Re: Coinbase Warning !!! (Revisited, Somewhat Resolved) - page 2.

crazylikeafox

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Quote from: Korbman on March 20, 2013, 09:31:30 PM

Quote from: crazylikeafox on March 20, 2013, 07:43:44 PM

2) If selling BTC, either make sure you have them already, or that you buy them automatically at a price lower than you are selling them for. Mt. Gox has an API. Learn it. Use it. Love it.

Hmm..you do realize this causes bankruptcy, right? I'm not sure you're aware of this, but most businesses get into..well..business..to make some sort of profit...

Learn to read please. Coinbase wants to make a profit on selling coins. Therefore, they want to buy the coins at a price lower than what they sell them for.

Korbman

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Quote from: MPOE-PR on March 21, 2013, 01:31:56 AM

They could, of course, use options to secure themselves. Those that have a modicum of competence already do. Those that don't won't survive, simply because basic hedging is required, not optional.

For once I think we actually agree on something Cheesy

..hedging should be necessary, especially in the kind of volatile market that these companies work in.

MPOE-PR

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Quote from: Korbman on March 20, 2013, 09:31:30 PM

Quote from: crazylikeafox on March 20, 2013, 07:43:44 PM

2) If selling BTC, either make sure you have them already, or that you buy them automatically at a price lower than you are selling them for. Mt. Gox has an API. Learn it. Use it. Love it.

Hmm..you do realize this causes bankruptcy, right? I'm not sure you're aware of this, but most businesses get into..well..business..to make some sort of profit...

They could, of course, use options to secure themselves. Those that have a modicum of competence already do. Those that don't won't survive, simply because basic hedging is required, not optional.

Korbman

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Quote from: crazylikeafox on March 20, 2013, 07:43:44 PM

2) If selling BTC, either make sure you have them already, or that you buy them automatically at a price lower than you are selling them for. Mt. Gox has an API. Learn it. Use it. Love it.

Hmm..you do realize this causes bankruptcy, right? I'm not sure you're aware of this, but most businesses get into..well..business..to make some sort of profit...

crazylikeafox

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I don't understand why it is so hard for these companies to just deliver the service they promise. Bitinstant's gone to hell, and Coinbase, which has actual VC funding, seems to be hot on their trail. How these companies can mess up such a giant opportunity I have no idea.

1) DON'T ENTER THE BUSINESS IF YOU DON'T HAVE FUNDS/COINS TO FLOAT.
2) If selling BTC, either make sure you have them already, or that you buy them automatically at a price lower than you are selling them for. Mt. Gox has an API. Learn it. Use it. Love it.

It's really that simple, but both of these companies have run afoul of this. This business is essentially impossible to screw up, but these major players are literally inventing ways to screw up. Enough of the BS.

Amitabh S

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Must be a highly complex algorithm since it takes six days to generate results. Huh

HappyScamp

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Good suggestion Bruno, implemented.

I had forgot that threads can be renamed.

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

Quote from: HappyScamp on March 20, 2013, 09:04:04 AM

Update:

Okay, at least they are now making a serious effort at responding to their customers.

It's been a month or so since I made plenty of stink for them for canceling a transaction after it had shown up as cleared.

This morning, however, I received this email from them:

Coinbase just sent you 0.2496 BTC (worth $14.61 USD) using Coinbase.

Attached message:

I'm sorry you had a poor experience and would have been happy to rectify had you contacted us directly. I've made sure it won't happen again and send this for the lost profit over the window you were waiting for your order to arrive.

So, their having done that, I want to acknowledge it, and suggest that people (cautiously) reconsider their service.

Renaming the thread may be in order, perhaps using the word resolved for starters.

Glad it all worked all, bud.

~Bruno K~

BitcoinTate

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DigiByte Founder

I agree. They also sent me enough BTC to cover an overdraft fee for an order that came through three weeks later that it was supposed to. I have since made another order for 10 BTC and it came through right away.

HappyScamp

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Activity: 314

Merit: 250

Update:

Okay, at least they are now making a serious effort at responding to their customers.

It's been a month or so since I made plenty of stink for them for canceling a transaction after it had shown up as cleared.

This morning, however, I received this email from them:

Coinbase just sent you 0.2496 BTC (worth $14.61 USD) using Coinbase.

Attached message:

I'm sorry you had a poor experience and would have been happy to rectify had you contacted us directly. I've made sure it won't happen again and send this for the lost profit over the window you were waiting for your order to arrive.

So, their having done that, I want to acknowledge it, and suggest that people (cautiously) reconsider their service.

the joint

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Quote

No where in their "contract" did I agree to having funds in my bank account frozen indefinitely.

Well that's good, because your funds weren't frozen indefinitely. Actually, they were probably never frozen at all.

Quote

I.e my order was completely deleted from their system and no longer shows up on my account info page.

This isn't what indefinitely means.

Quote

Yet the last contact I had with their support after several attempts to contact them said the order was supposed to go through two days ago.

You're obviously not the first person to be in this situation, and it requires a manual fix. This means they need the time to manually respond to every single instance of this sort of claim (e.g. to clear transactions, to whitelist accounts, etc.). However, it seems as though you still haven't keyed into the fact that the "support" responses you're receiving are likely auto-generated.

Quote

So I have $286 in my account and no idea if, when, or even if at all the funds will be withdrawn. If I move that $286 to Dwolla-Gox and then all of the sudden the transaction occurs I just spent twice as much on BTC as I originally planned on.

(Not really a problem in the long run I suppose. lol)

Yes, you have no idea when (or if) the funds will be withdrawn. But no, if you move that $286 to Dwolla-Gox and then buy BTC with it, you didn't spend twice what you originally intended. Now, assuming you still had money in your bank account after transferring to Dwolla-Gox, then you would spend exactly the amount you originally intended. If not, then Coinbase wouldn't be able to withdraw the necessary funds to complete your purchase because, well, you moved them.

Quote

Yes they are a new company in the "beta" phase.

So you 'beta' be responsible and read before you register.

Quote

But if they are going to withdraw funds from my bank account without any indication within my Coinbase account then they have some real issues to overcome.

When did they ever withdraw funds from your bank account? Every indication suggested you were never charged.

Quote

Regardless, looks like I will not be using Coinbase again after this much hassle.

Lol, if you thought this experience was bad, have fun with the other exchanges.

BitcoinTate

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DigiByte Founder

Quote from: danieldaniel on March 04, 2013, 05:29:25 PM

Quote from: BitcoinTate on March 04, 2013, 05:28:53 PM

So why cancel the order a week later right before the BTC are supposed to be deposited? Wouldnt it make more sense to flag the order right away and cancel it then? And not a week later?

Does it matter what makes sense, or what you agreed to in the contract?

No where in their "contract" did I agree to having funds in my bank account frozen indefinitely. I.e my order was completely deleted from their system and no longer shows up on my account info page. Yet the last contact I had with their support after several attempts to contact them said the order was supposed to go through two days ago.

So I have $286 in my account and no idea if, when, or even if at all the funds will be withdrawn. If I move that $286 to Dwolla-Gox and then all of the sudden the transaction occurs I just spent twice as much on BTC as I originally planned on.

(Not really a problem in the long run I suppose. lol)

Yes they are a new company in the "beta" phase. But if they are going to withdraw funds from my bank account without any indication within my Coinbase account then they have some real issues to overcome. Regardless, looks like I will not be using Coinbase again after this much hassle.

sega01

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HappyScamp, even if what you're saying is legitimately Coinbase's wrongdoing, you're making a complete fool out of yourself. You need to calm down and contact their support and act like a real person. Sort this out with the people you feel wronged you. Stop complaining about it here until you've found they really won't help you, explain how they do business, and make no effort to correct the (supposed) problem.

Coinbase has always worked fine for me. I don't keep the majority of my coins there, but for wait-a-week coin buying and the odd transaction, they work pretty well. I honestly think that on the whole, they are best deal in simplicity/markup for buying coins. MTGox is slightly cheaper and a better option in the long run, but it's a lengthy process getting on with them.

danieldaniel

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Quote from: BitcoinTate on March 04, 2013, 05:28:53 PM

So why cancel the order a week later right before the BTC are supposed to be deposited? Wouldnt it make more sense to flag the order right away and cancel it then? And not a week later?

Does it matter what makes sense, or what you agreed to in the contract?

BitcoinTate

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DigiByte Founder

So why cancel the order a week later right before the BTC are supposed to be deposited? Wouldnt it make more sense to flag the order right away and cancel it then? And not a week later?

danieldaniel

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Are you guys stupid? They have fraud management. They are using reversible payment methods, and therefore NEED this fraud management!

If you ran coinbase you would do the exact same thing.

Monster Tent

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When coinbase opened they said they wanted to become the paypal of bitcoin. It looks like they are succeeding.

BitcoinTate

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DigiByte Founder

I bought my 10 btc at $28.20.... the price is now $36 something. I want my BTC lol!

BitcoinTate

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DigiByte Founder

My purchase from Feb 23rd was canceled in the same manner:

"On Feb 23, 2013 you purchased 10.00 BTC via bank transfer for $286.69.

Unfortunately, we have decided to cancel this order because it appears to be high risk."

After several emails and tweets I received this:
"Hi,

Sorry about that! After manually reviewing your account I've whitelisted it so you shouldn't experience any additional issues going forward. I've also pushed through the transaction that was canceled previously (at the original exchange rate you locked in), so you should have those coins by the end of tomorrow. In addition, we recently wrote a blog post about this you might find interesting: http://blog.coinbase.com/post/44046687068/high-risk-transactions

Hope it helps and sorry again for the trouble!

--------------------------------------------------------------------------------
"

Its been three days and there is no evidence of the transaction at all in my coinbase account or bank account. I emailed them yesterday and today and there has been no response. Judging by the amount of people and foum topics that have popped up in the past week with the jump in BTC something shady is going down.

Third Way

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The fact this thread reached page 3 means the ATTENTION WHORE has been fed.

Topic: Re: Coinbase Warning !!! (Revisited, Somewhat Resolved) - page 2. (Read 16483 times)