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


R2qEn8E.png

Source: https://news.ycombinator.com/item?id=692...

This story dates back to December 8th when I initiated an ACH transfer with CoinBase.com for a total sum of $35,104.11. On that very same day, the system informed me that I would be credited with the bitcoins come December 13th.

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>

barmstrong 1 day ago | link

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!

reply

s.gif seldo 1 day ago | link

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.

Stashed in: YCombinator, @fredwilson, @a16z, Hacker News!, Bitcoin

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From these anecdotes it appears that Coinbase does not understand the technology of transactions.

They received more than $25 million in investment from YCombinator, Fred Wilson, and a16z:

http://pandawhale.com/post/33524/bitcoin-startup-coinbase-gets-25-million-in-funding-from-the-most-influential-venture-firm-in-silicon-valley

I think they have a lot of growing pains to get through. 

Their brand is untrustworthy. In theory a competitor can attract their best customers with better services.

More on Bitcoin, magical thinking, and political ideology:

http://pandawhale.com/post/34120/bitcoin-magical-thinking-and-political-ideology