Hi Olaf,

Awaiting your reply to my PM.

My problem is not the seemingly random cancelling of contracts on a market that is mostly going up. Obviously, any study of the transactions would appear to show a bias in their favor, but correlation does not prove causation. I will give them the benefit of reasonable doubt on this particular issue.

My problem is that they do not provide a means to honor a transaction. If they think a transaction is fraudulant, they could just hold the bitcoins until they feel that the transaction is not fraudulent. They do not provide any means for this. They are profiting by canceling transactions.

They just got me for over $1000

https://bitcointalk.org/index.php?topic=328013.0

I know when I have been scammed:

https://bitcointalk.org/index.php?topic=328013.0


An agreement was made. 9.25 btc for $1,945.07. They have reneged on that agreement and kept $3000 worth of bitcoins, while returning $2000 in fiat currency.

If they think there is an issue with my money, I would be willing to let them hold the bitcoins longer till they felt that the transaction was safe or non-reversible. This is not about fraud prevention. This is about reneging on contracts when the btc are going up in value.

Coinbase is located in California. If they refuse to honor their contracts, people need to get together and form a class action lawsuit against them.

Is there any possibility of a class action lawsuit against Coinbase? They are reneging on contracts.

So I woke up this morning all excited to add 9.25 btc to my measly collection of 13 btc.
 
https://blockchain.info/address/13F5BR74596kSc7neuZYYbLPar2utuNyrC

I turn on my computer & I see this:



They have previously canceled 3 attempted orders of 10 BTC each when I was using a major bank, but it appeared that my original bank would never transfer the money. I didn't blame Coinbase even though prices were about $123 each back then. So I opened up an account at a very small bank, linked up the account, and successfully made a small 0.25 btc purchase. So I now know that I found a bank that works with them.

This last action was obviously performed by them (or their software - same thing). Read the message.

Price at purchase: $210.278
Price at cancel: $330.280
Difference: $120.002
Difference * 9.25 btc = $1110.0185 that they gained by cancelling my order

Just because us poor people don't have the wealth to obtain a VISA card and such are denied level 2 verification, doesn't make it right for them to cancel orders during a rising market. BTW, this is more money than I make at my job in a month.

I have been trying to buy bitcoins from them since they were $123 (I was REALLY REALLY late to the bitcoin party). Most of the 13 btc I have bought so far were purchased by wiring money to Bitstamp in Slovenia back in October.


Update: This has been resolved by Olaf to my satisfaction. I was whitelisted and the original order has been reinstated at the original contract rate.

Use Coinbase and link it to a small obscure bank or local credit union.

No my grandson, it was much much worse...he paid a trillion satoshis!

Acquiring them till they hit about $1k each, holding them till they hit about $10k each, then I will stop working and begin selling/using one a year.  BTC)

It has occurred to me that anyone could build an inflationary alt-coin on top of the bitcoin protocol. Let's call it GrowCoin. All we would have to program is an user interface that shows GrowCoin as a multiple (let's call the variable xmultiple) of Bitcoin. The variable xmultiple could be programmed to increase by 1% every month. When you make a purchase using GrowCoin, the interface would just divide by xmultiple to get amount in bitcoin and send them to the new address. Your GrowCoins would increase by 1% every month.

This little mental exercise shows the whole silliness of the idea that we need an inflationary economy. The reason that governments love inflation is that they (and their friends) get the money first. They also get to pay back debts with cheaper money.

After it reaches $10,000 there will be a crash to $5000 and the mainstream media will talk about the popping of the bitcoin bubble. So this will be your big chance to load up on some satoshis before the next bubble to $100,000 that then pops to $50,000 leading to another stream of media heads telling everyone that bitcoin is dead again.

Finally, the true bubble will begin as everyone starts mortgaging all their property to buy bitcoins. The price will rapidly rise to millions of dollars per bitcoin and then crash to just over a million dollars.

It is at this point the price will finally be stable with a slow 6% to 10% annual increase in buying power. Of course by this time, fiat will be dead and everything will just be priced in btc.

 

Just remember, the length of a coastline changes with the length of the ruler. In other words, a matter of perspective.

Ultimately happiness comes from within. That being said, money will make your life so much better. It can solve so many problems. If you are generally happy, then money will make you much happier. If you are unhappy though, I think money will just make you more miserable.

A Bitcoin is 1/21,000,000 of the bitcoin protocol. 

During the Weimer Germany Inflation era, taxes became irrelevant. You stall in paying them till the last minute, allowing hyperinflation to make the value of the tax insignificant. Normally, you would trade some foreign currency (which was illegal at the time) or some other item of value for a bit of worthless currency to pay the tax. I think it would be the same if most people in USA were using bitcoin. We would just use bitcoin for our normal stuff, then convert some to the worthless currency that was being madly printed and given to all the government employees and welfare addicts.

I also like the way "bits" rolls off the tongue. Also for the idea of putting it halfway between satoshis and bitcoins. When "bits" goes obsolete, satoshis will work perfectly.

Even a large number of satoshis would work better than a fraction of a bitcoin. Having traveled in other countries with high rates of inflation, most people don't seem to have trouble with large numbers. It is fractions of a unit that seem to give most non-mathematicians problems.

Besides, you can still buy a million satoshis for less than $2. Perfect selling point to those who are new to bitcoin.

I have decided after many years of living that most men don't actually want to be successful at either money or ladies. They think they want success, but deep down inside, they prefer being failures. They ignore all my advice, despite seeing how well I do and even offers to help them. Maybe a psychologist could explain it to me.

but for now: http://www.youtube.com/watch?v=lkJ_0WqBQns

I already do that, tell people that there are 2.1 quadrillion satoshi, about 300,000 per person worldwide.

It is just the leading 30 to 40 bits (depending on current difficulty) of a 256 bit SHA result? Remember, each additional bit doubles the amount of time. I doubt we will ever even hit 100 bits of difficulty (as in the first 100 bits of the random hash must result in a zero) within our lifetimes.

I suspect selling this many coins on one of the markets would drop btc prices by about 50%. Hopefully, they will auction them all off to someone who will just sit on them. The other possibility (and not sure if this is good or bad - really depends on point of view) is that they will use the btc to infiltrate other TOR based drug markets.