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Fuck their shitty TOS, call the SEC and have them investigate, they need to comply with the law. They are acting as financial services provider and must be in
by fleitz 13y ago
Fuck their shitty TOS, call the SEC and have them investigate, they need to comply with the law.
They are acting as financial services provider and must be in compliance with those laws.
The law gives the OP a clear resolution.
There's a pretty clear resolution here, give the customer back their money because your business doesn't actually work, or give the customer the coins at the most favorable price.
- sheetjs 13y agoBTC exchanges aren't regulated in the same way as stock exchanges. Coinbase isn't a BD AFAICT, so they don't have the same type of fiduciary responsibilities. They also aren't registered as a bank or as a NY private bank, so they aren't subject to FDIC or other banking regulations. They are much closer to ebay than to IB
- richardlblair 13y agoIn the recent senate hearing around Bitcoin everyone agreed that the current laws can and do apply to Bitcoin. Some modification is needed, but not much. At the end of the day, it's up to the judge.
- fleitz 13y agoIf you get it in front of a judge miraculous things can happen, if a judge finds as a matter of fact that they are an exchange than suddenly their more like IB than eBay. By guaranteeing a price they are acting as a counterparty to the transaction. That's the whole point of this, CoinBase doesn't want to be like IB so they should refund the customer his money rather than acting like a fraudulent IB. There are plenty of more serious operations like http://bitcoincapitalpartners.com http://bitcoincapitalpartners.com that take client money seriously.
- oijaf888 13y agoWhich law? I can see something under non delivery of goods paid for but that would just be a civil court matter. If you order a car at your local dealership and then they don't give it to you, that's not something the SEC cares about.
- fleitz 13y agohttp://www.bankersonline.com/regs/210/210.html http://www.bankersonline.com/regs/210/210.html http://www.law.cornell.edu/ucc/4A http://www.law.cornell.edu/ucc/4A Please explain to a judge how something called 'bitcoin' is more like a car than cash. If it was called bitcar and people were could redeem their bitcars for a ride then you might have a point.
- oijaf888 13y agoHow is it more like cash than a commodity? I can't directly take bitcoins or gold or copper and purchase anything at my local wal-mart. Since the car analogy didn't work for you, lets say I contract someone to buy 1 oz of gold/platinum/etc at a specific price. They don't deliver, are they falling afoul of funds transfer laws or is it a contract dispute?
- thedufer 13y ago> I can't directly take bitcoins or gold or copper and purchase anything at my local wal-mart. You can't do that with Euros, either (assuming you're in the US, otherwise s/Euros/USD/). But that's obviously closer to cash than commodity. There are merchants that accept bitcoins in return for goods. You're just purposefully avoiding them in your argument.
- oijaf888 13y agoThere are merchants that accept gold in return for goods too, but we don't consider all gold transactions to be money transfers do we?
- thedufer 13y agoMy point was not that bitcoin is a currency. I happen to believe that, but I didn't argue that. My argument was that the definition you were using in order to show that bitcoin isn't a currency was flawed.
- 13y ago