Topic: Stay away from Coinbase - page 9. (Read 16992 times)

Wow, well the site that's up is actually pretty old. I am working on a very beautiful new design in Ruby on Rails.

Looking at your website, you seem like a gifted person. Kinda remind me of me when I was your age. I was writing vb programs in my sleep at your age, got away from it for over 10 years and it's hard to get back into it.

Then again, that was back in the mid 90's.

Haha, that too. I am trying to get an internship (I'm 14) there for the summer (not much luck yet) so don't take me...

Screw filing a report, crow bar, duct tape, and a road trip. Feed them to the gators.

Same here. If they run off with my money I can file a report since they are only a few cities over.

I met a couple of the guys at Coinbase at an event in San Francisco a few weeks back. Being that they are based here, in SF, makes me comfortable dealing with them. I found the service to be good, though I have only funded my account through localbitcoins and sent some bitcoins to another exchange.

Overall, from what I gather, they are a very intelligent group that really cares about providing good service. There may be some hurdles for them here and there, but I can say they are highly trustworthy and go to large extents to make sure things are secure. Such as getting paper copies of the bitcoins and distributing them throughout the world in different locations so not one person at the company knows where they all are. They stated many times that they are much more secure than the banks. They have to be given the nature of bitcoin vulnerability.

I can definitely say I would recommend these guys after meeting them.

I trust coinbase more than a desktop wallet. I enabled two facto so you would need to steal my phone to get access to my account and you would need to crack my password which would take a few hundred years to crack with brute force.

It is not as ridiculous as you think. ACH transfers can be canceled and reversed. Copinbase waits for 5 days in order to reduce the risk of fraud.

Try this: open an account at any bank (other than your current bank) and transfer money from you current account to this new account. Time how long it takes before you are able to withdraw cash from your new account. I bet it will be no faster than Coinbase.

Most people are ignorant about how money and banking work. One of the benefits of the Bitcoin movement is that people are starting to understand what money is and realize how incredibly inefficient the banking system is.

For example, a few years ago someone in the US banking industry came up with the crazy idea of ACH being done instantly rather than taking 3-5 business days. Of course, the idea was considered absurd even though it is a trivial to implement. So, the industry instead voted on reducing the time down to a single day. The banks voted overwhelmingly against it, so we are still stuck at 3-5 business days.

Don't trust third parties like Coinbase to hold your coins. You simply cannot verify the security conditions under which your funds are held.

Get a desktop wallet, learn how to encrypt properly, consider cold storage, etc. Secure your own funds. Otherwise, you are just waiting around for Coinbase to screw you.

Use them to buy/sell if you need to. That's it.

When I was mining earlier this year I switched to Coinbase to cash out my btc profits. Can't say I ever had a bad experience with them.

I'm currently waiting for my first large buy order to be finalized. Placed the order Monday, they said I'd have my BTC by Friday which annoyed me. What also annoyed me was the fact that my bank account had already been charged as of Wednesday, but I still have to wait until Friday to see my BTC.

I understand the logistical challenge of running a BTC exchange, but this is ridiculous. I'm going to start the process of level 2 and 3 verification to hopefully avoid this in the future.

I would like to know what other people use to turn their bitcoin to cash. I find the coinbase is the fast and most reliable way to sell bitcoin. I have used localbitcoin, but it seem cumbersome to wait for a response.

The second.  They debit your bank account and then fall back to the credit card.

How does the "instant buy" option work? Do they charge your credit card or do they charge your bank account and use the credit card as backup payment if the ACH transfer doesn't go through?

Thanks.

never liked coinbase. lost 0.07BTC in a compromise long ago. dont trust them or any other bank/online wallet.

If you get level 3 verified with a credit card you can instantly buy up to 10.

Is there anyway to speed up that 4 day wait? It's killing me and I don't know another service that withdraws out of my account tike that, help?

I've had no problems with Coinbase whatsoever, and no need to jump through all the massive "send them copies of my ID" hoops.  Done a few hundred dollars in BTC purchases, and about five hundred worth of withdrawals to my bank account so far.

There's a developing trend in the space. The more popular an exchange becomes, the more backed up they become with customers, the higher the currency risk for the customers already entering the pool.

You have every right to feel the way you do about what happened to you on that transaction. However, I don't know how far I would go on suggesting others to adopt new, smaller exchanges (which would actually be healthy for the BTC economy).

Some users don't want to be capped at low buy/sell orders, which new exchanges will have to be limited to in the short term. On the other hand, larger exchanges tend to be big targets for hackers and price manipulators. The two biggest crashes in BTC history have both resulted from Mt.Gox, the first was a hack, the second was a server crash that was caused by excessive traffic.

As far as your personal decision to not use Coinbase, I can understand it and would probably act similarly if founded with the same scenario. However, that's not to say that every new user has something to lose by trying Coinbase. Coinbase has a very intricate hardware and software foundation, along with a lot of liquidity and customers. Their wallet is also easy to use and looks nice.

My conclusion would be to suggest that you disburse your bitcoins onto different exchanges and addresses to make the most utility of the fact that Bitcoin was created to give you options.

My main problem with coinbase right now is the high premium they charge to buy bitcoin. They seem to be going pretty high even when there is a huge dip for an hour or so. Not sure if its because supply and demand or coinbase is becoming greedy. THeir buy sell has a huge difference sometimes (I have seen up to $15) which they are making huge profits on plus their 1% fee. CUstomers must not like this or having problems with them for sure since if you look at the number of transactions graph it has been plummeting. The whole point of bitcoin for a lot of people is to play the peaks and dips like a stock market and coinbase is taking advantage of this too much I feel on top of their normal cancellation problems.

No, we don't AGREE with your point.  I didn't miss a thing.  Yippie for you that you have that goal.  I have a goal of paying my bills, which funny enough I can't do with bitcoin   So when you're done wishing ill on people how about you contribute something useful.