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Exactly. Coinbase takes your money but doesn't buy BTC for several days, so if the price goes down, they pocket the difference. If the price goes up, they will
by kissickas 12y ago
Exactly. Coinbase takes your money but doesn't buy BTC for several days, so if the price goes down, they pocket the difference. If the price goes up, they will often cancel your order. It goes without saying that bitcoins are volatile so this isn't such a rare occurrence.
https://www.google.com/search?q=coinbase+scam https://www.google.com/search?q=coinbase+scam
- Buge 12y agoThat's not what sanswork was saying. sanswork was saying that the buy price is higher than the sell price, so coinbase makes money off the price difference. I don't think they intentionally cancel transactions as a way to make profit. You can see reports of them cancelling transactions when the price goes down as well but still refunding the full previous amount. I also have an instant account so I can immediately get my funds with no chance of cancelling.
- kissickas 12y agoThanks for the clarification. That's what I get for starting a comment with the equivalent of "This." As to the accusation you can see is thrown around all over the place, that is possible, but my interest-free loan to them of several thousand dollars left a sour taste in my mouth regardless and it wouldn't be hard for them to make some money off of the capital, in BTC or not.
- maxerickson 12y agosanswork is talking about the difference between the buy and sell prices: https://www.coinbase.com/charts https://www.coinbase.com/charts