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Author Topic: Coinbase scam on exchange rate when I sold all my portfolio  (Read 112 times)
Eclair92 (OP)
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December 22, 2017, 05:46:03 AM
 #1

Hi,

Tonight at 10.20pm Easter time, I panicked and sold everything LTC ETH BTC. When I clicked to sell, the exchange rate was OK, but on my email I got completely different rates or confirmation.  Even on the history graph of today, the lower amount are not so low :
LTC sold at $254, email confirmation is $210 only
BTC sold at $13800, email confirmation  $12791 only
ETH sold at $676, email $660

I got a lot of bugs on the screen when I tried to sell, I have tried maybe 3 times average for each value to sell, it was not working.

The difference between the real rate and the email confirmation is $1130 (I got back my $15,000 invested).

I opened a ticket on the support, just got an answer about Coinbase fees, completely automatised.

Thanks for your help.
freightjoe
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December 22, 2017, 05:49:16 AM
 #2

Hi,

Tonight at 10.20pm Easter time, I panicked and sold everything LTC ETH BTC. When I clicked to sell, the exchange rate was OK, but on my email I got completely different rates or confirmation.  Even on the history graph of today, the lower amount are not so low :
LTC sold at $254, email confirmation is $210 only
BTC sold at $13800, email confirmation  $12791 only
ETH sold at $676, email $660

I got a lot of bugs on the screen when I tried to sell, I have tried maybe 3 times average for each value to sell, it was not working.

The difference between the real rate and the email confirmation is $1130 (I got back my $15,000 invested).

I opened a ticket on the support, just got an answer about Coinbase fees, completely automatised.

Thanks for your help.

Nobody should be surprised about this. Bitcoin (and altcoins) is an unregulated market. This means that the rules that protect you in normal exchanges do not apply in crypto. Therefore a lot of manipulation takes place in crypto and you will not discover it before it is too late
Eclair92 (OP)
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December 22, 2017, 05:52:54 AM
 #3

Hi,

Tonight at 10.20pm Easter time, I panicked and sold everything LTC ETH BTC. When I clicked to sell, the exchange rate was OK, but on my email I got completely different rates or confirmation.  Even on the history graph of today, the lower amount are not so low :
LTC sold at $254, email confirmation is $210 only
BTC sold at $13800, email confirmation  $12791 only
ETH sold at $676, email $660

I got a lot of bugs on the screen when I tried to sell, I have tried maybe 3 times average for each value to sell, it was not working.

The difference between the real rate and the email confirmation is $1130 (I got back my $15,000 invested).

I opened a ticket on the support, just got an answer about Coinbase fees, completely automatised.

Thanks for your help.

Nobody should be surprised about this. Bitcoin (and altcoins) is an unregulated market. This means that the rules that protect you in normal exchanges do not apply in crypto. Therefore a lot of manipulation takes place in crypto and you will not discover it before it is too late

On bittrex, it seems you confirm yourself the rate, so you know how much you sell, but on Coinbase you don't know, it put the rate the robot calculates alone. This is pure scam, no other word. I am disgusted.
Beefcake
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December 22, 2017, 06:07:40 AM
 #4

Coinbase is a major exchange, they make money on volume not by scamming.  Follow up with customer service, I suspect they will be willing to help.

Also, just a note, you might be surprised at how easy it is to make money if you just buy when everyone is selling, and sell when everyone is buying.  These markets are massively volatile, and change every day.

NEVER, under any circumstances, make investment decisions when you are feeling emotional.  This pretty much guarantees you will lose money.

Never put more than you are willing to lose in to any investment.

If you do not feel confidant enough to hold an investment long term, whether or not it drops in price, you should not buy it to begin with unless you have significant knowledge and experience with short term trading.  Generally 90% of people who trade short term lose.  Are you good enough to be in the top 10% of traders?  Most likely not.

Investing is a tremendous amount of work.  If you don't put in the time, you will lose.

Because I want to be specific and hopefully prevent people from losing everything, I will give a specific example.  The most recent price I paid for bitcoins was ~3100$.  But very shortly after I bought, the price went as low as 1800.  However I kept an eye on events, and I decided that the drop was only a short term blip due to certain events (it was FUD).  So I held because I was confidant that I wanted to hold those coins long term.  I am still holding.  Ok it was only 1k usd worth but still, the point is that I knew what was going on and was comfortable that long term bitcoin was a solid asset.  If you can not make this sort of assessment, then do not buy.  You are only putting money in to the pockets of those 10% who know how to play the markets.
freightjoe
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December 22, 2017, 06:44:11 AM
 #5

Coinbase is a major exchange, they make money on volume not by scamming.  Follow up with customer service, I suspect they will be willing to help.

Also, just a note, you might be surprised at how easy it is to make money if you just buy when everyone is selling, and sell when everyone is buying.  These markets are massively volatile, and change every day.

NEVER, under any circumstances, make investment decisions when you are feeling emotional.  This pretty much guarantees you will lose money.

Never put more than you are willing to lose in to any investment.

If you do not feel confidant enough to hold an investment long term, whether or not it drops in price, you should not buy it to begin with unless you have significant knowledge and experience with short term trading.  Generally 90% of people who trade short term lose.  Are you good enough to be in the top 10% of traders?  Most likely not.

Investing is a tremendous amount of work.  If you don't put in the time, you will lose.

Because I want to be specific and hopefully prevent people from losing everything, I will give a specific example.  The most recent price I paid for bitcoins was ~3100$.  But very shortly after I bought, the price went as low as 1800.  However I kept an eye on events, and I decided that the drop was only a short term blip due to certain events (it was FUD).  So I held because I was confidant that I wanted to hold those coins long term.  I am still holding.  Ok it was only 1k usd worth but still, the point is that I knew what was going on and was comfortable that long term bitcoin was a solid asset.  If you can not make this sort of assessment, then do not buy.  You are only putting money in to the pockets of those 10% who know how to play the markets.

How stupid can you be? OP is clearly being fleeced by the exchange and your reaction is to moralize that he shouldn't have sold to start with. One might think you are working for a scamming exchange to address the problem in this way
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