Topic: Concerned at practices on Blockchain.info and Coinify. Opinions please (Read 513 times)
July 24, 2017, 02:08:02 AM
The main confusion here seems to be the time difference between the blockchain.info servers and your physical location. What you are calculating is based on your local time but the transaction took place during the time of the server.
July 19, 2017, 07:14:11 PM
Based on my understanding of contract law I feel I've been scammed by Blockchain.info and Coinify but I am new to the world of crypto so I'd be grateful for other views. This is what happened to me last weekend:
1. On Sunday morning (UK) I went to the very clean interface at Blockchain.info and inserted £800. It appears at this point Blockchain.info contacts with it's exchange partner. The interface then told me that would buy 0.52 BTC. Important legal point, I believe >> I clicked the button 'Buy Bitcoin' <<
2. On Tuesday, I received 0.47 BTC. The market had subsequently moved (to around £1, 780 BTC)
Subsequently, I was informed I didn't buy BTC on Sunday morning (despite the current market price being offered and the button saying 'Buy Bitcoin'). Instead, Blockchain and/or it's exchange partner had to wait until my bank sent the £800 by transfer.
The result is I ended up buying something at a price I wasn't in control of at a point in time I was unaware of, at a price that I didn't agree (in a deal that is not in any way transparent).
It makes no sense; no one buys something at a price someone else decides.
I feel scammed, ripped off and, based on my understanding of contract law, wronged in law. Fwiw, Coinify is a Danish registered outfit so they comply with normal contract law principles.
What do you guys think?
1. On Sunday morning (UK) I went to the very clean interface at Blockchain.info and inserted £800. It appears at this point Blockchain.info contacts with it's exchange partner. The interface then told me that would buy 0.52 BTC. Important legal point, I believe >> I clicked the button 'Buy Bitcoin' <<
2. On Tuesday, I received 0.47 BTC. The market had subsequently moved (to around £1, 780 BTC)
Subsequently, I was informed I didn't buy BTC on Sunday morning (despite the current market price being offered and the button saying 'Buy Bitcoin'). Instead, Blockchain and/or it's exchange partner had to wait until my bank sent the £800 by transfer.
The result is I ended up buying something at a price I wasn't in control of at a point in time I was unaware of, at a price that I didn't agree (in a deal that is not in any way transparent).
It makes no sense; no one buys something at a price someone else decides.
I feel scammed, ripped off and, based on my understanding of contract law, wronged in law. Fwiw, Coinify is a Danish registered outfit so they comply with normal contract law principles.
What do you guys think?
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