Coinbase seizing accounts

[Brubaker]

I did a search and this apparently has not been posted, but Coinbase is a company to watch out for.   They can do whatever they want because of no regulation.

If you lose your phone, then you've lost your coins as I have.   They say my ID is not supported, but that's what i used to open the account with.

Now take a look at this:

http://www.bitraped.com/2017-06-13-bitcoin-wallet-coinbase-now-seizing-accounts-of-americans-total-ripoff-accounts-vanish.html

[1714750245]

1714750245

[Holliday]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

[pooya87]

any third party service that offers "accounts" can simply seize those "accounts" if they feel like it and they reserve the right to do so. there is also a long ToS that you need to read and understand and if you break it they can again seize that "account".

that is how centralized services have always worked from the beginning of time.
if you don't like then, don't use them.

by the way the article you shared is a complete FUD from someone who doesn't understand bitcoin.
example of idiocy:

Coinbase “theft” of Bitcoins demonstrates the extreme risk that comes from holding Bitcoins

[BossMacko]

That is the reason why i stopped using Coinbase, before when i am sending Bitcoin on a gambling site i had an issue before with them that my Bitcoin were freeze on their end and the reason is because i am using it for gambling. When i was able to dispute that to them and received my coins back i stopped using that platform.

[HabBear]

First, this Coinbase bashing has been going on all year. Did you really search for other threads? Here's a thread that's nearly the same as yours from back in June: https://bitcointalk.org/index.php?topic=1969783.0

Second, the article you're posting is entirely misleading. Coinbase didn't really seize accounts. They decided they could no longer support accounts owned by people living in two different states where state laws made it now longer feasible to do business (Hawaii and Wyoming).

For a month or more Coinbase notified account owners who are residents in these states that they need to move their funds and close their accounts. The consequence was that after a specific date their account would be closed for them. Any balance would be lost.

You can disagree with their business decision but they didn't seize accounts. They asked the account owners to move their funds and those account owners refused to do so. Who's really at fault here?

And here's the real news about the real story of Coinbase closing or suspending accounts from account owners in Hawaii and Wyoming.

Stop spreading the FUD, it's a terrible disease.

[Zocadas]

My phone needed to make a hardware reset with my phone and it was no problem to login through a browser. So, I think, that isn't the problem of coinbase. The problem is, that coinbase stands under law of its residence and the wallet is not decentralized. To only use the wallet service of coinbase makes no sense.

[The Sceptical Chymist]

OP, your ignorance is astounding.  Coinbase is one of the most regulated exchanges in existence.  That's why they'll nuke your account if you use bitcoin to gamble, and all sorts of other reasons.  I can't stand them as an exchange, but they won't get away with scamming anybody like Mt.Gox or cryptsy did.  The US government would be all over their ass.

[Zimbabwecoin]

The only problems I have had with coinbase is their requiring me to complete the AML/KYC vetting multiple times. Also they lowered my limits for no reason. I applied to get my prior limits reinstated so that I could buy more or sell more bitcoin at one time and they denied me. So they can be annoying, but, I have more faith in them than in most of the risky options (any exchange is risky).

[pedrog]

I did a search and this apparently has not been posted, but Coinbase is a company to watch out for.   They can do whatever they want because of no regulation.

If you lose your phone, then you've lost your coins as I have.   They say my ID is not supported, but that's what i used to open the account with.

Now take a look at this:

http://www.bitraped.com/2017-06-13-bitcoin-wallet-coinbase-now-seizing-accounts-of-americans-total-ripoff-accounts-vanish.html

You may lose your phone but you don't lose your phone number, just request another SIM card and buy a new phone.

If you aren't comfortable with a service you shouldn't use it, there are plenty of exchanges out there, spread your money.

[TheQuin]

That is the reason why i stopped using Coinbase, before when i am sending Bitcoin on a gambling site i had an issue before with them that my Bitcoin were freeze on their end and the reason is because i am using it for gambling. When i was able to dispute that to them and received my coins back i stopped using that platform.

This one is hidden away in the Coinbase terms and conditions. NEVER use a Coinbase account to send to a gambling site, if they can prove it went to one you'll most likely lose all your coins. If you want to be able to use bitcoin as you want to then make sure you control the private key, that's the only way it is really is your bitcoin.

[1Referee]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

That's the hard reality that unfortunately doesn't seem to get any credits by the majority of the empty headed chickens here.

People for some reason discard, or don't know (nut sure what's worse) that if they sign up to a certain service/exchange, they agree to all its terms. If you do even one thing that doesn't fit in the regulations the exchange/service is strictly abiding by, you have a problem. Coinbase is well known for being an ultra strict business, and still people are not taking it any serious. It's insane seeing people do something they (if they read through their TOS) would know that it would have certain consequences, but still do it and think they remain holding the right to put the blame on Coinbase. With people being so reckless/careless, it shouldn't come as a surprise that scammers have a very high chance of succeeding on this forum.

[jorneyflair]

I'm sorry but, Coinbase has a track record of doing this. They seem to be extremely willing to shut down anybody's account if they have any sort of suspicion that you are using the account for gambling/dark web purposes.

Unless you are using the coinbase multisig vault in which everything is set up and managed by you, then in case your account is suspended there is really no way to get your money back if they refuse to give you your btc.

Plus, they have absolutely horrendous support. It's best to avoid.

[Brubaker]

OP, your ignorance is astounding.  Coinbase is one of the most regulated exchanges in existence.  That's why they'll nuke your account if you use bitcoin to gamble, and all sorts of other reasons.  I can't stand them as an exchange, but they won't get away with scamming anybody like Mt.Gox or cryptsy did.  The US government would be all over their ass.

Exactly what part of the U.S. Govt is/will be all over Coinbase's ass for having lost my coins?  Yes, I'm ignorant for using CoinBase, I admit that.

[LeGaulois]

OP, your ignorance is astounding.  Coinbase is one of the most regulated exchanges in existence.  That's why they'll nuke your account if you use bitcoin to gamble, and all sorts of other reasons.  I can't stand them as an exchange, but they won't get away with scamming anybody like Mt.Gox or cryptsy did.  The US government would be all over their ass.

Exactly what part of the U.S. Govt is/will be all over Coinbase's ass for having lost my coins?  Yes, I'm ignorant for using CoinBase, I admit that.

The SEC I think. But It's not going to happen whit only 1 customer. It will need t be thousand and thousands of people to make it clear that their goal is to rip off the coins from people. The SEC (or any institution) doesn't move up their ass for peanuts.
It's near impossible for Coinbase to "scam" people, it's one of the advantage to use regulated exchanges

[Brubaker]

First, this Coinbase bashing has been going on all year. Did you really search for other threads? Here's a thread that's nearly the same as yours from back in June: https://bitcointalk.org/index.php?topic=1969783.0

Second, the article you're posting is entirely misleading. Coinbase didn't really seize accounts. They decided they could no longer support accounts owned by people living in two different states where state laws made it now longer feasible to do business (Hawaii and Wyoming).

For a month or more Coinbase notified account owners who are residents in these states that they need to move their funds and close their accounts. The consequence was that after a specific date their account would be closed for them. Any balance would be lost.

You can disagree with their business decision but they didn't seize accounts. They asked the account owners to move their funds and those account owners refused to do so. Who's really at fault here?

And here's the real news about the real story of Coinbase closing or suspending accounts from account owners in Hawaii and Wyoming.

Stop spreading the FUD, it's a terrible disease.

maybe so, but THEY SEIZED MY account.   they now say that my id that i used to open the account is no longer supported.

[Brubaker]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

now before i go any further, i'd like to get this advice tattooed on the inside of my eyelid, so i see it while i'm sleeping.   this is the best advice on this blog:

If you aren't the sole controller of your private keys, you don't have any bitcoins.

[Brubaker]

I did a search and this apparently has not been posted, but Coinbase is a company to watch out for.   They can do whatever they want because of no regulation.

If you lose your phone, then you've lost your coins as I have.   They say my ID is not supported, but that's what i used to open the account with.

Now take a look at this:

http://www.bitraped.com/2017-06-13-bitcoin-wallet-coinbase-now-seizing-accounts-of-americans-total-ripoff-accounts-vanish.html

You may lose your phone but you don't lose your phone number, just request another SIM card and buy a new phone.

If you aren't comfortable with a service you shouldn't use it, there are plenty of exchanges out there, spread your money.

after many months of screwing around with Coinbase, i'm surprised they didn't tell me to do this.   it was my daughter that told me last weekend another simm card can be written up.  i've written about this before, and no one here told me this.

i don't know if a new simm card can be made here in a Colombian cell company, but we're going to try.   

thanks for posting.

there has been other suggestions on this thread about spreading the coins around.   trouble is, no one wants to do business with a colombian ip.   i'm an expat American, and i can tell you a person would be correct in not wanting to do business here.

[nejibens]

Coinbase tried to turning into another "paypal" of Bitcoin since a while ago. Its a big mistake to still use their wallet services. Its maybe good as exchange to sell and buy bitcoins, but obviously it is one of the worst and the most risky online wallets services.

[pinkflower]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Ive been posting the same over and over in the forum but it sometimes falls on deaf ears. There are also some newbs advising other newbs that its ok to store everything they hold in an exchange because they are trusted by the community.

Maybe legendary members like you should call them out not to make terrible advice that could lead to loss of coins. I know some people who have invested a big part of their savings altcoins with the hopes of becoming rich.

[btc78]

If you aren't the sole controller of your private keys, you don't have any bitcoins.

Amen to that.

That is the reason why i stopped using Coinbase, before when i am sending Bitcoin on a gambling site i had an issue before with them that my Bitcoin were freeze on their end and the reason is because i am using it for gambling. When i was able to dispute that to them and received my coins back i stopped using that platform.

I also had a dispute regarding depositing to a gambling site. I learn my lessons in a hard way that's why I don't used it anymore and just solely for my trading activity. And I was afraid to lose more from exchanges that's why I don't put big amount on them as well. We don't know if they are the next target of the hackers.