aryanet

OK. Cash in the suitcase. ;) I feel like a gangster.

I agree with buy low sell high. If they do this at a large volume and keep some liquid at least during price surge, it may solve the problem.

I had that immediate rejection too. A few days ago when they launched instance buy, I was qualified to buy 1 per week. I did it, not only it immediately reduced my quote of buy by 1, but it immediately got cancelled due to high risk. So, there is something to say about this.

OK. Then with the current bitcoin price, their risk level goes significantly higher. They should really open the option to people walking into their office and drop off physical checks. I am willing to do that and that does not have the problem is ACH because it is in physical form and has your signature on it.

So this is good tip. I actually did transfer out my first bitcoing from Coinbase to Blockchain, so it makes sense if their algorithm doesn't like that. I just transferred that coin back in to see if it makes any difference. But frankly, it is impossible for new users to buy bitcoin on coinbase. I had used my daily limits just to find out about this problem.

I like to co-relate it with bitcoin value is finally being realized. Or perhaps because the difficulty for mining it is exponentially increasing.

I agree with you entirely. They should use a secondary level of verification than denying service by canceling transactions randomly.

Holly! That is one hell of a plaintiff list. I am going to enjoy reading this.

Good details. US laws suck. But they have all this account/identity verifications which is trackable. As a new user, I followed all steps to become a good user, but all my transactions are being cancelled. I even tried new accounts, and no luck. So, if they were to follow this trust pattern, no new user would be able to become a good user. I have seen posts where people who are veterans on coinbase have their transactions cancelled. I am to the point that I want to drop by their office with a physical check in hand and tell them to buy me BTC.

I think what he means is this:

If you buy something online for example and you don't get it, you can call them up bitch about it and they refund you, and in worse case if they are jerks and you used your credit card you can dispute.

With bitcoin, once transfer is done from one account to another account, the transaction is not reversible. Since bitcoin addresses are anonymous, you don't know who it went to so there is no way to track and reverse the transaction like we do with refunds and voids.

However, his explanation doesn't make sense anyway. The concerns he raises are about fake accounts and having them to pay exchange to purchase the coins before they actually withdraw money from your account, which is taking a risk on their part to be able to secure the coins at the price you purchased. However, this is not true either. I had my orders cancelled back to back even if the money was withdrawn from my bank account. What risk? I don't know. Perhaps they made money from not granting me the coins that were doubled in price since last week.

I am new users of CoinBase. I personally have almost all my orders cancelled since last Monday. Customer service is not responding.