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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 hav

by tga 13y ago

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.

rrrx3 13y ago
Care to elaborate more? Specifics?
- tga 13y ago
  There isn't any more to it. I disagreed with what I received, they said "we're so really deeply truly sorry but don't care, kthx for the money". Bank said "lol direct transfer". End of story.
  - ryanhuff 13y ago
    File a lawsuit. Small claims if its under the threshold.
diogenescynic 13y ago
Sounds like Coinbase is using arbitrage to capitalize on market swings.
gaadd33 13y ago
Why can't you file a small claims lawsuit? It should cost you about $50 and a few hours of your time.
- sequoia 13y ago
  "a few hours" lol. Also, where? Summon whom to court? If I were coinbase I'd simply ignore such a suit.
  - gaadd33 13y ago
    If its not enough money to spend a few hours on, then I'm not sure its enough money to complain about either. Where? Wherever you are, assuming in the US? I'm sure they could motion for dismissal under their TOS but at that point they will have probably taken note and fixed your issue. Summon whom? You file suit against the corporate entity, this is how most lawsuits against corporations work. They get a notice and its up to them to either show up or not. So if they ignore it and you get a default judgement, you can then use the judgement to collect from their bank since I doubt they are structured to hide money across international lines. Or you can just sell the judgement to a collections agency and let them deal with collecting it. Either way, if they ignore it you will likely get your money back. (Again this all assumes both you and Coinbase are in the US, if either of those isn't true then its possible for them to ignore it and have no issues)

by tga 13y ago

rrrx3 13y ago

Care to elaborate more? Specifics?

tga 13y ago
There isn't any more to it. I disagreed with what I received, they said "we're so really deeply truly sorry but don't care, kthx for the money". Bank said "lol direct transfer". End of story.
- ryanhuff 13y ago
  File a lawsuit. Small claims if its under the threshold.

diogenescynic 13y ago

Sounds like Coinbase is using arbitrage to capitalize on market swings.

gaadd33 13y ago

Why can't you file a small claims lawsuit? It should cost you about $50 and a few hours of your time.

sequoia 13y ago
"a few hours" lol. Also, where? Summon whom to court? If I were coinbase I'd simply ignore such a suit.
- gaadd33 13y ago
  If its not enough money to spend a few hours on, then I'm not sure its enough money to complain about either. Where? Wherever you are, assuming in the US? I'm sure they could motion for dismissal under their TOS but at that point they will have probably taken note and fixed your issue. Summon whom? You file suit against the corporate entity, this is how most lawsuits against corporations work. They get a notice and its up to them to either show up or not. So if they ignore it and you get a default judgement, you can then use the judgement to collect from their bank since I doubt they are structured to hide money across international lines. Or you can just sell the judgement to a collections agency and let them deal with collecting it. Either way, if they ignore it you will likely get your money back. (Again this all assumes both you and Coinbase are in the US, if either of those isn't true then its possible for them to ignore it and have no issues)