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Topic: Stay away from Coinbase - page 14. (Read 17010 times)

legendary
Activity: 2604
Merit: 1036
November 24, 2013, 02:57:10 PM
#47
I am using Coinbase and am very happy with their service, also very fast transactions back and forth.
hero member
Activity: 574
Merit: 500
November 24, 2013, 02:28:03 PM
#46
This is just too annoying but for bitcoiners in US it's a necessary to use if you don't want to deal in person,Bitstamp stiill work I guess but not as easy as coinbase,it's an unethical business practice but nothing can be done.
copper member
Activity: 289
Merit: 254
November 24, 2013, 02:24:49 PM
#45
I'm contacting https://oag.ca.gov/consumers about Coinbase.  Anyone else who has been scammed by them should do the same.  Note on the Coinbase "About" page they describe themselves as a company based in San Francisco, but their mailing address is located in Beaverton, Oregon.  

Maybe their "robot" can help them out with the complaint.

What kind of company tells people their transaction is canceled because it's "high risk" - then in the same email encourages them to try again in a few weeks - with no additional verification?  It's a scam - they want you to try again so they can get another interest-free loan and play the market, then keep your BTC if the prices goes up.

newbie
Activity: 19
Merit: 0
November 24, 2013, 02:18:00 PM
#44
I'm interested to hear good experiences had with companies like Coinbase. I am looking to gamble some pounds and wondering who to use to make my first BTC purchase. Does anyone have any recommendations?

Thanks!

There are better exchanges for UK. Im from Europe and use bitstamp instead

Thanks will check out bitstamp!
hero member
Activity: 826
Merit: 508
November 24, 2013, 02:17:22 PM
#43
I'm interested to hear good experiences had with companies like Coinbase. I am looking to gamble some pounds and wondering who to use to make my first BTC purchase. Does anyone have any recommendations?

Thanks!
Bitstamp is incorporated in the UK, and most people (including me) have mostly good things to say about them. Good interface, and better banking than Mt Gox or BTC-E. The trading engine and API leave much to be desired, but good for the casual user.
sr. member
Activity: 251
Merit: 250
November 24, 2013, 02:12:32 PM
#42
I'm interested to hear good experiences had with companies like Coinbase. I am looking to gamble some pounds and wondering who to use to make my first BTC purchase. Does anyone have any recommendations?

Thanks!

There are better exchanges for UK. Im from Europe and use bitstamp instead
newbie
Activity: 42
Merit: 0
November 24, 2013, 02:12:29 PM
#41
would expect more from them, given that they are VC funded by the same firm (USV) that funded twitter and tumblr.

It is hard to make money trading bitcoin, especially with the market swinging as much as it has, so it is actually not surprising that they are doing what they are doing.

I really wish someone would just set up a real exchange that is based in the USA and accept assets for funding your account, like gold or silver, in order to get around banking regulations. A real exchange can make money off volume (by charging a % of trades) and not have to worry about whether the value of bitcoin goes up or down.  
legendary
Activity: 4522
Merit: 3426
November 24, 2013, 02:10:47 PM
#40
so when your send your ACH payment to them, they don't actually have the funds yet? how do you know this? this is an issue for the client then.. why would i want to pay for something that someone doesn't even have? that's like asking me to prepay for a service that i haven't even yet received.

An ACH transaction takes 3-5 days. They don't give you the bitcoins immediately because the ACH transaction can be cancelled during that time. Furthermore, an ACH transaction can be reversed. They must be cautious. Otherwise, scammers will use the banking system to steal money from them and put them out of business.
newbie
Activity: 17
Merit: 0
November 24, 2013, 02:10:26 PM
#39
I was just thinking on doing business there. :\
newbie
Activity: 19
Merit: 0
November 24, 2013, 02:08:40 PM
#38
I'm interested to hear good experiences had with companies like Coinbase. I am looking to gamble some pounds and wondering who to use to make my first BTC purchase. Does anyone have any recommendations?

Thanks!
newbie
Activity: 28
Merit: 0
November 24, 2013, 02:02:35 PM
#37
would expect more from them, given that they are VC funded by the same firm (USV) that funded twitter and tumblr.
member
Activity: 98
Merit: 10
November 24, 2013, 01:29:30 PM
#36
Yeah, I have always stayed away from things like coinbase
hero member
Activity: 826
Merit: 508
November 24, 2013, 01:29:18 PM
#35
I haven't used them and don't plan to. I am worried about the constant flow of horror stories about them. Regardless, I always advise people to move their coins somewhere else immediately. 3rd party wallets are always a terrible idea, and I hate for newbies to think that Coinbase is a real wallet.
sr. member
Activity: 434
Merit: 250
November 24, 2013, 01:28:21 PM
#34
I too was ripped off by coinbase. Bought 10BTC last Friday at $424 each (instant buy). Was sitting on them til while the price was soaring. Come Wednesday, they cancel my transaction. I would have sold while it was hovering at $850. $4,000 profit gone. Just like that. I contacted support multiple times with no response. Also tried from a different email address and they didn't respond. Now any time I try to purchase they cancel the order. Stating it is a high risk transaction. I have made eight purchases from them since January. Now the last 2 canceled and its like I'm on some blacklist.  Huh

When the BTC price is quickly increasing it is high risk for coinbase. It is not exchange and they have to buy the coins from other exchanges themselves - and transfering money there takes time. They call this high risk transaction

so when your send your ACH payment to them, they don't actually have the funds yet? how do you know this? this is an issue for the client then.. why would i want to pay for something that someone doesn't even have? that's like asking me to prepay for a service that i haven't even yet received.
newbie
Activity: 42
Merit: 0
November 24, 2013, 01:24:40 PM
#33
I haven't purchased any BTC yet at CoinBase. I use it predominantly as my wallet and don't leave any great amount sitting in there for long (not that I have a great amount to leave in the first place). Basically everything BTC that I earn goes into CoinBase then deposited to CEX to buy ghs. I made one transfer from my bank to CoinBase - about $80 - and it took approx. 5 days, including the weekend.
legendary
Activity: 4522
Merit: 3426
November 24, 2013, 01:12:45 PM
#32
I am going to make a small purchase of 0.01 BTC and take screen shots, then I will put up the screen shots of the cancelled transaction if Coinbase refuses to go through with the order.
Please show screen shots if they don't refuse, too.
newbie
Activity: 42
Merit: 0
November 24, 2013, 12:06:45 PM
#31
I am going to make a small purchase of 0.01 BTC and take screen shots, then I will put up the screen shots of the cancelled transaction if Coinbase refuses to go through with the order.
full member
Activity: 141
Merit: 100
November 24, 2013, 12:05:24 PM
#30
I too was ripped off by coinbase. Bought 10BTC last Friday at $424 each (instant buy). Was sitting on them til while the price was soaring. Come Wednesday, they cancel my transaction. I would have sold while it was hovering at $850. $4,000 profit gone. Just like that. I contacted support multiple times with no response. Also tried from a different email address and they didn't respond. Now any time I try to purchase they cancel the order. Stating it is a high risk transaction. I have made eight purchases from them since January. Now the last 2 canceled and its like I'm on some blacklist.  Huh

When the BTC price is quickly increasing it is high risk for coinbase. It is not exchange and they have to buy the coins from other exchanges themselves - and transfering money there takes time. They call this high risk transaction
newbie
Activity: 42
Merit: 0
November 24, 2013, 12:04:20 PM
#29
sr. member
Activity: 336
Merit: 250
November 24, 2013, 12:02:27 PM
#28
I too was ripped off by coinbase. Bought 10BTC last Friday at $424 each (instant buy). Was sitting on them til while the price was soaring. Come Wednesday, they cancel my transaction. I would have sold while it was hovering at $850. $4,000 profit gone. Just like that. I contacted support multiple times with no response. Also tried from a different email address and they didn't respond. Now any time I try to purchase they cancel the order. Stating it is a high risk transaction. I have made eight purchases from them since January. Now the last 2 canceled and its like I'm on some blacklist.  Huh

So they took away coins that they had put into your wallet? Very weird. Try contacting Olaf on the forums, he is sometimes more responsive to those requests.
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