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Author Topic: Coinbase, the Final Death Blow?  (Read 3439 times)
boscorocks
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April 01, 2013, 11:55:46 PM
 #1

I am hoping this screenshot and information is an April Fools Joke. If not, adios for good from me.

http://www.reddit.com/r/Bitcoin/comments/1bh00w/coinbase_is_pretty_much_worthless_now/

Has anyone successfully closed their account/severed ties with them? I am hoping a support ticket wont take days and days like their other ones do.
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WikileaksDude
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April 01, 2013, 11:58:23 PM
 #2

This is really not good for coinbase.

How come they decided something like this?

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April 02, 2013, 12:07:25 AM
 #3

I see their point. But they just screwed their own business model. But it does allow you to get around the 24 hr limit.

- aka The "DigiMan"
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April 02, 2013, 12:09:14 AM
 #4

"Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.

Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price on approximately Friday Apr 5, 2013 at 06:09PM MDT.

Note that you can cancel your order at any time up until your bitcoin arrive from the transfer history page.

The market price of bitcoin changes frequently. Below are some recent prices to give you an idea. These do not guarantee what the price will be in a few days."

At least you can cancel the order up until it clears your account.

- aka The "DigiMan"
prezbo
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April 02, 2013, 12:09:55 AM
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How else are they supposed to know if you actually paid them or not? As long as they tell you that before the order is placed and/or allow you to cancel it, I don't see a problem.
Fiyasko
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April 02, 2013, 12:10:19 AM
 #6

This is incredibly stupid.
April fools or die

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
https://bitcointalk.org/index.php?topic=857670.0 GAWminers and associated things are not to be trusted, Especially the "mineral" exchange
vqp
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April 02, 2013, 12:11:50 AM
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I think they are going to be an alternative when (if?) the price against fiat stabilizes.
I can not blame them, in the current situation they would be buying coins for you @ mtGox and receiving the money 4 days later. That would be like be short on bitcoins on their side. And be short on bitcoins was not a good practice these two last weeks.


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April 02, 2013, 12:14:21 AM
 #8

At this point they are now offering an additional service to the community. They charge less of a fee than Bit Instant and they don't require verification like Dwolla ->Gox. So after thinking about it  I must applaud their decision to expand their business. I'm sure it was very bothersome for them to be turning down so many people the past few weeks. I for one have tried clicking the buy bottom 40-50 times in the past couple weeks and have yet to get through.

- aka The "DigiMan"
justusranvier
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April 02, 2013, 12:19:44 AM
 #9

I guess it's better than not being able to buy at all.
BitcoinTate
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April 02, 2013, 12:22:23 AM
 #10

I guess it's better than not being able to buy at all.
Exactly, and the easier it becomes for people to buy into BTC the more people will do it which in turn means my coins will be worth more Smiley Bahhaha!

- aka The "DigiMan"
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April 02, 2013, 12:22:30 AM
 #11

I am hoping this screenshot and information is an April Fools Joke. If not, adios for good from me.

http://www.reddit.com/r/Bitcoin/comments/1bh00w/coinbase_is_pretty_much_worthless_now/

Has anyone successfully closed their account/severed ties with them? I am hoping a support ticket wont take days and days like their other ones do.

This is an over-reaction. They're just protecting their own business. If they were to honour lots of purchases and losing money on it, they would soon go out of business..
Aozora21
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April 02, 2013, 01:15:44 AM
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I guess it's better than not being able to buy at all.

Actually its not.. if you bought multiple small quantities of coins.. you could just click buy and have buy orders within a couple of minutes.  that was MUCH better than saying "we'll force you into whatever the price is at some unforseen time"   i spit my drink out when i read that.

Need a new site to buy BTC directly from my bank... and LTC too lol.   cant justify $20 wire fees for the small time coining i do
BitcoinTate
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April 02, 2013, 01:17:23 AM
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I guess it's better than not being able to buy at all.

Actually its not.. if you bought multiple small quantities of coins.. you could just click buy and have buy orders within a couple of minutes.  that was MUCH better than saying "we'll force you into whatever the price is at some unforseen time"   i spit my drink out when i read that.
You can still buy the other way though. Just have to time it right.

- aka The "DigiMan"
Aozora21
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April 02, 2013, 01:21:10 AM
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time it right based on what?  i cant just click until it goes through anymore

edit: now that ive re-read it.. i understand that the amount of coins you get will vary, not the amount you get charged..  but really that is still silly with the wildly swaying prices.   we went from 96 to 105 over the course of an hour or 2
BitcoinTate
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April 02, 2013, 01:23:32 AM
 #15

time it right based on what?  i cant just click until it goes through anymore
Their is an auto buy script you can execute floating around here somewhere that will do it for you. Can't remember which thread its in.

- aka The "DigiMan"
Aozora21
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April 02, 2013, 01:27:02 AM
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auto-buy huh? anyone know where i can find that?
allthingsluxury
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April 02, 2013, 01:27:52 AM
 #17

They have unfortunately been plagued with problems recently.

boscorocks
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April 02, 2013, 01:28:51 AM
 #18

time it right based on what?  i cant just click until it goes through anymore
Their is an auto buy script you can execute floating around here somewhere that will do it for you. Can't remember which thread its in.

I know there is a script, but can't use it on my work computer. It is bad enough trying for weeks just to try to buy any and then have this new information to top it off. I really really tried to give them the benefit of the doubt, but it has been too long now. I have put up with the pending transactions not going though thus having bitpay invoices expire, merely sending money to my other wallet taking days, strange balances appearing and disappearing..all that I have tolerated but the annoyances are really adding up. I really was hoping they would pull through, but just take a look at their Facebook comments lately.
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April 02, 2013, 01:31:33 AM
 #19

Quote
Note! We've exceeded our normal buy limits for today. If you would still like to purchase you will receive the market price of bitcoin on XXXXXXXXXX after your funds have arrived.

Hmmm.. This is not a very good option.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
BitcoinTate
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April 02, 2013, 01:33:32 AM
 #20

auto-buy huh? anyone know where i can find that?
https://github.com/martindale/coinbase-trader

https://bitcointalk.org/index.php?topic=155260.0

- aka The "DigiMan"
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