Coinbase connected to my bank account, and took $426. They claimed that I could buy bitcoins from them, having been approved as TIER ONE, and in fact it appeared that a transaction took place. However, after receiving the money from me, they refused to honor their TOS, and instead suddenly said I would have no access unless I gave the copies of identity documents, which would allow any employee there, or anyone who has access to their servers (every hacker in Russia, for example) to engage in IDENTITY THEFT. I have been the victim of identity theft before, and the idea that I would provide EVERYONE in their company with my details, including IDENTITY DOCUMENTS, that would allow anyone who works there, or anyone who hacks into their computers, to enage in IDENTITY THEFT, is a kind of BLACKMAIL for access to MY OWN MONEY, and is CRIMINAL. It is criminal as their own website does not mention these documents as a requirement for Tier 1, for which I was APPROVED, the evidence of which is I purportedly bought bitcoins.
It is actually a kind of extortion.
But, you say, they keep your information safe.
Do they?
poolpoo1
tomsriver,#2Consumer Comment
Sun, July 12, 2015
I would say that , after myself getting burned over 3700 by enron , I AM PARANIOD.I have a prepaid debit card that I linked to coinbase. I have gotten paid, never got a false charge .. Have seen a profit. I have seen the comments horror stories which concern me greatly. I will update this if I see a 'burn '- I have a 620 credit score because I got burned by enron , defaulted on cc cards and will not throw 3 k down the toilet! My advice in the future... Always use a prepaid card to limit fraud.
#3Author of original report
Tue, May 12, 2015
I did not make one thing clear. Somewhere in their website they say that, in certain circumstances, they can "take" money from your wallet. If an employee has a bad day? It's clearly up to their arbitray decision making, which, as was proven to me, has nothing whatsoever to do with normal fiduciary duty, or even their own printed offers and TOS.
So, I suppose I should have said "your" wallet. This would seem to violate a basic princiapal of bitcoin, so, even at the most basic level, this company is not, really, even a bitcoin company.