I realize this is more of a socioeconomic division, but I haven't used Coinbase in over a year, OTC is so much better.
Desperate Coinbase customers turn to SEC with allegations of fraud
61–69 of 69 posts
Re: Desperate Coinbase customers turn to SEC with allegations of fraud
#62I 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 Goo…
I'll say this in every Coinbase thread: They did this to me, then I contacted the CFPB -- it's quick and painless via their website -- and within a couple of days Coinbase's support team became coincidentally responsive again. I got my money back quickly.
I was surprised because I'm 1) a cynic, and 2) not a US citizen. But it worked!
Re: Desperate Coinbase customers turn to SEC with allegations of fraud
#63Earlier quoted context omitted.
Coinbase is basically the PayPal of cryptocurrency. Arbitrary unexplained account freezes are part of the model.
Couldn't have said it better!
The first two sentences of the Bitcoin whitepaper:
> A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required...
Re: Desperate Coinbase customers turn to SEC with allegations of fraud
#64Earlier quoted context omitted.
With the exception of Kraken, Poloniex, and Gemini, I either haven't heard of these places or have heard nothing but terrible, terrible things (i.e., Bitfinex). And I'm sure people have bad things to say about the ones I listed as not being that bad. There simply isn't a well trusted exchange. Coinbase/GDAX and Kraken are the two I would recommend to people getting started, even with these issues surfacing.
You really haven't heard of Binance or Bittrex?
I have technically heard of them, but basically just the names, not enough to have an opinion.
Re: Desperate Coinbase customers turn to SEC with allegations of fraud
#65Earlier quoted context omitted.
With the exception of Kraken, Poloniex, and Gemini, I either haven't heard of these places or have heard nothing but terrible, terrible things (i.e., Bitfinex). And I'm sure people have bad things to say about the ones I listed as not being that bad. There simply isn't a well trusted exchange. Coinbase/GDAX and Kraken are the two I would recommend to people getting started, even with these issues surfacing.
Preferably out of US jurisdiction as well.
Nope, wrong. Most people should prefer jurisdiction in their country of residence.
Most people will want the ability to sue them if something goes wrong. They will value that more than the vague theoretical threat of a government crackdown or avoiding taxes.
Re: Desperate Coinbase customers turn to SEC with allegations of fraud
#66I 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 Goo…
I'll say this in every Coinbase thread: They did this to me, then I contacted the CFPB -- it's quick and painless via their website -- and within a couple of days Coinbase's support team became coincidentally responsive again. I got my money back quickly. I was surprised because I'm 1) a cynic, and 2) not a US citizen. But it worked!
I don't think that'll work any more under current mismanagement.
Re: Desperate Coinbase customers turn to SEC with allegations of fraud
#67That 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?
> Wouldn't the Federal Trade Commission be the more apt generic regulator to lodge these complaints to? The best strategy would involve papering many agencies. The CFPB, SEC, CFTC, OCC, your state financial services regulator and attorney general, et cetera . Generally speaking, the SEC is still deciding whether Bitcoin is in its purview. Lots of complaints could cause it to classify Bitcoin exchanges as being subjec…
"The best strategy would involve papering many agencies. The CFPB, SEC, CFTC, OCC"
Preferably before January 20, 2017
Re: Desperate Coinbase customers turn to SEC with allegations of fraud
#68Earlier quoted context omitted.
Preferably out of US jurisdiction as well.
Nope, wrong. Most people should prefer jurisdiction in their country of residence. Most people will want the ability to sue them if something goes wrong. They will value that more than the vague theoretical threat of a government crackdown or avoiding taxes.
I disagree, there are plenty of places to start a business which provides legal cover, without having to be placed in a spying-eyes nation.
Re: Desperate Coinbase customers turn to SEC with allegations of fraud
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