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

[sega01]

HappyScamp, even if what you're saying is legitimately Coinbase's wrongdoing, you're making a complete fool out of yourself. You need to calm down and contact their support and act like a real person. Sort this out with the people you feel wronged you. Stop complaining about it here until you've found they really won't help you, explain how they do business, and make no effort to correct the (supposed) problem.

Coinbase has always worked fine for me. I don't keep the majority of my coins there, but for wait-a-week coin buying and the odd transaction, they work pretty well. I honestly think that on the whole, they are best deal in simplicity/markup for buying coins. MTGox is slightly cheaper and a better option in the long run, but it's a lengthy process getting on with them.

[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?

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

No where in their "contract" did I agree to having funds in my bank account frozen indefinitely. I.e my order was completely deleted from their system and no longer shows up on my account info page. Yet the last contact I had with their support after several attempts to contact them said the order was supposed to go through two days ago.

So I have $286 in my account and no idea if, when, or even if at all the funds will be withdrawn. If I move that $286 to Dwolla-Gox and then all of the sudden the transaction occurs I just spent twice as much on BTC as I originally planned on. (Not really a problem in the long run I suppose. lol)

Yes they are a new company in the "beta" phase. But if they are going to withdraw funds from my bank account without any indication within my Coinbase account then they have some real issues to overcome. Regardless, looks like I will not be using Coinbase again after this much hassle.

[the joint]

No where in their "contract" did I agree to having funds in my bank account frozen indefinitely.

Well that's good, because your funds weren't frozen indefinitely.  Actually, they were probably never frozen at all.

I.e my order was completely deleted from their system and no longer shows up on my account info page.

This isn't what indefinitely means.

Yet the last contact I had with their support after several attempts to contact them said the order was supposed to go through two days ago.

You're obviously not the first person to be in this situation, and it requires a manual fix.  This means they need the time to manually respond to every single instance of this sort of claim (e.g. to clear transactions, to whitelist accounts, etc.).  However, it seems as though you still haven't keyed into the fact that the "support" responses you're receiving are likely auto-generated.

So I have $286 in my account and no idea if, when, or even if at all the funds will be withdrawn. If I move that $286 to Dwolla-Gox and then all of the sudden the transaction occurs I just spent twice as much on BTC as I originally planned on. (Not really a problem in the long run I suppose. lol)

Yes, you have no idea when (or if) the funds will be withdrawn.  But no, if you move that $286 to Dwolla-Gox and then buy BTC with it, you didn't spend twice what you originally intended.  Now, assuming you still had money in your bank account after transferring to Dwolla-Gox, then you would spend exactly the amount you originally intended.  If not, then Coinbase wouldn't be able to withdraw the necessary funds to complete your purchase because, well, you moved them.

Yes they are a new company in the "beta" phase.

So you 'beta' be responsible and read before you register.

But if they are going to withdraw funds from my bank account without any indication within my Coinbase account then they have some real issues to overcome.

When did they ever withdraw funds from your bank account?  Every indication suggested you were never charged.  

Regardless, looks like I will not be using Coinbase again after this much hassle.

Lol, if you thought this experience was bad, have fun with the other exchanges.

[HappyScamp]

Update:

Okay, at least they are now making a serious effort at responding to their customers.

It's been a month or so since I made plenty of stink for them for canceling a transaction after it had shown up as cleared.

This morning, however, I received this email from them:

Coinbase just sent you 0.2496 BTC (worth $14.61 USD) using Coinbase.

Attached message:

    I'm sorry you had a poor experience and would have been happy to rectify had you contacted us directly. I've made sure it won't happen again and send this for the lost profit over the window you were waiting for your order to arrive.

So, their having done that, I want to acknowledge it, and suggest that people (cautiously) reconsider their service.

[BitcoinTate]

I agree. They also sent me enough BTC to cover an overdraft fee for an order that came through three weeks later that it was supposed to. I have since made another order for 10 BTC and it came through right away.

[Phinnaeus Gage]

Update:

Okay, at least they are now making a serious effort at responding to their customers.

It's been a month or so since I made plenty of stink for them for canceling a transaction after it had shown up as cleared.

This morning, however, I received this email from them:

Coinbase just sent you 0.2496 BTC (worth $14.61 USD) using Coinbase.

Attached message:

    I'm sorry you had a poor experience and would have been happy to rectify had you contacted us directly. I've made sure it won't happen again and send this for the lost profit over the window you were waiting for your order to arrive.

So, their having done that, I want to acknowledge it, and suggest that people (cautiously) reconsider their service.

Renaming the thread may be in order, perhaps using the word resolved for starters.

Glad it all worked all, bud.

~Bruno K~

[HappyScamp]

Good suggestion Bruno, implemented.

I had forgot that threads can be renamed.

[Amitabh S]

Must be a highly complex algorithm since it takes six days to generate results. 

[crazylikeafox]

I don't understand why it is so hard for these companies to just deliver the service they promise.  Bitinstant's gone to hell, and Coinbase, which has actual VC funding, seems to be hot on their trail.  How these companies can mess up such a giant opportunity I have no idea. 

1) DON'T ENTER THE BUSINESS IF YOU DON'T HAVE FUNDS/COINS TO FLOAT.
2) If selling BTC, either make sure you have them already, or that you buy them automatically at a price lower than you are selling them for.  Mt. Gox has an API.  Learn it.  Use it.  Love it.

It's really that simple, but both of these companies have run afoul of this.  This business is essentially impossible to screw up, but these major players are literally inventing ways to screw up.  Enough of the BS.

[Korbman]

2) If selling BTC, either make sure you have them already, or that you buy them automatically at a price lower than you are selling them for.  Mt. Gox has an API.  Learn it.  Use it.  Love it.

Hmm..you do realize this causes bankruptcy, right? I'm not sure you're aware of this, but most businesses get into..well..business..to make some sort of profit...

[MPOE-PR]

2) If selling BTC, either make sure you have them already, or that you buy them automatically at a price lower than you are selling them for.  Mt. Gox has an API.  Learn it.  Use it.  Love it.

Hmm..you do realize this causes bankruptcy, right? I'm not sure you're aware of this, but most businesses get into..well..business..to make some sort of profit...

They could, of course, use options to secure themselves. Those that have a modicum of competence already do. Those that don't won't survive, simply because basic hedging is required, not optional.

[Korbman]

They could, of course, use options to secure themselves. Those that have a modicum of competence already do. Those that don't won't survive, simply because basic hedging is required, not optional.

For once I think we actually agree on something ..hedging should be necessary, especially in the kind of volatile market that these companies work in.

[crazylikeafox]

2) If selling BTC, either make sure you have them already, or that you buy them automatically at a price lower than you are selling them for.  Mt. Gox has an API.  Learn it.  Use it.  Love it.

Hmm..you do realize this causes bankruptcy, right? I'm not sure you're aware of this, but most businesses get into..well..business..to make some sort of profit...

Learn to read please.  Coinbase wants to make a profit on selling coins.  Therefore, they want to buy the coins at a price lower than what they sell them for.

[Korbman]

Learn to read please.

Fuck no, this is the internet. I reject your reality and substitute my own.

[Limie]

I had some trouble authentication a coinbase account and was not willing to jump through the hoops if you will. I was interested in using one of their widgets on my blog and all the information they required for receiving payment or cashing out just seemed sketchy from the beginning so I stayed away. One trading site we like a lot is Vircurex: https://.com/welcome/index?referral_id=965-5327

Good Luck!

[alcibiades]

They have had the wrong account balance for me for several days.

They have deducted coins from my account, but never sent the transaction.

I don't know they are a scam, but they are at least incompetent. I'm hoping the coins show up soon.

[Sharpy]

I had a transaction cancelled today after waiting the 4 business days for funds to clear.

Strange thing is I have had several successful transaction with Coinbase both buying and selling, so why would an account with several successful transactions be deemed "Risky" all of a sudden? Might the fact that the BTC value had increased since the time of my order have anything to do with it?

It shouldn't take till the last minute to decide the transaction is "risky"

[Sharpy]

Just wanted to update that Coinbase made everything right and I too got the "whitelisted" email. Coinbase is A+

I had a transaction cancelled today after waiting the 4 business days for funds to clear.

Strange thing is I have had several successful transaction with Coinbase both buying and selling, so why would an account with several successful transactions be deemed "Risky" all of a sudden? Might the fact that the BTC value had increased since the time of my order have anything to do with it?

It shouldn't take till the last minute to decide the transaction is "risky"

[WGates]

My April 19th order for 2 BTC was supposed to deliver today but checking on status by logging in I now find it cancelled. Never got an email from this about cancelling my order. No reason yet. I emailed them and awaiting an answer. This is first transaction after being verified.

[WGates]

My April 19th order for 2 BTC was supposed to deliver today but checking on status by logging in I now find it cancelled. Never got an email from this about cancelling my order. No reason yet. I emailed them and awaiting an answer. This is first transaction after being verified.

UPDATE: Like others reported here, I emailed them and got them to reverse the cancellation... and I got my bitcoin!