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Author Topic: COINBASE RIPPED ME OFF $80k. *WARNING WARNING WARNING*  (Read 5279 times)
javaguardian
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November 20, 2013, 12:56:44 AM
Last edit: November 28, 2013, 08:28:30 AM by javaguardian
 #1

I'm level 2 verified member. Done transactions in the thousands with them. 3 weeks ago I bought around 100 BTC at $200 each. The price has since skyrocketed then. Well you guessed it, a week after I bought 100 BTC, they high risk'ed me. Been 3 week already and 12 emails to them, 10 reddit messages to Olaf and Brian Armstrong (their CEO), 10 tweets, and 5 facebook posts on their facebook fan page and still, NO RESPONSE. I'm tired of this and I just want to let people know, you can get very nice service from Coinbase and all that, but yet on the other hand, they scam too. You can be legitimate, and use that legitimacy to hide something dark dark dark beneath. This is just a warning for all that are considering using Coinbase. If I get scammed, there is a possibility you may too.

And Olaf, if you see this, you know who I am. I want you to make this right with me. Make the right decision and honor your side of the deal. Otherwise, this thread will stick around and haunt you.

-javaguardian
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fxkevin
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November 20, 2013, 01:00:58 AM
 #2

Coinbase is ripe with asymmetric slippage and requotes, two very large red flags and HUGE signs of manipulation.

IF bitcoin was regulated in the USA by something similar to the SEC/NFA/or CFTC then this would bring audits, lawsuits, and eventually large fines and possible closure of the company.

It has happened to me as well, 3 times on the buy side and once on the sell side. Smaller amounts then you are mentioning here but still complete and utterly BLATANT market manipulation.

Cheers,
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November 20, 2013, 02:27:14 PM
 #3

IF bitcoin was regulated in the USA by something similar to the SEC/NFA/or CFTC then this would bring audits, lawsuits, and eventually large fines and possible closure of the company.

People shouldn't have to hire babysitters in lieu of reading.

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.

Good luck in any case, OP.

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accord01
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November 20, 2013, 08:46:09 PM
Last edit: December 10, 2013, 10:48:48 AM by accord01
 #4

same thing happened to me.  Don't worry op, just file this report:

http://oag.ca.gov/contact/consumer-complaint-against-business-or-company

just explain exactly the transactions that went down and make sure u have your bank statements, and the emails coinbase sent u.

Also, it is unbelievable how he just casually makes a dishonest statement.

Trance,

Sorry for the confusion here. We use machine learning algorithms to prevent fraud and they're not always 100% accurate. If you feel you've had a transaction cancelled incorrectly send support an email. We regularly review transactions and push them through at the original purchase price upon request. I also wrote a bit about our fraud program in the fourth section here:

http://newsbtc.com/2013/11/07/coinbases-olaf-carlson-wee-answers-questions-users-technical-issues/

Hope that helps!

This is just a straight up lie, they don't regularly push transactions through at original purchase price upon request.  They didn't do it for me because the amount was so high.  They won't do it for you either because your amount is EVEN higher.

Also see this post:

https://bitcointalk.org/index.php?topic=341132.msg3655543#msg3655543
javaguardian
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November 20, 2013, 11:42:48 PM
 #5

YO MAN! THANKS A TON! I've sent a complaint in to the Attorney General. Let's see what Coinbase will say now or if they will keep ignoring me.


hehe.  Grin
javaguardian
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November 28, 2013, 08:28:04 AM
 #6

So guys. I just want to bump this up to let u guys know that this issue still hasn't been resolved. And $50k has gone to, due to recent price increases, $80k :/

Still waiting on Coinbase's response. Sad
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November 29, 2013, 08:14:50 AM
 #7

Coinbase purchase times are growing. I first purchased 6 BTCs on 11/14/13 and was credited on 11/21/13 (7 days). I purchased 10 BTCs on 11/23/13 and now I find out it will take 9 days (11/2/13) to get credit.

I am now going to a local bitcoin dealer for purchases which only take 20 minutes.
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November 29, 2013, 08:23:22 AM
 #8

Coinbase purchase times are growing. I first purchased 6 BTCs on 11/14/13 and was credited on 11/21/13 (7 days). I purchased 10 BTCs on 11/23/13 and now I find out it will take 9 days (11/2/13) to get credit.

I am now going to a local bitcoin dealer for purchases which only take 20 minutes.

would you please let us know how this turned out?
thx
btcprice
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November 29, 2013, 06:03:34 PM
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Coinbase purchase times are growing. I first purchased 6 BTCs on 11/14/13 and was credited on 11/21/13 (7 days). I purchased 10 BTCs on 11/23/13 and now I find out it will take 9 days (11/2/13) to get credit.

I am now going to a local bitcoin dealer for purchases which only take 20 minutes.

would you please let us know how this turned out?
thx

Flawlessly. However, I first went through this local dealer before I was able to get validated through Coinbase. The advantage Coinbase has over local dealers is the transaction amount. You can request 50 btc withdrawals per day and you can deposit 10 btc per day for the first month and 50 btc per day after that. My local dealer has a $2500/day limit.

I have also gone through localbitcoins.com and deposited to bank accounts and was credited almost immediately. That web site has a escrow service so you're not going to have someone just walk off with your bank deposit.
javaguardian
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November 29, 2013, 11:38:05 PM
 #10

Coinbase purchase times are growing. I first purchased 6 BTCs on 11/14/13 and was credited on 11/21/13 (7 days). I purchased 10 BTCs on 11/23/13 and now I find out it will take 9 days (11/2/13) to get credit.

I am now going to a local bitcoin dealer for purchases which only take 20 minutes.

would you please let us know how this turned out?
thx

Flawlessly. However, I first went through this local dealer before I was able to get validated through Coinbase. The advantage Coinbase has over local dealers is the transaction amount. You can request 50 btc withdrawals per day and you can deposit 10 btc per day for the first month and 50 btc per day after that. My local dealer has a $2500/day limit.

I have also gone through localbitcoins.com and deposited to bank accounts and was credited almost immediately. That web site has a escrow service so you're not going to have someone just walk off with your bank deposit.

Take your localbitcoin deal elsewhere into another thread and stop jacking my thread. This is the scam accusations for christ's sake. You wanna tell other people how good your Coinbase or local deal went, then go ahead and post elsewhere. Thank you.
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November 30, 2013, 09:31:14 PM
 #11

Coinbase really should direct those people who are looking for larger transactions to the direction of a proper exchange. This method of acquiring users for their services may blow back at them bigtime. (Much worse than what OP has or will throw at them)
btcprice
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December 01, 2013, 01:55:56 AM
 #12

Coinbase purchase times are growing. I first purchased 6 BTCs on 11/14/13 and was credited on 11/21/13 (7 days). I purchased 10 BTCs on 11/23/13 and now I find out it will take 9 days (11/2/13) to get credit.

I am now going to a local bitcoin dealer for purchases which only take 20 minutes.

would you please let us know how this turned out?
thx

Flawlessly. However, I first went through this local dealer before I was able to get validated through Coinbase. The advantage Coinbase has over local dealers is the transaction amount. You can request 50 btc withdrawals per day and you can deposit 10 btc per day for the first month and 50 btc per day after that. My local dealer has a $2500/day limit.

I have also gone through localbitcoins.com and deposited to bank accounts and was credited almost immediately. That web site has a escrow service so you're not going to have someone just walk off with your bank deposit.

Take your localbitcoin deal elsewhere into another thread and stop jacking my thread. This is the scam accusations for christ's sake. You wanna tell other people how good your Coinbase or local deal went, then go ahead and post elsewhere. Thank you.

You don't own this board so I don't care what you say. I'll post anything I want.

I was being helpful by providing people with alternatives and was asked a question so I posted again. That's not hijacking a thread. Even if it were we'll talk about what we please. If you don't like that put me on ignore. Got it?
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December 01, 2013, 08:52:13 AM
 #13

Coinbase purchase times are growing. I first purchased 6 BTCs on 11/14/13 and was credited on 11/21/13 (7 days). I purchased 10 BTCs on 11/23/13 and now I find out it will take 9 days (11/2/13) to get credit.

I am now going to a local bitcoin dealer for purchases which only take 20 minutes.

would you please let us know how this turned out?
thx

Flawlessly. However, I first went through this local dealer before I was able to get validated through Coinbase. The advantage Coinbase has over local dealers is the transaction amount. You can request 50 btc withdrawals per day and you can deposit 10 btc per day for the first month and 50 btc per day after that. My local dealer has a $2500/day limit.

I have also gone through localbitcoins.com and deposited to bank accounts and was credited almost immediately. That web site has a escrow service so you're not going to have someone just walk off with your bank deposit.

Take your localbitcoin deal elsewhere into another thread and stop jacking my thread. This is the scam accusations for christ's sake. You wanna tell other people how good your Coinbase or local deal went, then go ahead and post elsewhere. Thank you.

You don't own this board so I don't care what you say. I'll post anything I want.

I was being helpful by providing people with alternatives and was asked a question so I posted again. That's not hijacking a thread. Even if it were we'll talk about what we please. If you don't like that put me on ignore. Got it?

yep, I did ask, thanks btcprice.
javaguardian, thanks for the warning re: coinbase, I also use them.


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December 04, 2013, 07:49:21 PM
 #14

Coinbase =  Sad   

This is astounding that they had the balls to rip ya on 80k however where this is a want there is a way.  Sorry bout your loss.

DON'T GET SCAMMED, CHECK FIRST = Bitcoinscammers.com
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December 18, 2013, 12:25:49 AM
 #15

been reading these for about an hour now for almost a year of transactions... So how is CoinBase still able to do this?

 
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December 18, 2013, 12:46:56 AM
 #16

Coinbase received my money on 12/12/13 5 days ago. I have had a pending BTC deposit showing in my account for 5 days. The estimate for the delivery of BTC was Friday 12/13/13. I have opened 2 cases since then with no response!! WHERE ARE MY BITCOINS?Huh I have fully verified my account, identity, bank and credit card. WTF coinbase why is this site so horrible?

That was one of the many cases I have opened in the coinbase support tickets area. The first case I opened was over 2 weeks ago. Not a single one of my cases have ever been responded to.

COINBASE.COM  is a fraud. The owners need to go to prison. We all need to file complaints with the FBI IC3 (internet crimes), the SEC, the district attorney in California, and US Attorney General. It will actually make a difference if we all file the complaint, if it's just one or two complaints for small amounts they don't care too much, but when the total dollar amounts from all complaints go over 100K that is when they will get a knock on their door, and an investigation.
I have already filed complaints with all 4. I suggest the rest of the people scammed by coinbase do the same. It's first come first serve in monetary refunds, so hope and pray they have not spent all the money!!!
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December 18, 2013, 01:09:42 AM
 #17

Below is where you need to go to file complaints against coinbase.com, they have defrauded many people of money. The need to give us our bitcoins or money back (with interest)! No one answers the cellphone attached to coinbase’s sec filing and the voicemail is full. I tried calling it 100 times in a day, someone kept turning it off and back on, so they received the calls.
Company information:
Owners names: Brian Armstrong and Fred Ehrsam
COMPANY CONFORMED NAME: Coinbase Inc.
CENTRAL INDEX KEY: 0001576711
IRS NUMBER: 455293997
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: D
SEC ACT: 1933 Act
SEC FILE NUMBER: 021-196380
FILM NUMBER: 13837179
BUSINESS ADDRESS:
STREET 1: 1 BLUXOME STREET, APT. 410
CITY: SAN FRANCISCO
STATE: CA
ZIP: 94107
BUSINESS PHONE: 415-843-1515
SEC complaint center:
http://www.sec.gov/complaint/select.shtml
FBI IC3 (Internet Complaints):
http://www.ic3.gov/default.aspx
California Attorney General:
http://oag.ca.gov/contact/consumer-complaint-against-business-or-company
San Francisco District Attorney:
http://www.sfdistrictattorney.org/index.aspx?page=7
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December 20, 2013, 01:16:59 PM
 #18

Dealing desk behavior for sure

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fxkevin
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December 20, 2013, 06:25:42 PM
 #19

Where the complaints should really go is the NFA (National Futures Association) and the CFTC (Commodity Futures Trading Commission) as Coinbase is clearing running a book or market maker without the proper licensing. While they may be in a loophole due to the US not recognizing bitcoin as a currency, they do price it as a security against the USD which should fall under the loose definition of a CFD or contract for difference.

And as market makers go, they are sloppy to say the least.

Cheers...
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December 21, 2013, 06:32:09 AM
 #20

Just charge back the previous transactions you ahd with them. tell your bank fraudulent company. atleast get some money back!
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