Coinbase. :-(

[Tsquared]

I would think they operate on a partial reserve system, similar to the way banks do. You have a balance that they essentially take liberties with.  When you buy low, they bank on others selling, but nobody sells then the price rises. They don't have the bitcoins to actually deliver to you so they cancel your order and refund your purchase price because it's cheaper than buying at the higher price to cover your order.

If this is really what's happening it will take a while, but they'll get nailed for doing this and folks who had orders canceled as a result of unscrupulous business practices will have a claim against them. Unless of course they have covered their bases with solid legal terms and conditions, which allow them to cancel an order for any reason, and they likely do. Even so, this would not be enough to protect them in the court of public opinion, and folks like the OP may be able to seek compensation for losses.

I've heard about this several times, and it's happened to me too, but I've never heard it happen when someone bought at a high price, then breathed a sigh of relief because the price fell and their order was canceled, allowing them to buy lower.

TT

[Hfleer]

I would think they operate on a partial reserve system, similar to the way banks do. You have a balance that they essentially take liberties with.  When you buy low, they bank on others selling, but nobody sells then the price rises. They don't have the bitcoins to actually deliver to you so they cancel your order and refund your purchase price because it's cheaper than buying at the higher price to cover your order.

If this is really what's happening it will take a while, but they'll get nailed for doing this and folks who had orders canceled as a result of unscrupulous business practices will have a claim against them. Unless of course they have covered their bases with solid legal terms and conditions, which allow them to cancel an order for any reason, and they likely do. Even so, this would not be enough to protect them in the court of public opinion, and folks like the OP may be able to seek compensation for losses.

I've heard about this several times, and it's happened to me too, but I've never heard it happen when someone bought at a high price, then breathed a sigh of relief because the price fell and their order was canceled, allowing them to buy lower.

TT

There is no reason to do this. They have very good connections to get and sell BTC too. Also why would they have periods where they stop selling or buying if it was like you are saying? Doesn't make any sense...

[ajw7989]

Back when I first created a coinbase account about 2 years ago they cancelled one of my orders. Since then I never bought more than my instant buy allowed in a week ($1k) and its never been cancelled. I think they have a strict high risk order algorithm that could be more laxed. But for long time customers I doubt they are having any of these problems and if so should call coinbase. I called a long time ago and they "whitelisted" my account to prevent this from ever happening again. Whether they still do this I am not sure since this was back when they were in the infant stages.

[1gallon]

yeah i use coinbase as well, and they do seem to try to fuck you over or try not to be fucked over if there are sudden price increases and sales... you are better off looking for a faster bitcoin exchange.

would it be faster if you used money in your coinbase's USD wallet?

[D05GTO]

Yeah, this is done on new accounts.  Never had a problem in over a year.   Not a big problem at all.  Can you guys imagine the amount of fraud trying to be pulled on them every second of the day?    Morons will work a week to scam someone out of .02 btc. 

[Hfleer]

Yeah, this is done on new accounts.  Never had a problem in over a year.   Not a big problem at all.  Can you guys imagine the amount of fraud trying to be pulled on them every second of the day?    Morons will work a week to scam someone out of .02 btc. 

Add to this, that many of those scammers will scream the loudest once they are getting an order rejected.

[Somekindabitcoin]

I have been using coinbase for over 2 years now. My only mistake is buying Bitcoin at 800 bucks with a huge fee. Have you totally verified your account to be able to make these purchases?

[techgeek]

did they cancel all the transactions since they feel like its led to illegal activities? or is it cause you bought bitcoin way too fast?

i think the cancellation is a bit retarded though..

[luciann]

wait, so pretty much every newbie who registers with them will encounter this or no?

[Hfleer]

wait, so pretty much every newbie who registers with them will encounter this or no?

No, and they have an algorithm that will do that to some accounts. They are not out to stick it to newbs..

[WaffleMaster]

Coinbase is the best BTC exchange I've ever came across. However, I only use instant buy and at that I don't buy in large amounts. Of course you're going to hit their fraud detection if you're trying to do some sketchy ass shit. They've even been known to ban people for depositing to BTC gambling sites because those don't do any taxes. So sorry your were caught on the wrong end of the best exchange. Maybe try not to act like a drug seller/buyer/fraudster/money launderer next time you're trying to buy or sell huge amounts of something you probably won't report to the IRS  

[xingming]

i still dont know why you buy btc from coinbase,better buy them from some exchange
and send them to blockchain.info and you wouldent have much problems!

I don't suggest blockchain.info as wallet, electrum (desktop wallet) is better than other one. You can also use armory or multibit.

there safety is a the top best

in most chances you cant get hacked

well i like better online wallets then desktop wallets!

I don't suggest any of them they all have some `default` first blockchain can be hacked
and there's a lot of reports ,,, the last time a hacker stole wallets , about multibit and electrum ,,, fee
may not be costumable ,,, but more safe , I just prefer the bitcoind its little had a big size but
the best at all.

[ajw7989]

yeah i use coinbase as well, and they do seem to try to fuck you over or try not to be fucked over if there are sudden price increases and sales... you are better off looking for a faster bitcoin exchange.

would it be faster if you used money in your coinbase's USD wallet?

using coinbase USD wallet to buy bitcoins is instant. I have used it back and forth and it does not count toward my instant buy limit. Coinbase is pretty good at detecting accounts that are linked to illegal activities. I know a lot of people complained when coinbase constantly rejected their orders and it turned out a lot of them were former silkroad customers. If your account was ever linked to silkroad your automatically a high risk (creating a new account will not solve this).

[Tsquared]

I would think they operate on a partial reserve system, similar to the way banks do. You have a balance that they essentially take liberties with.  When you buy low, they bank on others selling, but nobody sells then the price rises. They don't have the bitcoins to actually deliver to you so they cancel your order and refund your purchase price because it's cheaper than buying at the higher price to cover your order.

If this is really what's happening it will take a while, but they'll get nailed for doing this and folks who had orders canceled as a result of unscrupulous business practices will have a claim against them. Unless of course they have covered their bases with solid legal terms and conditions, which allow them to cancel an order for any reason, and they likely do. Even so, this would not be enough to protect them in the court of public opinion, and folks like the OP may be able to seek compensation for losses.

I've heard about this several times, and it's happened to me too, but I've never heard it happen when someone bought at a high price, then breathed a sigh of relief because the price fell and their order was canceled, allowing them to buy lower.

TT

There is no reason to do this. They have very good connections to get and sell BTC too. Also why would they have periods where they stop selling or buying if it was like you are saying? Doesn't make any sense...

I am absolutely not saying this is happening. I mean all this as a possible motive for buys to get canceled In fact, after reading my post again, I did write If this is really what's happening... But really should have started the whole thing with hypothetically speaking or something.

I use coinbase and I like coinbase and although anything is possible, I do trust coinbase with my money.

TT

[shulio]

gebbit.com offers a similar service for Bulk Orders

https://gebbit.com/BulkOrders

After receiving payment Gebbit contacts you and tells you the current offer. If you accept the trade happens at the proposed offer. Never will a trade be rejected or cancelled like on Coinbase. This way you can be sure that no one is taking advantage of you. If you do not like the proposed rate you can ask for the payment back for a small 10$ processing fee after bank transfer fees. As a platform gebbit.com also has a deal with a liquidity provider to keep the spread incredibly low and there is 0% commission on limit trades which hit the orderbook before being transacted.

Id restrain on using gebbit for bitcoin transaction, they have a scam accusation from their previous marketing in this thread
https://bitcointalk.org/index.php?topic=986461.0

[OgNasty]

Coinbase is the best BTC exchange I've ever came across. However, I only use instant buy and at that I don't buy in large amounts. Of course you're going to hit their fraud detection if you're trying to do some sketchy ass shit. They've even been known to ban people for depositing to BTC gambling sites because those don't do any taxes. So sorry your were caught on the wrong end of the best exchange. Maybe try not to act like a drug seller/buyer/fraudster/money launderer next time you're trying to buy or sell huge amounts of something you probably won't report to the IRS  

Sketchy ass shit?  I tried to buy a BTC.  What is sketchy about that?  They had all my info and it was verified.  The only sketchy thing was them reversing the sale when the BTC price rose.

[robertgoss]

well that kinda sucks .. they should atleast give a proper reason why you cant use they platforum what soever ... i mean being a major name in bitcoin industry they ought to explain themselves better