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Walter Rothbard (OP)
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February 16, 2013, 01:57:32 PM
Last edit: February 21, 2013, 03:59:52 PM by Walter Rothbard |
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Wednesday I purchased 1.0 BTC from Coinbase (at the beginning of the downturn, for about $24.50). Thursday, this transaction showed as pending with an ETA of next Wednesday. But yesterday, the transaction had completely disappeared, without a trace. There is no record of my purchase in Coinbase any more. I did not receive any notification of my transaction being canceled or of my transaction being deemed "at risk."
I have contacted coinbase support, PMed Brian Armstrong on this site, and also tried to contact Coinbase through twitter. So far I've received no response at all.
I would like to know what happened and whether or not I'll be able to continue purchasing through Coinbase in the future. I'd like to get some closure on this and get going getting my 1.0 BTC somewhere else, or get my transaction to come back into existence preferably with the same original ETA. I'd like to hear something.
Resolved, see below (clueless user / awkward interface)
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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BradZimdack
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Activity: 87
Merit: 12
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February 16, 2013, 06:46:52 PM |
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If Coinbase can cancel your order if the price goes up, but you can't cancel an order if the price goes down, then what they are doing is essentially stealing a free put option from you. It is also disturbing that they destroy the evidence in the transaction history. They should at least mark a canceled order as canceled rather than try to hide the fact that it ever existed. As they say, the coverup is worse than the crime.
I have been having some similar problems with Coinbase lately too with no response from their support department. It is very frustrating but nothing on the scale of problems people have had with other services in the recent past (MyBitcoin, Bitcoinica, Bitfloor, etc.) At the very least, they should send an auto-response acknowledging that your request has been received.
In reality, I think these guys are just in way over their heads. Hopefully they haven't been hacked or robbed and still have enough venture capital to pull their way out of it. If so, I could see it being a great service at some point. I will certainly make no attempt to continue using their service myself until it's very clear they're on solid footing, and I would definitely not recommend them to anyone, but maybe some day they'll be worth another try.
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Walter Rothbard (OP)
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February 17, 2013, 01:23:59 AM |
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I've seen a couple of comments that coinbase is "out of coins," like over on this thread: https://bitcointalk.org/index.php?topic=144189.0;allHas anyone seen this from some official source? Is that the reason why my order was canceled? Would like to hear something official from coinbase. |
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MPOE-PR
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February 17, 2013, 04:14:17 AM |
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Wednesday I purchased 1.0 BTC from Coinbase (at the beginning of the downturn, for about $24.50). Thursday, this transaction showed as pending with an ETA of next Wednesday. But yesterday, the transaction had completely disappeared, without a trace. There is no record of my purchase in Coinbase any more. I did not receive any notification of my transaction being canceled or of my transaction being deemed "at risk."
I have contacted coinbase support, PMed Brian Armstrong on this site, and also tried to contact Coinbase through twitter. So far I've received no response at all.
I would like to know what happened and whether or not I'll be able to continue purchasing through Coinbase in the future. I'd like to get some closure on this and get going getting my 1.0 BTC somewhere else, or get my transaction to come back into existence preferably with the same original ETA. I'd like to hear something.
This has all sorts of ouch written all over it. If indeed they cancel transactions because prices moved they're as much a scam as any other scam. |
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cbeast
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Activity: 1736
Merit: 1006
Let's talk governance, lipstick, and pigs.
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February 17, 2013, 03:02:17 PM
Last edit: February 17, 2013, 04:41:00 PM by cbeast |
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Well coinbase took my money and never sent me my bitcoins. They zeroed out my account, but have no record of sending my bitcoins to me, instead it says I sent bitcoins to them.
edit: I sent an email to support. It wasn't easy to find the support page.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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sublime5447
Legendary
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Merit: 1000
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February 17, 2013, 07:14:01 PM |
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That is what I have been telling all of the bulls around here, this is the kind of shit that happens when the market is manipulated. If I buy coins at 27 and it goes to 21 I cant sell at 22 or 23 or 26. I have seen so many post that say that the rapid price rise is healthy for BTC. IT is not. That is what happens when you treat a currency like a commodity. BTC is worthless unless you can use it as money for it to be used as money it needs to be stable.
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Walter Rothbard (OP)
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February 18, 2013, 12:22:33 AM |
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I've received a response from coinbase, but it seems to be a form response about the unconfirmed transaction issue they had last week. I'm aware of that issue; in fact, I explained it to several people here. I thought it was very interesting and was only slightly inconvenienced. But my issue is separate, I believe: I bought 1.0 BTC from Coinbase, and my purchase has disappeared with no notice. Now I have an additional issue: the rest of my coinbase balance has zeroed out for no reason.
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Walter Rothbard (OP)
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February 18, 2013, 02:31:38 PM |
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I got another reply from Coinbase. This time they resolved the zeroed out balance. But my 1.0 BTC purchase from last Wednesday is still gone without a trace, and there was nothing in the Coinbase response that addressed or even acknowledged it.
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Walter Rothbard (OP)
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February 18, 2013, 02:43:40 PM |
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I stand corrected.
I think I've been making a mistake this whole time. If so, I apologize to coinbase.
My bitcoin purchase is not visible under "Transactions," which is why I have been convinced my purchase was canceled. But it is visible under Buy/Sell bitcoin -> Transfer History. It is there, and it is correct, and I have nothing to complain about other than possibly the fact that the user interface is a bit confusing.
My apologies to Coinbase. They have had an extremely rough week and been under a ton of pressure, and here I am clogging up their pipes with a clueless newbie issue, and worse, damaging their reputation. I will continue to use Coinbase in the future, and will continue to recommend them and I look forward to watching them grow.
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Walter Rothbard (OP)
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February 18, 2013, 02:56:45 PM |
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I deleted my Coinbase posts on other threads.
So far my coinbase experience has been positive overall. The first issue I have had was this order that I thought was canceled, and that appears to have been a mistake. The unconfirmed transaction issues last week and the zero balance issues were minor annoyances; I'm sure they would've been worse for me if I were more dependent on coinbase at this point. But in my opinion they were resolved acceptably, and I'll bet if Coinbase hadn't been so busy with those last week, support would've told me my order was still active and told me how to view it.
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Walter Rothbard (OP)
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February 19, 2013, 09:39:40 PM |
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The charge for my purchase went through to my bank account today, so as far as I can tell, I'm still on track to receive my bitcoin tomorrow.
It's a little odd that the transactions page doesn't show my pending purchase, but over on thefiniteidea's thread, his screenshot of his transactions page shows a pending purchase. I think this must be a bug, albeit a minor one.
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Walter Rothbard (OP)
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February 21, 2013, 03:59:33 PM |
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My bitcoin arrived yesterday, right on time (a little early, in fact).
Thanks, Coinbase, for a great transaction!
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cbeast
Donator
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Activity: 1736
Merit: 1006
Let's talk governance, lipstick, and pigs.
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February 21, 2013, 04:18:21 PM |
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My balance was adjusted and the bitcoins came through immediately. I hope to use coinbase more in the future and that other exchanges will enter the Bitcoin arena.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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M0nKeY
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February 21, 2013, 10:59:09 PM |
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If Coinbase can cancel your order if the price goes up, but you can't cancel an order if the price goes down, then what they are doing is essentially stealing a free put option from you. It is my assertion that this is exactly what they are doing and it is fraud. |
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Walter Rothbard (OP)
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February 22, 2013, 03:54:19 PM |
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If Coinbase can cancel your order if the price goes up, but you can't cancel an order if the price goes down, then what they are doing is essentially stealing a free put option from you. It is my assertion that this is exactly what they are doing and it is fraud. It hasn't happened to me, so far. |
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BitcoinTate
Full Member
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Activity: 224
Merit: 100
DigiByte Founder
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March 10, 2013, 07:37:59 PM |
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After three weeks and multiple messages back and forth I have yet to relieve my Feb. 23rd order for 10 BTC@ $28. I am never using coinbase again. They have told me twice they would push my transaction through and haven't. The last message I received from them was:
"Hi Jared - taking a look at the original thread now. Sorry for the delay, but rest assured we will make it right.
Regards,
Fred" on March 5th.
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- aka The "DigiMan"
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