The Coinbase Scam

[teddymills]

I think the Coinbase scam goes something like this.

1. You make your Coinbase Bitcoin purchase. The larger the purchase the better for them

2. Coinbase delays your coins by as much as 7 days and says the delay is because of BANKING ACH.  
    ACH does not take 7 days. If coinbase can get your money is 2 days, what is the point of waiting 5 more days ?

BECAUSE COINBASE NEEDS THE EXTRA TIME TO JUDGE THE MARKET BEFORE DECIDING TO SEND YOU BITCOINS OR NOT.
==========================================================================================

3. If the price of bitcoin goes up AT ANY TIME FAVOURABLE TO COINBASE, Coinbase does not want to give you the coins,
   they prefer to keep the bitcoins and politely email you saying so sorry. It was high risk. Try again in a few weeks.
   We will keep the profit this time. Better luck next time.

4. If the price of bitcoin drops AT ANYTIME UNFAVOURABLE TO COINBASE, from the time you ordered, Coinbase would be happy
    to send you the bitcoins and for you to take the loss.

5. Coinbase can buy and sell bitcoin immediately and Coinbase clients cannot.
    We have to wait days sometimes a week. And usually never get coins.
  
6. Coinbase is using Coinbase clients money for their own profit by first blocking clients wins and keeping that profit  but also
    allowing clients losses. (also Coinbase profit)

[1715454186]

1715454186

[1715454186]

1715454186

[1715454186]

1715454186

[1715454186]

1715454186

[1715454186]

1715454186

[bitmarket.io]

you can't scam.
the nsa is watching you.

[googlemaster1]

I used to think this was true, but I don't think its quite that straightforward.  I don't think the delay is because of profits or anything like that.  It is to avoid their service being used and or potentially abused like an exchange.  I have yet to see coinbase cancel any of my orders, although I did buy quite a bit at the 400 level a couple days ago which are processing, but I have gotten nothing but help from Coinbase.  In fact, I recently made an incorrect choice in which account to buy the btc at about an hour before and realized it yet, and despite the btc price being lower at that time, they let me cancel my order and place a new order under the correct account, for the cheaper price.

I push coinbase as a merchant payment system to every small business owner.  They are an extremely important part of the Bitcoin ecosystem and adoption channel.  The sooner you wake up to that fact and actually support them or companies like them, BTC can begin to be part of more peoples lives.  I agree they have had some troubles in the past, and I have seen some people complain about this, but it seems pretty damn rare, and usually only happens to people buying btc for their first or second time, and if its their second time, its usually because they wanted to buy a lot more than the time they did before.

Coinbase may have had some shadier practices in the past before they got VC funding, but that doesn't matter now.  What matters is that going forward we need to help them, and companies like them thrive, because without them, the adoption process will lose essential steam.  Not everyone can mine, but everyone can coinbase.

Note:  I'll let you know if they cancel my buys in the $400 range, and post screenshots of it clearing or getting cancelled, either way.

I hope you have a better experience in the future, cheers!

[dyask]

I think the Coinbase scam goes something like this.

1. You make your Coinbase Bitcoin purchase. The larger the purchase the better for them

2. Coinbase delays your coins by as much as 7 days and says the delay is because of BANKING ACH.  
    ACH does not take 7 days. If coinbase can get your money is 2 days, what is the point of waiting 5 more days ?

BECAUSE COINBASE NEEDS THE EXTRA TIME TO JUDGE THE MARKET BEFORE DECIDING TO SEND YOU BITCOINS OR NOT.
==========================================================================================

3. If the price of bitcoin goes up AT ANY TIME FAVOURABLE TO COINBASE, Coinbase does not want to give you the coins,
   they prefer to keep the bitcoins and politely email you saying so sorry. It was high risk. Try again in a few weeks.
   We will keep the profit this time. Better luck next time.

4. If the price of bitcoin drops AT ANYTIME UNFAVOURABLE TO COINBASE, from the time you ordered, Coinbase would be happy
    to send you the bitcoins and for you to take the loss.

5. Coinbase can buy and sell bitcoin immediately and Coinbase clients cannot.
    We have to wait days sometimes a week. And usually never get coins.
  
6. Coinbase is using Coinbase clients money for their own profit by first blocking clients wins and keeping that profit  but also
    allowing clients losses. (also Coinbase profit)

I use Coinbase a lot and have never even seen a hint of what you are talking about.   I have bought bitcoin from then near a bottom and they have delivered without issue.   Furthermore, my purchased bitcoin has been funded in 4 business days.

I'm not too happy with their Authy 2FA system and have complained about it.   I've even received acknowledgement that they were having difficulty and the worked with me to get my transaction through.     

[daddyfatsax]

I have used coinbase a lot. Once your bank account info is confirmed and your limits are setup you can buy up to $1,000.00 instantly and immediately transfer it out. I just did it earlier in the week when BTC was down around $500.

[Hueristic]

Code:

 PendingYour BTC will arrive by the end of day on Tuesday Mar 4, 2014. February 26, 2014, at 01:41PM EST
Amount Received
0.75 BTC
From
Avatar Coinbase (transfers@coinbase.com)
To
Avatar You
Message

Bought 0.75 BTC for $448.16.

Paid for with BANK NAME *********. Your bitcoin will arrive by the end of day on Tuesday Mar 4, 2014.

My fist BTC purchase will update on tuesday. I researched and asked members I trusted for a week before trying a service (Almost used GOX!). I also spoke to these people through email As I don't use or trust CC's and don't like the fact you need to provide CC infor (Debit cards no good) for instant transfer. And I think they are legit. They did state they are trying to find a better way for instant transfers so hopefully they will as I refuse to use CC's.

[dyask]

Code:

 PendingYour BTC will arrive by the end of day on Tuesday Mar 4, 2014. February 26, 2014, at 01:41PM EST
Amount Received
0.75 BTC
From
Avatar Coinbase (transfers@coinbase.com)
To
Avatar You
Message

Bought 0.75 BTC for $448.16.

Paid for with BANK NAME *********. Your bitcoin will arrive by the end of day on Tuesday Mar 4, 2014.

My fist BTC purchase will update on tuesday. I researched and asked members I trusted for a week before trying a service (Almost used GOX!). I also spoke to these people through email As I don't use or trust CC's and don't like the fact you need to provide CC infor (Debit cards no good) for instant transfer. And I think they are legit. They did state they are trying to find a better way for instant transfers so hopefully they will as I refuse to use CC's.

Instance purchases are still ACH, you just get the BTC right away.   I think the CC is only for backup.   My CC has never been used.

[Hueristic]

Code:

 PendingYour BTC will arrive by the end of day on Tuesday Mar 4, 2014. February 26, 2014, at 01:41PM EST
Amount Received
0.75 BTC
From
Avatar Coinbase (transfers@coinbase.com)
To
Avatar You
Message

Bought 0.75 BTC for $448.16.

Paid for with BANK NAME *********. Your bitcoin will arrive by the end of day on Tuesday Mar 4, 2014.

My fist BTC purchase will update on tuesday. I researched and asked members I trusted for a week before trying a service (Almost used GOX!). I also spoke to these people through email As I don't use or trust CC's and don't like the fact you need to provide CC infor (Debit cards no good) for instant transfer. And I think they are legit. They did state they are trying to find a better way for instant transfers so hopefully they will as I refuse to use CC's.

Instance purchases are still ACH, you just the BTC right away.   I think the CC is only for backup.   My CC has never been used.

Yes But they want the CC for verification and won't accept any other type.

[nahtnam]

This seems plausible, BUT you can always contact support and they will get it done ASAP at the same price as your original buy/sell.

[hellscabane]

I have used coinbase a lot. Once your bank account info is confirmed and your limits are setup you can buy up to $1,000.00 instantly and immediately transfer it out. I just did it earlier in the week when BTC was down around $500.

Precisely this. I bought 2.25 BTC when the price dipped for a few minutes to ~$440 and immediately moved it out (as in 15 seconds after purchasing).

A lot of the time, I notice that it is people that just started an account that have an issue with the buy/sell procedures of Coinbase. I've done transactions with them for over a year and I'm yet to have any issue with them.

Getting your account to level 2 is a wonderful thing and is totally worth it.

[bjalbert]

If you deposit a check into a bank it takes many days to clear. It is the same thing and not a scam but common banking practice.

[dyask]

Yes But they want the CC for verification and won't accept any other type.

Ok, but that doesn't make Coinbase a scam.   Having a CC isn't a difficult bar for most and Coinbase has every right to project their business.

[Hueristic]

Yes But they want the CC for verification and won't accept any other type.

Ok, but that doesn't make Coinbase a scam.   Having a CC isn't a difficult bar for most and Coinbase has every right to project their business.

Holy shit, WHERE did I say it was a scam?

I swear reading comprehension On this site is pathetic.

Sorry but shit go re-read my posts.

[dyask]

Yes But they want the CC for verification and won't accept any other type.

Ok, but that doesn't make Coinbase a scam.   Having a CC isn't a difficult bar for most and Coinbase has every right to project their business.

Holy shit, WHERE did I say it was a scam?

I swear reading comprehension On this site is pathetic.

Sorry but shit go re-read my posts.

You are posting an implied complaint on a thread claiming Coinbase is a scam.   You shouldn't expect others to do detective work to understand your meaning.   Most complaints I've seen about Coinbase focus on the fact they want a CC for verification.    Sorry I misunderstood you.   I wasn't trying  to be offensive.