Wow, what a disgraceful way to treat people. Certainly a company to steer clear of then.
Sent $35,104.11 USD to CoinBase. Never received Bitcoins
351–360 of 515 posts
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#352Earlier 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,…
The protocol should have been to reverse the USD charge(not to the bank but the OPs coinbase account), and let the OP decide if they want to buy BTC now, wait or withdraw the funds in its entirety.
The reason for this is, they failed to deliver, that is not under debate. But they are assuming that someone who was long on BTC as a speculator, is still long on BTC.
In the latest edit Brian from coinbase mentioned that they are now honoring today's rate, which is a step in the right direction, and has subsequently save the OP substantial losses, but this does not absolve them of the original screw-up.
I doubt the OP will complain. If I were in his shoes I would personally request a complete reversal even if I wanted to buy at today's prices, and manually make a new request.
Any seasoned/experienced business would do this.
Example: If amazon fails to deliver/the shipped item is lost in transit, they reverse the credit card transaction and request you to re-order if you still want to purchase.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#353Earlier quoted context omitted.
As highlighted in the thread and in PG's reply, the default response to criticism of Coinbase is to nuke the conversation As PG wrote: > Strictly speaking I should have killed the post entirely That's not why he said that. He explains further down thread: HN is a news site, not a customer support forum for companies funded by YC, and in fact the site guidelines explicitly ask that it not be used that way
This objection is pretty flimsy. HN is very frequently used as a customer support forum for large tech companies not funded by YC. A policy that it is okay to use HN as a customer support forum for Google, Amazon, and Facebook but not for Coinbase does not look very good.
HN is run by YC. While it may feel like a public forum, it is owned by a private entity. I'm OK with a benevolent dictator taking care of matters here, and trust PG to do the right thing by all of us.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#354Earlier quoted context omitted.
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.
Fixed issue quickly?? Let's do an experiment -- I setup a page somewhere online and you transfer $35,000 of your own dollars. Then you wait 5 days for me to transfer them back (maybe). Will see how your stomach will handle that...
You clearly have some agenda for saying things you say. Noone is that stupid.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#355Brian 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…
Hey Brian. Appreciate your response and explanation. When you come up for air, would love to see a blog post about the issue and some thoughts on monitoring for such failures. I've run into this type of problem before in architecture.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#356They've had some problems recently. I'm now at day 12 waiting for an "instant buy" to clear. The ACH transfer cleared over a week ago but I still don't have my coins. (Support #67989 for anybody at coinbase) It's weird, I performed several small buys in a row just in case this exact thing happened. I got 5/6 purchases but this one is stuck in some weird state. I really like coinbase; they're just having some trouble…
And all it took was a single comment on HN to get it resolved. Thanks!
You are really thanking them for that?
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#357Brian 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…
Quick comment on Edit2: very nice of Coinbase to do this; and I can be almost certain that it would NEVER happen with a normal bank. Brian, well played. Keep up the good work.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#358Earlier quoted context omitted.
At any time between then and now, the OP could have realized his mistake and sold the bitcoins for a lesser loss had they been in possession of the bitcoins.
Coinbase is not for trading though. He should have purchased on an exchange then.
Do I need to quote their homepage? "Hook up your bank account to start buying and selling bitcoin in minutes. It’s that easy."
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#359Earlier quoted context omitted.
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.
If you're to believe the press they've received, Coinbase are basically the most reputable and trustworthy company in Bitcoin and the one that's going to bring it into the mainstream.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#360So Coinbase put me in a similar situation but they haven't bothered to respond to any of my emails thus far. Is this where I contact Coinbase customer support?
founders@coinbase.com :)