Bitcoin Forum

They fucking cancel my transactions every time the price goes up.

I specifically emailed them and told them NOT TO CANCEL MY MOST RECENT TRANSACTION.

YOU know what they did?! they cancelled it anyway just to make a profit.

Don't do business with them, they're a bunch of crooks.

<img src="https://i.imgur.com/bTodjDV.png" title="Hosted by imgur.com" />

Lol nice scamming business they be running there

Pretty sure that's illegal what they are doing

Not that my experience with them is all encompassing, but I've never had a problem using their service.

Do you mind saying what bank you are using?  We have not had any problems but we are not using a major bank like BofA or Citi.  I wonder if it is more a problem on that end?

Their business model doesn't work when there are rapid up ticks in the market.

this is the second time in a row.

No explanations

No apology

just another automated email about a "high risk" transaction

I used BOA

I sent them emails all last week asking them not to cancel this transaction, the money was in my account, why had it not been debited out yet... blah blah

they obviously don't care at all.

This will result in a class action lawsuit in just a few more days.  It will be very easy to subpoena their records and learn whether these 'security detections' occur more on orders where BTC value increased than where BTC decreased.  If coinbase is keeping value more on the increases to their customer's disadvantage - they will surely be held liable and have to pay.  

Coinbase will be shut down in less than one week if this is true.

Lawyers love these kinds of cases because the underlying money amounts are huge.  I hope a shark attorney goes after them right away.  This kind of crap shouldn't be happening at an established firm like CoinBase. 

Who is the leader at coinbase? 

My lawyer lives next door.

I just wanted my coins at the price I ordered them at.



/wrists

Tell your lawyer next door that you'd like to be the 'lead plaintiff' in a 'class action' suit against a financial company backed by $6million from Silicon Valley. 

It will cost you $350 filing fee to initiate this action. 

I'll bet Coinbase will re-instate your order in one hour if they even think your lawyer will listen to you for five minutes. 

If Coinbase is really running this scam - it is the VERY END of another big exchange due to mismanagement.  WTF? 

Business promise products they are unable to deliver all the time. They cant give you your coin because they dont have them.

They don't have the coins?!?

LOL

I didnt say they didnt have any coins, I said they dont have his coins.

Hey, Olaf from Coinbase here. Sorry for the trouble with this! Email support and we can review the transaction - let me know if you have any questions about this!

Explain to me how Coinbase works. How does them canceling a transaction benefit them?

I think what he is implying is this simple scam:   in an upward moving market, one could use the customer's money to buy the bitcoin and then if bitcoin goes down, give him the coins but if it goes up say "sorry we never bought them".    Basically, having free options in a high vol market could make you a lot of money.

in this case "lag" would be very valuable to the broker....
I have never dealt with them so I cannot say, I am just explaining you "how does cancelling....."

+1

Sure, when price goes up rapidly it is a high risk for them. Transaction takes 3 days, and I guess price and their bitcoin reserves may change significantly during this time. It is highly probable that they will not be able to fulfill your order in this case. I guess, they prefer not to risk under this circumstances.

The situation you describe is a prop trading house.   a broker does not have that risk because he takes your order and executes it immediately and either takes a commission or makes money on a spread basis.

As I understand, they don't have your money. They need to transfer you money from your bank first then they give you bitcoins. But the price is set when you place a buy order, not when your money is transferred to their bank. I don't know why they do it this way.

Some people clam that that's exactly what Coinabul does. Not defending, nor elsewise, Coinbase, I think it's a good practice to have the rate set in stone oppose to having it fluctuate, up or down, during the settlement of funds process.

Has anyone else managed to get their situation resolved?

Rees from Coinbase responded to my support email, but it was a boilerplate response (I've seen it posted on Reddit verbatim) that suggested he didn't even read my email. Olaf hasn't responded to my PM here either.

Now, I know they are busy and overwhelmed. I just want some reassurance that they are a trustworthy company who will make things right for their honest customers in the long run. My canceled orders were only 2 BTC and 3 BTC and I sincerely hope they can push them through at the original exchange rate and whitelist my account. That's all want. Others have had success getting this worked out, as seen on here and Reddit. I've been a huge supporter of Coinbase before this whole fiasco and this is just so disheartening.

 :(

Sorry to dampen your hopes, but the answer will be no.

They make themselves out to be a reliable way to obtain BTC, but can't actually fulfill that role. They make posts here saying that they regularly review cancelled transactions and push them through at the original rate, but rarely ever do, unless it seems it's for a bit of PR.

They role out a failed system and sucker people into using it all the while benefiting from their own mistakes.

I even talked to them back in October when the last dip happened, and they assured me as well everything was good to go, so it seemed.  Same thing happened to me again and again. I am done with them.

Caveat Emptor with coinbase. I made 3 sell transactions on the 15th and still no money transferred to my bank account yet.    >:(


I asked for my bitcoin back since they didn't pay for them in the specified time frame and of course no response.

So now I'm out ~15BTC and nothing to show for it.

And forget about trying to buy any coin when the price dips... they always display the Sold Out sign.


Wow! What a bargain.

This.

Put your faith in Ycombinator-backed ventures (http://trilema.com/2013/ycombinator-continues-to-suck-jointly-and-severally/), trust in people who declare themselves "founders" on the basis of having a website and a few promises, and prepare to be disappointed, likely when you'd least expect it.

It's now been over 24hrs since payment was due and still nothing but a lame excuse from coinbase blaming it on ACH.   ::)

They have had my funds tied up for four days now and to make matters even worse they had no BTC for sale again this morning when prices dipped.

IMHO coinbase is at best amateur hour and not ready for prime time or at worse exactly what the thread title indicates.

edit:
Now that the price is back up coinbase has BTC for immediate sale... WTF?     >:(

edit:
Funds finally showed up in my account 2 days past due, 6 days total including the weekend.    >:(

Yeah, I`m about to delete my account I just made with them yesterday. Such a shame.

They losing face in the BTC community.

What is the best alternative to a US customer for low-level buying and selling of BTC? I know enough to be very wary of Coinbase, but I don't know what better options there are.

Is Blockchain and their recommended partner 'Cash Into Coins' a more reliable system to use?
<Edit - Cash Into Coins only seems to deal with Wells Fargo and BoA, I have PNC so I might not be able to purchase there) >

There's a thousand posts railing Coinbase, and while some of them are created by impatience or misunderstanding on the customer side, I know a lot of them are not.

But I just want see a fraction of that many posts telling me HOW to avoid Coinbase, for which I need to know who is better

Thanks all!

PS _ Ironic that Olaf would comment "let me help" but I bet the originator of this thread has not had his issue resolved.

If I remember correctly, someone posted something like this on reddit a while ago. And the end result was that coinbase guaranteed the initial rate. Think at that point it was down to failing AML/KYC. Are you verified?

I have used coinbase for about 30 buy or sell transactions, starting in April of this year.  I've never had a transaction cancelled despite some wild swings in pricing over that time. 

I'm still trying to get a single transaction complete with them. 3 separate, and fairly small, purchases over the last couple of weeks have all been met with the "High Risk" response.

And with Cash Into Coins accepting only Wells & BoA, I don't know what else to do, as a US customer.

I would like to know if Coinbase can be easily hacked if you use 2 factor AUTH.

I would like to use it to store a fair amount of BTC.

Nothing should be easily hacked if you use 2FA... unless the hackers also steal your phone?

Very bad idea... just move it there as needed and keep the bulk in cold storage.
This applies to any online wallet.

If you're thinking about using coinbase for trades then you will lose... look elsewhere.

If you have been scammed by coinbase.com please go to this post to find out how to file a complaint! Bookmark this post as you will need to refer to it when the respective federal and state organization contact you! Or just print it out

https://bitcointalk.org/index.php?topic=375245.0

Coinbase just cancelled my order of 4 bitcoins through Bank of America.
I provided every verification they requested. Except for it being a new account they have no excuses.
I work for the court system and have all the background checks, and they say it was a "risky" transaction.
Bitcoin went up, I had made almost $200 in the transaction.
They keep the money.
Smells like a scam to me.
Unless we can get a really good exchange company out there bitcoin's future may not be that good.

Did you provide all the KYC stuff?

See this above? It's called necroposting.

http://boards.cannabis.com/attachments/plant-problems/278488d1315662756-they-flowered-already-wtf-necroposting.jpg

People, who use bitcoins, when you will learn about ripple? This is the easiest way to buy and sell bitcoins and bunch of other money today.

I do remember coinbase "cheating" a lot of users last year, but this is still going on? Personally this has never affected me, but I've only sold btc through them, never bought any.

Btw I don't think they are considered a real exchange, but rather an outlet to convert fiat to BTC, and vise versa. You cannot do any daytrading on there.

So are you saying, in a round-about-way, that they are a Ponzi scheme?

I am having the same problem, I have tried to transfer a small amount of coins from my coinbase wallet, the transaction remains in pending condition for upto 24 hrs and after that they cancel the transaction and transfer the funds back in my account.

I have written to support and they said I have some problem with my account and they asked me to make another account on coinbase and let them know it and they will transfer my funds their. I am going to do that today and see how it goes.