Coinbase steals and profits off customers via high risk transaction scheme

[accord01]

Here's the kicker... I already successfully bought 10 btc from them with no problems in the past.

when they were still in beta? or after? 

after

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[haightst]

so maybe they "resetted" your account to sketchy mode? lol   

[CurbsideProphet]

Coinbase buys instantly about 90% of what you "buy" when you do, and buys the other small bit when the money actually comes in. Thus, if a large price increase occurs they would take an overall loss on the sale due to the rise in price THUS they lie to you and say "flagged for fraudalent transaction" or some other BS to prevent a loss. Really wishing someone would sue them for this obvious and blatant lie and act of fraud against customers.

Do you have any proof?

[imardern]

Coinbase buys instantly about 90% of what you "buy" when you do, and buys the other small bit when the money actually comes in. Thus, if a large price increase occurs they would take an overall loss on the sale due to the rise in price THUS they lie to you and say "flagged for fraudalent transaction" or some other BS to prevent a loss. Really wishing someone would sue them for this obvious and blatant lie and act of fraud against customers.

Do you have any proof?

Its pretty obvious thats what they do. They say in one of their FAQ sessions, about the 90% or whatever. Find me someone who made a purchase with them and got canceled after the price went down. Funny that no one has ever had a purchase get canceled due to "fraud prevention" after the price goes down a significant amount.

[haightst]

Coinbase buys instantly about 90% of what you "buy" when you do, and buys the other small bit when the money actually comes in. Thus, if a large price increase occurs they would take an overall loss on the sale due to the rise in price THUS they lie to you and say "flagged for fraudalent transaction" or some other BS to prevent a loss. Really wishing someone would sue them for this obvious and blatant lie and act of fraud against customers.

Do you have any proof?

Its pretty obvious thats what they do. They say in one of their FAQ sessions, about the 90% or whatever. Find me someone who made a purchase with them and got canceled after the price went down. Funny that no one has ever had a purchase get canceled due to "fraud prevention" after the price goes down a significant amount.

~call the California money transmitter licensing agency imo

[CurbsideProphet]

Coinbase buys instantly about 90% of what you "buy" when you do, and buys the other small bit when the money actually comes in. Thus, if a large price increase occurs they would take an overall loss on the sale due to the rise in price THUS they lie to you and say "flagged for fraudalent transaction" or some other BS to prevent a loss. Really wishing someone would sue them for this obvious and blatant lie and act of fraud against customers.

Do you have any proof?

Its pretty obvious thats what they do. They say in one of their FAQ sessions, about the 90% or whatever. Find me someone who made a purchase with them and got canceled after the price went down. Funny that no one has ever had a purchase get canceled due to "fraud prevention" after the price goes down a significant amount.

I used them multiple times in the early part of the year when the price of Bitcoin was skyrocketing.  At that time there was no instant credit so I had to wait out the multiple business day hold but never were the transactions flagged for fraud.  I'm not saying one way or the other what's going on because I truly don't know, just telling you my experience. 

Maybe it has something to do with the credit check company they use or certain people's credit history? 

[User705]

OP if you feel so strongly that you are right and you are in USA go sue them.  You fully ID yourself already and they got us fiat bank accounts so collecting if you win will be easy.  Small claims judges generally see through the bullshit rather well and it's cheap to sue in small claims.

[Pente]

They just got me for over $1000

https://bitcointalk.org/index.php?topic=328013.0

[csun]

I encourage people to file complaint with Better Business Bureau in CA. These guys are lieing through their teeth to customers. Their TOS allows them to consider EVERY transaction high risk so they can select a few random to cancel.

Their TOS also contradicts the post by their CEO addressing cancelled orders in the CoinBase blog.

They lead users to believe you are purchasing BTC directly when in fact you give them money, and they obtain the BTC from an exchange. This is also evident when BitStamp goes down tickers/buy/sell all atop working.

Coinbase themselves MUST know the high volatility of BTC, so they MUST know they have to determine whether a transaction is fraudulent early on. Yet it takes them an entire week to cancel from their "automated" software and after BTC skyrockets.

If they indeed thought a transaction is fraudulent or cannot fullfill it, there is absolutely NO reason to wait an entire week.

These guys are using customer money as fractional loans during the 1 week period for themselves to either resell for massive profit when BTC goes up, or let the transaction go through and sell to the customer at a massive gain when BTC goes down.

Their lack of willingness to work out transactions with customers and continued lack of action on rectifying the 1 week hold points to this as well.

New people need to be warned that CoinBase is a whole lot of snake-oil. I got suckered in by their sleek design and promise of ease in converting BTC/FIAT. I thought their TOS statement was a CYA, but they are actively using it to screw random customers. You feel safe when you see the "You WILL receive your BTC by...". When in fact you just bent yourself over for them.

[TKeenan]

I encourage people to file complaint with Better Business Bureau in CA.

that's hilarious.  Don't you know the BBB is the biggest scam of all?  You can 'buy' a good standing membership no matter how awful your history.  BBB is a raging lie.

[csun]

I encourage people to file complaint with Better Business Bureau in CA.

that's hilarious.  Don't you know the BBB is the biggest scam of all?  You can 'buy' a good standing membership no matter how awful your history.  BBB is a raging lie.

Did you know university accreditation costs money? Mostly because the people that do the audits need to be paid? *Gasp* such a scam.

[haightst]

I encourage people to file complaint with Better Business Bureau in CA.

that's hilarious.  Don't you know the BBB is the biggest scam of all?  You can 'buy' a good standing membership no matter how awful your history.  BBB is a raging lie.

Did you know university accreditation costs money? Mostly because the people that do the audits need to be paid? *Gasp* such a scam.

~in BTC?lol