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Author Topic: WTF Coinbase?  (Read 2084 times)
cjspiller28
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November 18, 2013, 02:01:35 AM
 #1

I have sold several times through Coinbase, always with 100% success (after processing period). 

In the back of my mind, I always wondered what might happen if the coin value went up when I was due to get paid.

Well, I never found out because they always went up by the time I got my deposit because... that's just what bitcoins do!

So last week, I decided I was willing to wait and pay less for my BTC via Coinbase instead of paying a little more for instant fund via Localbitcoin.

The result has got me kinda pissed off...

Because 1 day before I was supposed to get my bitcoins, my transaction was marked "canceled"

Is it a coincidence that the value of bitcoins had also gone up considerably from the time I submitted my purchase?

Isn't it reasonable to expect that, if a bank account was deemed "safe" by coinbase for selling, the same bank account would be safe for buying HuhHuh

I contacted CB a couple days ago and have not heard back.  Very disappointed unless there can be a good explanation from them.

Anyone else have this experience?
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dominicwin
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November 18, 2013, 02:26:36 AM
 #2

I keep hearing about this. I have only sold through coinbase, but I plan on buying more bitcoin through coinbase this week; makes me hesitant.


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galbros
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November 18, 2013, 02:36:59 AM
 #3


In the back of my mind, I always wondered what might happen if the coin value went up when I was due to get paid.

.....

Isn't it reasonable to expect that, if a bank account was deemed "safe" by coinbase for selling, the same bank account would be safe for buying HuhHuh

I contacted CB a couple days ago and have not heard back.  Very disappointed unless there can be a good explanation from them.


I just signed up with Coinbase and I'll admit I worry about the same thing.  The three day delay to pay you either way makes you vulnerable to them choosing to be opportunistic.  Unless your behavior on the buy side was very different than on the sell side, e.g. you sold .01 coin a few times and then bought 100 of them, I too would have a hard time seeing how all of a sudden ones dealings are suspicious other than you made a trade that didn't continue to go in Coinbase's favor.

I know that a bitcointalk user named Olaf often responds on behalf of coinbase.  You may want to try and contact him directly.
cjspiller28
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November 18, 2013, 04:57:59 AM
 #4


In the back of my mind, I always wondered what might happen if the coin value went up when I was due to get paid.

.....

Isn't it reasonable to expect that, if a bank account was deemed "safe" by coinbase for selling, the same bank account would be safe for buying HuhHuh

I contacted CB a couple days ago and have not heard back.  Very disappointed unless there can be a good explanation from them.


I just signed up with Coinbase and I'll admit I worry about the same thing.  The three day delay to pay you either way makes you vulnerable to them choosing to be opportunistic.  Unless your behavior on the buy side was very different than on the sell side, e.g. you sold .01 coin a few times and then bought 100 of them, I too would have a hard time seeing how all of a sudden ones dealings are suspicious other than you made a trade that didn't continue to go in Coinbase's favor.

I know that a bitcointalk user named Olaf often responds on behalf of coinbase.  You may want to try and contact him directly.

Thanks for the name. Will do just that...
ldtran26
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November 18, 2013, 05:00:14 AM
 #5

seriously, just relax. coinbase has been getting tons of transaction and businesses these days, there's bound to be some bugs and mistakes. You can't have everything. Coinbase is still the best we got.
accord01
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November 18, 2013, 05:10:46 AM
 #6

seriously, just relax. coinbase has been getting tons of transaction and businesses these days, there's bound to be some bugs and mistakes. You can't have everything. Coinbase is still the best we got.

you really need to STFU.  coinbase is stealing money from people outright.  they are doing it in a very sly manner.

see these threads:

https://bitcointalk.org/index.php?topic=322631.msg3454765#msg3454765

https://bitcointalk.org/index.php?topic=322229.0

https://bitcointalk.org/index.php?topic=321684.msg3450929#msg3450929
cjspiller28
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November 18, 2013, 05:11:54 AM
 #7

seriously, just relax. coinbase has been getting tons of transaction and businesses these days, there's bound to be some bugs and mistakes. You can't have everything. Coinbase is still the best we got.

Yeah, until it happens to you...

The volume I attempted to purchase was on par with amounts I've sold successfully.

CB might be the best we've got for selling.

But certainly not for buying... LBC is the best I know as far as that goes.

I tried CB mostly cause I've been searching for a good place to buy from on the weekends for a while now (i.e. from my PC as opposed to bank deposits) but this particular order was placed during a weekday last week.

But it is not like they charged my account and didn't deliver.  So it isn't the end of the world.  It's just disappointing because, had I known they would turn down the same account that worked on the selling end, I would have paid a little more for localbitcoin and i would have made a nice profit already... and I guess also because I thought they were a bit more honorable.  I actually wanted to give them benefit of the doubt when I made this post, thinking if they chime in maybe there is a legitimate reason, but after reading up on it a bit, I think the opportunistic claim could be valid.
colinistheman
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November 18, 2013, 10:48:55 AM
 #8

Perhaps then only instant purchases are useful with coinbase? You just have to get verified first to be able to do them, and yes this imposes buying limits. But that's better than being opportunistically ripped off.

I am new to coinbase and have just verified myself. But now I am going to be wary and only execute instant purchases. Currently my limit is 1BTC per week of instant purchase, but soon it will be 10btc per week. (After waiting 30 days after my first purchase to upgrade the 10btc per week instant-buy limit)
axilla
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November 18, 2013, 11:30:22 AM
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Perhaps then only instant purchases are useful with coinbase? You just have to get verified first to be able to do them, and yes this imposes buying limits. But that's better than being opportunistically ripped off.

I am new to coinbase and have just verified myself. But now I am going to be wary and only execute instant purchases. Currently my limit is 1BTC per week of instant purchase, but soon it will be 10btc per week. (After waiting 30 days after my first purchase to upgrade the 10btc per week instant-buy limit)

this isn't fully true.. i am level 2 verified and had made several purchases including a few instant.  They still considered me high risk when price went from $180 - $260... STILL TRYING TO GET THEM TO RESPOND!!!!!! DO NOT USE COINBASE! Going on almost a month with responses about every 2 weeks.. the last one they completely quit responding to.

 I doubt very seriously they'll honor my price since its now $600..... I screwed up and had all my chips in with coinbase for buying.. i've missed this entire rally because I no longer can buy.. they "white listed" me but have so far refused to honor the price of $180.. Therefor I refuse to give them anymore business until they make this right.


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colinistheman
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November 18, 2013, 11:32:43 AM
 #10

I understand. That really sucks.

To clarify what happened with you: did you make your purchase on level 2 with instant-buy, or on level 2 without instant-buy ability?
axilla
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November 18, 2013, 11:36:43 AM
 #11

I understand. That really sucks.

To clarify what happened with you: did you make your purchase on level 2 with instant-buy, or on level 2 without instant-buy ability?

I lost instant buy when they added the required visa... this was my first purchase since losing instant buy.  I don't have a visa.. my bank uses MC, and all my CC's are MC or Amex.. 

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colinistheman
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November 18, 2013, 12:19:03 PM
 #12

Ah i see. I added a Visa, so hopefully my instant buy will work once my first transaction clears. I think instant buy is now the only way to go with them in light of this type of experience. Perhaps you can apply for a simple Visa card and then you will have solved your problems by getting instant-buy ability.
ricardotemporal
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November 19, 2013, 11:36:44 AM
 #13

simple rule

do not use coinbase anymore

until you must want lost your time and money

Take care
BitcoinTraderFX
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November 19, 2013, 08:10:13 PM
 #14

How is coinbase in cashing out bitcoin -> to dollars?

Are they pretty responsive?

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tnathe
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November 19, 2013, 08:21:18 PM
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I buy fractions of coins and just put 2 orders in this morning.  One @ $550 and another @ $706.  Lets see how i fair.  Both orders are only for .2 coins each.
danieldaniel
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November 19, 2013, 11:15:06 PM
 #16

Keep in mind that although you're seeing a lot of people talking about this, only the people that get screwed over post.  They get, what, thousands of orders a day?

There's like 1 a day at MOST that this happens to (it might be 2 or 3, before someone tries to argue this point).

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November 20, 2013, 02:20:43 PM
 #17

Is it a coincidence that the value of bitcoins had also gone up considerably from the time I submitted my purchase?

No. This is how Ycombinator projects work.

Coinlab/Coinbase/Coincrap - Multiple cases of stealing from users through the "canceling BTC sale when price goes up" scam, amplified by "pay anyone complaining on the forum" double-down. In any event their burn rate takes them out of the picture this year, so damage should be limited, but try and sit at a safe distance.

Going by the density of forum complaints I'd venture a guess that even the double-down has by now proved to be too consuming.

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Rygon
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November 20, 2013, 02:50:06 PM
 #18

How is coinbase in cashing out bitcoin -> to dollars?

Are they pretty responsive?

I haven't had a problem with timely ACH withdrawals from Coinbase over the past few weeks. YMMV.
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November 20, 2013, 06:13:57 PM
 #19

I have not had any problems with coinbase cashing out. I have done this multiple times a week both ways and the ACH transfer go relatively quick just like any other ACh transfer i do between my other bank accounts.
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