7 ms·

because of your delay, he lost $13226.98 at current market rate: http://www.wickedfire.com/shooting-shit/177828-where-my-bitcoins-coinbase-shapow-3.html#post214

by kenna 13y ago

because of your delay, he lost $13226.98 at current market rate: http://www.wickedfire.com/shooting-shit/177828-where-my-bitcoins-coinbase-shapow-3.html#post2144449 http://www.wickedfire.com/shooting-shit/177828-where-my-bitc... I hardly think $50 is going to make him feel happy.

ChrisClark 13y ago
And because of their delays, many others have made money on the transaction. They pay out at the market price of when the order was placed. The OP thought it was worth it then, and bought them then.
- gamblor956 13y ago
  What you seem to be missing is that the OP tried to buy them then, Coinbase did not process the transaction in a timely manner, and subsequently bought the coins for the OP today after the OP's post at the original price, having already breached the purchase agreement. This is a pretty close to being a classic contract law case, except with bitcoins rather than tangible goods. If this goes to trial, the outcome is not likely to be favorable to Coinbase.
- jules 13y ago
  He may not have held on to them, which he was forced to due to the delay.
- tedunangst 13y ago
  At any time between then and now, the OP could have realized his mistake and sold the bitcoins for a lesser loss had they been in possession of the bitcoins.
  - ChrisClark 13y ago
    Coinbase is not for trading though. He should have purchased on an exchange then.
    - tedunangst 13y ago
      Do I need to quote their homepage? "Hook up your bank account to start buying and selling bitcoin in minutes. It’s that easy."
- dragontamer 13y ago
  On the contrary. I don't want to fan the flames of conspiracy theories... but there is a very real possibility that if the market went _up_, Coinbase would have refunded the money as USD instead of BTC. Only if Coinbase can prove to the public that they are consistent on matters like this would your assertion be correct. But if Coinbase were inconsistently applying their policies... they can make a very pretty penny on scamming their customers. Transaction Delays are a serious problem. Now, according to the edit, Coinbase did the right thing here and are eating the loss. So Coinbase is doing a good job at damage control...

by kenna 13y ago

ChrisClark 13y ago

And because of their delays, many others have made money on the transaction. They pay out at the market price of when the order was placed. The OP thought it was worth it then, and bought them then.

gamblor956 13y ago
What you seem to be missing is that the OP tried to buy them then, Coinbase did not process the transaction in a timely manner, and subsequently bought the coins for the OP today after the OP's post at the original price, having already breached the purchase agreement. This is a pretty close to being a classic contract law case, except with bitcoins rather than tangible goods. If this goes to trial, the outcome is not likely to be favorable to Coinbase.
jules 13y ago
He may not have held on to them, which he was forced to due to the delay.
tedunangst 13y ago
At any time between then and now, the OP could have realized his mistake and sold the bitcoins for a lesser loss had they been in possession of the bitcoins.
- ChrisClark 13y ago
  Coinbase is not for trading though. He should have purchased on an exchange then.
  - tedunangst 13y ago
    Do I need to quote their homepage? "Hook up your bank account to start buying and selling bitcoin in minutes. It’s that easy."
dragontamer 13y ago
On the contrary. I don't want to fan the flames of conspiracy theories... but there is a very real possibility that if the market went _up_, Coinbase would have refunded the money as USD instead of BTC. Only if Coinbase can prove to the public that they are consistent on matters like this would your assertion be correct. But if Coinbase were inconsistently applying their policies... they can make a very pretty penny on scamming their customers. Transaction Delays are a serious problem. Now, according to the edit, Coinbase did the right thing here and are eating the loss. So Coinbase is doing a good job at damage control...