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Author Topic: Warning! Do not use Coinbase.com Scam Artists!  (Read 14094 times)
nahtnam
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November 15, 2013, 12:45:47 AM
 #41

This also happened to me, and it's just a precaution. Thankfully I didn't loose as much as you.

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November 16, 2013, 02:10:43 AM
 #42

To describe your unfortunate experience as a "scam" is a bit far fetched.  The majority of people that use Coinbase have had nothing but a pleasant experience.  I've been using them for the last 7 months and never once had a problem. 

While your experience has been negative, and is indeed frustrating, your definition of "scam" is not the norm.


Scam gets thrown around very liberally here.

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November 18, 2013, 05:28:40 AM
 #43

Hey guys, I'm Olaf from Coinbase.

Email support! We review transactions all the time and can push them through at the original exchange rate upon request. Sorry for the friction here!

I sincerely hope this is true. I requested this on my message to Coinbase support, but the reply I got back a week later was a boilerplate response that I've seen posted verbatim on Reddit, making me wonder if they even read my message. So I replied back again and haven't heard anything yet.

I was always a big Coinbase supporter and have recommended you to several individual users and businesses alike, but lately I've been quiet about recommending Coinbase because this situation has me very worried and frustrated. I sincerely hope this is rectified for me and others whose orders have been erroneously canceled as high risk.
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November 19, 2013, 09:42:29 PM
 #44

Does anyone know what name Coinbase uses when they place the charge against your checking account?
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November 19, 2013, 09:49:41 PM
 #45

Does anyone know what name Coinbase uses when they place the charge against your checking account?

My statement says:

COINBASE.COM/BTC 8003435845
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November 20, 2013, 08:13:26 PM
 #46

Does anyone know what name Coinbase uses when they place the charge against your checking account?

The withdrawal: ACH WEB-SINGLE ******** COINBASECOMBTC XXXXX5845

The refund: ACH CREDIT ******** COINBASE.COM/BTC REVERSAL

The *s are a series of 8 alphanumeric characters.
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December 09, 2013, 06:56:56 PM
 #47

Now that bitcoin has had little bit of a drop can anyone confirm an instance where they tried to purchase bitcoins at approx $1200 and where saved from the the large drop because their account was deemed too 'high risk'

I really smell a lawsuit here.

Coinbase has possibly made hundreds of millions of dollars by what is essentially risk free gambling with our money.
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December 09, 2013, 10:33:30 PM
 #48

Now that bitcoin has had little bit of a drop can anyone confirm an instance where they tried to purchase bitcoins at approx $1200 and where saved from the the large drop because their account was deemed too 'high risk'

I really smell a lawsuit here.

Coinbase has possibly made hundreds of millions of dollars by what is essentially risk free gambling with our money.

If you email them you can easily buy at the price you intended to.

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December 09, 2013, 11:21:23 PM
 #49

I have just posted in another thread about the same company. It always seemed that they were reputable and a fairly stable company. Am I wrong?
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December 09, 2013, 11:23:19 PM
 #50

Now that bitcoin has had little bit of a drop can anyone confirm an instance where they tried to purchase bitcoins at approx $1200 and where saved from the the large drop because their account was deemed too 'high risk'

I really smell a lawsuit here.

Coinbase has possibly made hundreds of millions of dollars by what is essentially risk free gambling with our money.

If you email them you can easily buy at the price you intended to.

I keep hearing this, but I'm starting to wonder if it's just PR by plants and employees. I've been trying to get my situation resolved for over 4 weeks now, but I've only gotten a couple of boilerplate responses from support that fail to address my situation or tell me whether or not they can push through my canceled orders at the original exchange rate. Maybe it just takes three months to get stuff resolved over there now, but I sure as hell wish they'd send me a note saying, "We're sorry, we're in over our heads right now, but we'll probably get to you in three months or hope that you just stop emailing us and forget about it."

Something, anything. Seriously.
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December 09, 2013, 11:27:44 PM
 #51

I have just posted in another thread about the same company. It always seemed that they were reputable and a fairly stable company. Am I wrong?

It seems like they're in over their heads and some people are getting screwed over, some aren't. If you're one of the lucky ones, sure, they're great, but it might be just a matter of time before you become one of the unlucky ones. I was singing Coinbase's praises to everyone in the beginning; now I'm warning people to avoid them or tread lightly.
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December 10, 2013, 12:07:18 AM
 #52

I have just posted in another thread about the same company. It always seemed that they were reputable and a fairly stable company. Am I wrong?

It seems like they're in over their heads and some people are getting screwed over, some aren't. If you're one of the lucky ones, sure, they're great, but it might be just a matter of time before you become one of the unlucky ones. I was singing Coinbase's praises to everyone in the beginning; now I'm warning people to avoid them or tread lightly.
Thanks a lot for the advice. I am sure most of us have seen this happen with online enterprises before but I just didn't think it would be the case with them.

Thanks again,
Paul.
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December 10, 2013, 12:11:23 AM
 #53

Now that bitcoin has had little bit of a drop can anyone confirm an instance where they tried to purchase bitcoins at approx $1200 and where saved from the the large drop because their account was deemed too 'high risk'

I really smell a lawsuit here.

Coinbase has possibly made hundreds of millions of dollars by what is essentially risk free gambling with our money.

If you email them you can easily buy at the price you intended to.

I keep hearing this, but I'm starting to wonder if it's just PR by plants and employees. I've been trying to get my situation resolved for over 4 weeks now, but I've only gotten a couple of boilerplate responses from support that fail to address my situation or tell me whether or not they can push through my canceled orders at the original exchange rate. Maybe it just takes three months to get stuff resolved over there now, but I sure as hell wish they'd send me a note saying, "We're sorry, we're in over our heads right now, but we'll probably get to you in three months or hope that you just stop emailing us and forget about it."

Something, anything. Seriously.

They have a phone number, you can try calling them. Also you can try emailing the CEO directly.

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December 10, 2013, 12:16:02 AM
 #54

we have all the same problem. Olaf try to help us here but there are too many complains about this high risk transactions and he can't handle it. And the high risk algorithm that suppose to help coinbase get unwanted transactions is way out of line. When the price goes to high they cancel everything except the instant orders that are non reversible and they must credit your bank account.

we all know that coinbase is a scam in some way

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December 10, 2013, 12:20:05 AM
 #55

i've used them only once. I agree they are a wierd service. they say two days to your bank account, then it takes a week. they do all this wierd shit to confirm your identity, which includes random ass questions about some address you lived 10 years ago, and about random people from your town. fucking wierd as shit. then, you always fail the identity verification, its so fucking dumb, and an obviously rigged system to prevent you from getting to level 2 or 3 or whatever the hell it is. So in the end, they aren't exactly a scam, they are just a strange bunch of folks with odd ball ways of doing things and a misleading company line.

My negative trust rating is reflective of a personal vendetta by someone on default trust.
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December 29, 2013, 09:57:14 PM
 #56

i've used them only once. I agree they are a wierd service. they say two days to your bank account, then it takes a week. they do all this wierd shit to confirm your identity, which includes random ass questions about some address you lived 10 years ago, and about random people from your town. fucking wierd as shit. then, you always fail the identity verification, its so fucking dumb, and an obviously rigged system to prevent you from getting to level 2 or 3 or whatever the hell it is. So in the end, they aren't exactly a scam, they are just a strange bunch of folks with odd ball ways of doing things and a misleading company line.

Those questions probably come from credit bureaus that have a history of your addresses, etc.  I'm assuming this means they check with them, however after they canceled my order I checked my credit report and it was completely clean.  The algorithm they use to catch "high risk" transactions is opaque and does not appear to be very accurate, so it's obviously open to manipulation for Coinbase's profit as well.  I don't know whether there is systematic or manual manipulation of the algorithm or flags in order to profit at the expense of their customers, but I can't rule it out either.  The additional problem of unresponsive and unhelpful customer service just makes me stay away.
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December 30, 2013, 01:23:58 PM
 #57

Thanks for the Warning, we must inform each other to avoid their scam service.
sad story, but i cant hold back:

Coinbase - All your money are belong to us   Grin -> http://de.wikipedia.org/wiki/All_your_base_are_belong_to_us


people must be warned.

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May 09, 2014, 08:38:45 PM
 #58

CoinBase is forced to 'comply' with AML/KYC which makes it not much better than Paypal or GreenDot - they can (and will) seize your Bitcoins at the drop of a hat. They will report all your finances to the IRS, FinCEN and (probably) the NSA also.  Like MtGox, they are most likely using your Bitcoins to invest on their own.  It's a ponzi scheme just as bad as CaVirtex - maybe worse.

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December 06, 2017, 04:49:07 PM
 #59

I wanted to buy Litecoin today.  I have cash finally showing up in the USD wallet at Coinbase.  8 Calendar days to complete this.  Money was gone Day 1 at my bank.

Bittrex Price: USD$97.65/97.99

Coinbase price: USD$101.50   plus an additional USD$15.16.

Just not even worth the hassle any more here.  If they could allow transfer of fiat then maybe

12/6/2017   11:45AM EST.    Just so there is no room for CB to swing an answer one way or another.
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December 06, 2017, 05:53:26 PM
 #60

I wanted to buy Litecoin today.  I have cash finally showing up in the USD wallet at Coinbase.  8 Calendar days to complete this.  Money was gone Day 1 at my bank.

Bittrex Price: USD$97.65/97.99

Coinbase price: USD$101.50   plus an additional USD$15.16.

Just not even worth the hassle any more here.  If they could allow transfer of fiat then maybe

12/6/2017   11:45AM EST.    Just so there is no room for CB to swing an answer one way or another.

Hey last post of this thread seems on 2014 but you have many price speculation about the Coinbase and Bitrex exchange to buy the litecoin. For your information litecoin today dumps in the chart. I see that its value as 104 USD and within some hours it turns down to 100 USD.
You please avoid these kind of errors while you making posts in the forum.
If you check the when the thread has been created and when the last post has been made means you will not make these kind of errors. It is advised to any member of the forum.


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