Topic: Coinbase Users! Please Contribute Data! - page 2. (Read 6457 times)

I bought BTC1 through coinbase last week and it worked out well.

1 from 10, in rest all is ok

Thanks, D&T; that was very informative.

Not true.  ACH can be used as either a push or pull transfer method.  To provide some context, bitcoin & bankwires are push only, credit cards are pull only.   A customer initiated ACH is where the customer "pushes" funds to the receiver from their bank account.  An example of this would be online billpay where you login to YOUR bank website and push funds to a merchant.   This can't be done anywhere else except from within your online banking account and the bank can log and monitor the transaction.  The bank takes a hit in disputes of these transactions so they are pretty vigilant about fraud procedures.  The bank also has your personal information so they can suspend transactions pending a callback verification.   Things like adding a new payee, or an abnormal payment amount are likely to trigger a callback.  The more common method is merchant initiated transactions where the merchant pulls funds from the customers account.   Now in theory this is only done by the customer, but in theory credit cards are only used by authorized users too.  There is a 60 days window to dispute the later (on personal accounts, business accounts are limited to 24 hours under the theory that businesses have better fraud detection procedures in place).  ACH fraud is harder to pull off then credit cards (which are pathetically easy to use fraudulently) but the best defense is detection.  

This might help with explaining "high risk" .

http://blog.coinbase.com/post/44046687068/high-risk-transactions

ACH transfers are very difficult to reverse after 24 hours or so.

bought $2,500 worth while under the 100/day limits  0 cancellations from those ~30 transactions

sold about 5 times to them maybe $700 in total no cancellations


have sent them an email twice (once saying everything was going well but i hoped that they would raise limits soon, and the other time about a missing half a bitcoin on my balance) both times received a reply within hours


I'm sure it's a risky business (simple bank transfers are reversible i am sure?) seems they are just being careful with the reports of canceled transfers

Wait ..... they got furniture?  Premium.

We use stacks of old GPU boxes. 

I had a few transactions in a row deemed "high risk" and canceled after using coinbase successfully for awhile.  After that, I stopped using it and went back to using Dwolla->mtgox.

I think it's important to keep in mind what Coinbase is: it's a startup consisting of two guys, some furniture and a few computers.  Coinbase is quirky and has some issues now, but it will probably get better with time as the company matures.  They have bitten off a big problem and they probably just don't have the staff and experience to deal with all the issues yet.  Eventually they will stumble their way making it work better and there won't be all this BS with "high risk" canceled transaction.

Bitcoin really needs Coinbase and companies like it that make the conversion from fiat -> bitcoin easier.  Dwolla->mtgox isn't the answer for most people.

In the meantime we'll just have to tolerate the quirkiness of coinbase.

0 for 3. All 3 were purchases of 5 bitcoins.

1 transaction out of 9 = 11%

I'm wondering how often this happens, since they choose to keep secret their method of determining "high risk". I wish the poll could incorporate a few other factors. Regardless, I'm hoping it's a very low percentage, but we will see.

Derived from the concerns addressed in this thread: https://bitcointalksearch.org/topic/m.1559435

Thanks everyone!