Coinbase - *Positive* Feedback

[tvbcof]

I've bought and sold several times now and know to always add an extra business day or two to their estimation to get my money back.  That said the instant buy option is outstanding for when I need some quick funds and they are certainly a crapload better than Mt. Gox to get fiat out of!

No, you don't have problems getting fiat out of MtGox, you have problems getting USD out. I don't vouch for MtGox, but you're putting the blame on the wrong entity.

I don't blame Mt. Gox for not sending my $5k wire...I just don't have the insight to know exactly where the problem lies and if there is a solution that they could employ.

I do blame Mt. Gox for giving me false and misleading information about expectations.  They should have said in big bold letters "We cannot allow withdrawls of USD at this time and we do not know when we will be able to do so."  That would have been an honest and appreciated bit of information that I could have used in my planning.

It's quite possible that I'll be doing millions of dollars worth of activity in the coming years and very unlikely that Mt. Gox will see a dime of it since they are have been demonstrably untrustworthy.

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[madpoet]

I'm not sure how I am putting the blame on the wrong entity when there's a giant thread with people all over the world needing 6+ weeks to get their money out of Gox   In my case yes its USD but I am hardly alone.

[501]

I'm not sure how I am putting the blame on the wrong entity when there's a giant thread with people all over the world needing 6+ weeks to get their money out of Gox   In my case yes its USD but I am hardly alone.

Mt Gox is blacklisted from US banks. If you're trying to wire money to/from Gox using a US-based bank, it's either going to be rejected or take an incredibly long time. There might be like 1 US bank that still deals with Gox. I'm not sure if it's due to shady business practices or if the US gov forced the banks to crack down on them after they got those fines for operating without a license.

[JCviggen]

Mt Gox is blacklisted from US banks. If you're trying to wire money to/from Gox using a US-based bank, it's either going to be rejected or take an incredibly long time.

To Europe isn't much better, if at all. I cancelled a 2K euro withdrawal in late July after getting nothing but BS excuses and failed promises from support after 6 weeks of waiting.
At no point can they ever tell you where you are in the queue except that it's "not your turn yet".
They can cancel withdrawals within seconds though. But no sir, they have no idea about how far to the front or back of the queue you are when you ask them.

[tvbcof]

Mt Gox is blacklisted from US banks. If you're trying to wire money to/from Gox using a US-based bank, it's either going to be rejected or take an incredibly long time.

To Europe isn't much better, if at all. I cancelled a 2K euro withdrawal in late July after getting nothing but BS excuses and failed promises from support after 6 weeks of waiting.
At no point can they ever tell you where you are in the queue except that it's "not your turn yet".
They can cancel withdrawals within seconds though. But no sir, they have no idea about how far to the front or back of the queue you are when you ask them.

For my part I'm planning to keep a claim against Mt. Gox and hope I can use it to see that Karpeles suffers if he screws me.  Even if it cost me even more to do so.  He can send me the money or he can send me the BTC I sold in Aug right before I requested the wire to clear my account.

[john_es]

Try buying from coinbase today... they aren't accepting buy orders until Dec 2.

[501]

Gonna keep an eye on this thread as it is key that I know who is compromised and who is not

Thanks for posting in such detail

It takes time and I appreciate it

No problem. Since I've bought from Coinbase both in times of high volatility and in times of low volatility, I thought this would be a good unbiased test to ensure that they are an honest business and not just ripping people off like some other posters say.

My coins are set to arrive at 10:30pm CST today, so I'll update the thread with the results.

Mt Gox is blacklisted from US banks. If you're trying to wire money to/from Gox using a US-based bank, it's either going to be rejected or take an incredibly long time.

To Europe isn't much better, if at all. I cancelled a 2K euro withdrawal in late July after getting nothing but BS excuses and failed promises from support after 6 weeks of waiting.
At no point can they ever tell you where you are in the queue except that it's "not your turn yet".
They can cancel withdrawals within seconds though. But no sir, they have no idea about how far to the front or back of the queue you are when you ask them.

I would never try to withdraw from Gox. Best bet would just be to transfer the btc to another exchange and sell there (if you sell more in the future).

[501]

Just wanted to let everyone know that I successfully received the coins from both of my orders. It took about 4 business days, which is typical. I ordered when the price was about $570 and now we are at $820.

[madpoet]

Just received another 2k via ACH from Coinbase.  Sold on Sunday, had money this morning.

[Amahastpl]

Coinbase takes it's time, but I've done few transactions thu them and they always deliver. The verification process took forever and they insist on texting me an access code every time I log in, but if they've said money will be available Monday at 2pm it was. Just my 2c.

[TheJacob]

Can you sell BTC from a pending transaction or do you have to wait 5 days before you can sell?

[madpoet]

Pending as in you bought coins from them and they aren't in your account yet?  No.

[russ]

I've bought and sold well in to 3 digits of coins with them and never had an issue. Love coinbase!

[tvbcof]

Coinbase takes it's time, but I've done few transactions thu them and they always deliver. The verification process took forever and they insist on texting me an access code every time I log in, but if they've said money will be available Monday at 2pm it was. Just my 2c.

By the time I signed up they provided an option to take the 2-factor code via land-line which is good because I live out of cell phone range.  I also don't clear my cache often and don't use incognito mode or similar so I can at least only worry about 2-factor once every 30 days.  I would prefer to have the option to turn off 2-factor auth though.

Validation to level-1 in my case was very quick, and level-1 is all I need for my goals.

As for an update, I had 2 sales from last weekend.  The estimate was Friday.  One was deposited in my account on Wednesday and the other Friday.  So far no deposits have exceeded the estimated dates.

[btcton]

No problems at all with them since I started using them. However, I recently moved most of my coins to my own cold storage for their safety. It was my reaction to BIPS getting hacked. Nothing other than positive feedback is what I would give them, the exception being that their iOS app was removed by Apple, but we all know how Apple is.

[samsam]

I have had good experiences with Coinbase. The only problem is that transactions can take up to a week with them, but that is to be expected when dealing with ACH transfers from banks. I will update this thread if there are any problems in the future.

As for storing bitcoins on Coinbase, I store them in cold storage and suggest anyone else do the same since you probably shouldn't leave your bitcoins on a third-party online wallet.

[freebird]

Have had positive experience with coinbase until recently, withdrew BTC to Fiat on Monday, was supposed to be in my account by Wed. Nothing. Noted that I had supposedly purchased more BTC on Wed (had not done such a thing!) - Then noted that this was supposedly an "adjusting entry" for my previous BTC sell. No idea what that means. Emailed support, 48 hours and no response. I sold the BTC I was "given" - not even sure that it's a valid sale and why I was given BTC at a random price on Wed when I sold at a specific price on Monday. I leave for Tokyo next week and no money in the bank account I was planning on using. Extremely unhappy and concerned.

I'm having a problem with this same issue of a fake "purchase" of bitcoins equal to the amount I sold several days ago. Coinbase calls it an "adjusting entry" and it appears they just put the bitcoins that I sold back into my account and erroneously claim that I "purchased" them back right after I sold them -- which I did not do. I am waiting to hear back from the company in response to a support ticket and email.

[accord01]

Coinbase is a joke.  You're playing russian roulette with coinbase.  Their algorithm is programmed to defraud the customer.  I can't even describe how many things they do that are dishonest/fraudulent.  They cancel deposits on bull markets, cancel withdrawals (yes even withdrawals, lol) on bear markets and much more shady stuff.

https://bitcointalk.org/index.php?topic=341188.0

You're happy with them because you got coins, and coins went up.  But imagine if your money goes missing for 1-3 weeks and you're wondering "did my money get stolen or not", then after 3 weeks, you realize it has been stolen.  Its like the stab you and then twist the knife.

check this thread out

https://bitcointalk.org/index.php?topic=375245.0

[tvbcof]

Coinbase is a joke.  You're playing russian roulette with coinbase.   ...

Sheesh...I'd hate to see your negative feedback!

While I'm here, I've had several more successful sales and cash was deposited in my account on-time.  I've been lucky over the past several weeks and have hit some peaks.  If Coinbase had a mind to line their pockets by fucking with my nicely timed sales, they deferred to do so in my case.  So far.

I still wish that Coinbase adjusted their prices upward more quickly (less dampening.)  My sales have been significantly under Mt. Gox prices which, admittedly, are influenced by operational conditions.  At the end of the day, though, Coinbase gets me $10k chunks promptly whenever I ask while Mt. Gox still has my $5k which they've been sitting on since last summer.

[Honeypot]

Put on your tin foil hats - some people claimed coinbase is jointly operated by NSA and other government organizations.

https://bitcointalk.org/index.php?topic=373470.0


Any thoughts? It's sad for crypto when even remotely secure and more influential website has to depend on governmental power for it to work.