Re: Coinbase Warning !!! (Revisited, Somewhat Resolved)

[the joint]

Telling people no and expecting them to come and beg is not a way of doing business.

Period.

And, when/how did they do that exactly?  Examples? 

I'm not going to go sniveling after some thoroughly half-assed operation for a few bucks.

Period.

Well, clearly you're emotionally upset about it, even if the few bucks aren't the reason you're upset.  You certainly made it a point to come here and let us all know what you think.

They haven't even answered my original complaint yet.

What quality customer service!  

What original complaint?  As far as I can tell, your "original complaint" is this thread.  And, you stated that you refuse to contact support.  You don't expect them to come onto this forum to address your complaint, do you?  I certainly hope not.

I still don't rule out that they are running a scam.

Well, did they take your money or didn't they?  In your OP, you stated that Coinbase is "taking money" from its users and using it to "buy BTC".  However, in the (automated) email that they sent to you, it clearly indicated that they did not withdraw the money from your bank account.  You didn't lose anything, did you?  And if so, proof?

[Severian]

Well, did they take your money or didn't they?  In your OP, you stated that Coinbase is "taking money" from its users and using it to "buy BTC".  

An open order backed by a connected bank account is as good as cash on the market. Coinbase isn't running a scam but it's close. If the customer's money is tied up after placing the order and Coinbase cancels the order after using the customer's order as a chit for a few days, then it's closer to a scam than not.

[Walter Rothbard]

Telling people no and expecting them to come and beg is not a way of doing business.

Period.

I'm not going to go sniveling after some thoroughly half-assed operation for a few bucks.

Plonk.

[HappyScamp]

Telling people no and expecting them to come and beg is not a way of doing business.

Period.

And, when/how did they do that exactly?  Examples? 

I'm not going to go sniveling after some thoroughly half-assed operation for a few bucks.

Period.

Well, clearly you're emotionally upset about it, even if the few bucks aren't the reason you're upset.  You certainly made it a point to come here and let us all know what you think.

They haven't even answered my original complaint yet.

What quality customer service!  

What original complaint?  As far as I can tell, your "original complaint" is this thread.  And, you stated that you refuse to contact support.  You don't expect them to come onto this forum to address your complaint, do you?  I certainly hope not.

I still don't rule out that they are running a scam.

Well, did they take your money or didn't they?  In your OP, you stated that Coinbase is "taking money" from its users and using it to "buy BTC".  However, in the (automated) email that they sent to you, it clearly indicated that they did not withdraw the money from your bank account.  You didn't lose anything, did you?  And if so, proof?

Joint read the thread with some attention.  Most all your questions are answered there.

I wrote to them three separate times.

And they DID take my money in the sense that it was by contract tied up and so not useable elsewhere.

They BROKE a contract.... in the strictest legal business sense.   

No acknowledgment.  No apology.  No response.

With that kind of behavior, expect them to be closed down within 6 months.

Maybe sooner.  there is some suggestion that they are based or have an operation in San Fransisco.
Maybe the California State Attorney General needs to be having a look at this eh?

[the joint]

Joint read the thread with some attention.  Most all your questions are answered there.

I know I did, thanks.  However, I believe I also asked for proof of your claim.  Besides, the site is beta, as in, "You beta not put any money here you can't afford to lose (or have tied up)."

Here's what I do know - I was in virtually the same situation as you, and now it's resolved after one email to support.  You said you contacted them three times.  When was the initial contact?  My initial contact was on Friday soon after my transaction was declared cancelled.  I received an email yesterday (Tuesday) from them, so it took about 2 business days.

[HappyScamp]

Wouldn't know how to "prove" it to you.  It is as I say.  they canceled the transaction AFTER it had been declared completed.  I get the email many hours later.  Sent several, "Hey what's up?" type emails.

Still not one GDF response other than what was above.

Pile of GD garbage is what they are.

I am thinking more and more of putting the government after them.

Have your money there if you like. 

[casascius]

If it is all done by computer, they need to say that.

Every financial institution has these algorithms to determine transaction risk. All of them. It's common knowledge.

I have had legitimate activity blocked by Chase so often that I avoid doing business with Chase as much as I can for exactly one reason, no more, no less: because I'm afraid my transaction will be blocked.

It's embarrassing to go out for a late night 1:00 am taco, and be declined for $1.91 because Chase wanted to temporarily block my card just to verify that the $1000 payment I made the day prior - a payment I've made in the same amount to the same company every month for the past year and a half mind you - was really authorized by me.

And don't get me started on the numerous transactions Chase has REVERSED incoming funds and required the sender to re-send on their own free will, just because Chase wanted to be prudent and help me save myself from myself "for my own protection".  (That's QuickPay for ya)

[the joint]

Wouldn't know how to "prove" it to you.  It is as I say.  they canceled the transaction AFTER it had been declared completed.

Exactly where was it indicated that the transaction was "declared completed?"  Mine was "pending" until cancelled; it was never "declared completed."

I am thinking more and more of putting the government after them.

Yeah, good luck with that.  If you "wouldn't know how to 'prove' it" to me, how do you expect to convince law enforcement to do anything?  I'm guessing the "it's as I say" thing works in Coinbase's favor, too.

[HappyScamp]

It said "completed" on the coinbase transaction record.
It was brief, but it WAS there.

Getting an investigation going would be easy.  There are piles of complaints all over the web now.

Still no email from this 'coinbase' operation.  36 hours later.

[the joint]

It said "completed" on the coinbase transaction record.
It was brief, but it WAS there.

You: They stole my money.
Police:  How much did they take?
You:  Well, their website told me it took amount x.
Police:  What website?
You:  Well, the information isn't up there anymore.
Police:  What?
You:  It briefly said it took my money, but it doesn't say that anymore.
Police:  Right...yet you're saying they stole amount x?
You:  No.
Police:  What?
You:  I still have x in my bank account.
Police:  But you said they stole your money.
You:  Well, they did.
Police:  What?
You:  My money was locked up for 6 days!
Police:  But you said you still have x in your bank account.
You:  I do.
Police:  So what's the problem?
You:  They're "GD garbage!"

Getting an investigation going would be easy.  There are piles of complaints all over the web now.

After a conversation like that, I'm sure it would.  I've seen a few complaints on this forum, too.  It seems that taking the support route has been working to resolve those complaints.  I'll keep my eye out for outstanding cases, though.

Still no email from this 'coinbase' operation.  36 hours later.

I waited 2 business days for a response from support, but because the span included a weekend it was longer than 96 hours.  But, they got back to me, and the whole thing was resolved quickly once they did.

[DoomDumas]

4 BTC transaction called risky ?  I gamble more than than in one night sometimes.. 4 BTC.. no so much to be called risky !  I'm mystified !

[MPOE-PR]

If coinbase is not classified as a scam it's purely for semantic reasons. Functionally they're as shady as it gets.

[DoomDumas]

No.

I will not contact support.

They already blew it.

LOL

Then please dont whine here !

[HappyScamp]

I haven't even got an email back yet.

It's not whining bud, it is keeping it in the pubic awareness so that others don't get ripped off.

Maybe you're right... rather than isolatedly try to warn others, I need to put the law on their scamming butts.



Let's see, so far I have identified two bases of operations:

1 Bluxome St.
San Francisco, CA 94107

Coinbase, Inc. 14525 SW Millikan Way #26680 Beaverton, OR 97005-2343.



Oregon Attorney General:
http://www.doj.state.or.us/Pages/index.aspx

California Attorney General:
http://oag.ca.gov/

[danieldaniel]

I haven't even got an email back yet.

It's not whining bud, it is keeping it in the pubic awareness so that others don't get ripped off.

Maybe you're right... rather than isolatedly try to warn others, I need to put the law on their scamming butts.



Let's see, so far I have identified two bases of operations:

1 Bluxome St.
San Francisco, CA 94107

Coinbase, Inc. 14525 SW Millikan Way #26680 Beaverton, OR 97005-2343.



Oregon Attorney General:
http://www.doj.state.or.us/Pages/index.aspx

California Attorney General:
http://oag.ca.gov/

If you don't contact support, there is absolutely nothing they can do for you.
Also: I don't understand what the problem is here.  You didn't ever lose any money, so why are you making a big deal about this?

[HappyScamp]

"Also: I don't understand what the problem is here.  You didn't ever lose any money, so why are you making a big deal about this?"


BECAUSE THEY BROKE A F###ING CONTRACT!!!

Real businesses don't do that.

[HappyScamp]

Thanks for goading me.  It inspired me to start taking action.

I just filed this complaint with the California Dept of Justice.



Coinbase (https://coinbase.com/) is an internet business, ostensibly, that converts dollars to Bitcoins (bitcoins is an internet currency, (https://en.wikipedia.org/wiki/Bitcoin)

How coinbase works is you open an account, then hook your bank account to it by sending them the routing and account numbers, and then they send you two microdeposits.  Once that is done you then go to their site and purchase bitcoins for the current rate, which fluctuates quite a bit.

They accepted a contract to buy 4 BTC for $120.99, and it became apparent that I would have to wait 5 days for this to "clear".  The transaction showed on my account the whole time as pending, with the clearing time set at 6 PM PST Feb 26.   Briefly, just after the appointed time, the account showed the transaction as "completed".  I then tried to transfer this product to another site, and the Bitcoin simply disappeared, along with all record that I could see of the transaction.

Hours later I received this email from them:

On Feb 21, 2013 you purchased 4.00 BTC via bank transfer for $120.99.

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

It is to be noted that the value of BTC relative to the dollar was significantly higher at the time of cancellation.  In other words, when it becomes clearing time, they keep the currency of their choice, the consumer can go to hell. 

I am personally only mildly inconvenienced, and, I suppose you could say, out a few dollars.  But they are doing this sort of thing with lots and lots of people.

Here is a link to my complaint about it on a BTC related forum:
https://bitcointalk.org/index.php?topic=147341.0

and as you read down, others have noted lots of similar problems. 

If you google "coinbase complaint" or "Coinbase Scam" you will find pages and pages of material.

So clearly, there is enough going on here to merit a thorough investigation... lots of people are upset with them.  If they are a legit operation with perhaps some short sighted management, the problem can maybe corrected.  If else, then it is good that they receive some attention.

Thanks,

[HappyScamp]

There, and now the State of Oregon Attorney General as well.

So, presently, Coinbase should either be cleaning up its act, or, if the authorities find sufficient problem, will be closing its act.

[kayrice]

I need to put the law on their scamming butts

I haven't lol'd that hard in a while on these boards. Are you familiar with Trendon Shavers and the SEC fiasco? The law is either unwilling or incapable of helping, neither of which surprise me. Your time wasted typing at the state employee that will read your inquiry, give some tripe response to appease you or remind you they are protecting you, and you'll never hear back about it again.

Really I don't know if they are a scam or not but either way I can find a ton of places to swap BTC and USD without their problems.

[Korbman]

Holy shit this thread is hilarious! It's nice to get a good laugh in every once and a while.

"Also: I don't understand what the problem is here.  You didn't ever lose any money, so why are you making a big deal about this?"


BECAUSE THEY BROKE A F###ING CONTRACT!!!

Real businesses don't do that.

I concur, real businesses don't break contracts (at least not intentionally of course).

Hey, I can't seem to find the Coinbase contract. Can you post it here so we can review the terms together and find where they broke their own rules?