Coinbase pissed off some people with lawyers

[ElectricMucus]

http://tripplevy.com/news/coinbase-inc-investigation-of-licensure-of-coinbases-bitcoin-exchange/

Coinbase, Inc. – National Securities Law Firm Investigates Licensure Of Coinbase’s Bitcoin Exchange

January 29, 2015
New York, New York

Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating Coinbase, Inc. for allegedly making false and misleading statements to prospective and current users of Coinbase’s Bitcoin Exchange regarding its business.

On January 26, 2015, Coinbase announced that it launched the first regulated Bitcoin Exchange in the United States, and that it is licensed to do business in 25 states, including New York and California. Coinbase’s statement may have artificially inflated the price of Bitcoins as the cybercurrency rose to $263. However, it was later revealed by New York’s Department of Financial Services and California’s Department of Business Oversight that Coinbase did not have the licenses necessary to operate as a Bitcoin Exchange in New York or California. Following this announcement, the price of a Bitcoin fell to $233.

If you are a user of Coinbase’s Bitcoin Exchange and have information that may be helpful to our investigation or would like additional information regarding this investigation, please contact us toll free at 1-800-511-7037 or contact us via our website.

Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliate, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. The National Law Journal has named Milberg one of the “50 Elite Trial Lawyer Firms” and one of the “50 Leading Plaintiff Firms in America.” Attorney advertising. Prior results do not indicate a similar outcome.

If this hits the courts this is gonna be good, get your popcorn ready.

[inca]

The *grabs popcorn* meme is a bit over used now.

[podyx]

[damiano]

That is actually a well established firm and it looks like they managed to get quite a bit in settlements. 

Wow this will be very interesting to watch.

[traderCJ]

Coinbase is about to learn how arcane, muddled, confusing and complex securities regulations are.  Welcome to the bigs, guys.  This is what you wanted, right?

[ElectricMucus]

The *grabs popcorn* meme is a bit over used now.

It's how communication over the Internet is done.

[tarmi]

so funny.

when bitcoiners meet the real world it usually ends bad and in court.

so many of them are in jail and under investigation.

[foxbitcoin]

Bitcoin will outlive any country laws, any exchanges, any shit you throw at it, because that is the core purpose of it.

[tarmi]

bitcoin probably will, but I have my doubts for the people around it.

[thresher]

They are just looking for attention, this would not help any of you unless you purchased bitcoin at 300 (263 as they say) and sold at 233 pretending that coinbase was the reason why.
Good luck proving their case.  
I agree coinbase probably swindled us, but yeah these guys don't have law degrees if they think they can win that case and get profit out of it.

[Bit_Happy]

Bitcoin will outlive any country laws, any exchanges, any shit you throw at it, because that is the core purpose of it.

That sounds great right about now. Thanks for the reminder about how awesome Bitcoin really is.

[Meuh6879]

false ad ?

turn on the TV ... 

[marcus_of_augustus]

a bitcoin exchange on the scam? nah, couldn't be could it?

[ronald98]

It surprises me that coinbase didn't consult lawyers before announcing they were licensed.

[BayAreaCoins]

so funny.

when bitcoiners meet the real world it usually ends bad and in court.

so many of them are in jail and under investigation.

Coinbase is fucking nuts if they let this get that far.  

They fucked up something horribly on this... And hurt a lot of Californians (myself included.)  American companies "Rick Rolling" their customers and communities with fake news and unethical business tactics is NOT ok.

Expect news of a California legal team as well. (If it needs to make the news)

I have been speaking with the OP attorney via email and if I like them over the phone I'll be flying to NYC to meet them.  

I don't want to recruit someone who is looking to hurt Bitcoin because that isn't what this is.  

If you are a lawyer, rekt customer or raped Bitcoiner please feel free to contact me.

[rm1023]

lol This is not going anywhere.  The attorneys will jerk each other off and then settle for some undisclosed amount which will basically cover their fees.

[smoothie]

It appears Coinbase fucked up.

When that letter from the state of CA saying Coinbase is not licensed/registered with California, that was an eye opener.

SMH.

[bitcool]

the smell of money attracts sharks.

[ronald98]

Could the state of CA saying Coinbase is not licensed/registered invalidate coinbase's insurance? Insurance companies often try to find any reason they can to avoid paying out a claim.

[cctvtech]

I read somewhere where Coinbase was not licensed in CA, but, CA stated they did not regulate bitcoin exchanges and a license is not needed, not sure of the fiat side of things though.