now what?  |
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THAT'S ONE SMALL STEP FOR MAN! ONE GIANT LEAP FOR NERDS |
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HOLY CRAP THAT WAS HUGE  |
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Khal Finiteidea, powerful warlord of the bitcoin nomads  |
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I wonder if they will xfer our accounts or if we'll have to go through all that registration hullaballoo again.
Great live Muse album...  |
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I'm wondering how often this happens, since they choose to keep secret their method of determining "high risk". I wish the poll could incorporate a few other factors. Regardless, I'm hoping it's a very low percentage, but we will see. Derived from the concerns addressed in this thread: https://bitcointalk.org/index.php?topic=144633.msg1559435#msg1559435Thanks everyone!  |
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Any willing investors? Coinbase's customers are the investors and Coinbase doesn't even have to pay them to use their money for market operations. They just cancel the order and return it after 3, 5, 7 days. If Pirate had operated like this, he'd still be in business. I just need a bit of seed capital to get things rolling :-P |
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I am looking all over for what I read from Brian Armstrong about his previous experience with payments fraud detection at a previous Y-combinator startup, and am not finding it. It was valuable for understanding exactly what Coinbase is doing and why they are flagging transactions as "risky."
But, as I stated before... if you cancel enough of the " right" transactions... you could make a fortune. Possibly a great market making scheme. I may be on to something, but I need more evidence... |
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That makes no sense. I could just cancel every buy order when the market goes down and keep orders when the market goes up. I wonder how well this feature actually works, if at all. If it does work efficiently, I'm going to be a millionaire. |
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This literally just popped into my head as possible: ----------- Exchange Rate is 10 USD = 1 BTC ----------- Reserves = 100USD 100BTC Total Worth In USD = $1,100 ----------- User 1 Buys 10 BTC with 100 USD User 2 Sells 10 BTC for 100 USD Not to each other, and not at that time. ----------- 1 Week Later ----------- Exchange Rate is 12 USD = 1 BTC ----------- User 1 gets order cancelled due to "high risk" User 2 has order go through due to "having great hair" ----------- Reserves = 0 USD 110 BTC Total Worth In USD = $1,320 ----------- Process is repeated thousands of times, as well as inversely cancelling sell orders when price goes down. Needs more USD or BTC reserves? Uses MtGox and gets market rate. ... all this plus a 1% fee. Hmmm... something is very fishy around here.... I think I should start my own Coinbase . Any willing investors? |
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I agree that it would be nice to know how not to get flagged. I also don't understand why they have an advertised limit if they're just going to do their own enforcement of a different, unknown limit. Basically might as well be, "Try and get whatever you want, if you can even put the order through (we may have reached our limit for the day, braah)... maybe we'll accept it, maybe we wont. Whatever, you'll try anyway. We've done business with you before, we know you'll come back. You love us. We kind of trust you too, but this time it may be different maaan... we don't like that crew you've been hangin' around with lately, bad vibes bro. Also, if it's an order that gets placed right before Bitcoins go up in value by like 10%, fuck it we're gonna cancel it. That shit is ours to sell at a higher price dude. You understand how money works. Thanks for using our service anyway. Peace and love. Gotta get back to saving the world..."  |
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Okay well at least they had sent an email out. I hadn't checked my inbox until today. On Feb 15, 2013 you purchased 10.00 BTC via bank transfer for $272.24.
Unfortunately, we have decided to cancel this order because it appears to be high risk. We do not send out any bitcoins on high risk transactions, and your bank account will not be charged.
Please understand that we do this to keep the community safe and avoid fraudulent transactions. Apologies if you are one of the good users who gets caught up in this preventitive measure - we don't get it right 100% of the time, but we need to be cautious when it comes to preventing fraud.
You may have more luck trying again in a few weeks. Best of luck and thank you for trying Coinbase.
Kind regards,
The Coinbase Team That resolves that issue. Everyone can sleep soundly tonight. Thank you all for your time. |
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Well, so my 2 coins came back, but my pending order for 10 Bitcoins put in on Feb 15, 2013 just disappeared on the day they were going to issue the coins, Feb 21, 2012. You may be seeing the same thing that happened to me. Click on Buy/Sell Bitcoin, then click on Transfer History, and see if it's still there. Thanks! I checked and it says it was cancelled. Though, I can assure you it was not cancelled by me, and the funds are very much in my bank account; not to mention I have done a successful transfer with them before. At least there is a record of it happening somewhere, but if this were any other situation, I would be very very upset as I sent the order in when Bitcoins were at $26, and they just cancelled it without notice or reason. "This order has been cancelled. Your bank account will not be charged." The tracking code is LBROYCZO Again, no Bitcoins were lost. However, there is a level of mistrust building. I'm not downplaying the site, I think the service they're trying to offer is great and a needed one. I would just be careful right now if your trying to lock in an exchange price with them, as they seem to have outstanding issues. |
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CO telling me we may have a correction from around $32 with sub-20th retest.
Yeahh... somethings gonna happen. i can feel it.  |
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Well, so my 2 coins came back, but my pending order for 10 Bitcoins put in on Feb 15, 2013 just disappeared on the day they were going to issue the coins, Feb 21, 2012. It's as if I had never placed the order. I still have the cash in in my Bank account.  I really don't care about this particular order, as circumstances have arisen where I need USD right now, but I am concerned for others and future orders. Hopefully this helps someone. |
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-clients that don't need to download the whole freaking block chain ;-)
Plenty already exist! Multibit, BitcoinJ, Electrum, etc... -price stability (so I can put an item for sale on a web page and not have to adjust the price every other day).
That won't happen for a long time. Bitcoin is a new thing and is going to be a wild currency to exchange. I would suggest just writing a script to change the prices automatically. -built in reputation features ... it could still be anonymous, but it would be nice to see that an address has done some deals and has some positive feedback
Not a bad idea to possibly have a reputation listing like they do at bitcoin OTC, but for the entire community, and maybe even integrate a client to utilize that... -built in escrow features
Humans will always have to handle an escrow so I'm not sure how it would be built in... -backed by something else of value -- Bitcoin blazed the trail and it's not back by anything other than good marketing and perception. Bitcoin does have value now, and so it could be used to back a new virtual currency.
I made a post about this further along in the first page of this thread. What about you guys? Surely Bitcoin has some features you would like to tweak, no?
We do! And we're always working on them. |
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I will focus on this quote, derived from your linked writing, as I think it sums up the point you're trying to make... Demand is far outpacing supply, and as a result, the price for each Bitcoin is rising very rapidly. The effect of this situation is clear; people tend to hoard Bitcoins rather than buy stuff with them because they are appreciating in value so rapidly. As the world of crypto-currency matures, we will need another currency type that satisfies the need to have a handy, readily available medium for exchange ... ergo, a currency that people don't tend to hoard. A really awesome point made by another person on this forum was that during the great Bitcoin Bubble of 2011, we had a lot of hype-demand pushing up the exchange price to what was very unsustainable levels. People were hoarding just as much then, if not more. It seemed like Bitcoins were never going to be spent and people were just going to hoard them forever... until the bubble popped...suddenly, the exact opposite mentality became pervasive throughout the system and exchange rates came crashing down as people began selling in a frenzy. No longer were Bitcoins being hoarded; people were selling them for whatever value they could. Deflation didn't seem like a relevant issue in those times.... until the next bubble...In my opinion, bubbles are not only natural in human history(Yes they occurred under a gold standard as well, though to a much lesser extreme), but also beneficial in the case of Bitcoin.
Because of the distribution model of Bitcoin, early adopters/miners of Bitcoin in 2009-early 2011 obtained a majority of the coins without having much use for them at that time. The first bubble was the only way to make them redistribute it either because of greed(on the way up) or fear(on the way down). I would never have been able to buy some coins in the single digits if the first bubble did not pop.
Without distribution of coins to a larger base, the price cannot reach stability. The more hands that hold Bitcoins, the lower the volatility will become. And the fear phase during bubble popping is the best time for large holders to redistribute
And during all this time, people used Bitcoins to gamble, buy drugs, cars, homes, or other things, build companies and invest in others, etc... So what I really think deflation does is provide an incentive to critically think before going off and speculating, "investing", or wasting money on frivolous things -- because money will be worth more if it isn't trying to be spent as quickly as possible (mindset of the current wealthy elite in society). I think it truly helps those without the ability to invest (the less wealthy), as their wealth is not unknowingly being eroded as time goes on. To be clear, I am in favor and would even prefer if both systems existed simultaneously, and each performed well in their own right. I am more in favor of competition in all things, than I am about Bitcoin specifically. It is the fact that fiat currency has no competition which makes me so supportive of Bitcoin, not that it is deflationary. (I also enjoy other features of Bitcoin but that is irrelevant to this lol) Honestly, I wish we didn't have to use money at all... but a perfect world can never exist in this chaos. |
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Aaaaaaannnnnd....  its back |
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