Topic: PSA: Coinbase.com is a fraud (Read 18680 times)

I wanted to buy Litecoin today.  I have cash finally showing up in the USD wallet at Coinbase.  8 Calendar days to complete this.  Money was gone Day 1 at my bank.

Bittrex Price: USD$97.65/97.99

Coinbase price: USD$101.50   plus an additional USD$15.16.

Just not even worth the hassle any more here.  If they could allow transfer of fiat then maybe

12/6/2017   11:45AM EST.    Just so there is no room for CB to swing an answer one way or another.

Hi, i know it is a few months back, but you disabled your support email but still have this on your service emails for your custoners. The new system doesnt allow new tickets. Is it overloaded or don't you want to support anymore?

Coinbase is shit fraud site, do not stock your btc there.

I had over $11k in coinbase which I'd gotten as it nearly doubled in the month since I bought @ $900.  I sent 1 BTC to my blockchain wallet on May 11 2017 and then sent back to coinbase on May 15 as 'the spread' was $50 different so why not make $50 for doing nothing.  My INSTANT send sat there as pending and the next day I got 'coinbase has decided your account should be closed for violations of 'the agreement''  TOTAL BS!  Now it gets good as I only got 5.54 BTC OUT when I had to 'close out' to an external wallet on May 17th 2017.  The send back from BLOCKCHAIN on the 15th WAS STOLEN netting the scamming coinbase 1BTC or $1700 offa my ass for some rule breaking they never named as I was ONLY sending coinbase to MYSELF.  You sure as shit can believe they NEVER answered a single email to their bullshit 'support' email as to what the 'violation' was.  These guys are scammers so DO NOT store BTC in coinbase or you will be sorry!

I've only ever used Coinbase to hold some bitcoin, but never had any problems with them. They have two step authentication with a text to a phone number, so their security seems decent enough. I don't think they have any reason to run a fraud, they can make enough money off legitimate fees and they are quite well known.

Your account would get locked if you use it directly with a gambling site, been warning people on gambling site chats for a while and people still use coinbase directly, did they confiscate the BTC's in the account?

i won't be investing any more bitcoin till coinbase is straightened out if that ever happens. maybe ill gamble  with you then but if not.. coinbase stole all my gambling money.. i had a feeling to send it to electrum too but did i? nooo

This!:
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i wish i read all this before today. its only 76 bucks but i really cant afford to lose it... o well i guess its gone. coinbase is down.. will it stay down? who knows

CoinBase isn't a PURE SCAM but more like a Ponzi scheme like MtGox.  Also, CoinBase reports all of your Bitcoin holdings to the IRS, FinCEN and probably the NSA as well.  They are plugged into the government because their Venture Capital funding partners demand 'compliance.'

If you buy and sell Bitcoins with CoinBase, the IRS will know about it.  And one day you may receive a knock on the door.

For a truly ANONYMOUS way to buy and sell Bitcoins, use https://CoinChimp.com ... FAST, SECURE, PRIVATE and NOT a ponzi!

^^this guy is one useless fuck.

Hello, Olaf from Coinbase here.

I just saw this thread. I'm extremely sorry for the trouble people here experienced using our site! I believe some of these problems stemmed from our slow customer support during the November/December time frame. We were swamped with the 10-fold price increase. We now have a much larger team - I want to address any outstanding problems. Please let us know!

PM me or email [email protected] - I want to work out any issues anyone is encountering.

Again, I'm sorry for any problems that occurred during the price run up. Let us know what we can do.

Coinbase has sent a letter to state of California.  What do they say?  Same old bs

were you level 2 whitelisted?

doesn't matter anymore, they put everyone in the slowboat now and have plenty time to frontrun the market to get the prices they need

Same boat.  

15 buy transactions since around December 16th.   13 have been canceled due to obvious false positive "fraud" alerts.  3 of these were canceled in the last hour the BTC was to finally be delivered to me after 1 week, at a profit of around ~8K.  In those 3 cases, they had already taken my money from my bank and held it for around 6 days (weekend).  When they canceled, it took another 5-6 days to get my money back (so cash was locked up for nearly two weeks and I had a paper 8K profit loss to their gain just from those 3 transactions).   For all transactions canceled, my paper loss tracks to around 13K.

2 sell transactions, prior to any canceled transactions went through.  Money did transfer to my bank.

Extremely poor customer service response time. They're a startup, but handling customer service this way is a sure shot to failure.  Just extremely poor and canned unpersonalized bullshit responses.  Customer service is always hard for a startup at scale, and they need to be careful about their funds (veer towards a higher false positive detection rate but catch more real fraud).  But their algorithm is so obviously poor or they are hedging customer assets, in which case you case they are guaranteed doomed.   What merchant would use a service with such poor customer service and failure rates.  The backlash will be huge, and you will see better businesses pop up quickly as a result (with far more experience, especially backend).  I just don't seem them improving in time and growing engineering talent fast enough to compete.

I switched to Bitstamp and now also trying CampBX.   I've been so aggravated by Coinbase.  It's clear there is a real market for improved services here, and I like that opportunity.  
    

Never had much issues with coinbase...   a few times they cancelled when they had growing pains but they white listed me now and I get instants with no issues.

You may have some snobby bank that is screwing you over by not playing nice with coinbase.

True. It happened to me.


I wish Bill Still and Kolin would publicly condemn their business practices. https://www.youtube.com/watch?v=X65V6rJnoN4

MtGox is worse. At least, I got my money back. MtGox's victims aren't. https://www.youtube.com/watch?v=8J9hQGNYxoI

Here is how you can file complaint with coinbase.

Still haven't gotten a response from coinbase, and it has been well over 2 months. 

so far my experience with them was the same. But i made a purchase before coinbase reached 1000 and they canceled in the last minutes since i bought @ 230 and they had to pay triple, and they canceled my purchase.  it has been past 5 weeks and every transaction i do with them is canceled. Once they have your account on the block side it's very hard the get it back.