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Author Topic: Coinbase - Hands down the most unprofessional Bitcoin service I've dealt with  (Read 2121 times)
theonewhowaskazu
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November 20, 2013, 01:53:15 AM
 #1

I'll just explain pure and simple what has happened since joining their site about a month ago.

First, I verified 2 separate bank accounts, one by typing in the credentials, the second by doing their "bounce 15 cents in and out" thing. I then verified my identity & set up their phone 2 factor auth.

Next, I tried to buy some Bitcoins, well within the limit, at $100 apiece. They say they'll give me my Bitcoins about a week later, at 3 PM. At 3 PM, that day, my Bitcoins are missing. I'm confused. After 5 PM, I get an email saying my order was canceled due to it being 'high risk'. Over the period of the order, Bitcoin had increased by about 75%.

I contact them and complain, basically they say I'm out of luck, but that I should 'try again'. So, just to see if they've resolved the problem, I try to buy some Bitcoins again, this time a minute amount (about half a coin). A couple days later, bam, canceled, high risk. Why? No reason. I've yet to receive a response to my emails I've sent them.

Wonderful. Now, I try to sell some Bitcoins with them. But the moment I try to hit sell... they want to verify my phone number thru 2 factor auth. I figure, no big deal. But, their authy app isn't sending me any messages. After fumbling around for a while, I figure I'll just ask them to call me instead. "We're sorry, an application error has occurred, good bye." That's literally the entire phone message I get. Now, I can't even access my account, because I can't verify thru 2 factor auth to do so.

So I contact their support. I get a message:

Quote
We are sorry for the problem you are experiencing with our SMS verification, we are aware of the problem.

Can you please try again in an hour or two ?

Thanks for using Coinbase.
Its almost 48 hours later, absolutely nothing has changed. I've sent them another email, no response.

Worst Bitcoin company I've ever had the displeasure to work with. I'd STRONGLY recommend that US bitcoiners just WAIT for Circle or use CampBx to exchange. These guys are the worst of the worst.

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MPOE-PR
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November 20, 2013, 02:11:43 PM
 #2

Nasty. This is pretty much how it goes with Ycombinator stuff tho':

Just another shady ycombinator product. This is their MO. For instance their flagship airbnb thing pretty much consists of enticing ignorant people into breaking the law (yes, it's illegal to rent your rented place to third parties most anywhere in the civilized world) in order to make a few pennies. Basically the breakdown is, you partner with airbnb, stranger pays you fifty bux to mess up your place while you're away, airbnb collects twenty, you pay 2-5000 dollars in fines a coupla months later. Ycombinator business.

Just on the strength of the appallingly scammy record anything coming out of there should be regarded with extreme caution, but then coinbase/coinwhatever in particular is a pretend-company that took a little venture capital last year, pranced around Bitcoin making taakiesque claims and statements all the while failing to develop anything like a revenue stream or a product of any utility.

They will be running out of money later this year. Show some common sense and use one of the very numerous alternatives that actually work today rather than regret it tomorrow. Just a little PSA seeing how most everyone in the know seems to prefer not to talk about the scum and the noobish and naive get regularly fleeced.


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accord01
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December 10, 2013, 10:38:03 AM
 #3

I don't know how many times i have to tell people, coinbase is by far the WORSE company the bitcoin community has ever seen.  The truth behind how they operate is a complete lie
pokerjet
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December 18, 2013, 12:17:50 AM
 #4

So what should someone go to, and why hasn't coinbased faded away yet?


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justusranvier
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December 18, 2013, 12:22:17 AM
 #5

So what should someone go to
There are no services in the US that can do what Coinbase does.

why hasn't coinbased faded away yet?
Might be a honeypot.

Or they could have just gotten lucky and found a unique way to avoid the regulatory banhammer that no other US company was able to locate.
nahtnam
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December 18, 2013, 12:27:13 AM
 #6

They just got 25 million in venture funding. They are not going anywhere and they arent a scam. They are a small company with a poor customer support. Thats all.

justmyname
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December 19, 2013, 01:28:33 AM
 #7

I've never had any trouble with Coinbase and they have reasonable fee's.  All of my trades have went through with no problems. The other 2 places I tried to do business with were a nightmare.

I would be pissed off if I were having problems but so far I can't complain. I'm also wondering if some of these complaints are just smear tactics by shills.   
Raiz
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December 19, 2013, 03:10:16 AM
 #8

I'm currently having trouble as well. I bought 2 bitcoins on Dec 8th. The transaction mysteriously disappeared from my coinbase account, however they still withdrew the money from my bank account.

I opened a ticket to see where my coins had gone. No response for a few days. Finally, today the coins show up in my account, however the average price has dropped from $884 when I bought the coins down to an average of $550.

If the coins weren't going to be delivered on time, the charge should have at least been reversed. I've lost over $600 while waiting for coins to arrive and I'm pretty sure that if I didn't open a ticket, the coins never would have showed up in my account!
justmyname
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December 19, 2013, 03:48:30 AM
 #9

Coinbase isn't for day traders. Those types looking to trade frequently should look elsewhere. Coinbase is  for buy and hold types that sell in a year or so. Or Coinbase is for nerdists that actually want to buy things with Bitcoin. 

It looks like Coinbase is swamped by the new level of trading. 

I actually bought some Bitcoins for a grand a piece and I'm not sniveling. It won't be long and they will be going for $2000. Cheesy 
Raiz
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December 19, 2013, 06:15:15 AM
 #10

This has nothing to do with what Coinbase is or isn't for. That's a ridiculous argument. If I buy something from anyone anywhere and it is promised to me on a certain date, it sure as hell better not disappear into thin air and require a support ticket to get it to reappear. Especially when I have a use for that item the day or two after it's promised to arrive.
IamRichard
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December 19, 2013, 06:55:57 AM
 #11

Ripoff report
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