Sent $35,104.11 USD to CoinBase. Never received Bitcoins

Post by fleitz » Wed, Dec 18, 2013, 7:50 PM UTC

sheetjs wrote: post #52

fleitz wrote: post #46

Earlier quoted context omitted.

Fuck their shitty TOS, call the SEC and have them investigate, they need to comply with the law. They are acting as financial services provider and must be in compliance with those laws. The law gives the OP a clear resolution. There's a pretty clear resolution here, give the customer back their money because your business doesn't actually work, or give the customer the coins at the most favorable price.

BTC exchanges aren't regulated in the same way as stock exchanges. Coinbase isn't a BD AFAICT, so they don't have the same type of fiduciary responsibilities. They also aren't registered as a bank or as a NY private bank, so they aren't subject to FDIC or other banking regulations. They are much closer to ebay than to IB

Post by oijaf888 » Wed, Dec 18, 2013, 7:55 PM UTC

bushido wrote: post #49

moocowduckquack wrote: post #32

Earlier quoted context omitted.

If they were holding onto 35.10 rather than 35.10K, I suspect you would react differently The courts tend to as well.

Actually you'd be wrong in this case as it is an illegal practice ("bucketing") whether due to a technical error, human error or malicious intent. The settlement amount may defer for the plaintiff, but the as it would be considered as/or similar to securities fraud the repercussions for the company could be dire.

Post by baddox » Wed, Dec 18, 2013, 7:56 PM UTC

Post by jonpaul » Wed, Dec 18, 2013, 7:56 PM UTC

PeterisP wrote: post #43

To all of you who say that Bitcoin shouldn't be regulated - this is what it results in. If it was any regulated financial deal - say, purchase of stock or Yen - then there are clear rules on how to handle that, namely, you'd be entitled to at least compensation for any decrease between the 'locked' price at the agreed settlement date and the real settlement, whenever it may happen, and the interest for the period. Re…

Post by [deleted] » Wed, Dec 18, 2013, 7:58 PM UTC

baddox wrote: post #65

> Now the real dilemma for me here is the fact that while CoinBase.com has locked in a price for me, because they have failed to deliver I cannot sell my coins at any rate. Bitcoins could drop down to $200, and only then might they deliver the coins. It's scary that they can literally guarantee constant wins for themselves by choosing how long to delay the delivery of Bitcoins to customers.