Read the stories below to learn how Coinbase - a popular BitCoin platform - routinely rips off their customers...
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9Jan14 Coinbase horror story!   Lawsuit pending?
"Your company is a joke, Brian. I'll see you in court for false advertising. And more."
1Jan14 Another "high risk transaction" that benefits Coinbase:
This is what happened to me. I caught the dip on the 18th of December when BTC was at about $525 or $526.   On the 24th they sent me the following email:
7Dec13 Coinbase has not deposited my funds and will not respond to my support tickets. Waiting for 17 days.
DadoFaayan was lied to and robbed:
"Now, they held my "locked-in price" in my Transactions screen, showing the purchased time and expected "landing" time. After almost a week, and a BIG price change, they short me 4.42630006 BTC. At the current rate ($844 at the time of this post), that is a difference of $3,735.80. I don't even really care so much about the fiat rate, just the fact that I was shown 10 BTC, purchased 10 BTC... and today, received 5.57369994."
Read the whole story here.
Another ripoff report from TheKLB at Bitcointalk.org
"I too was ripped off by coinbase. Bought 10BTC last Friday at $424 each (instant buy). Was sitting on them til while the price was soaring. Come Wednesday, they cancel my transaction. I would have sold while it was hovering at $850. $4,000 profit gone. Just like that. I contacted support multiple times with no response. Also tried from a different email address and they didn't respond. Now any time I try to purchase they cancel the order. Stating it is a high risk transaction. I have made eight purchases from them since January. Now the last 2 canceled and its like I'm on some blacklist."
I am a relative newcomer to the world of cryptocurrency and wanted to get started as soon as possible.
On Friday, November 15 I created an account at Coinbase.com and followed all their verification procedures.   I scanned and uploaded my driver's license and a utility bill and gave them my bank account information.
Bank account verification was completed on Monday, November 18.   I immediately put in an order for $288.57 to purchase .5 BTC (BitCoin).
At this point I was told they had exceeded their buy order for that day, and that I would have to wait all week, until Friday morning, to get what I was paying for.   I also wouldn't get the current exchange rate, but whatever it happened to be on Friday.   Some deal, right?
I waited and waited.   1 BTC was worth around $575 on Monday - it would keep going higher all week.
Finally Friday morning arrived - I received an email (image below) telling me that my order was canceled due to it being a "high risk" transaction.
A "high risk" transaction - of less than $300 - where they verified my identity and my bank account, and took the money out of my bank account to sit on it for days!
These con artists are just playing games with other people's money.   If the price of BTC goes down, you'll get your BTC.   If the price goes up they'll cancel your transaction, blame in on their "robot," and say to try again in a few weeks.
Really - think of how absurd that is!   They'll label it a "high risk" transaction but then in the same email ask you to try again without any additional verification - so they have another chance to steal your potential profit.
22Nov13 - from austinEEEE on Reddit:
PSA: Coinbase.com is a fraud - from Bitcointalk.org - user "accord01"
18Nov13 - from Bitcointalk.org - user "malaimult"
"5 days ago I bought 2 btc @ 320 each. Today the btc suppose to be clear in my coinbase account @ 615 each, When suddenly i receive a coinbase email stating that the transaction is suspicious and my money has been reversed.
I had almost $100k back and forward with coinbase for the past year and never had any problems at all but today they shut my transactions because of this bitcoin raise.
Not a good strategy for coinbase.
18Nov13 - reddit user Jurbiz:
15Nov13 - an interesting opinion from stackexchange.com:
1Feb13 - from MPOE-PR, a "Hero Member" on bitcointalk.org
"MPOE-PR's list of things you always suspected were scams but never dared say so."
"Coinlab/Coinbase/Coincrap - Multiple cases of stealing from users through the "canceling BTC sale when price goes up" scam, amplified by "pay anyone complaining on the forum" double-down. In any event their burn rate takes them out of the picture this year, so damage should be limited, but try and sit at a safe distance."
My Bitcoin address: