Sent $35,104.11 USD to CoinBase. Never received Bitcoins • Hacker News Board

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

#81

Post by shintoist » Wed, Dec 18, 2013, 8:03 PM UTC

jonpaul wrote: post #67

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…

No way. Regulation won't solve these sort of things. It will just make the barrier to entry that much higher. Now people have a voice more so than ever before. If companies don't act appropriately, people can post stories and complaints online. The companies reputation will then suffer. This is exactly what's happening here.

For every person who gets attention to their case on the internet, there's a thousand suffering with no attention. You think this is the only guy who didn't get his coins?

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

#82

Post by d23 » Wed, Dec 18, 2013, 8:05 PM UTC

oijaf888 wrote: post #63

bushido wrote: post #49

Earlier quoted context omitted.

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.

What is "bucketing"? Isn't this a simple case of goods paid for but not received? This is the same as if I buy 100 gallons of fuel oil for $5 and they don't deliver it.

No it isn't, because holding the assets is causing a depreciation in value for him.

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

#83

Post by aroch » Wed, Dec 18, 2013, 8:05 PM UTC

[deleted] wrote: post #47

bri3d wrote: post #42

Earlier quoted context omitted.

The original poster does seem to have started small(er) before scaling up: https://news.ycombinator.com/item?id=6929954 .

[deleted]

So if I buy $1 in BTC and then come back to buy $10 in BTC I must be some sort of billionaire gambler. There's nothing out of the ordinary with making large transactions with a company once you trust them.

That being said, now that I've cashed out of BTC for a sizable profit I wont be touching it with a 10foot pole.

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

#84

Post by Moral_ » Wed, Dec 18, 2013, 8:06 PM UTC

mgrunin wrote: post #8

Moral_ wrote: post #6

I feel bad for you, honestly. But serious question as well: Would you have went public with this if the price hadn't fallen dramatically? Perhaps if it went back up to $1500 a coin would things be different? Either way I hope things get resolved for you.

Course not. But all I am asking for them is that they had delivered the coins on the day they said they would. If BTC went up, I would have had no advantage of them crediting me the coins on the day it was actually due or today.

Understandable, thanks for your response.

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

#85

Post by buss » Wed, Dec 18, 2013, 8:06 PM UTC

They've had some problems recently. I'm now at day 12 waiting for an "instant buy" to clear. The ACH transfer cleared over a week ago but I still don't have my coins. (Support #67989 for anybody at coinbase)

It's weird, I performed several small buys in a row just in case this exact thing happened. I got 5/6 purchases but this one is stuck in some weird state. I really like coinbase; they're just having some trouble handling the huge increase in volume recently.

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

#86

Post by d23 » Wed, Dec 18, 2013, 8:06 PM UTC

nathas wrote: post #39

I hate to be that guy, but Coinbase is pretty clear that you'll get your coins _eventually_. If I were doing thousands in transfers, I'd absolutely be using an exchange. They're also a small start up, funding or not. Their support team has always come through and usually eats the cost difference if it was a bump on their end. I'd just wait it out.

Can you explain the difference between Coinbase and an exchange? I'm afraid now that an order I put in could be futzed up.

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

#87

Post by [deleted] » Wed, Dec 18, 2013, 8:06 PM UTC

nathas wrote: post #39

I hate to be that guy, but Coinbase is pretty clear that you'll get your coins _eventually_. If I were doing thousands in transfers, I'd absolutely be using an exchange. They're also a small start up, funding or not. Their support team has always come through and usually eats the cost difference if it was a bump on their end. I'd just wait it out.

[deleted]

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

#88

Post by cromulent » Wed, Dec 18, 2013, 8:07 PM UTC

kolev wrote: post #78

I've had poor experiences with Coinbase as well, hit major bugs, which cost me hundreds. The only reason people use them is that they are the only choice at the moment. Can't wait for more alternatives such as Circle to launch! In cases like this , regulation and compliance don't sound like something negative!

> The only reason people use them is that they are the only choice at the moment

Has anyone tried Kraken.com ?

Registered there, but no transactions yet. Serious question.

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

#89

Post by criley2 » Wed, Dec 18, 2013, 8:07 PM UTC

PeterisP wrote: post #71

jonpaul wrote: post #67

Earlier quoted context omitted.

No way. Regulation won't solve these sort of things. It will just make the barrier to entry that much higher. Now people have a voice more so than ever before. If companies don't act appropriately, people can post stories and complaints online. The companies reputation will then suffer. This is exactly what's happening here.

We've had some recent bitcoin companies simply shutting down/running away while taking the customers' stored funds. Sure, they lost reputation - was that any help to the depositors? And from history of 'classic' banking we know very well that the 'lost reputation' doesn't work - we've tried that all over the world in the earlier times, it resulted in people creating new 'fresh clean reputation' companies one after an…

I say let the unregulation continue. So many libertarians see this as an opportunity for no-regulation to be tested in scale, as a proof of concept.

I personally think that no-regulation will lead to implosion, as the bad reputation of a few firms quickly turns into a bad reputation for the currency, defacto scuttling the project as consumers learn not which bitcoin companies are untrustworthy, but that the whole system is untrustworthy by design.

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

#90

Post by msand0621 » Wed, Dec 18, 2013, 8:07 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.

I don't think they're maliciously delaying the delivery of bitcoins. I just think they need to hire more customer support reps to deal with problems like these in a timely manner when they arise.