Is Coinbase turning into another Gox?

DGulari

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Quote from: Bitcopia on March 24, 2014, 11:12:00 PM

Again, no.

Brian Armstrong and his team funded by Andreessen Horowitz are only about 35,000 times more legitimate than Mark Karpeles and his insane incompetence.

It has a lot to do with the difference in business mentality between French and America. Horowitz / Armstrong are professionals who run a tight ship. Karpeles is a fat bloated dope who spews incompetence. He didn't even steal coins like a dirty Russian, he merely let them spill all over the place and into the sewers. Idiot.

smooth

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I did have one small transaction canceled for no apparent reason, which worked in my favor (it was a sell and the price had gone up). So I can definitely say it does happen but they aren't necessarily scamming, and it doesn't necessarily mean their service is not "safe" but it does give me pause to wonder if using their service has some hidden risks.

I've also had much larger transactions go through without any problems. YMMV.

BTW, the $25 million in visible equity capital doesn't really make me feel that safe either. A lot of that has probably been spent, and it is clear from recent events that losses in bitcoin financial companies that go bad can spiral rapidly, easily eclipsing (whatever is left of) $25 million. Coinbase is a relatively small misstep away from insolvency, unless there is more capital than has been publicly disclosed.

bitvestor

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No, but they are sometimes sloppy!

maurya78

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Give them time, they have now taken down serious VC funding and some of this may be scaling challenges
Have faith (some faith anyway)

Beliathon

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Quote from: padrino on March 25, 2014, 12:51:28 AM

FUD, because it works for you it must all be fine for everyone?

It works for everyone EXCEPT you, but it must be a scam, right?

Stop acting like a child or I will take the gloves off and speak some truths that you would not like to hear.

Like the fact that you are disgracing yourself here.

ChuckBuck

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better everyday ♥

Quote from: padrino on March 25, 2014, 12:51:28 AM

Quote from: ChuckBuck on March 25, 2014, 12:32:54 AM

Me thinks the OP is trying to spread FUD.

I've made many many transactions with Coinbase both ways and it's been always a great experience.

If there's any issue, it's with the OP's financial institution. Probably changed the terms of service or something.

GOX, GTFOH. Not if Marc Andreesen has anything to say about it. If you've never heard of him, you should.

FUD, because it works for you it must all be fine for everyone? Coinbase will not provide details regarding why a transaction was cancelled, just that it was high risk. When the market is swinging in a direction that isn't conducive to completing the sale I have seen my transactions canceled, in some cases many times in a row over the course of a week or two. I have also have successful 5K plus transactions with them.

In any case since Coinbase will not share the details regarding why a transaction was cancelled the OP is asking a legitimate question. In my case I took my business to Bitstamp and haven't been happier, Coinbase lost my business due to their lack of transparency but obviously they are working fine for some people..

OP tried to compare Coinbase to Mt. Gox, if that's not spreading FUD, I don't know what FUD is.

Last I checked Coinbase had over 1 million wallets, added top personnel from Facebook and Amazon to their staff, and backed by Andreesen Horowitz.

I think unfortunate cases like you and the OP experienced are extremely rare not the norm for Coinbase. Without any proof from the OP, it smells more fishy than anything. Why is he posting this on a board read by thousands on a daily instead of rectifying his situation?

If anything, they're one of the bright beacons of Bitcoin business. They make transfers and payments really easy. Like NOOB easy.

5thStreetResearch

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Ive never had a single transaction cancelled by them

googlemaster1

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I've always bought large amounts of bitcoin during crashes (like our last one into the low 400's), and everytime I always get a little worried because people are always saying "OH THEY ARE GOING TO CANCEL YOUR TRANSACTION", or something like this.

The reality is, that has never happened, nor has it happened to anyone I know that uses Coinbase. I'm sure it does happen, and I'm not calling OP a liar, but there is something else that could be flagging his account or some sort of bug perhaps with their API updating in a certain version or browser, but I don't think they have really screwed anyone over intentionally. Have you tried contacting their chat support? They respond to me immediately every time. Can you post the chat log of what they said when you confronted them on this issue?

padrino

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Quote from: ChuckBuck on March 25, 2014, 12:32:54 AM

Me thinks the OP is trying to spread FUD.

I've made many many transactions with Coinbase both ways and it's been always a great experience.

If there's any issue, it's with the OP's financial institution. Probably changed the terms of service or something.

GOX, GTFOH. Not if Marc Andreesen has anything to say about it. If you've never heard of him, you should.

FUD, because it works for you it must all be fine for everyone? Coinbase will not provide details regarding why a transaction was cancelled, just that it was high risk. When the market is swinging in a direction that isn't conducive to completing the sale I have seen my transactions canceled, in some cases many times in a row over the course of a week or two. I have also have successful 5K plus transactions with them.

In any case since Coinbase will not share the details regarding why a transaction was cancelled the OP is asking a legitimate question. In my case I took my business to Bitstamp and haven't been happier, Coinbase lost my business due to their lack of transparency but obviously they are working fine for some people..

BittBurger

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Quote from: greenlion on March 24, 2014, 11:22:41 PM

Instead of going on some message board and smearing feces all over the walls making accusations and innuendo, then why not get in contact them and clear it up, because there has to be a reason you're getting flagged as high risk.

I have to agree with this one. As an online business owner with my own forums it drives me ape shit batty when users go on my forums to ask a bunch of clueless random people why they had problems ordering on my store. Ask the people who run the store. Topics like this are just sensationalist attention drawers that don't get you an inch closer to solving your problem, and instead puts a potentially bad taste in onlookers mouths about the company you're mentioning.

-B-

datz

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"to survive, we must live and fly"

Coinbase's scalp will fall into our lap.

ChuckBuck

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better everyday ♥

Me thinks the OP is trying to spread FUD.

I've made many many transactions with Coinbase both ways and it's been always a great experience.

If there's any issue, it's with the OP's financial institution. Probably changed the terms of service or something.

GOX, GTFOH. Not if Marc Andreesen has anything to say about it. If you've never heard of him, you should.

Beliathon

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https://youtu.be/PZm8TTLR2NU

My coinbase account seems fine. I just withdraw 2k to my bank account yesterday because funds were getting low. Two business days, done.

Smooth as ice. They're a great company as far as I'm concerned, a credit to the community.

btcton

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Short answer: No
Long answer: I don't think so. It has been working fine for me with no exchanges cancelled. But then again, don't store all of your bitcoins in an exchange.

greenlion

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Quote from: AtlantisPlatform on March 24, 2014, 11:16:32 PM

Quote from: greenlion on March 24, 2014, 11:09:06 PM

These kinds of things have more to do with your bank than with Coinbase.

No it doesn't, Coinbase replied that it has to do with their algorithm. I have sold bitcoin and transferred the fiat back to my bank account many many times, but lately most of the sell bitcoin and transfer to bank account get cancelled.

Instead of going on some message board and smearing feces all over the walls making accusations and innuendo, then why not get in contact them and clear it up, because there has to be a reason you're getting flagged as high risk.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Coinbase seems above board.

Still, let's not forget the lesson gox taught us.
Don't keep substantial amounts of coins
on any online exchange, no matter how
much integrity they seem to have.

AtlantisPlatform

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Quote from: greenlion on March 24, 2014, 11:09:06 PM

These kinds of things have more to do with your bank than with Coinbase.

No it doesn't, Coinbase replied that it has to do with their algorithm. I have sold bitcoin and transferred the fiat back to my bank account many many times, but lately most of the sell bitcoin and transfer to bank account get cancelled.

Bitcopia

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Again, no.

Brian Armstrong and his team funded by Andreessen Horowitz are only about 35,000 times more legitimate than Mark Karpeles and his insane incompetence.

greenlion

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These kinds of things have more to do with your bank than with Coinbase.

Melbustus

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No.

Singlebyte

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Quote from: Klestin on March 24, 2014, 09:36:20 PM

In answer to op: "No"

And another No!

jc01480

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Nope..

Given that Coinbase has invested 25 million into their operations, I doubt they are about to go anywhere. I think they are attempting to become more user-friendly to the average Joe (me) in an effort to gain the business of regular (non-techy) customers.

Klestin

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In answer to op: "No"

Kazimir

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What is cancelled, withdrawals to your wallet or bank account? Or buy or sell orders? In that case, what franky1 says.

franky1

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coins are moving fast. by the time you have got to the page, seen the sell price. typed in the amount of coins you want to sell.

by the time you press the button, the buy order offer price has already been bought by someone else.

if your that desperate to sell instantly, enable instant sell feature. or change the sell price to a fraction less then you were offered for a better chance at beating other sellers.

bridgesro

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They may have too many people turning in coins over fear from the whole Gox fiasco.

AtlantisPlatform

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It seems like it is near impossible to sell bitcoin and transfer funds to my bank account, almost every time it gets cancelled now. I have never had any trouble with Coinbase until the last month, now 6 out of 10 transactions are always cancelled. I wonder if they are the next ones to go tits up.

Topic: Is Coinbase turning into another Gox? (Read 2272 times)