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April 16, 2013, 06:33:05 AM |
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Firstly, I'll mention that I have previously and successfully sold 2 Bitcoins in the past through Coinbase (via linked Bank Account) at $138 each. I think the very next day they were worth $200+. At the time, I was feeling like an idiot, but with all things considered now, it could have been much worse, and my only regret is that I didn't sell more of them at that time.
Anyway after your sale is deemed "complete" by Coinbase, they give you an additional ~5 day waiting period for the payment to show in your bank account, and that is where I've heard that in some cases they can deem a transaction "high risk" often at the last moment and put it in reverse.
So last week I sold 6 Bitcoins total between two transactions. The first transaction was sold at $75 each and the second transaction was sold at $115 each, a day later.
Based on their estimations, the first payment should be in my bank account by Wednesday and the second by Thursday.
But considering how much Bitcoins have dropped in value since that time, I've started to consider the possibility of Coinbase labeling these transactions "high risk" and why not? Well, except for the fact that in my case I have a history with two successful transactions using the same Coinbase account, same address, same bank account, and same everything else. So if this suddenly became "high risk" I think I could correctly jump to an unfortunate conclusion.
Hopefully that will not be the case because - and I know some of you will disagree - but in my experience so far Coinbase has been top notch and one of the last sites, if not THE last site, that I would actually say that I trust right now. If the outcome of these two transactions give me any reason to think otherwise, I'd be pretty upset for obvious reasons, but beyond that it would be a real shame for Bitcoin as a whole. I mean, if we can't have any faith in the options available for Bitcoin transactions, there is no future with this currency, at least not right now.
So my question is:
Has anyone reading this ever sold bitcoins to Coinbase at a greater price than it would become 4-5 days later? If so, did Coinbase still make a deposit in your bank account for the original value of bitcoin at the time the transaction was initiated?
Some reassurance would be nice. Despite the doubt expressed in this thread, I really believe this transaction will be complete successfully, but before today I had not been aware of this "high risk" policy they have, and I'm just trying to find out a little more from those of you that have sold to them... before the price decreased.
I will also update this thread when the payments show in my bank account.
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