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It's weird how every talking head keeps spouting off about Coinbase and how great it is for bitcoin community. While in reality, the company is turning into a Trojan horse and worst enemy of financial freedom.
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Best advice would be to stop using Coinbase completely and switch to Blockchain.info that is not trying to scam its users like Coinbase routinely does.
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I guess a business is in it to make money. What's with the 2 week wait? Well doesn't look like Coinbase want to hand out free money but thanks for pointing out the flaws in the system and I don't think I we be using Coinbase.
Wise decision - you can't beat the house. |
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It's hard to imagine worse advice than what you give here, which is illegal and subjects the victim of your advice to huge fines as well as potential jail time.
Not discussing practical aspects, but in essence dictating someone how to deal with his/her money has a definite taste of totalitarianism. Come to think about it, Jeff Tucker is right when he mockingly calls money laundering "a thoughtcrime". |
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I've used Coinbase for about a year now, and I've never had any issues with them either (aside from slow/unresponsive support, but that only happened once quite a while ago and they've since hired more people).
Coinbase doesn't rip off most of its customers. But when they do rip you off, you get hurt BADLY. Exactly. It seems that they currently practice this as a form of art. |
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Just thinking: how can they "do this intentionally and maliciously for their own insider trading to profit off of customers".
How can they profit from it? I guess it's better for them to process your order and get commission?
You place order for BTC at $500 price. Coinbase doesn't actually buy (or account for / match) BTC when you place an order. Scenario A: BTC rises to $600 each. Coinbase cancels your order. Scenario B: BTC drops to $400 each. Coinbase approves your order, buys/matches BTC at that point, makes $100 point + spread. This should be required reading for anyone buying and selling through Coinbase. Seriously. |
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Very interesting situation. Thank you for sharing. Coinbase $10 compensation was  Sure it's all nice. Until Coinbase decides to rip you off completely. Then you're pretty much fucked up. |
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The list goes on and on, but everybody seems to blissfully ignore all the warning signs... what are people waiting for, another Gox-style blowout?!
People just never learn... |
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Similar problems were reported by many users, especially in April-May when the price was diving and people thought they were buying BTC at a good price point through Coinbase. What a disappointment.
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wondering if the "screening" has something to do with nationality/state you are in? like u.s. only etc?
Coinbase only links US bank accounts and in order to verify you need to send them your US SSN and answer a lot of questions to confirm that you are based in the US. I went through this process long time ago and there was no issue with it. I suspect their sudden "due diligence" was more due to me purchasing quite a bit of BTC recently - right around the bottom. Many people reported previously that Coinbase becomes quite unhappy when people buy cheaply from them. To the point of canceling already confirmed trades. This is understandable - as a trading intermediary, they are only happy when their customers buy high and sell low. It is only natural that they try to eliminate smart alec customers they consider a threat to their casino. |
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If you wanted to stay under the radar, you should have played the game.
If I wanted to stay under the radar, I would not be using Coinbase to begin with. I mean, I understand AML/KYC and I had experience explaining source of funds to my banks. However, this experience with Coinbase was definitely much worse than any comparable interaction with regular banks. My point is that "Coinbase style KYC" as it is currently practiced by this company is extremely intrusive to the point of being offensive. Really, me calling them a Gestapo was not even too strong. And remember, they keep private keys to your BTC - so they can block your access to them at any time and on any pretext. I would advise to be very careful regarding any balances you keep on Coinbase. You also cannot depend on their service in your business strategy as they can close your account on a whim, without giving any valid reasons. Just because they don't like you, or their KYC enforcer likes to play god. Anyone building on top of Coinbase API is wasting their time and shooting themselves in the leg, in my opinion. Long-term, their model is doomed to fail. |
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Frankly, Coinbase is turning into a worst kind of fascist dictatorship. Not only is their service completely unreliable (many people report their bitcoin purchases being reversed, or their bitcoin withdrawals not going through). Now they have new AML/KYC policies in place which are the opposite of everything bitcoin stands for. And their enforcers have already started profiling their customers using KYC pretext, and refusing services to anyone they don't like. Here is my story: I've purchased non-negligible amount of BTC via Coinbase lately. Even though I was fully verified with RL data, bank account, phone number, SSN and stuff, their KYC enforcers contacted me to get a full breakdown of who am I, what kind of business I run, where did I get the funds to purchase BTC, the purpose of my withdrawal transactions an so on. And this was not just a formality - they asked me a lot of questions, some of them suggesting that they studied my social network profiles carefully. Like: what is your role in Company A (the only way they could get any idea about my association with Company A is because it was in my social network profile). They literally demanded explanation for every single transaction and statement on the source of every purchase I made. They wanted to know EVERYTHING, and have all the supporting evidence! I mean, what the FUCK? Is this some kind of new Bitcoin Gestapo they are building there. If this is the case, WHY would anyone from this community support this Gestapo?! What was the explanation for this outrage? Here you go: "Coinbase is a regulated Money Service Business under the FinCEN division of the U.S. Treasury Department and as such, we are required to review accounts to ensure compliance with regulations." The experience I had with this questioning was, frankly, humiliating and sickening. After giving them a lot of explanations, they were still not satisfied and informed me that they are going to close my Coinbase account. Way to treat your customers who have paid you fat commissions on currency exchange. Comparing this experience with AML/KYC interaction in traditional banking system, I can only say that "Coinbase-style KYC" is so much worse. Banks are more subtle while Coinbase thugs come across as completely unprofessional, rude, capricious and extremely intrusive. I suggest that anyone holding, or moving non-negligible amount of BTC through Coinbase, consider their Coinbase account exactly as traditional bank account - completely at mercy of an organization that is "holding your money", but working for regulators, not for you. Don't be surprised to be left completely without access to BTC you thought yours in the moment you least expect it. It would be even better to boycott Coinbase entirely - I repeat, the new policies they have in place are the opposite of everything bitcoin stands for. |
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Frankly, Coinbase is turning into a worst kind of fascist dictatorship. Not only are their services unreliable (many people reported their bitcoin purchases being reversed, or their out withdrawals not going through). Now they have new AML/KYC policies in place which are the opposite of everything bitcoin stands for. And their enforcers have already started profiling their customers using KYC pretext, and refusing services to anyone they don't like.
Here is my story: I've purchased non-negligible amount of BTC via Coinbase lately. Even though I was fully verified with RL data, bank account, phone number, SSN and stuff, their KYC enforcers contacted me to get a full breakdown of who am I, what kind of business I run, where did I get the funds to purchase BTC, the purpose of my withdrawal transactions an so on. And this was not just a formality - they asked me a lot of questions, some of them suggesting that they studied my social network profiles carefully. Like: what is your role in Company A (the only way they could get any idea about my association with Company A is because it was in my profile). They literally demanded explanation for every single transaction and statement on the source of every purchase I made. They wanted to know EVERYTHING, and have all the supporting evidence! I mean, what the FUCK? Is this some kind of new Bitcoin Gestapo they are building there. If this is the case, WHY would anyone from this community support this Gestapo?!
What was the explanation for this outrage? Here you go: "Coinbase is a regulated Money Service Business under the FinCEN division of the U.S. Treasury Department and as such, we are required to review accounts to ensure compliance with regulations."
The experience I had with this questioning was, frankly, humiliating and sickening. After giving them a lot of explanations, they were still not satisfied and informed me that they are going to close my Coinbase account. Way to treat your customers who have paid you fat commissions on currency exchange. Comparing this experience with AML/KYC interaction in traditional banking system, I can only say that "Coinbase-style KYC" is much worse. Banks are more subtle while Coinbase thugs come across as completely unprofessional, rude, capricious and extremely intrusive.
I suggest that anyone holding, or moving non-negligible amount of BTC through Coinbase, consider their Coinbase account exactly as traditional bank account - completely at mercy of an organization that is "holding your money", but working for regulators, not for you. It would be even better to boycott Coinbase entirely - I repeat, the new policies they have in place are the opposite of everything bitcoin stands for.
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Учитывая последние тенденции в госрегулировании, причем, не только в РФ, а еще и в других странах, предвижу публичную порку владельцов подобных банкоматов.
Да ладно, я тихо привез, поставил в своем киоске и сижу, комиссию собираю. Участковому плачу, а остальные когда еще до меня доберутся. Если поставить 7% комиссии, думаю это можно месяца за 2 отбить в проходном месте - в Москве недалеко от метро. |
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Как мне кажется, сущность долларов и биткоинов, в принципе, одинакова. По сути они ничем не подкреплены, и никакой ценности не имеют.
Вот интересно, какой идиот придумал, что деньги вообще должны быть "чем-то подкреплены"? Уже ж сколько раз сказано популярно, деньги - это коллективная иллюзия. Ни биток, ни доллар, ни раковины каури, ни гора золота ничего не стоят, если не используются людьми для своих целей. Цели разные, но для всех характерно одно - обмен стоимостью в пространстве и времени. Деньги - абстракция, помогающая этот обмен надежно осуществить. Чем лучше помогает, тем лучше эти деньги. Биткоин - лучшее что есть на данный момент, только и всего. |
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Worthwhile investment if you could manage to part with the upfront costs. I'd do just about anything to get in on this.
is anyone organizing a group bid for this one? if there is a group bid, please let me know! |
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