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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 wa

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.

infinitone 13y ago
Yeah but what if you decide to withdraw while they are waiting for the price to dip?
- sequoia 13y ago
  You can't because your coins aren't "available." I've only used coinbase once and haven't done more than buy btc, but it did take several days for the coins to become available (presumably for bank transfer to clear), during which time the price dropped by about $100/btc. I'm not mad about this- it was clear at time of purchase that I'd have to wait for transaction to clear, but >3 days would have upset me.