Stay away from Coinbase

[nahtnam]

I was pro coinbase until they have been ignoring my messages and mysteriously deleting proof of my bitcoin purchase from my account. I am yet to receive my btc and the money was pulled out of my bank account days ago. When I sent them an email saying to look in my buy history, as that is the only place my purcahse was listed, that Buy History was deleted later that same day!!!

If they would only get back to me or provide a phone number where I can reach them, I would be at ease. Instead I receive nothing. The deleting of my History is seriously shady and Im not sure where to go to address this issue. Lickily I printed out the screen and my bank account shows the payment made to them.

+1-415-580-2710 is their number (from https://coinbase.com/merchants). They might get mad though, because it is for merchant questions only. Please do post back what happens.

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[arbfiend]

Coinbase is US based and US Venture backed company.   Their investors want them to go public or get bought out at some point.  They are in this to make money and in a lot of respects that seems to be at odds with the whole idea of digital alt currency.

We are in the process of thinking through an anti-Coinbase.   Faster processing times, less transaction fees, Non-US, No venture funding etc.    Idea would be this would be a platform built by people in the community for the community to use.   Feel free to PM if of interest to you to discuss further.

[jackp]

Great thx for the tip.

[Skully]

I have recently set up an account with coinbase and am still waiting for the tier 2 verification process to finish. So far my experience has been good. However waiting 1 week to get the btc in my account so far is very annoying. I have heard of localbitcoins, but have not used them. I am interested in looking for more options other than coinbase just in case. Does anyone have any good alternatives for getting money from a bank in the usa to bte-e (primary), mtgox or bitstamp (backups) exchanges faster. Currently i buy bitcoins from coinbase, then transfer that to the bte-e (exchange).

Little off topic, I know I am probably not understanding how it all works yet. But so far it seems you could buy btc from bte-e, then trasnfer if to mtgox and sell for higher. Seems mtgox is always selling higher than bte-e and thus you could make a profit. Since I am still waiting to get set-up on mtgox, and have not had chance to try this. Can anyone share there experiences in doing this?


Skully

[nahtnam]

Coinbase is US based and US Venture backed company.   Their investors want them to go public or get bought out at some point.  They are in this to make money and in a lot of respects that seems to be at odds with the whole idea of digital alt currency.

We are in the process of thinking through an anti-Coinbase.   Faster processing times, less transaction fees, Non-US, No venture funding etc.    Idea would be this would be a platform built by people in the community for the community to use.   Feel free to PM if of interest to you to discuss further.

I really prefer US based, US venture funded, because of the fact that I can get legal issue solved.

[jzcjca00]

I have recently set up an account with coinbase and am still waiting for the tier 2 verification process to finish. So far my experience has been good. However waiting 1 week to get the btc in my account so far is very annoying. I have heard of localbitcoins, but have not used them. I am interested in looking for more options other than coinbase just in case. Does anyone have any good alternatives for getting money from a bank in the usa to bte-e (primary), mtgox or bitstamp (backups) exchanges faster. Currently i buy bitcoins from coinbase, then transfer that to the bte-e (exchange).

Little off topic, I know I am probably not understanding how it all works yet. But so far it seems you could buy btc from bte-e, then trasnfer if to mtgox and sell for higher. Seems mtgox is always selling higher than bte-e and thus you could make a profit. Since I am still waiting to get set-up on mtgox, and have not had chance to try this. Can anyone share there experiences in doing this?

Skully

Yes, you can buy somewhere else cheaper.
Yes, you can sell higher at Mt.Gox.
But what good is it having fiat at Mt.Gox if they won't actually send it to you?
You need to read some more.

[pbody]

Coinbase is US based and US Venture backed company.   Their investors want them to go public or get bought out at some point.  They are in this to make money and in a lot of respects that seems to be at odds with the whole idea of digital alt currency.

We are in the process of thinking through an anti-Coinbase.   Faster processing times, less transaction fees, Non-US, No venture funding etc.    Idea would be this would be a platform built by people in the community for the community to use.   Feel free to PM if of interest to you to discuss further.

I really prefer US based, US venture funded, because of the fact that I can get legal issue solved.

Good point.

[halfbakkedd]

ya coinbase sucks

[halfbakkedd]

Lel. you guys sucks.

[nahtnam]

Coinbase is US based and US Venture backed company.   Their investors want them to go public or get bought out at some point.  They are in this to make money and in a lot of respects that seems to be at odds with the whole idea of digital alt currency.

We are in the process of thinking through an anti-Coinbase.   Faster processing times, less transaction fees, Non-US, No venture funding etc.    Idea would be this would be a platform built by people in the community for the community to use.   Feel free to PM if of interest to you to discuss further.

I really prefer US based, US venture funded, because of the fact that I can get legal issue solved.

Good point.

Yep! Their office is about an hour away from my home so if they mess up, ill literally barge into their office.

[nahtnam]

Lel. you guys sucks.

ya coinbase sucks

Did you guys not read the tread? The issue got solved. The title is not misleading.

[AltCoin555]

I use coinbase and didn't have to jump through the same hoops the OP described to deposit/withrawl.

[nahtnam]

I use coinbase and didn't have to jump through the same hoops the OP described to deposit/withrawl.

If you are in America it gets really easy but anywhere else and it gets a hassle.

[TheJacob]

I really prefer US based, US venture funded, because of the fact that I can get legal issue solved.

I know this is why I used coinbase. Yeh, its a pain waiting or completing the steps for instant buys, but I'd rather deal with than the mess at all the exchanges.

[Tomorek]

I too went through all the trouble for instant verification with coinbase.  The fluctuation of bitcoin is to unstable for my tastes.  I remember a few months ago when coin was hovering around 120USD/coin.  Come back to it after 5 months and it bounces between 600-1k USD/coin.  I've been using localbitcoins lately, it takes a bit of time and effort, but definitely worth not having to wait to have my order be canceled because it is labeled High Risk.

[GhostInTheBlockchain]

I have recently created an account with Coinbase and have had no problems so far.  Not sure if anyone has mentioned it in this thread yet but an employee of Coinbase posted on reddit the other day that they are really swamped with all the new accounts created in the last few weeks and are working hard to get caught up.

[Onews1990]

I've seen reports from users about the wait time. Can someone tell me why they do this? I mean a transaction should be fast but they delay it for what? Why?

[TheJacob]

I've seen reports from users about the wait time. Can someone tell me why they do this? I mean a transaction should be fast but they delay it for what? Why?

Once they give you the bitcoins they are gone. They have to make sure the transaction won't be reversed. What I don't understand is why they don't let you deposit funds, wait 5 days, and then buy the coins if you want. Seems better than holding BTCs for 5 days.

[Altruism]

I've seen reports from users about the wait time. Can someone tell me why they do this? I mean a transaction should be fast but they delay it for what? Why?

Seems to me that one of two things is at play, but without knowing how they operate, it's hard to say. Are they basically acting as a broker for you, executing all buys/sells? If so, and they won't sell while high, it's likely due to them being worried that THEY won't cover/profit when THEY sell the coins they just bought from you. Additionally, if that's how they're doing it and it's just 1 or a few greedy individuals, it may be a ponzi scheme and they can't cover a high sell because they don't have the money... Not sure why you wouldn't go straight to an exchange and execute the buys/sells yourself though? Is that not an option? I commented to someone about how unregulated the CC industry is and figure it's a matter of time before the gov't steps in and requires all transaction be handled by licensed brokers but I guess I don't know if the market has managed to regulate itself in that manner.

[Sheldor333]

Thanks for the warning. It helps a lot.