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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

#381

Post by TylerE »

AnneOminous wrote: post #371
dragonwriter wrote: post #327

Earlier quoted context omitted.

> Bitcoin has an approximate "intrinsic value", which in economic terms is a bit above the cost of mining. The current cost of mining is a rough replacement cost of bitcoin (and thus, in a sane market, ought to be a ceiling on its market value, since if the exchange cost is higher than that, you are better of mining then buying), but since mining isn't inherently reversible its not an intrinsic value .

Quote: "...but since mining isn't inherently reversible its not an intrinsic value." It IS "value", because the resources used for mining have measurable value, and can be traded for things other than Bitcoins. It may be an indirect measure of value, but it's still a measure of value.

If it's indirect that's not intrinsic. That's what intrinsic means the opposite of.

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

#382

Post by rfnslyr »

dutchbrit wrote: post #348
rfnslyr wrote: post #118

Earlier quoted context omitted.

Some kid who made $ off affiliate marketing. Wow big deal. Looks like an utter douchebag too: http://instagram.com/mgrunin

What's your problem? I'd be pissed too. He probably worked his ass off to make all that money. Looks like he works hard, plays hard...

h̶t̶t̶p̶:̶/̶/̶w̶w̶w̶.̶y̶o̶u̶t̶u̶b̶e̶.̶c̶o̶m̶/̶w̶a̶t̶c̶h̶?̶v̶=̶r̶t̶4̶g̶k̶3̶g̶6̶s̶s̶U̶

a̶n̶d̶

h̶t̶t̶p̶:̶/̶/̶w̶w̶w̶.̶y̶o̶u̶t̶u̶b̶e̶.̶c̶o̶m̶/̶w̶a̶t̶c̶h̶?̶v̶=̶U̶c̶H̶j̶X̶q̶V̶_̶5̶m̶k̶

R̶e̶a̶d̶ ̶h̶i̶s̶ ̶p̶o̶s̶t̶s̶ ̶o̶n̶ ̶w̶i̶c̶k̶e̶d̶f̶i̶r̶e̶ ̶a̶s̶ ̶w̶e̶l̶l̶.̶

W̶i̶t̶h̶ ̶m̶o̶n̶e̶y̶ ̶c̶o̶m̶e̶s̶ ̶p̶o̶w̶e̶r̶,̶ ̶a̶n̶d̶ ̶i̶f̶ ̶y̶o̶u̶ ̶w̶i̶e̶l̶d̶ ̶t̶h̶a̶t̶ ̶p̶o̶w̶e̶r̶ ̶i̶n̶c̶o̶r̶r̶e̶c̶t̶l̶y̶,̶ ̶t̶h̶i̶n̶g̶s̶ ̶g̶e̶t̶ ̶f̶u̶c̶k̶e̶d̶.̶

Nevermind, I've been reading his posts and threads on wickedfire and he seems like a pretty alright guy.

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

#383

Post by philfreo »

philfreo wrote: post #321
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…

Off-topic, but since you guys have ignored: 3 emails from me, and a tweet... I sent you an XSS vulnerability to whitehat@coinbase.com according to https://coinbase.com/whitehat almost 3 weeks ago and haven't received so much as a confirmation "thanks we are looking into it" email from you guys.

It was frustrating that I didn't receive any contact from Coinbase until after posting on here HN, however I'd like to point out a couple things:

- This was a relatively minor XSS vulnerability which required a bit of social engineering to pull off, rather than being a traditional XSS that most HN readers would need to worry about.

- Their delayed response was likely due to the relative minor nature of this vulnerability.

- I still feel safe using Coinbase

- They're taking care of it and treating me well :)

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

#384

Post by [deleted] »

tedunangst wrote: post #374
jellicle wrote: post #366

Earlier quoted context omitted.

But that's regulation. And HN is against that. Get with the program.

It's not just regulation. It's basic accounting. If you're not doing it, you literally don't know how much money you have. It's always a good idea to know how much money you have, even if the government doesn't require you to know.

[deleted]

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

#385

Post by sheetjs »

FireBeyond wrote: post #378
sheetjs wrote: post #237

Earlier quoted context omitted.

> 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…

No, that doesn't work. There's a difference between fine print qualifying statements, and fine print explicitly contradicting statements. Your system can't say "Bitcoin deposit, 13 December", whilst your TOC says "eh, can be whenever we want".

So this counts as a dispute with Coinbase, and the terms for that are pretty clear:

> 5.3 Disputes with Coinbase. If you think we have made an error, write to us at 14525 SW Millikan Way #26680 Beaverton OR, 97005, or email us at support at coinbase.com. In your correspondence, you must give us information sufficient to identify you, your account, and the transaction on which you believe an error occurred. You must contact us within 30 days after the transaction occurred. Within 90 days of receiving your request, we must either correct the error or explain to you why we believe the transaction was correct.

The key phrase here is "Within 90 days of receiving your request, we must either correct the error or explain to you why we believe the transaction was correct." Notification must have happened after December 8, but let's say December 8. That means, at the very least, they have until March 8 to give an explanation.

BTW: I agree that making the customer whole is the right thing to do, but strictly speaking they have time to respond.

More generally, on the issue of online displays, I checked my bank's terms of use (http://www.tdbank.com/exc/pdf/internet_banking_agreement.pdf) and it clearly says:

> We agree to make reasonable efforts to ensure the full performance of the Bank’s Online Banking Service.

> We are not responsible for any indirect, special, incidental or consequential damages arising in any way out of your use of the Bank’s Online Banking Service.

They indemnify themselves against issues with the online display.

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

#386

Post by saraid216 »

dangero wrote: post #370
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…

Wow now I'm pissed. I had the same issue but didn't make a public stink about it. Just got my coins today with no credit for the mistake and the same issue of my coins being frozen at a higher price. Looks like I should have been more rude about it. Not only that, but I was told that my coins could not be released earlier because "they needed to be removed from cold storage". So now we have 2 different excuses for fa…

I support filling the HN front page with stories like this. Especially if it means that you get your money back.

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

#387

Post by mgrunin »

The situation has been appropriately resolved by CoinBase. I would like to thank Brian for making this right. It is unfortunate that this situation had to be dealt with in the public light, but this was my last resource before contacting lawyers.

I will answer other comments later tonight.

Thank you HackerNews.

- Martin

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

#388

Post by eclw »

kordless wrote: post #353
anonymoushn wrote: post #339

Earlier quoted context omitted.

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.

Then you are an awfully silly individual.

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

#389

Post by kaoD »

jellicle wrote: post #366
tedunangst wrote: post #307

Earlier quoted context omitted.

But even by those standards, taking 35 grand and not noticing you didn't give them what they paid for stands out. That's really the weird part. This is a business that does money in, money out. They should be balancing the books and checking inventory every day. It can take Amazon a while to realize a mistake because it takes time for somebody to go around the warehouse and count all the boxes to discover they're hol…

But that's regulation. And HN is against that. Get with the program.

That makes no sense. It is self-regulation. Balancing the books is in their best interest.

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

#390

Post by lem72 »

JeffL wrote: post #333
mrmrcoleman wrote: post #295

Earlier quoted context omitted.

Having spent some time in financial institutions, I can only agree with lastlogin's point. It's important to remember that there are many such mistakes in large financial institutions every day. If I could post on yc and quickly get a response from my bank, I'd be a happy customer.

One time I had almost 1 million extra dollars show up in my Waterhouse Brokerage account. I thought, "huh, that's interesting." It disappeared 4 days later.

Yup, it wasn't as much, but I magically had 10k show up after I made a deposit through a bank teller that stayed there for 2 weeks before finally disappearing.
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