"Coinbase Referral Bonuses Have Increased From $25 to $75!" - What?

[Thekool1s]

Isn't this just asking for people to scam the system?

Sign up through vpn on own referral link. Buy 100 dollar bitcoin, send to other exchange. Get 75 dollar, buy bitcoin, send to other exchange. Cash out or keep 175 usd worth of bitcoin for the price of 100?

nope they require you to provide your ph number for validation and i think some documents are required for buying.

[1714181879]

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[1714181879]

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[jacktheking]

Isn't this just asking for people to scam the system?

Sign up through vpn on own referral link. Buy 100 dollar bitcoin, send to other exchange. Get 75 dollar, buy bitcoin, send to other exchange. Cash out or keep 175 usd worth of bitcoin for the price of 100?

Sign up, verify your account with KYC documents, bank account...


I am considering going on Facebook and telling everyone I'll give them $50 if they go sign up and buy $100 worth of bitcoins on Coinbase. Free money.

Interesting. You can also advertise on GPT site or app that you're giving 50% cashback for people to buy 100 USD worth on Bitcoin. This way... for every 10 people you get, you earn a profit of $250 USD.

[Kakmakr]

first Coinbase applied for a BitLicense in New York which scares some Coinbase users
and now they increased bounty for referral who buys $100 worth of bitcoin, they want more users?

they tweeted today that they're supporting Gavin's XT proposal too. suspicious to say the least

Believe me, they have done the math and they know their business. Some of that, they will get back in fee’s and it’s also a company marketing expense with some tax incentives.

They already support the government by adhering to all the AML and KYC regulations you have to pass before you can register on their site.  

For that reason, I am out! <Dragon's Den> ^Blink blink^

[Mickeyb]

So what do you exactly need to get this referal?
Will this work from France, with the French bank account? I have to have a US phone number for verification or not? Do I need to send documents later and do a KYC? And do I need to actually buy bitcoins later in order to get this referal done?

Thanks guys.

[medUSA]

For each person you refer who buys at least $100 worth of bitcoin, we’ll pay you a referral bonus. That bonus used to be $25, but today we’re increasing it to $75.

How is this possible? 

I believe less that expected number of new users signed up and they need to up the bonus to create more incentive.

Sign up, verify your account with KYC documents, bank account...

That's why! The KYC policy is hindering new users to buy bitcoins. They have regulations to follow.

[pedrog]

So what do you exactly need to get this referal?
Will this work from France, with the French bank account? I have to have a US phone number for verification or not? Do I need to send documents later and do a KYC? And do I need to actually buy bitcoins later in order to get this referal done?

Thanks guys.

I believe so, usually the bonus is same number in dollars, euros and sterling pounds.

Verifications needed are on a country basis, in France should be citizen's card and proof of residence.

In order to get the bonus a at least 100 euros bitcoin purchase has to be made, transfered by bank account.

For each person you refer who buys at least $100 worth of bitcoin, we’ll pay you a referral bonus. That bonus used to be $25, but today we’re increasing it to $75.

How is this possible?  

I believe less that expected number of new users signed up and they need to up the bonus to create more incentive.

Sign up, verify your account with KYC documents, bank account...

That's why! The KYC policy is hindering new users to buy bitcoins. They have regulations to follow.

Coinbase is worth $400 million, it has 2.5 million users, so each user is worth something like $160, if they are paying $75 for each new user who buys bitcoin, it's a bargain.

KYC is in place for many years now, it never hindered businesses who require it to operate like poker sites, gambling sites, sports books and so on.

[alfie_moon]

Seems kind of desperate to me... 

[Denker]

I wouldn't even recommend Coinbase to friends and colleagues of mine if the bonus is $150.
All this KYC/AML and arbitrarily closing of accounts is the last thing I want to happen to close people of mine.
Coinbase is history for me.

[pedrog]

Just checked my account, can't find the referrals page, maybe it's only enable for USA.

It was available when it was 25 euros...

[allthingsluxury]

That is a shockingly high number, I have to agree.

[BTCBinary]

This is possible because Coinbase is tring to get more than half of the bitcoin users working with their services...

[pedrog]

That is a shockingly high number, I have to agree.

Not really, it's common to see campaigns from poker sites offering up to 120 euros for new users, and the requirements are usually much lower than 100 dollars purchase.

[LiteCoinGuy]

1000 ATMs will be placed in Greece.
Coinbase is backed by really BIG VCs.
They're trying to grab as many users possible before new bubble.

that will never happen.

[favdesu]

Isn't this just asking for people to scam the system?

Sign up through vpn on own referral link. Buy 100 dollar bitcoin, send to other exchange. Get 75 dollar, buy bitcoin, send to other exchange. Cash out or keep 175 usd worth of bitcoin for the price of 100?

Sign up, verify your account with KYC documents, bank account...


I am considering going on Facebook and telling everyone I'll give them $50 if they go sign up and buy $100 worth of bitcoins on Coinbase. Free money.

Yeah get all your friends honeypotted by the government, real smart idea there bud.

I was pretty neutral standing for coinbase, UNTIL they announced their support to XT. it's certainly more dangerous to use now.

[pedrog]

That is a shockingly high number, I have to agree.

Not really, it's common to see campaigns from poker sites offering up to 120 euros for new users, and the requirements are usually much lower then 100 dollars purchase.

But it's not common from coinbase, and it's at the same time there's a good versus evil battle involving bitcoin and bitcoinxt.

This is like laying traps to kill all the raccoons in your yard.

It's about how much a user is worth:

Coinbase is worth $400 million, it has 2.5 million users, so each user is worth something like $160, if they are paying $75 for each new user who buys bitcoin, it's a bargain.

They are being cheap paying only $75.

[RGBKey]

That's crazy..$75 for a $100 purchase? That can easily just be sold back? I hope this doesn't get abused because it's a great way to get people into bitcoin.

[BitUsher]

It's about how much a user is worth:

Coinbase is worth $400 million, it has 2.5 million users, so each user is worth something like $160, if they are paying $75 for each new user who buys bitcoin, it's a bargain.

They are being cheap paying only $75.

Exactly, they are leveraging the Venture capital fundraising to accelerate user adoption and dominate a greater percentage of marketplace.

https://www.coinbase.com/about

They have 2.5 million users (unique) and 3.8 million wallets. Thus there is at least double that that currently use bitcoin outside them they could immediately attract as they open up in new emerging markets.