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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

#221

Post by revelation »

slg wrote: post #217
seldo wrote: post #185

Earlier quoted context omitted.

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.

>that's really shocking for a company that is trying to play a role as a financial institution. That is probably the scariest part about the current Bitcoin community. Many of the big names are simply "playing a role". We have no idea of their technical expertise, the viability of their software, their USD/Bitcoin reserves, how they plan to address disputes like this, or even whether they are skimming of the top.

And a majority of the (previous) big players have been compromised on more than one occasion. It's a big kindergarden.

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

#222

Post by GarrettBeck »

GarrettBeck wrote: post #213
ajju wrote: post #100

Earlier quoted context omitted.

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

$35,000 is a huge sum of money. I'm suggesting he sell the 40 or so bitcoin he purchased immediately at market price (~$550), cut his loses and move on. By doing so he would limit the damage and would only lose ~$12,700. Bitcoin will continue to fall and he will continue to lose money. He won't get his money back from CoinBase and he is losing money every second he holds his bitcoin. Losing money sucks. It happens to…

$549...

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

#223

Post by kudu »

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…

Here's the thing about financial institutions: when they make a mistake, they pay for it. They should really be crediting him 62.9 BTC, which is approximately what he would have gotten by selling on December 13 and buying again today.

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

#224

Post by jeremyrwelch »

apalmer wrote: post #194
jeremyrwelch wrote: post #172

Earlier quoted context omitted.

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 p…

This is definitely ridiculous. The loss of value was not on the fault of Coinbase, but the result of market swings.

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

#225

Post by seldo »

slg wrote: post #217
seldo wrote: post #185

Earlier quoted context omitted.

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.

>that's really shocking for a company that is trying to play a role as a financial institution. That is probably the scariest part about the current Bitcoin community. Many of the big names are simply "playing a role". We have no idea of their technical expertise, the viability of their software, their USD/Bitcoin reserves, how they plan to address disputes like this, or even whether they are skimming of the top.

I mean, MtGox stands for "Magic The Gathering Online Exchange". They were literally set up to sell trading cards. The whole "being the biggest bank in a new $6bn+ economy" is a pivot. The whole system is crazy. But even by those standards, taking 35 grand and not noticing you didn't give them what they paid for stands out.

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

#226

Post by [deleted] »

revelation wrote: post #221
slg wrote: post #217

Earlier quoted context omitted.

>that's really shocking for a company that is trying to play a role as a financial institution. That is probably the scariest part about the current Bitcoin community. Many of the big names are simply "playing a role". We have no idea of their technical expertise, the viability of their software, their USD/Bitcoin reserves, how they plan to address disputes like this, or even whether they are skimming of the top.

And a majority of the (previous) big players have been compromised on more than one occasion. It's a big kindergarden.

[deleted]

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

#227

Post by quack »

slg wrote: post #217
seldo wrote: post #185

Earlier quoted context omitted.

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.

>that's really shocking for a company that is trying to play a role as a financial institution. That is probably the scariest part about the current Bitcoin community. Many of the big names are simply "playing a role". We have no idea of their technical expertise, the viability of their software, their USD/Bitcoin reserves, how they plan to address disputes like this, or even whether they are skimming of the top.

No. The joke is that people are demanding a product so badly that theyre doing business with kiddies who dont know how to run a financial institution.

This is literally an economy of "shut up and take my money," but no one wants to play ball.

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

#228

Post by kudu »

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…

It's worrisome that you have to basically complain on a public forum in order to get a reaction from them.

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

#229

Post by revelation »

sheetjs wrote: post #25

From their terms of service: > Coinbase does not guarantee the value of bitcoin. You acknowledge that the price or value of bitcoin can change rapidly, decrease, and potentially even fall to zero. You acknowledge that holding bitcoin is high risk. You agree to deliver the agreed upon payment for bitcoin upon confirmation of an order, regardless of changes in bitcoin value. > Coinbase will make reasonable efforts to e…

It's a TOS. Feel free to write whatever you want in there, because much of it will go straight to the trash if its ever tested in front of a court.
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