Stay away from Coinbase - page 4. | Bitcointalksearch.org

pbody

full member

Activity: 198

Merit: 100

Quote from: nahtnam on December 15, 2013, 04:01:19 PM

Quote from: arbfiend on December 15, 2013, 02:23:50 PM

Coinbase is US based and US Venture backed company. Their investors want them to go public or get bought out at some point. They are in this to make money and in a lot of respects that seems to be at odds with the whole idea of digital alt currency.

We are in the process of thinking through an anti-Coinbase. Faster processing times, less transaction fees, Non-US, No venture funding etc. Idea would be this would be a platform built by people in the community for the community to use. Feel free to PM if of interest to you to discuss further.

I really prefer US based, US venture funded, because of the fact that I can get legal issue solved.

Good point.

jzcjca00

sr. member

Activity: 263

Merit: 250

Quote from: Skully on December 15, 2013, 03:22:49 PM

I have recently set up an account with coinbase and am still waiting for the tier 2 verification process to finish. So far my experience has been good. However waiting 1 week to get the btc in my account so far is very annoying. I have heard of localbitcoins, but have not used them. I am interested in looking for more options other than coinbase just in case. Does anyone have any good alternatives for getting money from a bank in the usa to bte-e (primary), mtgox or bitstamp (backups) exchanges faster. Currently i buy bitcoins from coinbase, then transfer that to the bte-e (exchange).

Little off topic, I know I am probably not understanding how it all works yet. But so far it seems you could buy btc from bte-e, then trasnfer if to mtgox and sell for higher. Seems mtgox is always selling higher than bte-e and thus you could make a profit. Since I am still waiting to get set-up on mtgox, and have not had chance to try this. Can anyone share there experiences in doing this?

Skully

Yes, you can buy somewhere else cheaper.
Yes, you can sell higher at Mt.Gox.
But what good is it having fiat at Mt.Gox if they won't actually send it to you?
You need to read some more.

nahtnam

legendary

Activity: 1092

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nahtnam.com

Quote from: arbfiend on December 15, 2013, 02:23:50 PM

Coinbase is US based and US Venture backed company. Their investors want them to go public or get bought out at some point. They are in this to make money and in a lot of respects that seems to be at odds with the whole idea of digital alt currency.

We are in the process of thinking through an anti-Coinbase. Faster processing times, less transaction fees, Non-US, No venture funding etc. Idea would be this would be a platform built by people in the community for the community to use. Feel free to PM if of interest to you to discuss further.

I really prefer US based, US venture funded, because of the fact that I can get legal issue solved.

Skully

newbie

Activity: 15

Merit: 0

I have recently set up an account with coinbase and am still waiting for the tier 2 verification process to finish. So far my experience has been good. However waiting 1 week to get the btc in my account so far is very annoying. I have heard of localbitcoins, but have not used them. I am interested in looking for more options other than coinbase just in case. Does anyone have any good alternatives for getting money from a bank in the usa to bte-e (primary), mtgox or bitstamp (backups) exchanges faster. Currently i buy bitcoins from coinbase, then transfer that to the bte-e (exchange).

Little off topic, I know I am probably not understanding how it all works yet. But so far it seems you could buy btc from bte-e, then trasnfer if to mtgox and sell for higher. Seems mtgox is always selling higher than bte-e and thus you could make a profit. Since I am still waiting to get set-up on mtgox, and have not had chance to try this. Can anyone share there experiences in doing this?

Skully

jackp

newbie

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Great thx for the tip.

arbfiend

newbie

Activity: 18

Merit: 0

Coinbase is US based and US Venture backed company. Their investors want them to go public or get bought out at some point. They are in this to make money and in a lot of respects that seems to be at odds with the whole idea of digital alt currency.

We are in the process of thinking through an anti-Coinbase. Faster processing times, less transaction fees, Non-US, No venture funding etc. Idea would be this would be a platform built by people in the community for the community to use. Feel free to PM if of interest to you to discuss further.

nahtnam

legendary

Activity: 1092

Merit: 1000

nahtnam.com

Quote from: pbody on December 15, 2013, 01:39:19 AM

I was pro coinbase until they have been ignoring my messages and mysteriously deleting proof of my bitcoin purchase from my account. I am yet to receive my btc and the money was pulled out of my bank account days ago. When I sent them an email saying to look in my buy history, as that is the only place my purcahse was listed, that Buy History was deleted later that same day!!!

If they would only get back to me or provide a phone number where I can reach them, I would be at ease. Instead I receive nothing. The deleting of my History is seriously shady and Im not sure where to go to address this issue. Lickily I printed out the screen and my bank account shows the payment made to them.

+1-415-580-2710 is their number (from https://coinbase.com/merchants). They might get mad though, because it is for merchant questions only. Please do post back what happens.

pbody

full member

Activity: 198

Merit: 100

I was pro coinbase until they have been ignoring my messages and mysteriously deleting proof of my bitcoin purchase from my account. I am yet to receive my btc and the money was pulled out of my bank account days ago. When I sent them an email saying to look in my buy history, as that is the only place my purcahse was listed, that Buy History was deleted later that same day!!!

If they would only get back to me or provide a phone number where I can reach them, I would be at ease. Instead I receive nothing. The deleting of my History is seriously shady and Im not sure where to go to address this issue. Lickily I printed out the screen and my bank account shows the payment made to them.

virtualaddict

newbie

Activity: 56

Merit: 0

Quote from: WillMilk4Coin on December 10, 2013, 04:45:32 PM

https://en.bitcoin.it/wiki/Buying_bitcoins

Awesome, thanks.

TinkerTom

newbie

Activity: 54

Merit: 0

I'll have to chime in on the pro-coinbase side. It did take a week for my first purchase to go through, so you need to be patient at first. I've had my account since summer and recently verified with my visa and can now buy something like 50BTC instantly. Theoretically... In the last week or two I've bought on several occasions and they all went through quickly and the price was good.

One caveat -- I haven't tried to cash out BTC for USD as I'm more interested in holding BTC long term.

Also, when I want to do some trading, I'll buy through coinbase and send the BTC to my account at btc-e. It takes a little bit for the transfer to happen, but that's more bitcoin-related than coinbase I think.

I don't have a whole lot of any coin yet, but my next thought is to start moving my long term holdings to a more secure wallet. However, the convince of coinbase is hard to beat.

WillMilk4Coin

member

Activity: 83

Merit: 10

Quote from: virtualaddict on December 10, 2013, 04:36:05 PM

Hi I'm total noob, can someone explain these exchanges for me? Do they have a certain amount of bitcoin that you can buy or sell for USD, or are they like a commodity exchange where they match up your buy orders of BTC for someone else's sell orders?

"they match up your buy orders of BTC for someone else's sell orders" -Yes,

the following page on the Bitcoin wiki should answer most of your questions, as well as give you a great list of exchanges that are out there. (sorry to pass the buck, but this would do far more for you for now)

https://en.bitcoin.it/wiki/Buying_bitcoins

venrooy

newbie

Activity: 1

Merit: 0

I wish I would have read this thread a week ago. I didn't buy much, just .04 - but they cancelled the transaction saying "high risk" and yet they're still holding the money.

Paypal was sued with a class-action when they first started. They were doing the same thing. - I'll have to dig through my emails and see if I still have the lawyer's name.

Cidler

newbie

Activity: 1

Merit: 0

thanks for the tip.

dark143i

jr. member

Activity: 56

Merit: 1

I haven't faced much problems with Coinbase. But ill stay safe though. Thanks

chickenliver55

newbie

Activity: 56

Merit: 0

i been using coin base for about a couple months now never had any problems with it so far. i had brought around 500 dollars worth, the only problem is the wait time of about a week though

virtualaddict

newbie

Activity: 56

Merit: 0

Hi I'm total noob, can someone explain these exchanges for me? Do they have a certain amount of bitcoin that you can buy or sell for USD, or are they like a commodity exchange where they match up your buy orders of BTC for someone else's sell orders?

WillMilk4Coin

member

Activity: 83

Merit: 10

Coinbase has been, by and large, the easiest, quickest and most convenient method of buying BTC. Outside of buying face-to-face, good luck on going from unverified on any exchange to buying BTC funded from your account in less than ~~two~~ three days.

LightInPA

newbie

Activity: 3

Merit: 0

I agree, coinbase has been without problem for me, if somewhat slow. Awaiting completion this evening of a purchase; we'll see how it goes.

Purps

newbie

Activity: 9

Merit: 0

my experience with coinbase has been nothing short of excellent.

Malooka

copper member

Activity: 289

Merit: 254

Quote from: beetcoin on December 09, 2013, 04:51:27 PM

Quote from: bondi on December 09, 2013, 04:50:17 PM

I've seen reports from users about the wait time. Can someone tell me why they do this? I mean a transaction should be fast but they delay it for what? Why?

because ACH payments take 4 days to clear. since bitcoins are non-reversible, they need to have the money in their hand before sending you the bitcoin. any system that uses this method of payment will have delays. the only way to avoid this is to register your personal information.

Because they're a scam like every other shit exchange in the United States.

Topic: Stay away from Coinbase - page 4. (Read 16992 times)