Desperate Coinbase customers turn to SEC with allegations of fraud • Hacker News Board

Re: Desperate Coinbase customers turn to SEC with allegations of fraud

#11

Post by chipotle_coyote » Wed, Jun 20, 2018, 4:46 PM UTC

garmaine wrote: post #9

kurtable wrote: post #3

Earlier quoted context omitted.

As a Canadian customer, I was pretty steamed that I could buy coins, but they didn't tell me I couldn't sell them until after I'd already purchased. I managed to transfer to MetaMask so it ended up okay.

> but they didn't tell me I couldn't sell them until after I'd already purchased Why would that not be the case?

I can't tell if this is a genuine question or not, because if it's genuine you're giving the OP an extremely ungenerous reading. "They didn't tell me I couldn't sell them until after I'd already purchased" doesn't mean "I couldn't sell the coins until after I bought them, and I had no idea that was the case because I don't understand the basic concept of transactions." It means "I wasn't allowed to sell the coins, and they didn't tell me that until after I bought them."

Re: Desperate Coinbase customers turn to SEC with allegations of fraud

#12

Post by garmaine » Wed, Jun 20, 2018, 4:47 PM UTC

chipotle_coyote wrote: post #11

garmaine wrote: post #9

Earlier quoted context omitted.

> but they didn't tell me I couldn't sell them until after I'd already purchased Why would that not be the case?

I can't tell if this is a genuine question or not, because if it's genuine you're giving the OP an extremely ungenerous reading. "They didn't tell me I couldn't sell them until after I'd already purchased" doesn't mean "I couldn't sell the coins until after I bought them, and I had no idea that was the case because I don't understand the basic concept of transactions." It means "I wasn't allowed to sell the coins, an…

Ok. GP should reword because it seriously didn’t read that way.

Re: Desperate Coinbase customers turn to SEC with allegations of fraud

#13

Post by test6554 » Wed, Jun 20, 2018, 4:48 PM UTC

joering2 wrote: post #10

test6554 wrote: post #2

Wow, I bought some digital currency through coinbase last summer and while I had some annoyances with the transaction limits, high fees and the delays, overall, I think they did a good job considering how fast they were growing. I can't imagine how many fires they had to put out over there, and how hard it would be to recruit knowledgeable and talented people. That said, the fact that I made enough money to get a new…

In my opinion they did not put out most of their fires; they just let them burn, as I had multiple tickets that auto-response pretty much told me to fuck off and go to their FAQ look for answer, as they will most likely not answer at all (which was true) Congratulation on your new car; Ethereum bonanza made it possible for me to purchase 6 properties around Palo Alto and be able to rent those out BUT, even if you mad…

Congrats! I already reported all my short-term capital gains to the IRS. I'm not going to mess with tax dodging. I got the car with what was left over after taxes.

Re: Desperate Coinbase customers turn to SEC with allegations of fraud

#14

Post by sizzzzlerz » Wed, Jun 20, 2018, 4:48 PM UTC

deltateam wrote: post #5

That awkward moment when you appeal to authority, but it is the wrong authority. Coinbase doesn't trades securities, and had not even registered as a broker-dealer at the time of any of these complaints. Wouldn't the Federal Trade Commission be the more apt generic regulator to lodge these complaints to?

I'd suggest the consumer help reporter on your local TV station. The Feds don't care. Why should they? It's not like this involves real currency or stocks.

"You pays your money, you takes your chances."

Re: Desperate Coinbase customers turn to SEC with allegations of fraud

#15

Post by rihegher » Wed, Jun 20, 2018, 4:49 PM UTC

desireco42 wrote: post #6

Coinbase needs some serious competition. Their site is fine, until you ran into a problem. I didn't have one, but from what I can see, once people run into issues, they are just not resolved, hence frustration.

what's wrong with the existing competition? 1Broker 1BTCXE ACX Allcoin ANXPro Anybits Bibox Binance Bit2C bitbank BitBay Bitfinex bitFlyer Bithumb bitkk Bitlish BitMarket BitMEX Bitsane Bitso Bitstamp Bittrex Bit-Z BL3P Bleutrade Braziliex BtcBox BTCChina BTCExchange BTC Markets BtcTrade.im BTC Trade UA BTCTurk BTCX BX.in.th C-CEX CEX.IO CHBTC ChileBit COBINHOOD coincheck CoinEgg CoinEx CoinExchange coinfloor Coingi CoinMarketCap CoinMate coinnest CoinOne Coinsecure CoinSpot CoinTiger CoolCoin Crypton Cryptopia DSX Ethfinex EXMO EXX flowBTC FoxBit Gatecoin Gate.io Gemini GetBTC HADAX HitBTC Huobi ICE3X Independent Reserve INDODAX itBit jubi.com Kraken Kucoin Kuna LakeBTC LBank Liqui LiveCoin luno Lykke Mercado Bitcoin MixCoins NegocieCoins Novaexchange OKEX Paymium Poloniex QRYPTOS QuadrigaCX QUOINEX SouthXchange SurBitcoin TheRockTrading TideBit Tidex UrduBit Vaultoro VBTC VirWoX WEX xBTCe YoBit YUNBI Zaif ZB

Re: Desperate Coinbase customers turn to SEC with allegations of fraud

#16

Post by [deleted] » Wed, Jun 20, 2018, 4:50 PM UTC

garmaine wrote: post #9

kurtable wrote: post #3

Earlier quoted context omitted.

As a Canadian customer, I was pretty steamed that I could buy coins, but they didn't tell me I couldn't sell them until after I'd already purchased. I managed to transfer to MetaMask so it ended up okay.

> but they didn't tell me I couldn't sell them until after I'd already purchased Why would that not be the case?

[deleted]

Re: Desperate Coinbase customers turn to SEC with allegations of fraud

#17

Post by drcode » Wed, Jun 20, 2018, 4:56 PM UTC

test6554 wrote: post #2

Wow, I bought some digital currency through coinbase last summer and while I had some annoyances with the transaction limits, high fees and the delays, overall, I think they did a good job considering how fast they were growing. I can't imagine how many fires they had to put out over there, and how hard it would be to recruit knowledgeable and talented people. That said, the fact that I made enough money to get a new…

I've dealt extensively with Coinbase and second this opinion: Whenever I've communicated with employees they appear to be dedicated to resolving any issues in a fair and appropriate manner. However, various parts of their software platform have been glitchy and confusing UX abounds. Additionally, significant mistakes regarding balances on their end definitely happen: At times, they fall well short of their aspirations to provide a professional platform to customers.

Re: Desperate Coinbase customers turn to SEC with allegations of fraud

#18

Post by xkcd-sucks » Wed, Jun 20, 2018, 5:00 PM UTC

sizzzzlerz wrote: post #14

deltateam wrote: post #5

That awkward moment when you appeal to authority, but it is the wrong authority. Coinbase doesn't trades securities, and had not even registered as a broker-dealer at the time of any of these complaints. Wouldn't the Federal Trade Commission be the more apt generic regulator to lodge these complaints to?

I'd suggest the consumer help reporter on your local TV station. The Feds don't care. Why should they? It's not like this involves real currency or stocks. "You pays your money, you takes your chances."

Seems like somebody is missing a bunch of tax revenue if people can't cash out though

Re: Desperate Coinbase customers turn to SEC with allegations of fraud

#19

Post by throwbacktictac » Wed, Jun 20, 2018, 5:05 PM UTC

keketi wrote: post #8

> A recurring theme in the SEC complaint files Mashable obtained is the seeming disappearance of a would-be trader's money Coinbase uses MongoDB, doesn't it? Asking for a friend.

They do indeed use MongoDB for parts of the system. However, the transaction history and accounting is all stored in postgres.

Re: Desperate Coinbase customers turn to SEC with allegations of fraud

#20

Post by spaceandthyme » Wed, Jun 20, 2018, 5:13 PM UTC

I know several good people that have been locked out of Coinbase permanently - without any explanation of why - for over a year despite repeated unanswered requests to have accounts reinstated. I watched those people turn from advocates for coinbase into critics. Just a simple explanation would have helped prevent that scenario.

This company is a terrible example of how to do business. It's as if they watched how Google handled AdSense publishers in the early days and decided to copy that model for customer service.

I wonder how well that strategy will play out.