, 08:39:59 PM

I have also heard people recommend Bitfloor recently... I have never used them and I know they have had issues in the past with security.

Since it's been so hard to buy with Coinbase I've been using Bitfloor.

I'm not too worried about their past security problems because I don't let them hold my funds longer than necessary. I deposit cash at BoA, buy bitcoins as soon as the deposit is credited to my account and immediately withdraw those bitcoins to my own wallet.

bozak

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Overall, I've been very happy with Coinbase. The lack of buy side liquidity hurts those who have no other way to buy, but in the long run it is not a big deal. However, they could simply tighten the buy/sell spread so that they could match more orders and entice more people to sell. It is actually a very good opportunity to gain market share for Coinbase. All Coinbase has to do is eliminate the buy/sell spread for short while, gain more sell side orders (not that much of a stretch considering Coinbase does not have the tiny $ transfer limits in place at Gox), then they match order flow instead of relying on filling orders from Gox (I'm not positive they do this, but it seems really likely considering they typically match the Gox buy and sell bids). Coinbase already has pretty high volume, if they went this route they could become very serious competition for Gox in a very short period of time. Transform from intermediary to exchange in one fell swoop.

Aozora21

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Quote from: just1nmc on April 01, 2013, 08:45:46 PM

Quote from: lukestokes on April 01, 2013, 08:33:41 PM

You've seen this, right? http://www.reddit.com/r/Bitcoin/comments/1bh3s9/coinbase_to_service_more_purchases/

Sounds to me like they are doing what they can to allow people to buy more coins. Makes sense from a business standpoint.

Yes, read this. People are over-reacting and not reading what Coinbase is saying. There is nothing negative about it.

This is an additional, and OPTIONAL feature they are trying. There is still the normal 24-hour rolling limit, where you can buy bitcoins for the current price. If they have reached the limit for the day, you have the option to put in an order, and receive the coins at the price when more funds arrive. If you don't want to do this, you can just cancel your order.

It isnt optional though.. you cant click buy without agreeing that you may get a 5 day delay whereas before you could just click until it went through right there. im not sure if the auto-buy thing helps it become more optional or not

BTC Books

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Quote from: just1nmc on April 01, 2013, 08:45:46 PM

Quote from: lukestokes on April 01, 2013, 08:33:41 PM

You've seen this, right? http://www.reddit.com/r/Bitcoin/comments/1bh3s9/coinbase_to_service_more_purchases/

Sounds to me like they are doing what they can to allow people to buy more coins. Makes sense from a business standpoint.

Yes, read this. People are over-reacting and not reading what Coinbase is saying. There is nothing negative about it.

This is an additional, and OPTIONAL feature they are trying. There is still the normal 24-hour rolling limit, where you can buy bitcoins for the current price. If they have reached the limit for the day, you have the option to put in an order, and receive the coins at the price when more funds arrive. If you don't want to do this, you can just cancel your order.

Yes, yes. But five days? Who cares.

Here's the thing about lost confidence though - it may be more the lack of transparency than the lack of liquidity....

TELL US.

Tell us how many coins you have to sell.
Tell us when you get them.
Tell us when you're out - up front on the first page of the site.

Then maybe this new, optional feature might have some value - and inspire some confidence.

The back end of the Coinbase model - committing to a price at point-of-sale and getting the money directly from your bank account - is brilliant. The implementation leaves considerable to be desired.

BitcoinTate

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Quote from: just1nmc on April 01, 2013, 08:45:46 PM

Quote from: lukestokes on April 01, 2013, 08:33:41 PM

You've seen this, right? http://www.reddit.com/r/Bitcoin/comments/1bh3s9/coinbase_to_service_more_purchases/

Sounds to me like they are doing what they can to allow people to buy more coins. Makes sense from a business standpoint.

Yes, read this. People are over-reacting and not reading what Coinbase is saying. There is nothing negative about it.

This is an additional, and OPTIONAL feature they are trying. There is still the normal 24-hour rolling limit, where you can buy bitcoins for the current price. If they have reached the limit for the day, you have the option to put in an order, and receive the coins at the price when more funds arrive. If you don't want to do this, you can just cancel your order.

\]
+1

just1nmc

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Quote from: lukestokes on April 01, 2013, 08:33:41 PM

You've seen this, right? http://www.reddit.com/r/Bitcoin/comments/1bh3s9/coinbase_to_service_more_purchases/

Sounds to me like they are doing what they can to allow people to buy more coins. Makes sense from a business standpoint.

Yes, read this. People are over-reacting and not reading what Coinbase is saying. There is nothing negative about it.

This is an additional, and OPTIONAL feature they are trying. There is still the normal 24-hour rolling limit, where you can buy bitcoins for the current price. If they have reached the limit for the day, you have the option to put in an order, and receive the coins at the price when more funds arrive. If you don't want to do this, you can just cancel your order.

BTC Books

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Quote from: BitcoinTate on April 01, 2013, 08:38:00 PM

Quote from: Aozora21 on April 01, 2013, 08:36:20 PM

what are other good options? i dont mind waiting a few days to get money into an account like mtgox.. but i dont want to have to spend $20 in wire xfer fees because i honestly buy like 1 or 2 coins at a time as fiat is available.

Dwolla -> Gox.... 25 cents for anything over $10. Just have to get verified by both Gox and Dwolla.

Dwolla doesn't get a dime of mine, after Tradehill. I won't deal with companies like that.

My understanding is that the CoinLab/Gox spinoff might work like Coinbase. We'll see.

Right this second though, all the options kind of suck.

BitcoinTate

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Quote from: Aozora21 on April 01, 2013, 08:36:20 PM

what are other good options? i dont mind waiting a few days to get money into an account like mtgox.. but i dont want to have to spend $20 in wire xfer fees because i honestly buy like 1 or 2 coins at a time as fiat is available. not to mention to some random person in another country.. i think bitcoin is sketchy enough without that.

I have also heard people recommend Bitfloor recently... I have never used them and I know they have had issues in the past with security.

BitcoinTate

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Quote from: Aozora21 on April 01, 2013, 08:36:20 PM

what are other good options? i dont mind waiting a few days to get money into an account like mtgox.. but i dont want to have to spend $20 in wire xfer fees because i honestly buy like 1 or 2 coins at a time as fiat is available.

Dwolla -> Gox.... 25 cents for anything over $10. Just have to get verified by both Gox and Dwolla.

Aozora21

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what are other good options? i dont mind waiting a few days to get money into an account like mtgox.. but i dont want to have to spend $20 in wire xfer fees because i honestly buy like 1 or 2 coins at a time as fiat is available. not to mention to some random person in another country.. i think bitcoin is sketchy enough without that.

BTC Books

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Quote from: Aozora21 on April 01, 2013, 08:15:44 PM

Need a new site to buy BTC directly from my bank... and LTC too lol. cant justify $20 wire fees for the small time coining i do

Yes. I liked Coinbase. I bought a fair number of coin when they started up - you could actually buy on the dips.

But you can't buy any any more. And there's no way I commit to some unknown price in five days from now.

Now I'm spoiled of course. As you say: "Need a new site to buy BTC directly from my bank". That is so convenient; but frustrating and crazy-making without the liquidity to back it up.

BitcoinTate

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Quote from: boscorocks on April 01, 2013, 08:28:51 PM

Quote from: BitcoinTate on April 01, 2013, 08:23:32 PM

Quote from: Aozora21 on April 01, 2013, 08:21:10 PM

time it right based on what? i cant just click until it goes through anymore

Their is an auto buy script you can execute floating around here somewhere that will do it for you. Can't remember which thread its in.

I know there is a script, but can't use it on my work computer. It is bad enough trying for weeks just to try to buy any and then have this new information to top it off. I really really tried to give them the benefit of the doubt, but it has been too long now. I have put up with the pending transactions not going though thus having bitpay invoices expire, merely sending money to my other wallet taking days, strange balances appearing and disappearing..all that I have tolerated but the annoyances are really adding up. I really was hoping they would pull through, but just take a look at their Facebook comments lately.

Looks like it was written for Linux, is that what you tried it on?

lukestokes

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Live life on purpose

You've seen this, right? http://www.reddit.com/r/Bitcoin/comments/1bh3s9/coinbase_to_service_more_purchases/

Sounds to me like they are doing what they can to allow people to buy more coins. Makes sense from a business standpoint.

BitcoinTate

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Quote from: Aozora21 on April 01, 2013, 08:27:02 PM

auto-buy huh? anyone know where i can find that?

https://github.com/martindale/coinbase-trader

https://bitcointalksearch.org/topic/coinbase-overbooked-155260

cbeast

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Let's talk governance, lipstick, and pigs.

Quote

Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on XXXXXXXXXX after your funds have arrived.

Hmmm.. This is not a very good option.

boscorocks

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Quote from: BitcoinTate on April 01, 2013, 08:23:32 PM

Quote from: Aozora21 on April 01, 2013, 08:21:10 PM

time it right based on what? i cant just click until it goes through anymore

Their is an auto buy script you can execute floating around here somewhere that will do it for you. Can't remember which thread its in.

I know there is a script, but can't use it on my work computer. It is bad enough trying for weeks just to try to buy any and then have this new information to top it off. I really really tried to give them the benefit of the doubt, but it has been too long now. I have put up with the pending transactions not going though thus having bitpay invoices expire, merely sending money to my other wallet taking days, strange balances appearing and disappearing..all that I have tolerated but the annoyances are really adding up. I really was hoping they would pull through, but just take a look at their Facebook comments lately.

allthingsluxury

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They have unfortunately been plagued with problems recently.

Aozora21

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auto-buy huh? anyone know where i can find that?

BitcoinTate

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DigiByte Founder

Quote from: Aozora21 on April 01, 2013, 08:21:10 PM

time it right based on what? i cant just click until it goes through anymore

Their is an auto buy script you can execute floating around here somewhere that will do it for you. Can't remember which thread its in.

Aozora21

newbie

Activity: 42

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time it right based on what? i cant just click until it goes through anymore

edit: now that ive re-read it.. i understand that the amount of coins you get will vary, not the amount you get charged.. but really that is still silly with the wildly swaying prices. we went from 96 to 105 over the course of an hour or 2

BitcoinTate

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Quote from: Aozora21 on April 01, 2013, 08:15:44 PM

Quote from: justusranvier on April 01, 2013, 07:19:44 PM

I guess it's better than not being able to buy at all.

Actually its not.. if you bought multiple small quantities of coins.. you could just click buy and have buy orders within a couple of minutes. that was MUCH better than saying "we'll force you into whatever the price is at some unforseen time" i spit my drink out when i read that.

You can still buy the other way though. Just have to time it right.

Aozora21

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Quote from: justusranvier on April 01, 2013, 07:19:44 PM

I guess it's better than not being able to buy at all.

Actually its not.. if you bought multiple small quantities of coins.. you could just click buy and have buy orders within a couple of minutes. that was MUCH better than saying "we'll force you into whatever the price is at some unforseen time" i spit my drink out when i read that.

Need a new site to buy BTC directly from my bank... and LTC too lol. cant justify $20 wire fees for the small time coining i do

Herodes

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Quote from: boscorocks on April 01, 2013, 06:55:46 PM

I am hoping this screenshot and information is an April Fools Joke. If not, adios for good from me.

http://www.reddit.com/r/Bitcoin/comments/1bh00w/coinbase_is_pretty_much_worthless_now/

Has anyone successfully closed their account/severed ties with them? I am hoping a support ticket wont take days and days like their other ones do.

This is an over-reaction. They're just protecting their own business. If they were to honour lots of purchases and losing money on it, they would soon go out of business..

BitcoinTate

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Quote from: justusranvier on April 01, 2013, 07:19:44 PM

I guess it's better than not being able to buy at all.

Exactly, and the easier it becomes for people to buy into BTC the more people will do it which in turn means my coins will be worth more

Bahhaha!

justusranvier

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I guess it's better than not being able to buy at all.

BitcoinTate

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At this point they are now offering an additional service to the community. They charge less of a fee than Bit Instant and they don't require verification like Dwolla ->Gox. So after thinking about it I must applaud their decision to expand their business. I'm sure it was very bothersome for them to be turning down so many people the past few weeks. I for one have tried clicking the buy bottom 40-50 times in the past couple weeks and have yet to get through.

vqp

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I think they are going to be an alternative when (if?) the price against fiat stabilizes.
I can not blame them, in the current situation they would be buying coins for you @ mtGox and receiving the money 4 days later. That would be like be short on bitcoins on their side. And be short on bitcoins was not a good practice these two last weeks.

Fiyasko

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Okey Dokey Lokey

This is incredibly stupid.
April fools or die

prezbo

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How else are they supposed to know if you actually paid them or not? As long as they tell you that before the order is placed and/or allow you to cancel it, I don't see a problem.

BitcoinTate

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"Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.

Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price on approximately Friday Apr 5, 2013 at 06:09PM MDT.

Note that you can cancel your order at any time up until your bitcoin arrive from the transfer history page.

The market price of bitcoin changes frequently. Below are some recent prices to give you an idea. These do not guarantee what the price will be in a few days."

At least you can cancel the order up until it clears your account.

BitcoinTate

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I see their point. But they just screwed their own business model. But it does allow you to get around the 24 hr limit.

WikileaksDude

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This is really not good for coinbase.

How come they decided something like this?

boscorocks

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I am hoping this screenshot and information is an April Fools Joke. If not, adios for good from me.

http://www.reddit.com/r/Bitcoin/comments/1bh00w/coinbase_is_pretty_much_worthless_now/

Has anyone successfully closed their account/severed ties with them? I am hoping a support ticket wont take days and days like their other ones do.

Topic: Coinbase, the Final Death Blow? (Read 3635 times)