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Severian (OP)
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February 28, 2013, 07:38:15 PM |
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I'm going to buy a bag of weed for you but I need the money up front. You'll see me again in 3, 4 or 5 days. Maybe a little longer.
When I get back to you, I don't have the weed but I do have your money. I used your pledge, and the pledges of others, so that I could buy a pound of weed and distribute it amongst my friends. If we keep doing this deal, sometimes you might get some weed.
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totaleclipseofthebank
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February 28, 2013, 09:13:35 PM |
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I'm going to buy a bag of weed for you but I need the money up front. You'll see me again in 3, 4 or 5 days. Maybe a little longer.
When I get back to you, I don't have the weed but I do have your money. I used your pledge, and the pledges of others, so that I could buy a pound of weed and distribute it amongst my friends. If we keep doing this deal, sometimes you might get some weed.
hahaha +1 |
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BitcoinTate
Full Member
 Offline
Activity: 224
Merit: 100
DigiByte Founder
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March 05, 2013, 12:06:17 AM |
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lol! Sounds about right!
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- aka The "DigiMan"
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MPOE-PR
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March 05, 2013, 08:38:03 AM |
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I'm going to buy a bag of weed for you but I need the money up front. You'll see me again in 3, 4 or 5 days. Maybe a little longer.
When I get back to you, I don't have the weed but I do have your money. I used your pledge, and the pledges of others, so that I could buy a pound of weed and distribute it amongst my friends. If we keep doing this deal, sometimes you might get some weed.
Your story needs more Wall Street in it. |
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Atruk
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March 05, 2013, 08:55:16 AM |
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I'm going to buy a bag of weed for you but I need the money up front. You'll see me again in 3, 4 or 5 days. Maybe a little longer.
When I get back to you, I don't have the weed but I do have your money. I used your pledge, and the pledges of others, so that I could buy a pound of weed and distribute it amongst my friends. If we keep doing this deal, sometimes you might get some weed.
Your story needs more Wall Street in it. Change it from weed to powder? |
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Severian (OP)
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March 05, 2013, 09:06:45 AM |
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Your story needs more Wall Street in it.
Change it from weed to powder?
Or 15 year olds. |
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MPOE-PR
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March 05, 2013, 07:16:34 PM |
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Your story needs more Wall Street in it.
Change it from weed to powder?
Or 15 year olds. Fun fact of the day: did you know HashKing (gigavps' other bankrupt/scammer miner friend) sarcastically claimed he's 15 which ended up with people missing the sarcasm and weeks' worth of "omg he's 15" statements played straight all over the place? |
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the joint
Legendary
Offline
Activity: 1834
Merit: 1020
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March 08, 2013, 12:24:58 AM |
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I'm going to buy a bag of weed for you but I need the money up front. You'll see me again in 3, 4 or 5 days. Maybe a little longer.
When I get back to you, I don't have the weed but I do have your money. I used your pledge, and the pledges of others, so that I could buy a pound of weed and distribute it amongst my friends. If we keep doing this deal, sometimes you might get some weed.
Explain to me how this makes any sense when no funds ever leave the consumer's bank account at any point during the "pending" process. Here's my question: If you buy BTC but the price of BTC drops during the "pending" process, can you simply move funds out of your bank such that there wouldn't be enough funds to cover the wire transfer? Or are the funds "locked" as soon as the request to purchase is initiated? For example, if I have $100 in my bank account and request to buy $90 of BTC, but afterwards I try to make a $20 purchase, will my $20 purchase be declined? |
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Amitabh S
Legendary
Offline
Activity: 1001
Merit: 1005
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March 09, 2013, 12:14:02 AM |
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I'm going to buy a bag of weed for you but I need the money up front. You'll see me again in 3, 4 or 5 days. Maybe a little longer.
When I get back to you, I don't have the weed but I do have your money. I used your pledge, and the pledges of others, so that I could buy a pound of weed and distribute it amongst my friends. If we keep doing this deal, sometimes you might get some weed.
For example, if I have $100 in my bank account and request to buy $90 of BTC, but afterwards I try to make a $20 purchase, will my $20 purchase be declined? That would be double spending, so I think they would be declined. Never experimented myself. |
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the joint
Legendary
Offline
Activity: 1834
Merit: 1020
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March 09, 2013, 01:31:35 AM |
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I'm going to buy a bag of weed for you but I need the money up front. You'll see me again in 3, 4 or 5 days. Maybe a little longer.
When I get back to you, I don't have the weed but I do have your money. I used your pledge, and the pledges of others, so that I could buy a pound of weed and distribute it amongst my friends. If we keep doing this deal, sometimes you might get some weed.
For example, if I have $100 in my bank account and request to buy $90 of BTC, but afterwards I try to make a $20 purchase, will my $20 purchase be declined? That would be double spending, so I think they would be declined. Never experimented myself. I would like to know others' experiences with this. Anyone? |
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justusranvier
Legendary
Offline
Activity: 1400
Merit: 1013
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March 09, 2013, 01:43:34 AM |
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I accidentally double spent against Coinbase once. I got an email saying the sale was complete (not realizing that I had accidentally specified the wrong checking account when I started the order) and withdrew my bitcoins. Then a couple hours later I got an email saying the transfer failed due to insufficient funds.
We got it straightened out in the end, but I was surprised their system didn't catch it before I did.
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Severian (OP)
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March 09, 2013, 02:21:20 AM |
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Explain to me how this makes any sense when no funds ever leave the consumer's bank account at any point during the "pending" process. Coinbase having a bunch of open orders backed by bank drafts is like a company walking around the Bitcoin market with cash. Not all of those orders are being filled, obviously. If Coinbase customers want to help fund Coinbase for free while only getting bitcoins every now and then, it's their choice as the informed consumers that they are to be treated like that. |
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danieldaniel
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March 09, 2013, 02:25:11 AM |
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Explain to me how this makes any sense when no funds ever leave the consumer's bank account at any point during the "pending" process. Coinbase having a bunch of open orders backed by bank drafts is like a company walking around the Bitcoin market with cash. Not all of those orders are being filled, obviously. If Coinbase customers want to help fund Coinbase for free while only getting bitcoins every now and then, it's their choice as the informed consumers that they are to be treated like that. Well, I might as well point out the factual error here. A bank draft is a type of check where the payment is guaranteed to be available by the issuing bank. Therefore, this is not a "bank draft" but a pending ACH transfer. A pending ACH transfer is not guaranteed by the issuing bank, as there is always a chance that there aren't enough funds in the account to cover the transfer. EDIT: Source: http://www.investopedia.com/terms/b/bank_draft.asp#axzz2N0OwxWaU |
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Severian (OP)
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March 09, 2013, 02:30:32 AM |
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Well, I might as well point out the factual error here.
Your point is taken. But I hope you see the point I'm trying to make. |
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the joint
Legendary
Offline
Activity: 1834
Merit: 1020
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March 09, 2013, 11:41:21 AM
Last edit: March 09, 2013, 12:20:07 PM by the joint |
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The way I see it, if I can withdraw funds from my account such that the ACH transfer won't clear (and, subsequently, neither will the BTC purchase) then you can essentially play the same 'uncertainty game' that Coinbase plays and the whole thing becomes a non-issue aside from a little frustration. Actually, it could be an excellent way to prevent loss at times.
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danieldaniel
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March 09, 2013, 05:37:12 PM |
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The way I see it, if I can withdraw funds from my account such that the ACH transfer won't clear (and, subsequently, neither will the BTC purchase) then you can essentially play the same 'uncertainty game' that Coinbase plays and the whole thing becomes a non-issue aside from a little frustration. Actually, it could be an excellent way to prevent loss at times.
Exactly! They never hold your funds or anything. If you don't like their fraud detection, go somewhere else and buy Bitcoins with the money that's still in the bank. |
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Severian (OP)
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March 09, 2013, 06:21:23 PM |
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If you don't like their fraud detection
It's not fraud detection. It seems to be a random "let's piss people off and see who responds" metric. I dislike Coinbase immensely. You're more than free defend the service but you're wasting your time trying to persuade me of anything in relation to it. |
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danieldaniel
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March 09, 2013, 11:51:52 PM |
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If you don't like their fraud detection
It's not fraud detection. It seems to be a random "let's piss people off and see who responds" metric. I dislike Coinbase immensely. You're more than free defend the service but you're wasting your time trying to persuade me of anything in relation to it. Well, the same with every online money transfer service, right? And the same with every bank in existence? BTW: I'm not trying to convince you to like it. I'm just saying that they have a right to use fraud detection. |
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Amitabh S
Legendary
Offline
Activity: 1001
Merit: 1005
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March 21, 2013, 07:56:00 PM |
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Coinbase: These are very serious allegations. When people want their weed you better give it to them.
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Atruk
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March 21, 2013, 08:57:03 PM |
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Coinbase: These are very serious allegations. When people want their weed you better give it to them.
It's more serious because, Wall Street. Change the weed to powder and you get a different kind of discomfort when someone is missing their fix... |
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