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

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

#91

Post by eof »

barmstrong wrote: post #53

Brian from Coinbase here. Sorry for the delay on that - definitely not the customer experience we are striving for. We should have things squared away for you by end of day. Edit: your bitcoin credit has now been processed. It looks like as we were performing server upgrades last week a handful of jobs didn't run as normal. We should have certainly caught it and responded sooner so that was our fault. My deepest apol…

again, the best way to get support from coinbase is posting on public forums. i love coinbase, i think guys have done and will continue to do amazing things for bitcoin, and by proxy the world at large.. but your initial customer support is outrageously terrible and has been for way too long. you always seem to make it right in the end.. but you should hire about a dozen of the ten thousand kids that would love be on your support team

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

#92

Post by justincormack »

drcode wrote: post #60

HN is now a coinbase support forum? Why would you put that much money into a service that isn't a true bitcoin exchange? Do you realize they're an extra middleman that is likely to add more delays to any transaction? If you look at reddit.com/r/coinbase you'd know this sort of thing is a common occurrence with coinbase- Why are you surprised this is happening? Seems like they have a history of this sort of thing that…

All HN posts are now about bitcoin, so yeah I guess its a support forum now. Its quite hilarious that people are prepared to throw that much money away, but hey.

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

#93

Post by chollida1 »

Here is the problem with coinbases tactics.

Consider buying $1,000 worth of bitcoins...

Coinbase can tell you your price.

Coinbase can then just wait, and wait and wait, weeks on end for the price to dip down. They can then buy the coins at the lower price and deliver them to you voila, they profit from you. This is very dubious.

If the price goes up they then buy at your price + some percent of their commission so they don't lose money, either way.

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

#94

Post by ig1 »

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…

From what I recall from when I worked in FX trading, settlement dates were set by contract and not by regulations.

As an aside calculating settlement dates for currencies is actually pretty hard because different currencies have different rules, observe different holidays and roll-over differently. When calculating for a cross-pair you basically need to find the first settlement date which is a valid trading date for both currencies (except some currency pairs which have special rules).

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

#95

Post by richardlblair »

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

In the recent senate hearing around Bitcoin everyone agreed that the current laws can and do apply to Bitcoin. Some modification is needed, but not much.

At the end of the day, it's up to the judge.

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

#96

Post by bonemachine »

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.

If companies don't act appropriately, people can post stories and complaints online. The companies reputation will then suffer.

Ah, Libertopia! It's almost upon us, Comrades!

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

#97

Post by seobeaver »

justin66 wrote: post #14

> Further avoidance by them will lead me to make a few calls to news stations. Eek. The best case scenario is that you'll get a news blurb on local TV where you're portrayed as a sucker. "Weird online currency thing does weird stuff in the way you'd expect weird online currency thing to do, and look at this greedy rube who got sucked in and lost it all! Film at 11."

Clearly you don't know who mGrunin is. I'd do a little research before making comments like the one above.

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

#98

Post by sard420 »

I'll say this again about coinbase, I'm convinced they are playing the market on peoples investment. I bought when bitcoin was starting to rocket, they tied my money up for weeks, bitcoin doubles in that time. Then after that I get a sorry letter and my money back. What was my money doing in that time? Probably making them money.

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

#99

Post by bonemachine »

barmstrong wrote: post #53

Brian from Coinbase here. Sorry for the delay on that - definitely not the customer experience we are striving for. We should have things squared away for you by end of day. Edit: your bitcoin credit has now been processed. It looks like as we were performing server upgrades last week a handful of jobs didn't run as normal. We should have certainly caught it and responded sooner so that was our fault. My deepest apol…

If in fact there's been no fault on the customer side, then obviously he deserves not only a (profuse) apology -- but fair restitution for any losses suffered while your people were dithering on how to follow up to his perfectly reasonable request.

BTW in equities trading I believe this kind of botched transaction would be treaated as a "Failed to Deliver" (FTD), and that's exactly how these things are handled.

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

#100

Post by ajju »

GarrettBeck wrote: post #62

This is the same situation as Facebook's IPO with NASDAQ. Orders were placed $40, then cancelled, then filled at $40 six hours after the market closed (at which point Facebook was already trading below its IPO price). Unless you are a massive financial institution with some serious clout/legal department, I recommend you cut your losses and move on. Your time is much more valuable spent doing something else rather th…

Not sure if this is sarcasm, but $35,000+ is a HUGE sum of money for even the decamillionaires I know.
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