after seeing this thread I login to my coinable account since I have check it in few months. Shocked to find my BTC balance to 0 although I had a few. emailed support this morning and so far no response.
Introducing the Shift Card: Use Bitcoin where Visa is accepted
251–260 of 359 posts
Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted
#252Earlier quoted context omitted.
They only appear to care about the customer experience when someone complains on social media, until then they have a history of being jerks to their users. They closed my account after I made a (relatively small) wire transfer after not using their service for a while. The year before I made much larger transfers that didn't seem to concern them. Suddenly I needed to provide them with lots of financial information.…
But....did you use your Coinbase account to conduct any illegal transactions? You didn't answer a very straight forward question.
No, I didn't conduct any illegal transactions. I thought that would be obvious from my second comment. Somehow you believe I would waste my time complaining about Coinbase yet be at clear and obvious fault?
Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted
#253Earlier quoted context omitted.
Well if you conduct transactions on their platform, then they know the source/destination, notes, amount etc. AML laws require them to detect and prevent illegal activity on their platform (just the same as Square, Stripe, Venmo/PayPal, your bank etc).
Based on that information it would seem the only illegal transactions there could be (that coinbase could detect) would be transactions over a certain amount (illegal, where?) or transactions with banned destinations (I believe HSBC used to [alledgedly they don't, now?] process transactions for Iran, as well as other banned destinations.). Is there a comprehensive list of banned destinations?
Yes, there is a comprehensive list of banned destinations and banned people/organizations. Banks develop and audit systems that import this database and scan their data warehouses to make sure no one is on it.
http://www.treasury.gov/resource-center/sanctions/SDN-List/P...
Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted
#254Earlier quoted context omitted.
Can confirm, was banned by Coinbase too.
Anyone banned, were you given a reason?
I wasn't banned from coinbase but I had my instant max amount reduced to the lowest amount and had to wait 2-3 day's for a ticket and email correspondence for them to tell me that it was a mistake when migrating users (And as far as I know it had been like this for a week or two)? I wasn't doing anything illegal or account flagged and if my actual bank was making casual errors about my account (i.e. suddenly my ATM withdrawal limit is reduced to $100 per week) I'd be incredibly suspect about their practices/intentions.
Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted
#255Earlier quoted context omitted.
They only appear to care about the customer experience when someone complains on social media, until then they have a history of being jerks to their users. They closed my account after I made a (relatively small) wire transfer after not using their service for a while. The year before I made much larger transfers that didn't seem to concern them. Suddenly I needed to provide them with lots of financial information.…
What's really odd about this (to me at least) is I've never had such an experience from any of my real banks.
Same here. I've been through the KYC loops and I know how invasive they have to be occasionally. Coinbase took it to another level.
Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted
#256Earlier quoted context omitted.
> I have provided them with more than enough information to prove all of my income is legitimate That seems like a roundabout way of saying, "No, I did not conduct any illegal transactions".
You can buy drugs with legitimate income. The fact he didn't directly say no the first or second time says the answer is probably yes.
>The fact he didn't directly say no the first or second time says the answer is probably yes.
Your statement is perhaps true from the perspective of a 110 IQ individual. However, for the rest of us, it makes no sense to make such a silly assumption.
Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted
#257Earlier quoted context omitted.
Based on that information it would seem the only illegal transactions there could be (that coinbase could detect) would be transactions over a certain amount (illegal, where?) or transactions with banned destinations (I believe HSBC used to [alledgedly they don't, now?] process transactions for Iran, as well as other banned destinations.). Is there a comprehensive list of banned destinations?
Bitcoin addresses for darknet marketplaces are easily available - e.g. https://www.walletexplorer.com/ Perhaps Coinbase will turn you away if they see you depositing money on a drugs market?
It is ironic that Bitcoin is thought of as the criminals currency when it's one of the most trackable in the world.
Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted
#258Earlier quoted context omitted.
This might be a silly question, but did you use your Coinbase account to conduct any illegal transactions? The team there really cares about customer experience, so generally if they are ignoring you it's because your account has some connection to illegal/banned activity, which they can't disclose due to ridiculous financial laws.
How would Coinbase know anything about your transactions? Shouldn't they just process the exchange of necessary payment information?
They wouldn't unless you did business with a blacklisted wallet (or blacklisted coins). However, as a financial institution, they may be required to ask questions.
Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted
#259Earlier quoted context omitted.
> I have provided them with more than enough information to prove all of my income is legitimate That seems like a roundabout way of saying, "No, I did not conduct any illegal transactions".
You can buy drugs with legitimate income. The fact he didn't directly say no the first or second time says the answer is probably yes.
That's a dumb, deliberate misreading of my comment and a ridiculous jump to conclusions. I have done nothing illegal.
I said clearly that I made _one_ transaction (a wire transfer) and I said clearly that they questioned me on my income. Their concern is "where did you get your money" to which I answered them thoroughly.
Re: Introducing the Shift Card: Use Bitcoin where Visa is accepted
#260Just a reminder to Bitcoin newbies: This card looks like an OK product (still open questions about how much coinbase is gaming the ask/bid spread) but just realize that this card does NOT use Bitcoin, it uses "Coinbase Bitcoin"[1] which is Bitcoin for which the coinbase company is managing your private key: You only truly own Bitcoins if you own the private key for the account (users of MtGox learn this the hard way…
Wait, you give them your private key? Doesn't that defeat the entire security model of Bitcoin? Once Coinbase is hacked all of your money will be gone. It seems crazy to me that you would give them the private key.