Coinbase pissed off some people with lawyers

[cryptopaddles]

Will getting regulators and Lawyers involved with bitcoin be a good thing?  Looks to me like we have the answer to that question at least.

[rm1023]

But whatever happened to "Buy the rumor, sell the news."?

Buy the fake news, sell on reality

It wasn't a rumor it was a flat out lie.

If you purchased Bitcoin from Coinbase on Sunday/Monday morning or are a
"rick rolled" victim please be sure to contact:

jonathan.levy@tripplevy.com

It is 100% confidential contacting him.

(This is the law firm out of NY and has offices in LA or something.)

It cost $0 through them and they take 25%-33% of what is recovered.  Pretty sweet deal if you don't have the $ for a retainer ect ect.  It also means the firm doesn't get paid unless they win... gives the lawyers a little kick in the ass for a positive outcome for the victims.

Even if you do contact them it would probably be wise to contact your State Attorney General and a lawyer that you trust as well.

This is the reason the US sucks now.  I bought a few coins, not worried about the loss after the past year.  I maintained a speculative mind frame during my purchase.

[traderCJ]

BayAreaCoins:

I'm a bit confused.  Admittedly, I haven't followed the coinbase exchange announcement snafu very closely.  How did they cause you to lose $220k?

[manis]

Doesn't everybody have lawyers these days?

[rocoro]

BayAreaCoins:

I'm a bit confused.  Admittedly, I haven't followed the coinbase exchange announcement snafu very closely.  How did they cause you to lose $220k?

People feel they used news to manipulate price.  

If there is evidence,  there probably is somewhat of a good case.

Looking at the law firm, it looks like they've handled these type of things before.

I hope to see them get something.  

But sometimes with class action lawsuits (if that's what they're doing) - by the time they split it all up,  I don't think you see much.

I guess it depends on a total amount to be distributed.

[traderCJ]

People feel they used news to manipulate price.  

If there is evidence,  there probably is somewhat of a good case.

Looking at the law firm, it looks like they've handled these type of things before.

I hope to see them get something.  

But sometimes with class action lawsuits (if that's what they're doing) - by the time they split it all up,  I don't think you see much.

I guess it depends on a total amount to be distributed.

So he lost $220k because he was short BTC and got margin called following the announcement?  That's his standing for the lawsuit?

[BayAreaCoins]

...

www.prnewswire.com/news-releases/coinbase-inc--national-securities-law-firm-investigates-licensure-of-coinbases-bitcoin-exchange-300028022.html

But sometimes with class action lawsuits (if that's what they're doing) - by the time they split it all up,  I don't think you see much

I spoke Tripp Levy PLLC on the phone this weekend.  They sound pretty decent,  but I'm going to continue interviewing as well.

It will cost people $0 to participate in their suit and the lawyers get paid only if their victims do.  This means the lawyers:

A: Think they have a strong case.
B: Work harder to win.

I spent a good bit on the phone with him and passing emails back and forth.

Just trying to make sure their firm knows this wasn't Bitcoins fault.  It was Coinbase.

[Elwar]

"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"


In other words..."We have no clue what to actually go after them for but we see that they have a lot of money so let the lawsuit commence! Please give us information on how we can justify this lawsuit."


btw

Nowhere in any press did CoinBase claim that they had a California Bitcoin license.

They are a licensed and regulated exchange ... in California.

California coming out and "clarifying" something that did not need to be clarified is pretty lame.

That is like me coming out with a statement:
"BayAreaCoins is not actually a lawyer that can give out legal advice!"

Then people reacting with
"What?!? He's not? But I thought he was! I spent $200,000 to file a lawsuit based on that assumption!"

[BayAreaCoins]

Nowhere in any press did CoinBase claim that they had a California Bitcoin license.
...
California coming out and "clarifying" something that did not need to be clarified is pretty lame.
...
Then people reacting with
"What?!? He's not? But I thought he was! I spent $200,000 to file a lawsuit based on that assumption!"

A: They never claim they weren't either cause why fuck something up when you are making cash hand over fist.    If you don't see what happened by now then you just won't see it I guess. I'm not a very good explainer though either admittedly.

B: California protecting their people is far from lame.  Go fucking California!

C: I'm not a lawyer and no one needs to spend anything on that NYC firm.  The charge is $0 and they only get paid if they win (25-33% generally John said.)  Consult your own attorney.  

https://twitter.com/BayAreaCoins/status/562060531314335744

[traderCJ]

So literally anyone who incurred losses subsequent to the Coinbase announcement has standing in this law firms eyes?

[BayAreaCoins]

So literally anyone who incurred losses subsequent to the Coinbase announcement has standing in this law firms eyes?

Not sure if it is American only or global tbh.

Email him. He is super nice.

[Elwar]

If you don't see what happened by now then you just won't see it I guess. I'm not a very good explainer though either admittedly.

You have explained it well enough. You lost $200k on an assumption that was not presented as a fact.

If I can sue for every news article that gets things wrong about Bitcoin I will be bitcoin rich in a month.

[BayAreaCoins]

You have explained it well enough. You lost $200k on an assumption that was not presented as a fact.

If I can sue for every news article that gets things wrong about Bitcoin I will be bitcoin rich in a month.

Since it is easy to call in and check on a Sunday night eh?  

Also, your vote via paying website doesn't appear to be loading.

[coinsurfer12]

If you don't see what happened by now then you just won't see it I guess. I'm not a very good explainer though either admittedly.

You have explained it well enough. You lost $200k on an assumption that was not presented as a fact.

If I can sue for every news article that gets things wrong about Bitcoin I will be bitcoin rich in a month.

Somehow I doubt that he put $220k on BTC because of the CA license. He gambled $220k because of the rumor that Coinbase was launching an exchange. The whole market was buzzing about that and that's why the price shot up to $300. If Coinbase launched in 23 states (no CA) instead of 24, the price movement would be exactly the same. It was only after the fact, he looked for an excuse to see who he could blame.

That's what I hate about America. People like this guy who thinks that it's other people's fault for their own stupidity. Trip on a rock in someone's front yard and then proceed to sue the owner of the house. Burn yourself from spilling hot coffee and then sue McDonalds. Lawyers are lovin' it. (pun intended)

[BayAreaCoins]

Somehow I doubt that he put $220k on BTC because of the CA license. He gambled $220k because of the rumor that Coinbase was launching an exchange.

k shill You obviously have a lot of interest in this glancing at your post history

I fucking hate Coinbase... hated them before all this too.  I was excited about a CA license... I share the same backyard as the "Coinbase office".  It was exciting looking over the city off of my balcony and thinking "Holy Shit.... Coinbase fucktards pulled it off!"  When in reality all they pulled off was rick rolling the fuck out of all of us.

They track peoples accounts hardcore and skim 1% off the LocalBitcoin hustlers who actually have enough heart to meet people in person.
 
Coinbase won't even tell folks where their office is.  What a joke...

http://cointelegraph.com/news/113403/5-reasons-to-drop-coinbase-like-a-hot-potato-op-ed

Lawyers are lovin' it. (pun intended)

Don't hate the player... hate the game.

Fuck a bunch of people and you don't expect to get fucked back... ok!  

I got a FED registered letter in the mail today threatening my SnailsInTheMail business with a $6.3 million dollar fine over fucking snails.... I can't even imagine what Coinbase is going to get in the mail  .

I'd like to stress again I would love to settle my shit with Coinbase privately with limited lawyers and no court.  I'm not exactly thrilled to have to being doing this... I'd rather the news have been for real and that hurdle jumped by Bitcoin.

[Elwar]

I was excited about a CA license...

Something they never announced. And since California does not require a license to exchange bitcoins, there is no license to acquire.

Even the California "warning" said Coinbase didn't have a license, and they are considering what such a license would look like were it to exist...which it doesn't.

I didn't get a license to buy soda this morning at the store. Now, just because I say that does not mean I am licensed to buy soda at the store. And if I say that my drivers license allows me to buy any drink in the store including alcohol, it does not mean I need a license to buy soda as well.

The store owner putting out a press release stating that I "do not have a license to buy soda" at the store does not change one bit that I can buy soda at the store.

And I can see why you would rather settle out of court. The mere threat of a lawsuit is always good for a few bucks from a company trying to hold a good reputation that has a bit of money.

[ElectricMucus]

Something they never announced. And since California does not require a license to exchange bitcoins, there is no license to acquire.

Even the California "warning" said Coinbase didn't have a license, and they are considering what such a license would look like were it to exist...which it doesn't.

Coinbase assumed they don't need a license in California based on their research, they then announced that they are opening a licensed Bitcoin exchange.
No mention of being specifically licensed in California, but it could lead to the assumption that they were in fact licensed to operate a bitcoin exchange in California (which they can not, since the assumption that there is no licensing)

Now then what happened was that the state of California went out and denied they ever gave Coinbase a license. Now that can mean two entirely different things:
Either Coinbase is correct in the assumption that they don't need a license, so the claims they did lead people to believe they have some sort of official standing while they are not make sense.
Or their assumption is wrong and they actually would need a license to operate in California, in which case they lied and are fucked so much they stand no chance in curt.

Either way they are fucked in New York, since they do require a license there they haven't got that and they lead customers to believe they did. And their "clever" choice of words does make it worse for them, since the complaint is that is part of their deception.

You see being "clever" about wording when dealing with bureaucracy is an incredibly stupid thing to do.  Motivating bureaucrats is hard, but a sure way to do it is if you give them the impression you are toying with them.

[Elwar]

Something they never announced. And since California does not require a license to exchange bitcoins, there is no license to acquire.

Even the California "warning" said Coinbase didn't have a license, and they are considering what such a license would look like were it to exist...which it doesn't.

Coinbase assumed they don't need a license in California based on their research, they then announced that they are opening a licensed Bitcoin exchange.
No mention of being specifically licensed in California, but it could lead to the assumption that they were in fact licensed to operate a bitcoin exchange in California (which they can not, since the assumption that there is no licensing)

Now then what happened was that the state of California went out and denied they ever gave Coinbase a license. Now that can mean two entirely different things:
Either Coinbase is correct in the assumption that they don't need a license, so the claims they did lead people to believe they have some sort of official standing while they are not make sense.
Or their assumption is wrong and they actually would need a license to operate in California, in which case they lied and are fucked so much they stand no chance in curt.

Either way they are fucked in New York, since they do require a license there they haven't got that and they lead customers to believe they did. And their "clever" choice of words does make it worse for them, since the complaint is that is part of their deception.

You see being "clever" about wording when dealing with bureaucracy is an incredibly stupid thing to do.  Motivating bureaucrats is hard, but a sure way to do it is if you give them the impression you are toying with them.

Coinbase did open a licensed exchange. If I'm in Michigan and get pulled over the cop can ask for my license I can present my Florida drivers license. I am a licensed driver.

Coinbase is licensed. I am sure they can prove it easily, they just have to prove it for one state.

Their website showed that you can use the exchange in California because they fulfilled all requirements for that state (which does not require a license).

Everyone knows that the licensing requirements are different for each state. That is why there is no US Bitcoin exchange. They can act as money transmitters by registering with FinCen but need to meet the various laws of each state.

Either way. I will leave this to the lawyers that thrive quite well in the US, especially in California where you can just get your law degree online. I'm glad I no longer live there and would never think to set up a business there.

[Come-from-Beyond]

[Amph]

so now they can't recover bitcoin anymore, after they dumped their million, which caused the price to collapse