So one could buy and receive BTC, dispose of them, and then reverse the ACH transfer.Complaining about the complexities does not instill faith that you have a solid grasp on your product.
Are you saying you have no system in place to monitor if transactions execute successfully.
Bitcoin Loans | +BitcoinAccording to their own customer support representative, the transaction should take 2-7 business days.Either that or like you say they took a massive hit and basically held a ton of orders to mitigate the damage.
If the trade(s) were not executed, Coinbase broke laws that they are governed by regardless if bitcoin is regulated or not.Coinbase will close their doors forever before honoring price lock removal.Now, according to the edit, Coinbase did the right thing here and are eating the loss.That said, I can see where an ignorant jerk like yourself might consider it a feature that only people who agree with you completely are capable of having a conversation with you.And a majority of the (previous) big players have been compromised on more than one occasion.
Many banks are powered by duct tape and loose Excel spreadsheets.MySQL is a random example of financial traffic not following ACID principles.Off-topic, but since you guys have ignored: 3 emails from me, and a tweet.From my google search, I really doubt local news(or anybody) is going to give a damn who mGrunin is.Gold Are Bitcoins Better. and ask them their thoughts on Bitcoin, probably at least half will give me a blank.The courts can and will deem them that the company is subject to some of the rules and regulations governing the financial industry and up the charges against them when this enforced.I think we can safely say that regulation may be an implementation of a law, or a specific law.The issue at that point is that I would be down a crazy percent already.
On HN, there is an expectation of a certain degree of impartiality and free speech.In layman terms: (1)they buy and sell BTC on behalf of clients and charge the client for the transaction including their fees. (2)they are an online payment processor of sorts.Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy.They could have done this, and still said what they said and the net effect to the customer would be the same.The only minor problems are the verification time and the API rate-limits.I just think Brian and crew deserve more support than they are getting.
I will never, in my life, understand why so many Libertarians take the argument that if some criminal might engage in a crime, then everyone should be allowed to do that same thing.Yes, auditors do find missing assets like that, but some of these banks have trillions in assets.While it may feel like a public forum, it is owned by a private entity.Btcexpress offers Bitcoin debit card to convert Bitcoin to cash, which you can withdraw privately from ATMs and spend anywhere VISA debit cards are accepted.Therefore, there are almost zero regulations that would apply to Bitcoin transactions, other than contract law.
However, it would also bring in a bunch of far worse companies, including purposely illegal ones.They made a mistake, took responsibility for the error, resolved the issue, and compensated the user for his inconvenience.
Bitcoin Scams on Social Media: The Dark Side of Digital
But if Coinbase were inconsistently applying their policies. they can make a very pretty penny on scamming their customers.At any time between then and now, the OP could have realized his mistake and sold the bitcoins for a lesser loss had they been in possession of the bitcoins.But the golden irony is that you follow up with an analogy about the greatness of coercive government.Others in the original thread refuted the argument you are presenting, so I recommend you start before rehashing arguments that have already been addressed.Bitcoin can give you control over your money and a strong level of protection against.
Bitcoin can be used to. most of those wallets will also give you.By guaranteeing a price they are acting as a counterparty to the transaction.The official way to file a complaint is with the California Department of Business Oversight, and the form is here.They also discussed how bitcoin can help people in developing countries to protect.I just think some of the anger at the market swing is being wrongly directed at Coinbase.A lot of these Bitcoin companies operated anonymously without impunity.They are acting as financial services provider and must be in compliance with those laws.
And all it took was a single comment on HN to get it resolved.
Bitcoins: the Complete Guide: 12 Steps - InstructablesThe original poster does seem to have started small(er) before scaling up:.They could fix the problem of questionable buys by offering to hold the purchased bitcoins in escrow for 90 days or however long they need to verify an honest transaction, but they refuse to implement this option.It turns out that someone who owned that Bitcoin before you was involved in.
Bitcoin is going to teach you a lesson. A costly one | ZDNetIn other words, Coinbase just pocketed his loss. (Assuming the transaction was made today.).I suppose that even with this, bitcoin banks still appear to be far more reputable establishments at the moment than say, either RBS or the Co-op, unless Rob Ford has founded one recently.From what I can gather coinbase makes their money by throwing away or backing out transactions they would take a loss on.
Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin.HackerNews is big for us technies but you need to blow up their twitter,facebook, retweets daily as every day your going to lose value as bitcoin continues to drop with the news about china.Or Coinbase have some sort of a preferential treatment program.If they had delivered the coins on the 13th as they had initially promised to, there would not be this issue.