I have a question that is related to how Coinbase deals with situations like the one on this thread:
I have a Coinbase account, and I am verified with a Credit Card. This means that I can instantly buy bitcoins. What happens if they fail to get the money from my bank account 2-3 days later? Would they charge my credit card instead?
Sent $10,701.03 to Coinbase. Still missing bitcoins.
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Re: Sent $10,701.03 to Coinbase. Still missing bitcoins.
#82Can we make a new rule? HN is not an end run around companies' bad customer support (even YC ones). We could probably fill this site with these pretty easily.
Matt, I think these posts are valuable. The readers of HN seem to be exactly the type of people who might be early adopters of Coinbase. It's helpful for those people to know how the service works from a customer's perspective.
Then you also have the benefit from the entrepreneurial side. These posts can serve as a cautionary tale to other would be founders as how not to do customer service.
I think where this crosses the line from inane bitching to useful discourse is the gravity of these issues. It's not like these people are posting with complaints about the page layout of the company or . The issue is with the core function of the company, and that's work discussion.
Just my $0.02.
Re: Sent $10,701.03 to Coinbase. Still missing bitcoins.
#83Earlier quoted context omitted.
Perhaps, but then, if that's how they were managing, then they could go out of business on a strong move up. I think it's more likely that they are using a combo of reserve bitcoins plus actually buying on the market at the time you place an order. This is why, on some heavy volume days, you will see the message that Coinbase itself (not just you as a user) has reached its buy limit for the day. They buy at the price…
> They buy at the price they quote you, then wait for your funds to clear ACH to deposit the coin in your account. This is simply stupid, if true. There is no way any institution trading any type of instrument, asset, commodity, security etc should ever do this. And I doubt they do this. > Coinbase has is when a customer buys (prompting Coinbase to buy), then the customer's funds don't settle via ACH. Coinbase is the…
I can't speak to what you might call a "large" order, but in the case of a delay selling 0.4 BTC, the price went up dramatically for me, and there was no recourse. I received $156 on the day the price hit it's high of $1242.
There is a screenshot of my transaction here: http://imgur.com/iY1btbr
Re: Sent $10,701.03 to Coinbase. Still missing bitcoins.
#84The same class of problems (questions regarding account balance, money taken out but BTC missing, support went dark) happened earlier this year and there was another front page conversation: https://news.ycombinator.com/item?id=5427985 Sadly, it seems that the key takeaway (the importance of customer support) was lost upon the Coinbase staff. Based on the last response, its clear that they have not learned their less…
Using MongoDB to process payments is a double facepalm fail.
Re: Sent $10,701.03 to Coinbase. Still missing bitcoins.
#85Earlier quoted context omitted.
I'm not sure if it is fraud or not. Maybe an attorney can comment, but here is how I look at it: Fraud: (1) a false statement of a material fact, (2) knowledge on the part of the defendant that the statement is untrue, (3) intent on the part of the defendant to deceive the alleged victim, (4) justifiable reliance by the alleged victim on the statement, and (5) injury to the alleged victim as a result. The attempt at…
It's both fraud, and unethical.
It may be unethical, I don't make that judgement, but it definitely doesn't match the legal definition of fraud.
Re: Sent $10,701.03 to Coinbase. Still missing bitcoins.
#86They are 8 people. He can surely push through.
Re: Sent $10,701.03 to Coinbase. Still missing bitcoins.
#87UPDATE: I've been in touch with Coinbase support and they've corrected the larger of the two transactions in question. I'm still waiting on the second transaction to be fixed. I'm still missing some bitcoins from transactions that are well beyond complete (more than a week old, ACH withdrawal completed and marked as complete in coinbase).
Re: Sent $10,701.03 to Coinbase. Still missing bitcoins.
#88"I'm not sure how that guy got the CEO of the company to intercede on his behalf" Well, he did so by raising a public fuss about it, that much seems obvious. The OP of this thread seems (quite reasonably) to be attempting to achieve the same outcome by the same method. Taking this OP’s claims at face value, it seems like the support person quoted was trying to be helpful (or at least empathetic). Unfortunately, on a…
Thanks for this message. I didn't email Brian directly. Rees from Coinbase reached out to me. He's fixed one of my problems and I'm waiting on the second to be resolved.
Re: Sent $10,701.03 to Coinbase. Still missing bitcoins.
#89Assuming this post is legitimate, what kind of organization of that size (an article published today indicates that there are 8 employees!) has a hierarchy and culture where if an individual working in a customer support role sees something wrong they have no way of communicating with the CEO? Scary, if true.
I don't know how else to prove this is legitimate. Not that I feel I have to.
Rees from Coinbase reached out to me this morning and we've resolved one of the two issues. I'm still missing bitcoins from my account and will update this when it's resolved.
Re: Sent $10,701.03 to Coinbase. Still missing bitcoins.
#90UPDATE: I've been in touch with Coinbase support and they've corrected the larger of the two transactions in question. I'm still waiting on the second transaction to be fixed. I'm still missing some bitcoins from transactions that are well beyond complete (more than a week old, ACH withdrawal completed and marked as complete in coinbase).
How to use Coinbase:
1. Try to use coinbase
2. Contact customer service when that fails.
3. Post to HN when that fails.
4. Still get screwed because they don't know what they are doing at Coinbase.
Got it.