Stay away from Coinbase

Also a follow up...would sending BTC back and forth between Coinbase and Mt. Gox raise any flags?

Quote from: thomascrane on December 06, 2013, 01:32:12 AM

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!

You could theoretically do that but if everybody could then the mt gox prices would be very similar to coinbases. The reason people dont do it is because your funds usually get stuck in mt gox. If you are able to quickly and safely sell at mtgox then go for it!

Quote from: thomascrane on December 06, 2013, 01:39:18 AM

Also a follow up...would sending BTC back and forth between Coinbase and Mt. Gox raise any flags?

Nope, they are a wallet service. They cant block a transaction unless its illegal (satoshi dice, betting) so dont worry, nothing will happen.

My .02 coinbase to mt. gox transferred in about 5 minutes. I haven't tried a market order yet with Mt. Gox yet though. I have a limit order with them but price hasn't reached $1240 yet

Quote from: thomascrane on December 06, 2013, 01:57:12 AM

My .02 coinbase to mt. gox transferred in about 5 minutes. I haven't tried a market order yet with Mt. Gox yet though. I have a limit order with them but price hasn't reached $1240 yet

Are you able to withdraw your fiat through them with you issue?

I'm based in US so I was under the impression that I couldn't withdraw USD from Mt. Gox. My plan then would be to send it back to Coinbase if I needed to withdraw or just leave it in Mt. Gox for awhile.

I got my BTC in a few minutes once the transaction on coinbase went through(took 5 business days as quoted). Nothing really to complain about. Their process is drawn out and inefficient, but its also exactly as advertised.

Make a small transaction and then get approved for instant.

Quote from: thomascrane on December 06, 2013, 02:15:00 AM

Haha, if you are in the US (like me Cheesy

) then good luck getting fiat out. There is sooooo much verification that you have to go through that its going to be hard.

Quote from: nahtnam on December 06, 2013, 04:26:38 AM

Quote from: thomascrane on December 06, 2013, 02:15:00 AM

Haha, if you are in the US (like me Cheesy

) then good luck getting fiat out. There is sooooo much verification that you have to go through that its going to be hard.

Not really, on coinbase you can get fiat out with level 1, I've sold btc twice on coinbase. Mt Gox requires all the verification to do fiat out.

Has anyone had any experience using Coinbase to receive payments from people? I just signed up with them and am considering using them for a 'pay with bitcoin' button on my website. I'm not sure what the other options are though yet, I'm new to this.

Quote from: caminilegroup on December 06, 2013, 01:27:04 PM

Quote from: nahtnam on December 06, 2013, 04:26:38 AM

Quote from: thomascrane on December 06, 2013, 02:15:00 AM

Haha, if you are in the US (like me Cheesy

) then good luck getting fiat out. There is sooooo much verification that you have to go through that its going to be hard.

Not really, on coinbase you can get fiat out with level 1, I've sold btc twice on coinbase. Mt Gox requires all the verification to do fiat out.

I was talking about Mt. Gox...

Quote from: fennessyengraving on December 06, 2013, 01:52:57 PM

Well I havent used that button but I do know how it works. When you press the pay button, it has full bias towards coinbase (its says if you have a coinbase account, login) but I believe that it also generates a address to send money to. All in all it works 100%. It also automatically generates invoices!

I have just tested them out. No problems at all. Sold some BTC, the funds were in my bank when they stated they would. Bought some BTC instantly.

I did all the verifications that they asked. What I remember about the credit card verification is that it had to be a Visa. My debit card is MC, so I had to use a CC.

I'm happy with them.

will try them on monday. i hope they will let me purchase some coins. any other buyer who had problems before and now can successfully purchase coins over coinbase?

i dont trust them. too many horror stories. best of luck to those trying them out.

I just signed up last week and am waiting to become verified...

Quote from: StephG on December 07, 2013, 05:39:29 AM

I just signed up last week and am waiting to become verified...

If you are in the US, most banks have the option to be instantly verified!

thanks for the heads up all. i am staying away from this place!

Just getting started with Coinbase; hope things work out all right.

I used coinbase for faucet money starting out

Also, incase people don't know, in order to get instant buy of btc, you have to verify a credit card.