Bitcoin Forum
April 19, 2024, 02:57:08 PM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: $40,000 / 55.4 BTC -- Coinbase Support Admits Fault, No Response Since...??!  (Read 785 times)
FenixRD (OP)
Sr. Member
****
Offline Offline

Activity: 364
Merit: 250


I am Citizenfive.


View Profile
January 04, 2014, 02:05:31 AM
Last edit: January 04, 2014, 08:36:39 AM by FenixRD
 #1

(Edited to be much more concise. I write too wordy when irritated / excited.)

Multiple orders totaling 55.4 BTC placed beginning Dec. 24th, between ~$710 and $745 / BTC. Never any issue with CB before. Fully verified user for months. CC with very high limit backing bank account. As the story always seems to be, their so-called fraud algorithm calls it riiiight at the last minute on the day of delivery, several days after they've had my USD fully in hand, and over a week since my order. Yeah, I've looked into a ton of these cases now. Assuming they aren't lying, since now I've witnessed the same thing: Seems like they look for orders that can be justified as possible fraud based on some sort of pattern thing, but they don't actually, that I can see, cancel your order unless they're in a bad position on the order. (And why would they? According to CB themselves, they aren't liable and won't be actually hit with any ACH chargebacks unless it could be proven that it was a result of a site bug / flaw. A user losing control of his 2FA or whatever is not their issue, and it shouldn't be -- but then, why all the cancellations? There is ZERO risk to CB, except for a declining profit margin, that is.)

Orders support my investment / portfolio management consulting business, and lack of delivery by CB results in breach of promised contract price by me with clients. (So, basically the same as Coinbase has done to me, except I don't collect money / assets until I deliver...)

Had meetings today with clients to deliver. Got really pissed at CB for their lack of any timely support (beyond the initial "hey, yeah, oops, here's a whitelist" -- which is great, but doesn't solve my present problem) and wrote a much longer rant threatening to sue, which I still may, if they wait too long to do anything. But I really, really hate the judicial system, and the fact is, CB is basically a monopoly . It's a shitty situation, and they're currently bordering on Gox-like behavior IMO (quick response on social media, but little action following). But, I'm going to give them a break and assume the post-New Year was nuts, and let them try to catch up with support tickets. I went ahead and fulfilled my own contracts at my promised price and ate the difference, for now. (I'm down quite a lot, actually, since CB is still, presumably, "processing" the return of my USD, which they've had for about 12 days now.)

Anyway, Coinbase, get with me and fix this. I really don't want to dick around with the judicial system. My attorney's already up to speed, and we're both of the opinion that you're kinda boned in my case. You might have been able to argue the fraud thing based on some clause buried in the TOS, but once you whitelisted me via support email sent from the Coinbase portal, with zero additional information or verification of my ID authenticity... well, neither of us sees any way you could mount a defense in support of your actions being related to "high risk for fraud" or whatever. And looking at all the user reports, I'm betting your algorithm wouldn't stand up under scrutiny if subpoenaed.

FFS, just give me the coins, at the price you promised. We can then forget about all this, and I can only hope that you'll get to work tweaking the way you manage liquidity and risk so you can quit dicking over users like this. This stuff makes it difficult for new users to believe in Bitcoin, when we all run around saying how legit and smooth CB is, while this goes on.

Uberlurker. Been here since the Finney transaction. Please consider this before replying; there is a good chance I've heard it before.

-Citizenfive
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!