4 ms·

Hopefully you are selling him the BTC at today's rate, and not at $868. This post is an admission of guilt on your part, so if you don't, he likely has a great

by kjackson2012 13y ago

Hopefully you are selling him the BTC at today's rate, and not at $868. This post is an admission of guilt on your part, so if you don't, he likely has a great case when he sues you (which I would, if I suffered a $12k loss like he just did).

asperous 13y ago
He only suffers a loss if he sells. I'm bearish, but it's too soon to say that it's never going back up to 800.
- FireBeyond 13y ago
  ... which he could have minimized if he had access to the coin when promised.
jeremyrwelch 13y ago
Don't be silly. He suffered a $12k loss because of price fluctuations most likely tied to People's Bank of China news, not because of Coinbase's error. There are no grounds for a lawsuit here.
- kudu 13y ago
  What are you talking about? He could have sold them on December 13 if he had gotten them at that time.
ameister14 13y ago
Yeah, only if he can make the case that he would have sold or used the bitcoins prior to the new valuation, and only if you don't treat it as a currency.
patmcc 13y ago
Was the delivery date of the BTC ever set? They guaranteed a price and delivered on it (yes, they took a while, yes the value went down in the meantime). If the price went up, everyone would certainly expect them to deliver at the guaranteed price and not the current one. What they probably should have done is just reversed the transaction entirely, but if I was deciding this, barring some agreement on delivery time, Coinbase would be mostly blameless.
- maxerickson 13y ago
  What should happen is that people should notice that they do not have a reliable process for either delivering the coins or canceling the transaction (if the coins cannot be delivered within some reasonable period of time). This sort of settlement process is a scary thing to throw very much money at.
  - patmcc 13y ago
    Oh, absolutely this should give people pause at spending $35k at coinbase (or on bitcoins period). Or, rather, maybe people should stop massive speculation on bitcoins on a platform that takes at least a few days (best case) to clear.
- bushido 13y ago
  The protocol should have been to reverse the USD charge(not to the bank but the OPs coinbase account), and let the OP decide if they want to buy BTC now, wait or withdraw the funds in its entirety. The reason for this is, they failed to deliver, that is not under debate. But they are assuming that someone who was long on BTC as a speculator, is still long on BTC. In the latest edit Brian from coinbase mentioned that they are now honoring today's rate, which is a step in the right direction, and has subsequently save the OP substantial losses, but this does not absolve them of the original screw-up. I doubt the OP will complain. If I were in his shoes I would personally request a complete reversal even if I wanted to buy at today's prices, and manually make a new request. Any seasoned/experienced business would do this. Example: If amazon fails to deliver/the shipped item is lost in transit, they reverse the credit card transaction and request you to re-order if you still want to purchase.
samstave 13y ago
But the point is that he provide 40 BTC worth of USD when he made the order, of $35K. So he should get $35K worth of BTC at todays price (~60 or so BTC)
- LandoCalrissian 13y ago
  He should just get a refund in USD for the original amount. This would be classified as a failed trade in any other market.
  - samstave 13y ago
    These weren't the BTC he was looking for...

asperous 13y ago

He only suffers a loss if he sells. I'm bearish, but it's too soon to say that it's never going back up to 800.

FireBeyond 13y ago
... which he could have minimized if he had access to the coin when promised.

jeremyrwelch 13y ago

Don't be silly. He suffered a $12k loss because of price fluctuations most likely tied to People's Bank of China news, not because of Coinbase's error. There are no grounds for a lawsuit here.

kudu 13y ago
What are you talking about? He could have sold them on December 13 if he had gotten them at that time.

ameister14 13y ago

Yeah, only if he can make the case that he would have sold or used the bitcoins prior to the new valuation, and only if you don't treat it as a currency.

patmcc 13y ago

Was the delivery date of the BTC ever set? They guaranteed a price and delivered on it (yes, they took a while, yes the value went down in the meantime). If the price went up, everyone would certainly expect them to deliver at the guaranteed price and not the current one. What they probably should have done is just reversed the transaction entirely, but if I was deciding this, barring some agreement on delivery time, Coinbase would be mostly blameless.

maxerickson 13y ago
What should happen is that people should notice that they do not have a reliable process for either delivering the coins or canceling the transaction (if the coins cannot be delivered within some reasonable period of time). This sort of settlement process is a scary thing to throw very much money at.
- patmcc 13y ago
  Oh, absolutely this should give people pause at spending $35k at coinbase (or on bitcoins period). Or, rather, maybe people should stop massive speculation on bitcoins on a platform that takes at least a few days (best case) to clear.
bushido 13y ago
The protocol should have been to reverse the USD charge(not to the bank but the OPs coinbase account), and let the OP decide if they want to buy BTC now, wait or withdraw the funds in its entirety. The reason for this is, they failed to deliver, that is not under debate. But they are assuming that someone who was long on BTC as a speculator, is still long on BTC. In the latest edit Brian from coinbase mentioned that they are now honoring today's rate, which is a step in the right direction, and has subsequently save the OP substantial losses, but this does not absolve them of the original screw-up. I doubt the OP will complain. If I were in his shoes I would personally request a complete reversal even if I wanted to buy at today's prices, and manually make a new request. Any seasoned/experienced business would do this. Example: If amazon fails to deliver/the shipped item is lost in transit, they reverse the credit card transaction and request you to re-order if you still want to purchase.

samstave 13y ago

But the point is that he provide 40 BTC worth of USD when he made the order, of $35K. So he should get $35K worth of BTC at todays price (~60 or so BTC)

LandoCalrissian 13y ago
He should just get a refund in USD for the original amount. This would be classified as a failed trade in any other market.
- samstave 13y ago
  These weren't the BTC he was looking for...