Filing a police report and fraud accusation with the BBB against Coinbase

[BitcoinDistributor]

I have used coinbase many times. There has never been a problem with my account.

I sold 0.32 BTC before the drop for $95.05 and then later 0.185 BTC for $49.55. They never hit my account. They claimed it was an error on my bank's side however, this is false because the info I provided was correct and they even confirmed this (that the account info they had was correct).

I called my bank and they said its not their fault, they never rec'd anything.

Well today, Alex of Coinbase today told me that I'm getting back the BTC I sold. Thats not right. We had a contractual agreement that Coinbase would provide in my bank account $95.05 and $49.55 and now they are backing out of their agreement. That is fraud, no matter how little it is. I am now getting screwed over here as the coins they have returned to me are worth 2/3 the value that they were originally. This is not right.

As little as $50 is, I'm filing a police report and going to the BBB. This company needs to be shut down.

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[Thresh]

Based on the amount, wouldnt the police report consider it petty theft? anything below $1,000 in my area for the police dept. files under that category.

[ivonna]

Well there is the end of your credibility.

Was this the first time you used coinbase to sell bitcoin? If so then chances are you input something incorrectly. You most likely did something like give them the wrong routing number or included the check number in your account number.

You did not have a contractual agreement with coinbase to sell at a certain price. If you had bothered to read their TOS you would see that they have the right to cancel transactions under certain circumstances.

Their new US dollar wallet feature will prevent this kind of problem from happening, although this may not be yet available in your area

[BitcoinDistributor]

Well there is the end of your credibility.

Was this the first time you used coinbase to sell bitcoin? If so then chances are you input something incorrectly. You most likely did something like give them the wrong routing number or included the check number in your account number.

You did not have a contractual agreement with coinbase to sell at a certain price. If you had bothered to read their TOS you would see that they have the right to cancel transactions under certain circumstances.

Their new US dollar wallet feature will prevent this kind of problem from happening, although this may not be yet available in your area

Did you read any of my post? They confirmed to me they had the correct routing and account number when I provided them photos of documents showing both. This was not the first time I sold coin via Coinbase using this bank account.

Obviously you aren't someone who reads posts and is just boosting your post count to sell the account at a later date.

[ivonna]

Well there is the end of your credibility.

Was this the first time you used coinbase to sell bitcoin? If so then chances are you input something incorrectly. You most likely did something like give them the wrong routing number or included the check number in your account number.

You did not have a contractual agreement with coinbase to sell at a certain price. If you had bothered to read their TOS you would see that they have the right to cancel transactions under certain circumstances.

Their new US dollar wallet feature will prevent this kind of problem from happening, although this may not be yet available in your area

Did you read any of my post? They confirmed to me they had the correct routing and account number when I provided them photos of documents showing both. This was not the first time I sold coin via Coinbase using this bank account.

Obviously you aren't someone who reads posts and is just boosting your post count to sell the account at a later date.

A search of the word "photo" in your original post came with no results. I would think it would be an unusual request to ask for a picture of a check because most banks to do give out free checks and some people do not use checks at all (instead they use online bill pay). They most likely would have asked you to confirm what your account number/routing number is and you would have given them the incorrect information a second time.

They have no reason to intentionally mess up a transaction as they receive a "spread" every time that someone either buys or sells with them.

Your bank information is processed in an automated fashion.

[Fortify]

Here's a tip: Use a site like localbitcoins.com to sell your bitcoin and you should never have a problem like this, plus it will be all done within an hour usually. Looks like coinbase have a poor setup for exchanging into USD, but not necessarily fraudulent. It does suck to lose a 3rd of the value, just use it as a learning experience. The trouble with sites like coinbase is once they achieve such a large scale, they will become targets for government monitoring and are required to log more.

[seabass1985]

This is unbelievable I have never had any problem whatsoever with coinbase there are in my mine the best

[Xerath]

honestly i dont think they really care, since they are so huge...

[98problems]

Here's a tip: Use a site like localbitcoins.com to sell your bitcoin and you should never have a problem like this, plus it will be all done within an hour usually. Looks like coinbase have a poor setup for exchanging into USD, but not necessarily fraudulent. It does suck to lose a 3rd of the value, just use it as a learning experience. The trouble with sites like coinbase is once they achieve such a large scale, they will become targets for government monitoring and are required to log more.

They are somewhat improving it, especially with their new feature where you transfer US dollars to them and can buy bitcoin at a later point in time. More like an exchange

I do agree that LBC will probably be better for a lot of people wanting to do cash trades (although you would not be able to trade from the comfort of your home as you could with coinbase and LBC generally will make you pay a larger spread)

[jonald_fyookball]

it's not fraud just because your order didn't go through.

but hey do what u gotta do if it makes you feel better.