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Author Topic: Coinbase Cheating on my BTC as price fluctuates  (Read 1487 times)
wesk1212
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May 29, 2014, 08:38:43 PM
 #1

I purchased 5 BTC when it was ~520$ a piece through coinbase,
they told me to wait about a week since it was my first transaction.
The price now is 570$ and I got an email today that my transaction was cancelled and They did not explain any reason.
This is the actual email from coinbase.



=========================================
Coinbase   
Hi wesk1212
On May 22, 2014 you purchased 5.00 BTC via bank transfer for $2,673.97.
Unfortunately, we have decided to cancel this order because it appears to be high risk. We do not send out any bitcoins on high risk transactions, and you will receive a refund to your bank account in 3-4 business days.
Please understand that we do this to keep the community safe and avoid fraudulent transactions. Apologies if you are one of the good users who gets caught up in this preventative measure - we don't get it right 100% of the time, but we need to be cautious when it comes to preventing fraud.
You may have more luck trying again in a few weeks. Best of luck and thank you for trying Coinbase.
Kind regards,
The Coinbase Team
===========================================



My bank was chase, and I am not a high risk..
I pay 2500$ for my monthly rent myself...and I make enough to purchase 5 BTC anyday.
This is ridiculous.
waited a week to get my bitcoin and this is what they say.
more luck? go fuck yourself coinbase seriously..

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May 29, 2014, 08:54:13 PM
 #2

You don't like the way they operate ....don't use them.

Simple.

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General
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May 29, 2014, 08:57:01 PM
 #3

They have to comply with governmental policies and restrictions.

If it's cancelled it's because it has been deemed high-risk.  PayPal does the same thing except they limit your account and make you wait 6 months to withdraw your funds.

They didn't cheat you at all.  They are an MSB and they're doing their best to prevent any financial wrong-doings.

Whether or not you were doing anything malicious, they will never know.  Their risk dept. decided that for them.

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May 29, 2014, 08:59:41 PM
 #4

You'll probably find that you won't have that problem with BitSimple.

You may want to give them a try.

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May 29, 2014, 09:02:48 PM
 #5

This was a common complaint on these forums in November when BTC was shooting up.  I've come to the conclusion that when you buy or sell with coinbase what you are essentially buying or selling is an option for them to buy/sell from you as long as the price remains stable or moves in their favor.

I've used coinbase twice with no problems but both times the price action was in their favor.

I doubt this happens to everyone, but it has come up before.  Like smoothie said, if you are not willing to risk this then don't use them.  General may be right, it may be based on regulations, and, of course, if the price action moves in BCT users favor they are not likely to complain here.  YMMV.

Good Luck.
beetcoin
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May 29, 2014, 09:03:05 PM
 #6

this is a common complaint, and i don't think they are not cheating you. a lot of people are saying they cancelled the price as bitcoin went up, but some have also said that they cancelled a transaction even after bitcoin went down.
wesk1212
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May 29, 2014, 09:06:24 PM
 #7

You don't like the way they operate ....don't use them.

Simple.
yeah i wont if i get my bitcoin back at the price I purcahsed.
simple

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████ NEXGEN DECENTRALIZED RIDE HAILING PLATFORM ████
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danielpbarron
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May 31, 2014, 02:26:19 PM
 #8

I purchased 5 BTC when it was ~520$ a piece through coinbase,
they told me to wait about a week since it was my first transaction.
The price now is 570$ and I got an email today that my transaction was cancelled and They did not explain any reason.
This is the actual email from coinbase.



=========================================
Coinbase   
Hi wesk1212
On May 22, 2014 you purchased 5.00 BTC via bank transfer for $2,673.97.
Unfortunately, we have decided to cancel this order because it appears to be high risk. We do not send out any bitcoins on high risk transactions, and you will receive a refund to your bank account in 3-4 business days.
Please understand that we do this to keep the community safe and avoid fraudulent transactions. Apologies if you are one of the good users who gets caught up in this preventative measure - we don't get it right 100% of the time, but we need to be cautious when it comes to preventing fraud.
You may have more luck trying again in a few weeks. Best of luck and thank you for trying Coinbase.
Kind regards,
The Coinbase Team
===========================================



My bank was chase, and I am not a high risk..
I pay 2500$ for my monthly rent myself...and I make enough to purchase 5 BTC anyday.
This is ridiculous.
waited a week to get my bitcoin and this is what they say.
more luck? go fuck yourself coinbase seriously..


It was "high risk" for them; they tried to short BTC and then backed out when it was going to burn them.

You should consider doing your trades in #bitcoin-otc on irc.freenode.net; there is a growing community of cash-in-the-mail dealers, and they use GPG contracts in conjunction with a Web-of-Trust system in order to create an economic disincentive for the kind of business practices you have encountered through Coinbase.

Official Web Site: http://bitcoin-otc.com/
Freenode Web Chat: http://webchat.freenode.net/

Marriage is a permanent bond (or should be) between a man and a woman. Scripture reveals a man has the freedom to have this marriage bond with more than one woman, if he so desires. But, anything beyond this is a perversion. -- Darwin Fish
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