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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

#191

Post by FireBeyond »

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…

Certainly, to be exact, his decision to 'invest' is entirely separate from the functionality offered by Coinbase, et al. Duly noted, but if you can demonstrate a material loss due to the failure to deliver of another party, it would be hard to argue you don't have a civil case for losses / damages.

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

#192

Post by jnbiche »

mseebach wrote: post #117
bonemachine wrote: post #96

Earlier quoted context omitted.

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!

Yes, and are you 100%, no strings attached, free to not participate if you are not comfortable with the rules. The stupid libertarians get their stupid pie-in-the-sky currency and you get to sit back with a bowl of popcorn (purchased with a government-secured currency of your choice) and enjoy the show.

Great, now if you could please convince the government to adopt your attitude. Ridicule and childish insults I don't mind, just men with guns coming to lock me up if I don't run my business in the way you think it should be run.

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

#193

Post by jeremyrwelch »

gamblor956 wrote: post #175
CyrusL wrote: post #136

Earlier quoted context omitted.

Coinbase is not an exchange like Bitstamp or Mt.Gox. This fact is not just something buried in their T&C. Their company communication has never described their product as a tool for day-trading. They made a promise to deliver bitcoins at a certain price and on a certain date. The original poster's issue is equivalent to Amazon promising 2 day shipping but the book came a few days late.

No, it's nothing like shipping a book 2 days late. The OP has actual, recognizable economic losses as a result of Coinbase's delay. The transfer of money via ACH is a separate transaction from the Bitcoin acquisition. After the admitted delay following the Bitcoin acquisition transaction, Coinbase should have either reaffirmed that the OP wanted to purchase the coins at the original price, canceled the transaction, o…

OP has no economic loss as a result of Coinbase's delay. OP has a loss as a result of Bitcoin price changes independent of this error.

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

#194

Post by apalmer »

jeremyrwelch wrote: post #172
bonemachine wrote: post #155

Earlier quoted context omitted.

Lemme get this straight, Brian: Rather than refunding the dollar value ($35,104.11) of the original, clearly botched transaction, you ended up giving him the 40 BTC at their current trading value (about $560), that is, for net a loss of $35,104 - $22,400 = $12,704? And you think $50 plus a thank-you note(!) is enough to make him whole on this loss?

Don't be ridiculous. Sure, the order was delayed, but there is no reason why they should have refunded the entire order. Kudos to Brian and team for getting on top of this and solving the problem quickly. They executed the order as originally promised, admitted their mistake, and gave him a credit for the inconvenience. I've executed many transactions with Coinbase and although one of my transactions was delayed brie…

Its not ridiculous at all.

With that much spread and at prices as high and fluctuating as much as they currently are you cannot expect to take 10 DAYS for a transaction of this nature.

Honestly, looking at this from the outside what is the difference between this an actual larceny? A large purchase comes in while the commodity is priced high, the commodity is not purchased but instead funds are held on to while the price drops and then the bitcoins are purchased at the lower price and the company pockets the difference...

Not even saying that foul play truly happened, but instead saying you cant run a business whos actions LOOK indistinguishable from foul play and expect to stay in business...

If you're in a business where you can tell customers i lost 30% of the value of your transaction due to a mistake on our end its eventually going to turn into a scam, even if that wasn't the initial intention... its just too much temptation

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

#195

Post by jules »

ChrisClark wrote: post #154
kenna wrote: post #151

Earlier quoted context omitted.

because of your delay, he lost $13226.98 at current market rate: http://www.wickedfire.com/shooting-shit/177828-where-my-bitc... I hardly think $50 is going to make him feel happy.

And because of their delays, many others have made money on the transaction. They pay out at the market price of when the order was placed. The OP thought it was worth it then, and bought them then.

He may not have held on to them, which he was forced to due to the delay.

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

#196

Post by gamblor956 »

oijaf888 wrote: post #57
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.

Which law? I can see something under non delivery of goods paid for but that would just be a civil court matter. If you order a car at your local dealership and then they don't give it to you, that's not something the SEC cares about.

FinCEN, one of the US agencies charged with regulating financial institutions, considers Bitcoin to be a "virtual currency" and thus institutions dealing in Bitcoin are subject to some, but not all, of the regulations applying to normal currencies.

So you're right, it's not a matter for the SEC, but it definitely is a matter of concern for several other federal agencies, all of which have more teeth than the SEC.

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

#197

Post by 3327 »

jeremyrwelch wrote: post #172
bonemachine wrote: post #155

Earlier quoted context omitted.

Lemme get this straight, Brian: Rather than refunding the dollar value ($35,104.11) of the original, clearly botched transaction, you ended up giving him the 40 BTC at their current trading value (about $560), that is, for net a loss of $35,104 - $22,400 = $12,704? And you think $50 plus a thank-you note(!) is enough to make him whole on this loss?

Don't be ridiculous. Sure, the order was delayed, but there is no reason why they should have refunded the entire order. Kudos to Brian and team for getting on top of this and solving the problem quickly. They executed the order as originally promised, admitted their mistake, and gave him a credit for the inconvenience. I've executed many transactions with Coinbase and although one of my transactions was delayed brie…

Actually NO from an independent point of view they JAMMED him. Trades and transactions have a SETTLEMENT day and date in the financial markets. If a trade is not settled, i.e deposited and the funds available by the said settlement date the trade is called a FAILED trade. Both parties return at original transaction or go to arbitration. This alone is a reason not to touch coinbase. The system is too immature and new and I would learn from this and not play around with sums of 35K on underdeveloped platforms.

edit:grammer

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

#198

Post by axus »

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…

Good analogy; you're also referencing how the MtGox domain started out as a Magic the Gathering exchange, right?

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

#199

Post by fragsworth »

eof wrote: post #91
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…

If only Mt. Gox were as responsive. I haven't been able to pull my bitcoins out of there for a month now, because they still haven't verified me.

Add to that the fact that their fucking site LIES TO YOU about how you can withdraw 100 bitcoins per day, and then surprises you with how you can't actually withdraw any until you get verified first.

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

#200

Post by bct »

onedev wrote: post #70
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…

Make sure you give him the new price.

quannabe: You have been hellbanned since your second comment.
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