Tag Archives: coinbase

Coinbase account terminated

On June 11th I received an email from Coinbase about account problem. I login to my Coinbase account to see this message:

NOTICE OF ACCOUNT CLOSURE
Unfortunately, we had to close your Coinbase account. Before your account can be closed, you will need to withdraw your digital currency to an external wallet and any other funds (such as USD) to a bank account associated with your Coinbase account. Please take precautions when transferring digital currency to an external wallet, as transfers outside of Coinbase are irreversible. Please also be sure to delete any external references to digital currency addresses generated by Coinbase, as funds sent to those addresses will not be accessible once the account is closed. If you have any questions you may visit https://support.coinbase.com.

I quickly submitted a support ticket

My message: “Hi, i see my account is being closed, i had no warning and i’m not exactly sure why this is happening, can you please explain?”

Coinbase reply: “Thanks for contacting Coinbase Support. I’m sorry to hear your concern regarding your account closure. Let me help you with this one.

Our primary goal is to make our platform safe and secure for our customers. Coinbase is a regulated Money Services Business under FinCEN (FinCEN.gov), and as part of our responsibility, we are legally obligated to implement regulatory compliance mechanisms.

We regret to inform you that we are no longer able to support your Coinbase account as well as any other accounts you may have created. Please note, we have not blocked access to the balance currently in your Coinbase account; while we can no longer process brokerage orders via our banking relationship, you may still send your balance offsite to an external address.

There are a variety of factors which have been weighed in your case, and we unfortunately are unable to elaborate on our internal decision process. Please know that we do not make these decisions lightly, and do regret losing you as a customer.

We wish you all the best in your future endeavors. Thank you for your understanding. Please reply to this email if you continue to have issues or need help with anything else. Take care and have a nice day ahead.

Best regards,
Ron”

I have since seen more people had accounts closed on this Reddit thread including GAB & Wikileaks.

Coinbase, what has happened to you, terminating legitimate 5 year old customers accounts, and more importantly not giving any reason!!! bad bad.

The upcoming Segwit2x situation

Get ready, prepare your bitcoins! Make sure you’re storing them on a Segwit2x supportive exchange, Ledger Nano or Trezor.

I was going to research the exchanges and make an informative compiliation but it looks like BitcoinMagazine has beat me to it, luckily! haha. If your exchanges are these:
Bitfinex, Bitmex (awesome stance on s2x), Bitstamp, GDAX (Coinbase), Bitflyer, Kraken, HitBTC, Bitcoin.de, CoinsBank, Cex.io, itBit, Gemini (Winklevoss’ exchange), Coinfloor, BTCC (Chinese), BitMarket, QuadrigaCX (Canada), Mercado Bitcoin (Brazil & Argentina), Bitso, The Rock Trading, & EXMO … then check the detailed descriptioins of those on BTCmag here.

Others that have not made statements yet about the upcoming segwit2x (B2x) UAHF are: Mercatox, OKcoin, & Binance.

But also make sure to check your exchanges own blog or announcements pages so you can hear it from the horse’s own mouth.

Bitcoin Gold and exchanges that support it

List of Bitcoin exchanges and wallets with information about supporting Bitcoin Gold

Bitfinex is supporting BTG and has already credited Bitcoin holders with our BTG. Post is here.

Bittrex supprting, but deposits closed already. Their post here.

HitBTC supporting both Bitcoin Gold and Segwit2x. Their post here.

Bitstar has announced their support for BTG on their announcement post here.

Coinbase info from their blog post

Poloniex might distribute BTG depending on the replay protection fix, they posted today about it here.

Cex.io will split the coins and distribute to their users after the fork. See blog post here.

Gemini no statement about it yet

Mercatox no statement yet

Wex no statement about BTG yet

Bitmex no statement about BTG yet, only mention of Segwit2x on their blog here.

Trezor just released information about them supporting Bitcoin Cash on their blog here.

Ledger Nano S no statement about it yet, but there are reports that as long as your BTC are stored in “legacy” or “segwit” wallets then once replay protection is setup for BTG then you’ll be able to redeem your BTG tokens.

Mtgox is not supporting Bitcoin Gold

and a lil bit of Jimmy Song’s views and you can read more about BTG and their development team at their website https://bitcoingold.org

Bitcoin price soars to $500 today!

Are you also sitting on the edge of your seat watching the Bitcoinity live chart going haywire all day, everyday for the last few days? The bitcoin price soaring from $237 a month ago up to $500 today’s maximum price (so far).

rise bitcoin RISE!

rise bitcoin RISE!

Now, lets speculate why this is happening? What are your opinions? (please comment your thoughts)

Is it:

USAA integrating bitcoin balance for their banking customers??
Blockchain tech featured in The Economist magazine (or blockchain technology in general)
The Winklevoss’s launch of trading platform Gemini.com
Worldpay quietly supporting Bitcoin and Blockchain
Something happening in CHINA?

Maybe just a mix of them all, or some secret undercover shit that is way over our heads? Other ideas?

Would love to hear your thoughts!

Coinbase fees too high?

Bitstamp with 0.5% fee and then there’s Coinbase with 1% fee, I was wondering, why is this so high? and is this fair? I love bitcoin but really for an exchange to be taking 1% on all sells and all buys is just ridiculous imo. I love you Coinbase, love you bitcoin, but this really should be updated to a more fair amount.

The Winklevoss brothers are launching Gemini but it seems they have not yet released their fee amount. I emailed them already:

Hi, i’d like to know what kind of fees will Gemini have per transaction?
Coinbase has 1%, Bitstamp 0.5%
Where will you guys be at? I’m very interested, i’d love to see something lower than 1%, that is insane imo
Thank you

from TalkBitcoins.com

I am not the only one who thinks this way, here’s a thread on Reddit about it ->

I love you coinbase, and love your easy to use platform, but really, why the high fees?

UPDATE (Oct 18, 2015): Gemini replied that they have only 0.25% transaction fees! 🙂






Coinbase launches a new “Vault” safety feature

Coinbase has done it again! They are allowing us customers to sleep well at night knowing our bitcoins are totally safe now with the launch of their new “Vault”. It is a way to totally protect your bitcoins, there are 2 email and 1 sms authentications, so it’s a lot better and safer than ever before.

The admin looks like this:

coinbase_vault

Coinbase sent this email on July 25th 2014 announcing the launch of their new Vault:

Sleep Well Knowing Your Bitcoin is Safe

Bitcoin wallets are great for day-to-day spending, but storing large amounts of bitcoin requires extra security. This is why we created Coinbase Vault.

How does it work?
Withdrawals are time delayed with notifications delivered to your phone and email

Optionally choose multiple withdrawal approvers for increased security

Up to 97% of bitcoin is stored entirely offline in geographically distributed safe deposit boxes and private safes

How much does it cost?
The Coinbase vault is 100% free and has no fees.

Overstock now accepting bitcoin from Coinbase merchant

Oh wow, Overstock is of the biggest websites in the world (approx 600th most visited site in the world according to Alexa) and now is accepting Bitcoin purchases through the bitcoin merchant and exchange Coinbase.

overstock_and_coinbase

HUGE news, and GREAT news for Overstock, Coinbase, and overall for our decentralized currency bitcoins!

Read more at the Coinbase blog here.

Find out more of the Coinbase/Overstock partnership on Overstock website here.

Bank questioning customers about Bitcoin purchase and selling

A user of TalkBitcoins.com wrote in today with this question, and I personally have dealt with the same issue with my small hometown bank:

Bank questioning my Bitcoin purchases?

Hi, my USA hometown bank called me today and was questioning me about my Coinbase/BTC purchases. It was their security and fraud department. They were asking all kinds of questions about why do I buy them, what are they used for, and also mentioned how BTC are very involved with terrorism and money laundering.

My question to you guys is, what is the typical reply you think Coinbase customers should use? I really felt pretty violated that my bank, or any bank for that matter would be asking these things from me.

So does anyone know when and what guidelines are being put into place to help out banks and customers fix problems like this?