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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

#161

Post by huherto »

seobeaver wrote: post #97
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.

wow, that came out wrong. I was rooting for him, now I dislike him.

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

#162

Post by walden42 »

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…

The fact that coinbase has bad customer service is not new. You and anyone else upset about it can simply not use their service. Adding regulation only makes the barrier to entry worse for new companies. You can be sure that Coinbase would be (one of) the only companies who'd be able to exchange bitcoins so easily.

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

#163

Post by mbillie1 »

seobeaver wrote: post #97
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.

An account with 1 comment created ~40 minutes ago. Hmm...

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

#164

Post by mathattack »

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…

Now you're quite screwed, while coinbase has taken a profit on this (and probably other) deals by delaying these settlements. And what are you going to do if you don't get all the losses covered? Your options are quite limited.

Do we know that this was case of Coinbase taking a free option, versus incompetence? My thought... If they lock in a price, they are taking a risk. There's no risk-free arbitrage. They could wait and hope for the price to go down, and make some money, but they'd also owe money if the price went up.

This does harm the customer, but if it's not a daytrading platform, you can't fault them if they honor the original price no matter what direction it turns.

The real concern is if this happens to a lot of trades at once, the firm could go out of business honoring the original price.

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

#165

Post by joshmlewis »

antjanus wrote: post #121
xauronx wrote: post #116

Earlier quoted context omitted.

This guy? http://instagram.com/p/h_z7OEkWEs/ I mean, I don't know who he is but I generally wouldn't fuck with someone who has $35k to drop on pretend money. Anyhow, main stream news can be foolish, regardless of who the subject is.

Omg, go to the site he lists on his instagram.

http://www.winningportfolio.com/ for the lazy. Incredible.

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

#166

Post by oijaf888 »

aroch wrote: post #129
oijaf888 wrote: post #115

Earlier quoted context omitted.

So if I buy 100 gallons of fuel oil at $5/gallon, someone fails to deliver it to me on time and the price drops to $2/gallon, that's "bucketing"?

No...Bucketing would be you buying 100gal of fuel through a broker for $5/gal and your broker in turn not buying your fuel until the price drops to, say, $4/gal. Thus they get to keep the $100 difference + their normal fees.

Not saying this applies here, but assuming goods sold are delivered on time, does it matter what price and when they were purchased for sale?

I can understand it not being legal in the case of brokerages that submit orders to an exchange but if I buy fuel (or sell a futures contract to buy fuel) the other end of that doesn't have to have the fuel at the time of agreeing to the contract, just when its delivered right? It transfers the price risk to the counter party which seems to be legal and how (to continue the example) most home heating oil companies work.

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

#167

Post by makomk »

sheetjs wrote: post #124
FireBeyond wrote: post #72

Earlier quoted context omitted.

His complaint meets neither of those terms of service. Coinbase confirmed the banking side of things, and then failed to deliver the coins. As a result, the investor is taking a material loss solely due to Bitcoin's failure to deliver. You can't TOS a failure to deliver out of the equation. At the least, he should be entitled either to cash or Bitcoin credit for the difference in value between the delivery date and t…

> As a result, the investor is taking a material loss solely due to Bitcoin's failure to deliver. They are very careful not to use the word "invest" or "investment" or even remotely suggest that BTC is an investment. They merely discuss buying and selling BTC. This is akin to a marketplace for buying and selling Magic the Gathering cards. An MtG exchange doesn't treat the Wrath of God cards as an investment; in the s…

He's taking a material loss regardless of whether he bought them as an investment or just to buy stuff with Bitcoins.

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

#169

Post by makomk »

mathattack wrote: post #164
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…

Now you're quite screwed, while coinbase has taken a profit on this (and probably other) deals by delaying these settlements. And what are you going to do if you don't get all the losses covered? Your options are quite limited. Do we know that this was case of Coinbase taking a free option, versus incompetence? My thought... If they lock in a price, they are taking a risk. There's no risk-free arbitrage. They could w…

Their lock in isn't worth the paper it's printed on, though - they reserve the right to cancel transactions up to the point bitcoins are actually delivered, and frequently do if the price goes enough (or just refuse to offer locked-in prices if it's obvious the price is rising).

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

#170

Post by bushido »

WoodenChair wrote: post #128
msand0621 wrote: post #90

Earlier quoted context omitted.

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.

Do you really believe these systems are so non-automated? Of course the price swings must have something to do with their delays!

Actually if there was a delay alone this would not really be illegal and could be forgiven.

If you look at: http://i.imgur.com/R2qEn8E.png

They clearly quoted a transaction price for the BTC conversion. This price should be calculated as:

=> (rate at which the bitcoin have Already been purchased) + (costs incurred by coinbase) + (fees owed from client)

The rate Can Not under any circumstance be quoted unless the transaction has already been executed.

If the trade(s) were not executed, Coinbase broke laws that they are governed by regardless if bitcoin is regulated or not.

If the trade(s) were executed, Coinbase still broke laws(albeit different ones) that they are governed by regardless if bitcoin is regulated or not.

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