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Author Topic: COINBASE IS A BUNCH OF THIEVES.  (Read 4164 times)
DMTechie
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November 08, 2013, 06:30:41 PM
 #1

They fucking cancel my transactions every time the price goes up.

I specifically emailed them and told them NOT TO CANCEL MY MOST RECENT TRANSACTION.

YOU know what they did?! they cancelled it anyway just to make a profit.

Don't do business with them, they're a bunch of crooks.

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November 08, 2013, 06:32:35 PM
 #2

Lol nice scamming business they be running there

Pretty sure that's illegal what they are doing
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November 08, 2013, 06:33:44 PM
 #3

Not that my experience with them is all encompassing, but I've never had a problem using their service.

Avoid the Censored /r/Bitcoin on Reddit.
/r/BTC allows open discussion, and public moderation logs.
Read Satoshi's White paper: http://nakamotoinstitute.org/bitcoin/
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November 08, 2013, 06:34:52 PM
 #4

Do you mind saying what bank you are using?  We have not had any problems but we are not using a major bank like BofA or Citi.  I wonder if it is more a problem on that end?


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November 08, 2013, 06:37:05 PM
 #5

Their business model doesn't work when there are rapid up ticks in the market.


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DMTechie
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November 08, 2013, 06:37:28 PM
 #6

this is the second time in a row.

No explanations

No apology

just another automated email about a "high risk" transaction

I used BOA

I sent them emails all last week asking them not to cancel this transaction, the money was in my account, why had it not been debited out yet... blah blah

they obviously don't care at all.
TKeenan
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November 08, 2013, 06:39:25 PM
 #7

They fucking cancel my transactions every time the price goes up.
I specifically emailed them and told them NOT TO CANCEL MY MOST RECENT TRANSACTION.
YOU know what they did?! they cancelled it anyway just to make a profit.
Don't do business with them, they're a bunch of crooks.

This will result in a class action lawsuit in just a few more days.  It will be very easy to subpoena their records and learn whether these 'security detections' occur more on orders where BTC value increased than where BTC decreased.  If coinbase is keeping value more on the increases to their customer's disadvantage - they will surely be held liable and have to pay.  

Coinbase will be shut down in less than one week if this is true.

Lawyers love these kinds of cases because the underlying money amounts are huge.  I hope a shark attorney goes after them right away.  This kind of crap shouldn't be happening at an established firm like CoinBase. 

Who is the leader at coinbase? 
DMTechie
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November 08, 2013, 06:43:47 PM
 #8

My lawyer lives next door.

I just wanted my coins at the price I ordered them at.



/wrists
TKeenan
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November 08, 2013, 06:48:43 PM
 #9

My lawyer lives next door.
I just wanted my coins at the price I ordered them at.

Tell your lawyer next door that you'd like to be the 'lead plaintiff' in a 'class action' suit against a financial company backed by $6million from Silicon Valley. 

It will cost you $350 filing fee to initiate this action. 

I'll bet Coinbase will re-instate your order in one hour if they even think your lawyer will listen to you for five minutes. 

If Coinbase is really running this scam - it is the VERY END of another big exchange due to mismanagement.  WTF? 
sublime5447
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November 08, 2013, 06:56:11 PM
 #10

My lawyer lives next door.

I just wanted my coins at the price I ordered them at.



/wrists

Business promise products they are unable to deliver all the time. They cant give you your coin because they dont have them.


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DMTechie
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November 08, 2013, 07:03:18 PM
 #11

They don't have the coins?!?

LOL
sublime5447
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November 08, 2013, 07:25:50 PM
 #12

They don't have the coins?!?

LOL

I didnt say they didnt have any coins, I said they dont have his coins.


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Olaf (Coinbase)
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November 12, 2013, 11:12:01 PM
 #13

Hey, Olaf from Coinbase here. Sorry for the trouble with this! Email support and we can review the transaction - let me know if you have any questions about this!
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November 12, 2013, 11:18:39 PM
 #14

Explain to me how Coinbase works. How does them canceling a transaction benefit them?

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November 12, 2013, 11:23:32 PM
 #15

Explain to me how Coinbase works. How does them canceling a transaction benefit them?
I think what he is implying is this simple scam:   in an upward moving market, one could use the customer's money to buy the bitcoin and then if bitcoin goes down, give him the coins but if it goes up say "sorry we never bought them".    Basically, having free options in a high vol market could make you a lot of money.

in this case "lag" would be very valuable to the broker....
I have never dealt with them so I cannot say, I am just explaining you "how does cancelling....."


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November 13, 2013, 03:09:58 PM
 #16

Not that my experience with them is all encompassing, but I've never had a problem using their service.

+1

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November 13, 2013, 03:23:08 PM
 #17

Sure, when price goes up rapidly it is a high risk for them. Transaction takes 3 days, and I guess price and their bitcoin reserves may change significantly during this time. It is highly probable that they will not be able to fulfill your order in this case. I guess, they prefer not to risk under this circumstances.

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November 13, 2013, 03:26:11 PM
 #18

Sure, when price goes up rapidly it is a high risk for them. Transaction takes 3 days, and I guess price and their bitcoin reserves may change significantly during this time. It is highly probable that they will not be able to fulfill your order in this case. I guess, they prefer not to risk under this circumstances.
The situation you describe is a prop trading house.   a broker does not have that risk because he takes your order and executes it immediately and either takes a commission or makes money on a spread basis.


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November 13, 2013, 03:38:43 PM
 #19

Sure, when price goes up rapidly it is a high risk for them. Transaction takes 3 days, and I guess price and their bitcoin reserves may change significantly during this time. It is highly probable that they will not be able to fulfill your order in this case. I guess, they prefer not to risk under this circumstances.
The situation you describe is a prop trading house.   a broker does not have that risk because he takes your order and executes it immediately and either takes a commission or makes money on a spread basis.

As I understand, they don't have your money. They need to transfer you money from your bank first then they give you bitcoins. But the price is set when you place a buy order, not when your money is transferred to their bank. I don't know why they do it this way.

.
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November 13, 2013, 06:24:37 PM
 #20

Sure, when price goes up rapidly it is a high risk for them. Transaction takes 3 days, and I guess price and their bitcoin reserves may change significantly during this time. It is highly probable that they will not be able to fulfill your order in this case. I guess, they prefer not to risk under this circumstances.
The situation you describe is a prop trading house.   a broker does not have that risk because he takes your order and executes it immediately and either takes a commission or makes money on a spread basis.

As I understand, they don't have your money. They need to transfer you money from your bank first then they give you bitcoins. But the price is set when you place a buy order, not when your money is transferred to their bank. I don't know why they do it this way.


Some people clam that that's exactly what Coinabul does. Not defending, nor elsewise, Coinbase, I think it's a good practice to have the rate set in stone oppose to having it fluctuate, up or down, during the settlement of funds process.
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