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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

#231

Post by kolev »

cromulent wrote: post #88
kolev wrote: post #78

I've had poor experiences with Coinbase as well, hit major bugs, which cost me hundreds. The only reason people use them is that they are the only choice at the moment. Can't wait for more alternatives such as Circle to launch! In cases like this , regulation and compliance don't sound like something negative!

> The only reason people use them is that they are the only choice at the moment Has anyone tried Kraken.com ? Registered there, but no transactions yet. Serious question.

Kraken is just an exchange. You can deposit/withdraw USD if you live in the States. The only two other options are CampBX and LocalBitcoins.com, but neither has the ease of Coinbase.

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

#232

Post by anigbrowl »

seiji wrote: post #210
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.

His linkedin page sends us to this awesome article too: http://sfctoday.com/news/1025-sfc-senior-already-a-financial... Edit: Oh gawd, at the end he actually says "you only live once." Edit2: "Money drives me completely ... I've gotten so used just being able to go anywhere without looking at any price tags ..." Let's go ahead and [dead] this thread. Forget it ever happened. (or make a movie out of it)

Pop culture history in the making, indeed.

ಠ_ರೃ

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

#233

Post by kudu »

jeremyrwelch wrote: post #204
kjackson2012 wrote: post #153

Earlier quoted context omitted.

Hopefully you are selling him the BTC at today's rate, and not at $868. This post is an admission of guilt on your part, so if you don't, he likely has a great case when he sues you (which I would, if I suffered a $12k loss like he just did).

Don't be silly. He suffered a $12k loss because of price fluctuations most likely tied to People's Bank of China news, not because of Coinbase's error. There are no grounds for a lawsuit here.

What are you talking about? He could have sold them on December 13 if he had gotten them at that time.

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

#234

Post by jeremyrwelch »

zipppy wrote: post #211
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…

Do you work for coinbase? You seem to be defending them pretty hard.

No, I don't work for Coinbase.

I'm an avid user and big fan. I've tried a lot of alternative products, and none compares to Coinbase in terms of reliability and overall experience.

Sure, they screwed up. Brian owned up to that and fixed the issue quickly.

I just think some of the anger at the market swing is being wrongly directed at Coinbase.

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

#235

Post by loceng »

bonemachine wrote: post #155
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…

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?

CoinBase didn't say how they did it anywhere, did they? It would be good to get clarification though.

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

#236

Post by 1945 »

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…

In other words, Coinbase is going to supplement ~$13,950 loss with $50.

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

#237

Post by sheetjs »

EGreg wrote: post #182
sheetjs wrote: post #124

Earlier quoted context omitted.

> 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…

In a court case, the breach of contract will be evaluated and the losses incurred will be relevant whether or not the assets are an "investment". What kind of law will apply is up for debate.

> breach of contract

What breach of contract? Coinbase didn't agree to deliver by a specified date. I will emphasize the key phrase:

> Coinbase makes no representations or warranties regarding the amount of time needed to complete processing

There's a reason these CYA clauses exist. And the time frame (8 business days) isn't entirely unreasonable (in the sense that banks generally give themselves 3 days for ACH, with an additional 7 business day holding period if necessary).

Downvoter: if there is some other contract that I am unaware of, please reply with a quote or link

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

#238

Post by bsiddiqui »

jeremyrwelch wrote: post #224
apalmer wrote: post #194

Earlier quoted context omitted.

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.

but he wasn't able to react to market swings for 5+ days after he was supposed to receive delivery

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

#239

Post by sifarat »

Now take my sincere advise, take a trip to Hawaii for couple of weeks. don't sell them fast. Once you are back, you will either have another trip, or just cash out successfully. end.

As for coinbase, Well played Sir, this comes from a broker but in a different field. every fucking pun intended.

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

#240

Post by rfnslyr »

seiji wrote: post #210
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.

His linkedin page sends us to this awesome article too: http://sfctoday.com/news/1025-sfc-senior-already-a-financial... Edit: Oh gawd, at the end he actually says "you only live once." Edit2: "Money drives me completely ... I've gotten so used just being able to go anywhere without looking at any price tags ..." Let's go ahead and [dead] this thread. Forget it ever happened. (or make a movie out of it)

People like this are sad. Read a book. Play an instrument. Do something.
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