Stay away from Coinbase

[nahtnam]

Don't trust third parties like Coinbase to hold your coins. You simply cannot verify the security conditions under which your funds are held.

Get a desktop wallet, learn how to encrypt properly, consider cold storage, etc. Secure your own funds. Otherwise, you are just waiting around for Coinbase to screw you.

Use them to buy/sell if you need to. That's it.

I trust coinbase more than a desktop wallet. I enabled two facto so you would need to steal my phone to get access to my account and you would need to crack my password which would take a few hundred years to crack with brute force.

[pbody]

I met a couple of the guys at Coinbase at an event in San Francisco a few weeks back. Being that they are based here, in SF, makes me comfortable dealing with them. I found the service to be good, though I have only funded my account through localbitcoins and sent some bitcoins to another exchange.

Overall, from what I gather, they are a very intelligent group that really cares about providing good service. There may be some hurdles for them here and there, but I can say they are highly trustworthy and go to large extents to make sure things are secure. Such as getting paper copies of the bitcoins and distributing them throughout the world in different locations so not one person at the company knows where they all are. They stated many times that they are much more secure than the banks. They have to be given the nature of bitcoin vulnerability.

I can definitely say I would recommend these guys after meeting them.

[nahtnam]

I met a couple of the guys at Coinbase at an event in San Francisco a few weeks back. Being that they are based here, in SF, makes me comfortable dealing with them. I found the service to be good, though I have only funded my account through localbitcoins and sent some bitcoins to another exchange.

Overall, from what I gather, they are a very intelligent group that really cares about providing good service. There may be some hurdles for them here and there, but I can say they are highly trustworthy and go to large extents to make sure things are secure. Such as getting paper copies of the bitcoins and distributing them throughout the world in different locations so not one person at the company knows where they all are. They stated many times that they are much more secure than the banks. They have to be given the nature of bitcoin vulnerability.

I can definitely say I would recommend these guys after meeting them.

Same here. If they run off with my money I can file a report since they are only a few cities over.

[caminilegroup]

Same here. If they run off with my money I can file a report since they are only a few cities over. <~~ Your parents would have to file the report for you.

Screw filing a report, crow bar, duct tape, and a road trip. Feed them to the gators.

[nahtnam]

I met a couple of the guys at Coinbase at an event in San Francisco a few weeks back. Being that they are based here, in SF, makes me comfortable dealing with them. I found the service to be good, though I have only funded my account through localbitcoins and sent some bitcoins to another exchange.

Overall, from what I gather, they are a very intelligent group that really cares about providing good service. There may be some hurdles for them here and there, but I can say they are highly trustworthy and go to large extents to make sure things are secure. Such as getting paper copies of the bitcoins and distributing them throughout the world in different locations so not one person at the company knows where they all are. They stated many times that they are much more secure than the banks. They have to be given the nature of bitcoin vulnerability.

I can definitely say I would recommend these guys after meeting them.

Same here. If they run off with my money I can file a report since they are only a few cities over.

Screw filing a report, crow bar, duct tape, and a road trip. Feed them to the gators.

Haha, that too. I am trying to get an internship (I'm 14) there for the summer (not much luck yet) so don't take me...

[caminilegroup]

Haha, that too. I am trying to get an internship (I'm 14) there for the summer (not much luck yet) so don't take me...

Looking at your website, you seem like a gifted person. Kinda remind me of me when I was your age. I was writing vb programs in my sleep at your age, got away from it for over 10 years and it's hard to get back into it.

Then again, that was back in the mid 90's.

[nahtnam]

Haha, that too. I am trying to get an internship (I'm 14) there for the summer (not much luck yet) so don't take me...

Looking at your website, you seem like a gifted person. Kinda remind me of me when I was your age. I was writing vb programs in my sleep at your age, got away from it for over 10 years and it's hard to get back into it.

Then again, that was back in the mid 90's.

Wow, well the site that's up is actually pretty old. I am working on a very beautiful new design in Ruby on Rails.

[AmGfxMarty]

I understand the logistical challenge of running a BTC exchange, but this is ridiculous. I'm going to start the process of level 2 and 3 verification to hopefully avoid this in the future.

It is not as ridiculous as you think. ACH transfers can be canceled and reversed. Copinbase waits for 5 days in order to reduce the risk of fraud.

Try this: open an account at any bank (other than your current bank) and transfer money from you current account to this new account. Time how long it takes before you are able to withdraw cash from your new account. I bet it will be no faster than Coinbase.

Most people are ignorant about how money and banking work. One of the benefits of the Bitcoin movement is that people are starting to understand what money is and realize how incredibly inefficient the banking system is.

For example, a few years ago someone in the US banking industry came up with the crazy idea of ACH being done instantly rather than taking 3-5 business days. Of course, the idea was considered absurd even though it is a trivial to implement. So, the industry instead voted on reducing the time down to a single day. The banks voted overwhelmingly against it, so we are still stuck at 3-5 business days.

I don't know if its true or not but my understanding is during that 3-4 day transfer time, the money is essentially in limbo for lack of a better term, and that the banks somehow use this time to invest the money and earn profit.

[caminilegroup]

Haha, that too. I am trying to get an internship (I'm 14) there for the summer (not much luck yet) so don't take me...

Looking at your website, you seem like a gifted person. Kinda remind me of me when I was your age. I was writing vb programs in my sleep at your age, got away from it for over 10 years and it's hard to get back into it.

Then again, that was back in the mid 90's.

Wow, well the site that's up is actually pretty old. I am working on a very beautiful new design in Ruby on Rails.

So no longer 14 then, good to know.

[nahtnam]

Haha, that too. I am trying to get an internship (I'm 14) there for the summer (not much luck yet) so don't take me...

Looking at your website, you seem like a gifted person. Kinda remind me of me when I was your age. I was writing vb programs in my sleep at your age, got away from it for over 10 years and it's hard to get back into it.

Then again, that was back in the mid 90's.

Wow, well the site that's up is actually pretty old. I am working on a very beautiful new design in Ruby on Rails.

So no longer 14 then, good to know.

No, I'm 14. I haven't updated the design just the content. It was made using a theme at bootswatch. My new site doesn't use a theme (its custom codes) but won't be out for a few weeks.

[harvestcorn]

op says he had to scan drivers license and utility bill? I don't think I was asked to do this is there something I missed. Needing to have a credit card (would not accept debit card) for instant buy is bs by the way the way.

[caminilegroup]

op says he had to scan drivers license and utility bill? I don't think I was asked to do this is there something I missed. Needing to have a credit card (would not accept debit card) for instant buy is bs by the way the way.

https://coinbase.com/verifications

https://lh3.googleusercontent.com/-tDKxTMsgTVs/UqEbnzYGB7I/AAAAAAAAQVM/C2IEk0NCeBA/s0/Screen%2520Shot%25202013-12-05%2520at%25206.34.12%2520PM.png

[nahtnam]

op says he had to scan drivers license and utility bill? I don't think I was asked to do this is there something I missed. Needing to have a credit card (would not accept debit card) for instant buy is bs by the way the way.

I use my debit card...

[harvestcorn]

op says he had to scan drivers license and utility bill? I don't think I was asked to do this is there something I missed. Needing to have a credit card (would not accept debit card) for instant buy is bs by the way the way.

https://coinbase.com/verifications

https://lh3.googleusercontent.com/-tDKxTMsgTVs/UqEbnzYGB7I/AAAAAAAAQVM/C2IEk0NCeBA/s0/Screen%2520Shot%25202013-12-05%2520at%25206.34.12%2520PM.png

Yes but don't see where you have to scan a bill or license.

[harvestcorn]

op says he had to scan drivers license and utility bill? I don't think I was asked to do this is there something I missed. Needing to have a credit card (would not accept debit card) for instant buy is bs by the way the way.

I use my debit card...

only some debit cards may work... mine did not

[caminilegroup]

I knew it was one of them. Sorry.

https://lh4.googleusercontent.com/-EBBNkInMRzY/UqEizu0IBDI/AAAAAAAAQVc/BExYXoLL2yc/s0/Screen%2520Shot%25202013-12-05%2520at%25207.04.52%2520PM.png

[eatrader]

I am ready to go with Coinbase. Localbitcoin prices are just too high. Will report back on my experience

[caminilegroup]

I am ready to go with Coinbase. Localbitcoin prices are just too high. Will report back on my experience

I've done two sells on coinbase since this thread started and haven't had any issues. The last on I sold when BTC was at $1,138.32 and it drop almost 100 and it still went through.

I see a lot of the issues are buying btc, I mine so I needed a place to sell btc.

Michael

[thomascrane]

So far I've had good luck with Coinbase. Just was able to complete an instant transaction as well. Funds haven't been taken out of my bank or my cc but they have posted to my coinbase account. Purchased 0.1 BTC @ $976 per BTC. Looking at this is it not possible to make money on the "spread". I've noticed that Coinbase typically trades lower than Mt. Gox and other exchanges. Could one buy low on Coinbase, then send to Mt. Gox where you can then make a limit or market order on a higher exchange? I'm new so be gentle!

[eatrader]

I have the same question