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

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441–450 of 515 posts

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

#441
post #225

Earlier quoted context omitted.

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.

Aww, you guys are so cute. You think banks have this stuff under control? Auditors will "find" hundreds of millions of dollars of missing assets on the regs. Many banks are powered by duct tape and loose Excel spreadsheets. That's why things like Basel exist.

That's really not true. Yes, auditors do find missing assets like that, but some of these banks have trillions in assets. Moreover, these errors usually aren't things like cash in versus cash out. Accounting and tax rules are very complex. So an error might entail having incorrectly computed the value of certain tax assets or the like. More to the point, a major bank will have layers and layers of accounting controls intended to catch even very small errors. These processes are themselves audited every year, and stress tested. It's not duct tape and excel spreadsheets.

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

#442
post #311

Earlier quoted context omitted.

Tell me how regulation stopped Enron. Tell me how regulation stopped the 2008 financial crisis with the housing bubble. These all happened in traditional markets. You're right that some Bitcoin companies have screwed their users. Consumers need to educate themselves on who they're doing business with. A lot of these Bitcoin companies operated anonymously without impunity. Coinbase is an entirely different case. They…

And laws against theft don't prevent all theft so theft should be legal. I will never, in my life, understand why so many Libertarians take the argument that if some criminal might engage in a crime, then everyone should be allowed to do that same thing. It's the stupidest argument possible, yet you all parrot it unquestioningly. It blows my mind.

Wow. I encourage you to study logical fallacies. In particular: https://yourlogicalfallacyis.com/strawman

I never held the position that you stated.

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

#443
post #225

Earlier quoted context omitted.

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.

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…

I saw somebody today snarking about Bitcoins being Dunning Krugerrands. Coinbase appears to be making their point for them.

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

#444
post #185

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…

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.

I work with some of the largest financials institutions and nothing surprises me any longer.

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

#445

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…

> It looks like as we were performing server upgrades last week a handful of jobs didn't run as normal.

You are JUST NOW figuring this out? We all assumed you were idiots before for using Mongo at all. Then to know you are using it for financial transactions made it worse. And NOW on top of all of that, turns out you don't even watch your transactions during server upgrades?

You do realize Mongo isn't a very good database for anything you care about keeping right?

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

#446
post #225

Earlier quoted context omitted.

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.

Aww, you guys are so cute. You think banks have this stuff under control? Auditors will "find" hundreds of millions of dollars of missing assets on the regs. Many banks are powered by duct tape and loose Excel spreadsheets. That's why things like Basel exist.

Worked at a bank. They have better processes than this. Not gonna say they're perfect, but they can handle balancing their books and not dropping transactions. They certainly don't use a non-ACID PoS like Mongo.

Excel was over-used in many places, but was not used for day to day transactions and operations.

Yet again, bitcoin apologists inaccurately claim (lie) that banks are actually worse to excuse failings by "their" services.

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

#447

Earlier quoted context omitted.

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.

You clearly haven't been dealing with businesses. 99% doesn't do daily checks. Many notice thins after a month or so, when closing books for month. And some notice those kind of things aften closing a year. But there still are many businesses which won't ever notice or care missing 100 grand. Been there and done that, and it's much more common than you think. In some of those cases I personally think that the busines…

Any sort of financial account should be ACID safe. You can't just receive money on one end, and then it magically doesn't enter a client's account.

Bitcoin is great, but the exchanges still suck.

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

#448
post #395
post #225

Earlier quoted context omitted.

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.

MtGox is something like 5 months behind in withdrawls with no confirmed date of when it will occur. I'm waiting on $600 since beginning of Sept...

If this is not some sort of error, MtGox is a ponzi scheme.

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

#449

Earlier quoted context omitted.

You're changing the subject to something which is not in dispute. You said that the standard approach on HN is to silence criticism -- a stupefying statement, given that at the time you posted it, this conversation had maybe 100+ comments and had been on the front page for a while. Also, in that same comment, you linked to another voluminous thread criticizing Coinbase. Amazingly, the existence of your comment strong…

There is zero ambiguity in the PG quote > Strictly speaking I should have killed the post entirely And this was 9 months ago. We are left to assume that the policy was enforced (after all, if the post were killed, it wouldn't show up in a search). And even in this thread: https://news.ycombinator.com/item?id=6931168 > I've been keeping my mouth shut here about Coinbase after starting that thread 9 months ago. I would…

Sign #1 that should have given you pause: in order to disprove your assertion a person would need to prove a negative, i.e., prove that no criticism was nullified. If you don't see what the problem is here, you may need a course in critical thinking.

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

#450
post #375

Earlier quoted context omitted.

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

A very good guess either that or front running. This is what market makers used to do back in the day, aka "front running". Its banned in the financial markets because there is regulation and thus illegal. Either that or like you say they took a massive hit and basically held a ton of orders to mitigate the damage.

And if Coinbase doesn't fall under those financial regulations, that is fraud.
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