Sent $35,104.11 USD to CoinBase. Never received bitcoins.

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This story dates back to December 8th when I initiated an ACH transfer with CoinBase.com for a total sum of $35,104.11. On that very same day, the system informed me that I would be credited with the bitcoins come December 13th.

December 13th came by and it was this past Friday. No coins ever came in, the only thing CoinBase did was lock in a price for me @ $868.91. Again, they locked in a price and didn't give me coins on the day they told me they would deliver the coins.

Ever since the 13th, my transaction page has been showing the following:

http://i.imgur.com/R2qEn8E.png

As you can tell, the funds cleared their end on the 11th. BUT... it still says pending for crediting the coins.

This is how the history page looks like:

http://i.imgur.com/BQ4fUwZ.png

Just take a look at that...it actually says that the transaction has been completed here.

Let us now look at the email conversation:

http://i.imgur.com/6SQht98.png http://i.imgur.com/eNlIS0V.png

I gave their team eight hours to get back to me and settle the issue. They have now missed that deadline so I am taking this matter a bit public. Further avoidance by them will lead me to make a few calls to news stations. I have the right contacts to easily put myself in the media.

Now the real dilemma for me here is the fact that while CoinBase.com has locked in a price for me, because they have failed to deliver I cannot sell my coins at any rate. Bitcoins could drop down to $200, and only then might they deliver the coins. The issue at that point is that I would be down a crazy percent already. If they had delivered the coins on the 13th as they had initially promised to, there would not be this issue.

Give me a break, the company just secured $25m in VC and this is how they are treating their clientele.

I do want to point out that using their instant feature I was able to receive coins instantly, I was able to purchase around $18k in coins and have no issues. I cannot use this feature all the time since they set a weekly limit on the purchases.

Edit: Brian from CoinBase has responded to my on ycombinator:

http://i.imgur.com/SxlH1TS.png

Edit: Coins were credited to my account, but they used the price lock from last Friday

http://i.imgur.com/PnXfIOC.png

Edit: Coinbase has finally resolved the issue appropriately. They issued coins today at the current market price.

http://i.imgur.com/LfB23Mv.png

http://i.imgur.com/RhBDIL6.png

Submitted December 18, 2013 at 06:36PM by mgrunin