Coinbase pissed off some people with lawyers

[thresher]

Again, what is their case?
This is a civil suit, what are the damages?  
You cannot just magically sue people for money, despite what tv has shown you.

[TheWiseandUnwise]

Coinbase had a history of shady dealings with their orders, buy and sell that gets mysteriously held up during price fluctuations. Authorities are aware of the irregularities.

This latest news isn't a surprise at all. Seems like it would tank the btc soon when many more learn about this.

[Chef Ramsay]

Coinbase had a history of shady dealings with their orders, buy and sell that gets mysteriously held up during price fluctuations. Authorities are aware of the irregularities.

This latest news isn't a surprise at all. Seems like it would tank the btc soon when many more learn about this.

Doubtful, this situation is going to normalize itself just fine. It's basically parsing words from what I can tell at this point. CB point blank is telling you what the states they can operate in in a somewhat secure fashion of sorts. With such large funding recently, I doubt the latest press release that they would offer would be such buffoonery unchecked by the money backers. This is pure drama and will blow over imo. The bottom line is that a grand new trading option is available in the states and that's before the ETFs come into play to offer brokers the ability to diversify portfolios into bitcoin even if they're a small % in scale. Obvious hugeness is huge.

[coinsurfer12]

Even if Coinbase lied and claimed that they were licensed and were not, there's absolutely no way they can be responsible for anyone's speculation loss. People speculated on BTC and not on Coinbase stock. And that's even if they lied, which from what I can tell they didn't. It was just the media blowing it out of proportion. Their only fault may be that they should have corrected the media right away but didn't until a day or two later.

Good luck NOT getting this thrown out of the court.

[manis]

I am surprised that lawyers haven't gotten involved in more Bitcoin cases.
It is a fertile ground for them. 

[Mudd]

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.

That's the way the system is set up. They make so many rules and regulations it makes it very easy for anyone to screw up and when they do they'll come straight after you. The entire system is corrupt anyway but they paint the little people as criminals and throw them in jail whilst the rich can get away with it or buy their way out of crimes.

[ElectricMucus]

Even if Coinbase lied and claimed that they were licensed and were not, there's absolutely no way they can be responsible for anyone's speculation loss. People speculated on BTC and not on Coinbase stock. And that's even if they lied, which from what I can tell they didn't. It was just the media blowing it out of proportion. Their only fault may be that they should have corrected the media right away but didn't until a day or two later.

Good luck NOT getting this thrown out of the court.

Some things come to mind.
First last weeks short squeeze was pretty epic, and it arguably was because the coinbase news. Second coinbase probably made a good wad of cash out of it from fees and arbitrage.
Last if your read their statement they complain about false advertising, in particular being licensed in NY and CA, the US most important financial regions. There were probably ways for making money for some people if that had been true and since it hasn't happened they can claim lost profits.

[picolo]

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.

Hunt for money!

[anshar]

Again, what is their case?
This is a civil suit, what are the damages?  
You cannot just magically sue people for money, despite what tv has shown you.

False advertising and misconception? Could that be a thing? They said things which they weren't.

[coinsurfer12]

Again, what is their case?
This is a civil suit, what are the damages?  
You cannot just magically sue people for money, despite what tv has shown you.

False advertising and misconception? Could that be a thing? They said things which they weren't.

It is a thing. But unless you lost a lot of money buying their products or their stock, what are the damages? You couldn't really have lost a lot of money using their exchange as the crash happened minutes after they launched. So you'd need to have dollars in their system and bought BTC immediately. And even then, the truth about the false advertising (if that's really what happened) came out on Tuesday. So it's hard to proved that the false advertising caused the bitcoin price to drop.

Lastly, I made an analogy here: https://bitcointalk.org/index.php?topic=938514.msg10296220#msg10296220
BTC price is not controlled by Coinbase. So you really can't blame Coinbase for losing money from speculating on BTC.

[anshar]

Again, what is their case?
This is a civil suit, what are the damages?  
You cannot just magically sue people for money, despite what tv has shown you.

False advertising and misconception? Could that be a thing? They said things which they weren't.

It is a thing. But unless you lost a lot of money buying their products or their stock, what are the damages? You couldn't really have lost a lot of money using their exchange as the crash happened minutes after they launched. So you'd need to have dollars in their system and bought BTC immediately. And even then, the truth about the false advertising (if that's really what happened) came out on Tuesday. So it's hard to proved that the false advertising caused the bitcoin price to drop.

That's the thing, alot of people lost hundreds of btc possibly. Which is enough to spark all this.

[coinsurfer12]

That's the thing, alot of people lost hundreds of btc possibly. Which is enough to spark all this.

And what does that have to do with Coinbase?

I lost millions speculating on oil because Exxon promised to build the titanic of oil rigs. Turns out they never got the license to build that oil rig and the oil price tanked. Does Exxon now need to pay back my lossses?

[BayAreaCoins]

That's the thing, alot of people lost hundreds of btc possibly. Which is enough to spark all this.

And what does that have to do with Coinbase?

I lost millions speculating on oil because Exxon promised to build the titanic of oil rigs. Turns out they never got the license to build that oil rig and the oil price tanked. Does Exxon now need to pay back my lossses?

Did Exxon tell you the titanic of oil rigs was already built, approved and funded + launching in 10 hours and then you bought it?

Then they use your cash to buy the Oil @ 30% less than you paid for because the ass end of the magical market falls out from it?

If the answer is yes then you probably have a solid chance.

I intend on recovering a little over $220,000 lost from Coinbase's rick roll attempt.

I've had a good number of honest hard working Bitcoiners contact me over this in the past few days... it's not easy getting Rick Rolled, but we have strength in numbers.

[NotLambchop]

Again, what is their case?
This is a civil suit, what are the damages?  
You cannot just magically sue people for money, despite what tv has shown you.

False advertising and misconception? Could that be a thing? They said things which they weren't.

Bitcoin enthusiasts see a compelling rocket pic on interwebs.  Luls and lawsuits ensue.

[picolo]

That's the thing, alot of people lost hundreds of btc possibly. Which is enough to spark all this.

And what does that have to do with Coinbase?

I lost millions speculating on oil because Exxon promised to build the titanic of oil rigs. Turns out they never got the license to build that oil rig and the oil price tanked. Does Exxon now need to pay back my lossses?

They didn't lie.

[coinsurfer12]

My account equity alone was over $220,000 (around 1,000 BTC at these levels) with me alone.  I know a large number effected by this horse shit 

Rick rolled like a mofo in other words...

And tell me again why it's Coinbase's fault that you lost money speculating on BTC. Did you lose it on their exchange? Did the BTC price crash after CA's statement that Coinbase did not have a license? Did Coinbase claim that they had a CA license?

You also don't seem to understand what rickroll means. See: http://en.wikipedia.org/wiki/Rickrolling
Coinbase rickrolled users that thought they found what Coinbase was launching by going to https://coinbase.com/lunar/feature

And by the way, for every loser, there's a winner. So maybe you should sue all the people that made money.

Did Exxon tell you the titanic of oil rigs was already built, approved and funded + launching in 10 hours and then you bought it?

Did Coinbase tell you that? From what I can tell, WSJ leaked the news before Coinbase launched. And it caused you to buy what? BTC, that's right. Did Coinbase force you to buy BTC? You bought BTC to speculate because you heard rumors that Coinbase was launching an exchange. That's right, rumors. Coinbase didn't say a peep until Monday except for a mysterious rocket website with a countdown. By the time Coinbase said something, the market had already crashed.

Then they use your cash to buy the Oil @ 30% less than you paid for because the ass end of the magical market falls out from it?

How did Coinbase use your cash? Did you lose your cash on the coinbase exchange? Were they on the other side of your margin trade? Are you saying they lied to everyone to purposely crash the market while they are shorting BTC? Lol

I intend on recovering a little over $220,000 lost from Coinbase's rick roll attempt.

Ok, getting some popcorn.

[anshar]

That's the thing, alot of people lost hundreds of btc possibly. Which is enough to spark all this.

And what does that have to do with Coinbase?

I lost millions speculating on oil because Exxon promised to build the titanic of oil rigs. Turns out they never got the license to build that oil rig and the oil price tanked. Does Exxon now need to pay back my lossses?

But they didn't lie or act foolishly as coinbase did.

[BayAreaCoins]

...
Ok, getting some popcorn.

Enjoy your popcorn    

http://www.urbandictionary.com/define.php?term=rick+rolled&defid=2733819

Rick Rolled

Originally, to trick someone into watching the extremely catchy "Never Gonna Give You Up" music video by the genius Rick Astley with a fake link (usually with the promise of an exclusive video).

Now used in a more general sense, for any sort of deception or trick.
"I asked for the newest Halo trailer and all I got was the Rickroll video."

"I really hope that J.K. Rowling hasn't rick rolled us with all this Dumbledore business. I would be so disappointed."

"I just rick rolled that guy into singing Evanescence at the top of his lungs in the middle of a Walmart by promising him a reward of $20,000."

"Coinbase rick rolled the Bitcoin community millions of dollars on Sunday and tried to rick roll us again with shills + Charlie doing the deny deny deny thing.   "

[coinsurfer12]

But they didn't lie or act foolishly as coinbase did.

Where did Coinbase lie and how did they act foolishly?

Look, I lost a lot of money too. I bought the hype and didn't sell at 300. Now I'm down quite a bit. But I'm not going to blame my speculative trading on Coinbase. I tried to take advantage of Coinbase's news to make some money and it backfired. Lesson learned.

Did Coinbase's rumors cause the price to rise? I'm sure it did.
Did the launch cause an immediate sell off? I think so.
Was the sell-off related to not having the CA/NY license? That's a tough argument as the crash happened before the CA/NY news came out.

[BayAreaCoins]

Look, I lost a lot of money too....

You aren't fooling anyone