Can we say coinbase is basically shorting bitcoin with its customer's money ? (it's a question.)
Sent $35,104.11 USD to CoinBase. Never received Bitcoins
281–290 of 515 posts
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#282Earlier 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.
There was a similar discussion with a very interesting comment regarding their use of mongodb: https://news.ycombinator.com/item?id=5428382 PG's reply in the thread is very telling: https://news.ycombinator.com/item?id=5428372
I've been keeping my mouth shut here about Coinbase after starting that thread 9 months ago.
I feel bad for someone that can't put a finger on his 30K, but I can't feel that bad if he didn't do a little research here first.
Hopefully on the next bubble people will be a little more enlightened.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#283Earlier 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…
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…
Yes. The question is why did they refuse to act until this public outcry.
My theory? Proprietary trading. The CoinBase guys were probably trading on behalf of the company and screwed up royally, taking a big hit, so they decided to try and pass that loss onto customers or until they balanced the books
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#284Earlier 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).
Was the delivery date of the BTC ever set? They guaranteed a price and delivered on it (yes, they took a while, yes the value went down in the meantime). If the price went up, everyone would certainly expect them to deliver at the guaranteed price and not the current one. What they probably should have done is just reversed the transaction entirely, but if I was deciding this, barring some agreement on delivery time,…
What should happen is that people should notice that they do not have a reliable process for either delivering the coins or canceling the transaction (if the coins cannot be delivered within some reasonable period of time).
This sort of settlement process is a scary thing to throw very much money at.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#285Earlier quoted context omitted.
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.
"I just think some of the anger at the market swing is being wrongly directed at Coinbase." You keep mentioning market swing. Market swing is relevant if OP had the bitcoins in his control which clearly was not. So while the market swung, he lost money not because he was sitting on his ass but because he could not do anything about it to minimize a loss. See the difference ?
I understand the difference, but I still think some of the anger at the change in price is being misdirected.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#286Earlier 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).
But the point is that he provide 40 BTC worth of USD when he made the order, of $35K. So he should get $35K worth of BTC at todays price (~60 or so BTC)
He should just get a refund in USD for the original amount. This would be classified as a failed trade in any other market.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#287Earlier 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…
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.
That's true for traditional financial institutions that consider this the costs of doing business and can easily absorb such losses. Something like the $25mn Coinbase got in venture capital is lunch money for a JP Morgan or Goldman Sachs. BTC on the other hand has insane amount of volatility and the players are comparatively small. You may simply find yourself in a situation were they are simply unable to refund your losses and instead declare bankruptcy.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#288I also have some very strange behavior going on in my account: https://twitter.com/agibralter/status/411685377015947264 Basically they're showing a transaction of selling BTC that I never made or authorized. Also, it's showing up in my transaction list but not in my history... They said they're looking into it, but I haven't heard back in days.
Same thing happened to me except for the bitcoin magically reappearing. Since this is now Coinbase's unofficial support forum - issue 52050 - 4 weeks and counting....
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#289Brian 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.
It might not be a computer system problem.
Perhaps CoinBase (or a rogue employee) were doing some proprietary trading and screwed up badly?
Maybe they were trying to quietly recover their losses and weren't expecting a customer to cause a public outcry and force their hand?
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#290ACH transactions are reversible FWIW.
No, they are not - only if you prove fraud. I tried to get an ACH back with BofA and I couldn't. The other party can reverse it, you can't yourself.