- Report: #1119189
Complaint Review: Coinbase - San Francisco California
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Author Not Confirmed
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Coinbase
548 market street, #23008 San Francisco, 94104 California, USA
Web:
www.coinbase.com
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Coinbase Beware of Coinbase San Francisco California
Like many people I have been intrigued by the phenomonen known as bitcoins. I have been following them for the last few months with a lot of interest. I was trying to figure out a way to buy some bitcoins as a long term investment. After looking I decided to go with a company called coinbase as they seemed to have a good reputation and have been backed by prominent people. I went online and entered all the information they needed including my bank information needed to make a purchase. I purchased .2 bitcoin, a relatively small amount to try them out. It cost me approxomately $164.00 to do this. It takes them four business days plus the weekend to put the bitcoin into your account. I did this on wednesday January 22. Today the 28th, I checked my account. They had debited my account for the amount yesterday. At about 4:30 today I looked and lo and behold I had my bitcoins. I was in my account for less than 2 minutes when they were sent off to some unknown account. I followed all of their rules and protocols and their security failed. I was already hesitant about the whole bitcoin thing but they claim to have state of the art security. So in less than two minutes my money was gone. I have checking accounts, brokerage accounts, and a 401K. I use this same computer to check my accounts. Also credit card accounts. I have never lost a penny until I trusted coinbase. I sent three e-mails and a person named Blake could not tell me what had happened, only to confirm that yes, my bitcoins were stolen and it was my fault or my computers fault. He said he could not give me my money back and referred mr to their legal agrement which I of course consented to. He then asked if I wanted to turn my account back on so I could buy more bitcoins. Really? This was my first and last try at bitcoins and he thinks I want to buy more. Stay away from coinbase. No recourse and tough luck if you get ripped off. I should have known better.
1 Updates & Rebuttals
MochaG
Springfield,Do it at your own risk
#2Consumer Comment
Wed, January 29, 2014
Even though bitcoin seems to secure, there is no regulation on how the transaction is going at the moment. If you want to play with it, do it at your own risk. It is not the same as stocks but its value is highly fluctuated! They have a good advertise to lure those who technology illiterate and/or naive to come into the market.
It has been existing for a very long time but no one cares for it until the price all the sudden went up to over $1,000 per coin. The market of bitcoin can be (and might have been) manipulated to get attention from public. Most information on the Internet about bitcoin is VAGUE! If you do not see heavily technical information about bitcoin, you are reading a redacted information which is similar to a marketing campaign!
There are a hand full of hackers that know how to manipulate transactions (that are not theirs) without or extremely difficult to prove the trace of transactions. Most people who have bitcoins do NOT understand or know how it works (including security) but were told/advertised that the currency is very secured and such.
Yes, you can trace the transaction, but you must have deeply technical knowledge in order to protect your own wallet. There are a few hackers who know how to work around or obfuscate their wallet so that it is unlikely to figure out whose wallet the coin goes into. Currently, a bitcoin transaction is not reversible. My final word is "DO IT AT YOUR OWN RISK"!
