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Coinbase stiffed me on a withdrawal.

Jack7777 Posts: 655Subscriber
Online poker is using bitcoin. I have been using Coinbase. Just before the fork, I changed my bitcoin to cash. I them withdrew 4K to be deposited into my bank account. This was the end of July. I receiver nothing. Coinbase has no 800 number, no email customer service address, no way to contact directly.

I have run a lot of withdrawals and transfers to players. This is the first problem, but it has left me unwilling to put large amounts of cashouts in there again.

Does anyone know how to put the law on them?
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Comments

  • nofriends333 Posts: 887Troll
    I dont trust any of those crypto sites as far as i can throw them which is why i am very hesitant on buying bitcoin etherium etc etc. From what i was told the wallet has some traceable flaws attached to it unless you buy a piece of hardware that secures your wallet to prevent crooks from tampering . When there is no email or customer service to contact all i can say is beware !
  • FreeLunch Posts: 1,311Pro
    Most correspondence banks are refusing to work with crypto exchanges. Basically, the US banks are refusing to work with coinbase. This is only going to get worse. Its also not at all clear that any of the exchanges keep proper reserves. Its getting increasingly hard for people to convert crypto back to USD and if thats not a major warning for anyone who does thinks there is value in crypto I dont know what is.

    For poker players the analogy is Full Tilt. They were fine until people started having withdrawal problems, those problems became known, a rush to withdraw started , and then the world realized the $ they saw on their screen was just fiction. IMV this is very likely to happen to the whole crypto market, which is much more sketchy and less transparent that Full Tilt ever was.
  • Jack7777 Posts: 655Subscriber
    @freelunch Thanks for responding. This is bad news. ACR only pays out in bitcoin, I think. I got coin from them and Ignition last month. It's hard enough to win money on there, then realize you will never see it. I have friends with six figures of it, some in the high six figures. A lot of it is valued at twenty plus times what they paid for it.
  • FreeLunch Posts: 1,311Pro
    Your friends should try real hard to prove me wrong and get, say half of their coins into real $. I hope I'm wrong for their sake, but even they can get some money off they ought to keep a habit of frequent withdraw. Professional poker player is risky enough to have any decent percentage of assets invested in something with high liquidity risk
  • nofriends333 Posts: 887Troll
    The more and more i read these comments the more it turns me off from buying bitcoin or etherium which are supposedly the biggest winners in crypto. Jack did you mean you have friends who have six figures on ACR and Ignition?
  • Jack7777 Posts: 655Subscriber
    nofriends333 said:
    The more and more i read these comments the more it turns me off from buying bitcoin or etherium which are supposedly the biggest winners in crypto. Jack did you mean you have friends who have six figures on ACR and Ignition?
    No. I'm sure some have some very large accounts on ACR. These guys go started in ETH when it was $9. It really sucks for me because I sell mine off as soon as I get it. Since I converted this transaction to $$$ the price of bitcoin has increased 50%. I don't get the increase and I didn't even get my cash out. I have since bought and use BTC with no problem. It's cashing out.

  • nofriends333 Posts: 887Troll
    edited September 2017
    Im confused . Are you saying you are having a problem withdrawing your bitcoin money from coinbase or withdrawing your money from ACR as $$$? Another question lets say you bought ETH when it was $9 how much profit would you have made at ETH current price at $256 ? Sort of new at this Do you multiply $9 x current price ?
  • FreeLunch Posts: 1,311Pro
    people are having problems converting BTC to $ all over - not just coinbase.
  • Jack7777 Posts: 655Subscriber
    ACR pays using bitcoins. BTC, ETH is just like buying stock. If you bought $90.00 worth a $9. each, You get 10 coins. Then you you have 10 coins at the current value. The problem here seems to be there isn't a demand side setting the value. They are creating them and setting a price that arbitrary.
  • nofriends333 Posts: 887Troll
    All in all its a shady business when it comes to crypto. Maybe somewhere down the line they will be more trustworthy customer service , email live operator etc etc . If i want to buy stock ill stick with the good ole NYSE & NASDAQ to purchase my securities . At least i know its safe and i can buy or sell without wondering if my money will disappear into thin air
  • nofriends333 Posts: 887Troll
    Jack7777 said:
    Online poker is using bitcoin. I have been using Coinbase. Just before the fork, I changed my bitcoin to cash. I them withdrew 4K to be deposited into my bank account. This was the end of July. I receiver nothing. Coinbase has no 800 number, no email customer service address, no way to contact directly.

    I have run a lot of withdrawals and transfers to players. This is the first problem, but it has left me unwilling to put large amounts of cashouts in there again.

    Does anyone know how to put the law on them?
    Jack Coinbase has 888 number and email do you want the link?

  • Jack7777 Posts: 655Subscriber
    nofriends333 said:
    Jack7777 said:
    Online poker is using bitcoin. I have been using Coinbase. Just before the fork, I changed my bitcoin to cash. I them withdrew 4K to be deposited into my bank account. This was the end of July. I receiver nothing. Coinbase has no 800 number, no email customer service address, no way to contact directly.

    I have run a lot of withdrawals and transfers to players. This is the first problem, but it has left me unwilling to put large amounts of cashouts in there again.

    Does anyone know how to put the law on them?
    Jack Coinbase has 888 number and email do you want the link?

    Please. PM me.
  • Jack7777 Posts: 655Subscriber
    @nofriends333 Do you have an 888 number? Please post. It doesn't show up at that link. I have sent several emails using it and I get the same reply.
    Thank you for submitting your request. Due to increased volume it may take several days to receive a response.

    If you suspect that your Coinbase account has been compromised, please submit a request and select the “Hacked account” category.

    Check out the following support articles to get your issue resolved more quickly.
    Account access and verification:
    Phone, Google Authenticator, or Authy issues
    Tips to complete photo ID verification
    I want to change my country or state
    Raise my account limits
    Buying and selling:
    Verifying a credit or debit card
    How do I withdraw money to my bank account?
    How long does a buy take?
    Digital currencies:
    Pending digital currency transactions
    Where is my wallet address?


    Thanks in advance for your patience and support.
  • nofriends333 Posts: 887Troll
    scroll all the way down and you will see the 888 number
  • Jack7777 Posts: 655Subscriber
    edited September 2017
    nofriends333 said:
    scroll all the way down and you will see the 888 number
    I called. I'm on hold for 20 minutes so far. At eight minutes, the music quit. Now silence. Hung up after 31 mins.

  • nofriends333 Posts: 887Troll
    unbelievable It makes you thing SCAM all the way
  • Jack7777 Posts: 655Subscriber
    nofriends333 said:
    unbelievable It makes you thing SCAM all the way
    I called back two more times. After 16 minutes on hold a recording comes on "we are sorry, but we have so many calls we can't get to you in a timely manner. Please visit our website."

    The second time, I clicked the report a possible hack. Same message. 16 mins. Go away.

    Unbelievable a business could be handling this type of money and act in this manner.
  • Jack7777 Posts: 655Subscriber
    Update::I called a fourth time after reading that article. I got an answer. I have a case number. They say they sent it. I have my bank working on it now to get them to produce tracking info. If they did, then Chase has the money. It's looks like I will get paid.
  • Krista Posts: 166Subscriber
    The US government has been the biggest threat to cryptos since the beginning. It is very much like online poker. They start with the banks. The US government controls the global banking system. When they put the hammer down on cryptos, it won't be possible to convert anything to USD - and if foreign banks convert to foreign currency, they won't be able to use USD for anything, effectively shutting them out of the global banking system. I like the idea of cryptos and the blockchain is an interesting innovation but people need to understand that governments are never going to let the power over money go without a fight. Part of why online poker was shut down in the first place was the fact that T$ were becoming a currency - very much like a crypto. The US government won't let that stand and they have far more power than most people realize.
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