Sent $35,104.11 USD to CoinBase. Never received Bitcoins
475 comments
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 apologies for the delay and trouble on that. We've credited $50 worth of bitcoin to your account for the trouble, as a small way of saying thank you for bearing with us.
Edit2: we'll push through the bitcoin credit at today's price instead of the original buy price (which should be in your favor) since the mistake was on our part. Sorry again for the trouble!
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 apologies for the delay and trouble on that. We've credited $50 worth of bitcoin to your account for the trouble, as a small way of saying thank you for bearing with us.
Edit2: we'll push through the bitcoin credit at today's price instead of the original buy price (which should be in your favor) since the mistake was on our part. Sorry again for the trouble!
> Further avoidance by them will lead me to make a few calls to news stations.
Eek. The best case scenario is that you'll get a news blurb on local TV where you're portrayed as a sucker. "Weird online currency thing does weird stuff in the way you'd expect weird online currency thing to do, and look at this greedy rube who got sucked in and lost it all! Film at 11."
Eek. The best case scenario is that you'll get a news blurb on local TV where you're portrayed as a sucker. "Weird online currency thing does weird stuff in the way you'd expect weird online currency thing to do, and look at this greedy rube who got sucked in and lost it all! Film at 11."
To all of you who say that Bitcoin shouldn't be regulated - this is what it results in.
If it was any regulated financial deal - say, purchase of stock or Yen - then there are clear rules on how to handle that, namely, you'd be entitled to at least compensation for any decrease between the 'locked' price at the agreed settlement date and the real settlement, whenever it may happen, and the interest for the period. Repeated such situations would result in a rapid audit to verify if they really have enough assets to pay out all their debts, and if not, shut them down immediately.
Now you're quite screwed, while coinbase has taken a profit on this (and probably other) deals by delaying these settlements. And what are you going to do if you don't get all the losses covered? Your options are quite limited.
If it was any regulated financial deal - say, purchase of stock or Yen - then there are clear rules on how to handle that, namely, you'd be entitled to at least compensation for any decrease between the 'locked' price at the agreed settlement date and the real settlement, whenever it may happen, and the interest for the period. Repeated such situations would result in a rapid audit to verify if they really have enough assets to pay out all their debts, and if not, shut them down immediately.
Now you're quite screwed, while coinbase has taken a profit on this (and probably other) deals by delaying these settlements. And what are you going to do if you don't get all the losses covered? Your options are quite limited.
From their terms of service:
> Coinbase does not guarantee the value of bitcoin. You acknowledge that the price or value of bitcoin can change rapidly, decrease, and potentially even fall to zero. You acknowledge that holding bitcoin is high risk. You agree to deliver the agreed upon payment for bitcoin upon confirmation of an order, regardless of changes in bitcoin value.
> Coinbase will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and check issuances are processed in a timely manner but Coinbase makes no representations or warranties regarding the amount of time needed to complete processing because Coinbase services are dependent upon many factors outside of our control, such as delays in the banking system or the U.S. or international mail service.
It's possible that Coinbase is experiencing delays, and their terms of service give them a clear escape path. It sucks that they are holding onto your money, but consider this a learning experience: always start small, make sure everything smells right, and then scale up. If they were holding onto 35.10 rather than 35.10K, I suspect you would react differently
> Coinbase does not guarantee the value of bitcoin. You acknowledge that the price or value of bitcoin can change rapidly, decrease, and potentially even fall to zero. You acknowledge that holding bitcoin is high risk. You agree to deliver the agreed upon payment for bitcoin upon confirmation of an order, regardless of changes in bitcoin value.
> Coinbase will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and check issuances are processed in a timely manner but Coinbase makes no representations or warranties regarding the amount of time needed to complete processing because Coinbase services are dependent upon many factors outside of our control, such as delays in the banking system or the U.S. or international mail service.
It's possible that Coinbase is experiencing delays, and their terms of service give them a clear escape path. It sucks that they are holding onto your money, but consider this a learning experience: always start small, make sure everything smells right, and then scale up. If they were holding onto 35.10 rather than 35.10K, I suspect you would react differently
For anyone considering using Coinbase or similar services where you have to pay via bank transfer -- think twice and take this as a serious warning that you have almost no protection if they screw you/up somehow.
I have a problem with Coinbase for a much smaller sum (luckily): ordered at what I was convinced was a fixed price and just received less BTC at a much higher rate. Their customer support refuses to help (or even to cancel the transaction) and banks just don't get involved in direct transfers on your side, the way they would do on a credit card transaction.
Short of going to the police and lamenting on forums (hello!), there is nothing you can do.
I have a problem with Coinbase for a much smaller sum (luckily): ordered at what I was convinced was a fixed price and just received less BTC at a much higher rate. Their customer support refuses to help (or even to cancel the transaction) and banks just don't get involved in direct transfers on your side, the way they would do on a credit card transaction.
Short of going to the police and lamenting on forums (hello!), there is nothing you can do.
Here is the problem with coinbases tactics.
Consider buying $1,000 worth of bitcoins...
Coinbase can tell you your price.
Coinbase can then just wait, and wait and wait, weeks on end for the price to dip down. They can then buy the coins at the lower price and deliver them to you voila, they profit from you. This is very dubious.
If the price goes up they then buy at your price + some percent of their commission so they don't lose money, either way.
Consider buying $1,000 worth of bitcoins...
Coinbase can tell you your price.
Coinbase can then just wait, and wait and wait, weeks on end for the price to dip down. They can then buy the coins at the lower price and deliver them to you voila, they profit from you. This is very dubious.
If the price goes up they then buy at your price + some percent of their commission so they don't lose money, either way.
They'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 handling the huge increase in volume recently.
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 handling the huge increase in volume recently.
I hate to be that guy, but Coinbase is pretty clear that you'll get your coins _eventually_.
If I were doing thousands in transfers, I'd absolutely be using an exchange. They're also a small start up, funding or not.
Their support team has always come through and usually eats the cost difference if it was a bump on their end. I'd just wait it out.
If I were doing thousands in transfers, I'd absolutely be using an exchange. They're also a small start up, funding or not.
Their support team has always come through and usually eats the cost difference if it was a bump on their end. I'd just wait it out.
Not to shamelessly self promote, but the best way to buy/sell large amounts of BTC is directly, without going through an exchange/retail site. It is faster, cheaper and definitely a better customer experience. I've worked at two bitcoin exchanges so I know from experience. Now I am arranging private deals between a buyer and a seller. Here is the plug now though www.BitcoinCapitalPartners.com
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
I will answer other comments later tonight.
Thank you HackerNews.
- Martin
> Now the real dilemma for me here is the fact that while CoinBase.com has locked in a price for me, because they have failed to deliver I cannot sell my coins at any rate. Bitcoins could drop down to $200, and only then might they deliver the coins.
It's scary that they can literally guarantee constant wins for themselves by choosing how long to delay the delivery of Bitcoins to customers.
It's scary that they can literally guarantee constant wins for themselves by choosing how long to delay the delivery of Bitcoins to customers.
I'll say this again about coinbase, I'm convinced they are playing the market on peoples investment. I bought when bitcoin was starting to rocket, they tied my money up for weeks, bitcoin doubles in that time. Then after that I get a sorry letter and my money back. What was my money doing in that time? Probably making them money.
I feel bad for you, honestly. But serious question as well: Would you have went public with this if the price hadn't fallen dramatically? Perhaps if it went back up to $1500 a coin would things be different? Either way I hope things get resolved for you.
I 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.
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.
HN is really getting overloaded with bitcoin noise the past couple weeks. Honestly this just doesn't feel like the right venue for advice and support about this stuff.
This is the same situation as Facebook's IPO with NASDAQ. Orders were placed $40, then cancelled, then filled at $40 six hours after the market closed (at which point Facebook was already trading below its IPO price).
Unless you are a massive financial institution with some serious clout/legal department, I recommend you cut your losses and move on.
Your time is much more valuable spent doing something else rather than the time you will spend trying to recover $X,XXX
Unless you are a massive financial institution with some serious clout/legal department, I recommend you cut your losses and move on.
Your time is much more valuable spent doing something else rather than the time you will spend trying to recover $X,XXX
ACH transactions are reversible FWIW.
Welcome to counterparty risk, Bitcoin style.
I bought 1 a few weeks ago. I got a notice last week that they rejected it and would be returning my money. They have still not returned my money, and their customer service emails just return an automated "we are looking into it", with no follow-up.
It seems like they take orders as long as they make money (a friend ordering the day before took a loss and they accepted his payment no problem). Looking around their forums, the arbitrary rejections seem very common and make the company seem quite scammy.
It seems like they take orders as long as they make money (a friend ordering the day before took a loss and they accepted his payment no problem). Looking around their forums, the arbitrary rejections seem very common and make the company seem quite scammy.
FWIW, I made a small transaction with Coinbase not long ago and while they "guaranteed" the coins would be in my account by a certain date, they didn't actually deposit them until 2-3 days after that. Struck me as pretty odd.
Hope your situation gets settled quickly.
Hope your situation gets settled quickly.
If you search for 'coinbase' on https://bitcointalk.org/ you get a sea of people complaining about the same or similar issues - stay well clear.
Tbh... I would still reverse it.
I refuse to do business anymore with companies that do not respond.
HN is now a coinbase support forum?
Why would you put that much money into a service that isn't a true bitcoin exchange? Do you realize they're an extra middleman that is likely to add more delays to any transaction?
If you look at reddit.com/r/coinbase you'd know this sort of thing is a common occurrence with coinbase- Why are you surprised this is happening? Seems like they have a history of this sort of thing that should have warned you of the risks you were taking. Why give them your business if they're known to do this type of thing?
If people keep supporting businesses that act in a manner they're not happy with then what is the incentive for anyone to create a better alternative?
Why would you put that much money into a service that isn't a true bitcoin exchange? Do you realize they're an extra middleman that is likely to add more delays to any transaction?
If you look at reddit.com/r/coinbase you'd know this sort of thing is a common occurrence with coinbase- Why are you surprised this is happening? Seems like they have a history of this sort of thing that should have warned you of the risks you were taking. Why give them your business if they're known to do this type of thing?
If people keep supporting businesses that act in a manner they're not happy with then what is the incentive for anyone to create a better alternative?
I got some Tulips you can buy to make up your loss on.
Coinbase customer service sucks - I rarely get a response, given I've never been this screwed over
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Do an ACH chargeback as quickly as possible, don't be an idiot and wait for a response, otherwise you may miss your opportunity to walk away without losing $10k.
So 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?
I am really confused and frustrated. I sent my first ever BUY through Coinbase. I got my checking all set up. Made my purchase on 12-16-2013(an earth shattering .12 coins $100 bucks) No biggie. On 12-17-2013 the US funds left my bank account and off to coinbase. Alas... All I need to do is wait now until the 20th to spend my now 30 dollar loss due to market. Well here it is. The 20th of December somewhere in the world so I go to look at my account and there are no coins. Further inspection of this I find my transaction was canceled. No explanation. Just a big red canceled. Wheres my money now? I really want to be an advocate and intend to move WAY more than $100.00 into the bitcoin market place but seriously? Just a hundred dollar transaction that made one of their customers slightly irritated? Im glad I DIDN'T trust them with serious cash like the originator of this post!
Come on... GUYS! Don't take the fun out of all this! Figure it out! (Because if its not fun... It certainly wont be VIABLE!)
I've had poor experiences with Coinbase as well, hit major bugs, which cost me hundreds. The only reason people use them is that they are the only choice at the moment. Can't wait for more alternatives such as Circle to launch! In cases like this , regulation and compliance don't sound like something negative!
December 13th came by and it was this past Friday. No coins ever came in, the only thing CoinBase did was lock in a price for me @ $868.91. Again, they locked in a price and didn't give me coins on the day they told me they would deliver the coins.Ever since the 13th, my transaction page has been showing the following:
http://i.imgur.com/R2qEn8E.png
As you can tell, the funds cleared their end on the 11th. BUT... it still says pending for crediting the coins.<p>This is how the history page looks like:
http://i.imgur.com/BQ4fUwZ.png
Just take a look at that...it actually says that the transaction has been completed here.
Let us now look at the email conversation:
http://i.imgur.com/6SQht98.png
http://i.imgur.com/eNlIS0V.png
I gave their team eight hours to get back to me and settle the issue. They have now missed that deadline so I am taking this matter a bit public. Further avoidance by them will lead me to make a few calls to news stations. I have the right contacts to easily put myself in the media.
Now the real dilemma for me here is the fact that while CoinBase.com has locked in a price for me, because they have failed to deliver I cannot sell my coins at any rate. Bitcoins could drop down to $200, and only then might they deliver the coins. The issue at that point is that I would be down a crazy percent already. If they had delivered the coins on the 13th as they had initially promised to, there would not be this issue.<p>Give me a break, the company just secured $25m in VC and this is how they are treating their clientele.<p>