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

[HappyScamp]

Here in the states it is a bit of a challenge to find USD -> BTC exchange.  And with so many scammers out there... it becomes almost too much to be bothered with.

Yes, state Attorney Generals do put their staff on to things like this.

The one in MY state certainly does.

With a physical address and suspicious things with money going down, they will certainly have a look.

[HappyScamp]

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?

Legally, they entered into what is called "a contract", specifically, a commitment to do one thing in consideration for another, generally money.

They agreed to take my money and tied it up, then did not deliver.

They WILL be getting attention, trust me.
Laugh all you like, they will be answering some questions to people authorized to shut them down on the spot and seize everything in the place.

[Korbman]

"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.

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?

Legally, they entered into what is called "a contract", specifically, a commitment to do one thing in consideration for another, generally money.

They agreed to take my money and tied it up, then did not deliver.

Hmm, a "contract" you say? I can't say I've ever heard of such a thing. Could explain in excruciating detail what one is and the "clauses" (oops, sorry for the big word) that it can contain? Then, with that knowledge, apply it to the contract you entered into with Coinbase? Only then can we properly assess the situation at hand.

[kayrice]

The one in MY state certainly does.

Ya I live in Oregon too, and I lived in California too - that's why I decided to respond to your post. Would you be willing to make a public wager about the results of your AG inquiry and my claim it will yield nothing beneficial?

I have a lot of experience with the AG. I live in a small county that has done all kinds of illegal things. We're stuck in a standstill because they've found ways to do the illegal things in a nature that is extremely cost prohibitive for us to manage. In short they move money between accounts in municipal resources very wrongly and against their own charter in many many ways. I would care less, but we pay about 80% more and have high minimum payments for resources we do not use. It typically costs at least a $1,400 to even start the process of calling them out on just one of their mishaps, but they've spread it out so that we cannot do anything without bringing them up individually unless we get the AG to help us.

So we went to the AG. Many times. I think this has been going back for about 3 years now.

The AG responded and never disagreed with us, and at times has said they are in motions to help us and will be doing X or Y soon. It never happens, and it never will. The AG resources are spent getting money for Oregon via punishing businesses with big pockets to payout. For them to spend the time on this would cost them revenue they are earning.

[Monster Tent]

Can you prove they are actually buying the bitcoins with your money ?

If they simply refund the USD its not an issue, you just get screwed by the exchange rate.

However if your money goes through, they buy btc and sit on it while the exchange shoots up then sell some of the loot to return your usd its a problem. Would be hard to prove without a forensic accountant.

To solve things they shouldnt let you buy any coins untill they have cleared the funds to do so.

[Anon136]

Totally disagree.

If I order a product or service from any legit operation, they either agree or don't agree.

You do NOT agree and then at the time of delivery, throw your wrists in the air and say "I changed my mind."

"We've changed our minds.  You can fly on that flight.  We've changed our minds, the chef will not prepare this meal.  We've changed our minds, you can put the groceries back now.  We've changed our minds, we will not perform the surgery."

If there's a problem, then maybe, you know, email and say, "We have some questions on your account, could you give us a call?"

You DON'T say "Sorry, we cancelled your transaction.  Good Luck!" to your customers

... and then expect them to call pleading or something?  

Utterly dismal business sense, if that is what it is.  They contracted at one price, when the price rose, they welched on it.  They thus stole just a few bucks from me, but multiply that by thousands of dubious transactions a day and it adds up, I'm sure.

Posters actually defending that sort of behavior continue to cast doubt on the credibility of BTC in general,
and this suggests that it will remain a currency of hucksters and shysters.

an option clause is a perfectly legitimate part of a contract

[sublime5447]

I opened an account and got verified thought it was pretty cool till I go to the last page. It was the 13th or so and it said the coins would be delivered the 21 st ! WTF? Havent been back what a shitty way to get coins.

[zebedee]

So it should be pretty easy to determine if these cancellations are genuine.  Has anyone had a contract cancelled where the spot price at cancellation time was lower than at trade time?

The fact we've had a sustained rally makes this difficult to assess, but still there should be at least 2 or 3 people in that situation if the cancellations are legit.  And if the price stabilizes or goes down for 48-72 hours there should be plenty of such examples.

Are there any?

[🏰 TradeFortress 🏰]

So it should be pretty easy to determine if these cancellations are genuine.  Has anyone had a contract cancelled where the spot price at cancellation time was lower than at trade time?

The fact we've had a sustained rally makes this difficult to assess, but still there should be at least 2 or 3 people in that situation if the cancellations are legit.  And if the price stabilizes or goes down for 48-72 hours there should be plenty of such examples.

Are there any?

This is what I'd like to know. Has a large amount of people had their orders cancelled when the price went down?

[sublime5447]

who knows the price doesn't go down!

[danieldaniel]

Have you read their ToS?  Ya know, the actual CONTRACT THAT YOU WENT INTO WITH THEM?

I'm sure they disclaim responsibility for this sort of thing, since, you know, they don't want HIGH RISK PURCHASES?

And, do you know that every financial services provider ever does this?

EDIT: Yup, they do!
3.1 Coinbase may cancel or reverse potentially high-risk purchases made using reversible payment methods.
https://coinbase.com/legal/user_agreement

There is no legal basis for this thread whatsoever.  Coinbase wins.  Sorry!

[Korbman]

Have you read their ToS?  Ya know, the actual CONTRACT THAT YOU WENT INTO WITH THEM?

I'm sure they disclaim responsibility for this sort of thing, since, you know, they don't want HIGH RISK PURCHASES?

And, do you know that every financial services provider ever does this?

EDIT: Yup, they do!
3.1 Coinbase may cancel or reverse potentially high-risk purchases made using reversible payment methods.
https://coinbase.com/legal/user_agreement

There is no legal basis for this thread whatsoever.  Coinbase wins.  Sorry!

Aww, this was the conclusion that the OP was supposed to draw after digging up the contract that they agreed to.

[danieldaniel]

Have you read their ToS?  Ya know, the actual CONTRACT THAT YOU WENT INTO WITH THEM?

I'm sure they disclaim responsibility for this sort of thing, since, you know, they don't want HIGH RISK PURCHASES?

And, do you know that every financial services provider ever does this?

EDIT: Yup, they do!
3.1 Coinbase may cancel or reverse potentially high-risk purchases made using reversible payment methods.
https://coinbase.com/legal/user_agreement

There is no legal basis for this thread whatsoever.  Coinbase wins.  Sorry!

Aww, this was the conclusion that the OP was supposed to draw after digging up the contract that they agreed to.

He was too stubborn.

[Third Way]

The fact this thread reached page 3 means the ATTENTION WHORE has been fed.

[BitcoinTate]

My purchase from Feb 23rd was canceled in the same manner:

"On Feb 23, 2013 you purchased 10.00 BTC via bank transfer for $286.69.

Unfortunately, we have decided to cancel this order because it appears to be high risk."

After several emails and tweets I received this:
"Hi,

Sorry about that! After manually reviewing your account I've whitelisted it so you shouldn't experience any additional issues going forward. I've also pushed through the transaction that was canceled previously (at the original exchange rate you locked in), so you should have those coins by the end of tomorrow. In addition, we recently wrote a blog post about this you might find interesting: http://blog.coinbase.com/post/44046687068/high-risk-transactions

Hope it helps and sorry again for the trouble!


--------------------------------------------------------------------------------
 "

Its been three days and there is no evidence of the transaction at all in my coinbase account or bank account. I emailed them yesterday and today and there has been no response. Judging by the amount of people and foum topics that have popped up in the past week with the jump in BTC something shady is going down.

[BitcoinTate]

I bought my 10 btc at $28.20.... the price is now $36 something. I want my BTC lol!

[Monster Tent]

When coinbase opened they said they wanted to become the paypal of bitcoin. It looks like they are succeeding.

[danieldaniel]

Are you guys stupid?  They have fraud management.  They are using reversible payment methods, and therefore NEED this fraud management!

If you ran coinbase you would do the exact same thing.

[BitcoinTate]

So why cancel the order a week later right before the BTC are supposed to be deposited? Wouldnt it make more sense to flag the order right away and cancel it then? And not a week later?

[danieldaniel]

So why cancel the order a week later right before the BTC are supposed to be deposited? Wouldnt it make more sense to flag the order right away and cancel it then? And not a week later?

Does it matter what makes sense, or what you agreed to in the contract?