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

Post by zipppy » Wed, Dec 18, 2013, 9:17 PM UTC

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…

Post by GarrettBeck » Wed, Dec 18, 2013, 9:18 PM UTC

ajju wrote: post #100

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.

Post by tedunangst » Wed, Dec 18, 2013, 9:18 PM UTC

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.

Post by slg » Wed, Dec 18, 2013, 9:19 PM UTC

seldo wrote: post #185

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…

Forget the difference in the exchange rates. Are you saying you have no system in place to monitor if transactions execute successfully ? I'm not trying to be hyperbolic but that's really shocking for a company that is trying to play a role as a financial institution.

Post by gamblor956 » Wed, Dec 18, 2013, 9:19 PM UTC

msand0621 wrote: post #90

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.