> 3.5 When buying or selling bitcoin, you are buying or selling from Coinbase directly. Coinbase does not act as an intermediary or marketplace between other buyers and sellers of bitcoin.
> Coinbase may cancel or reverse potentially high-risk buys or sells of bitcoin, including those made using reversible payment methods.
Could very easily be that your transaction was flagged and then reversed. Your BTC was returned in full. If the price had gone in the other direction I doubt you would be offering to compensate Coinbase for the difference.
coinbase has been overwhelmed with increased volume and rapid fluctuation in the last two weeks. As staunch has said, to have only lost time in the transaction process and missed chances to get in or out at a particular price was an inherent risk in placing the transaction in the first place.
I have also been held up by coinbase delays in transactions over the last few days (though nothing was reversed), so I empathize with the pain. If you know of a more reliable and more quickly servicing online bitcoin exchange, I know many who would be happy to hear about it.
Yes, that's slow, but they gave you back all your Bitcoins. I get that you're disappointed about losing money trying to trade Bitcoins, but if this is how you react to this relatively minor problem you should not be trading Bitcoins yet. Problems like this are the norm right now.
That's fine that they can reverse transactions that are fraud. However after investigating the transaction and determining that it isn't fraud, then they should be on the hook for honoring the transaction. Incorrectly flagging legitimate transactions as fraudulent is their problem, not the customer's. They should either improve the algorithm or provide additional controls that give them confidence that a transaction is not fraudulent (e.g. two factor authentication. linking bank accounts and confirming a person's identity). If a person has completed all the security requirements Coinbase has, then that person should be able to make a transaction with the confidence actually will clear.
It looks like Coinbase has a problem managing their float of Bitcoins and/or serious risk management problems.
There was a story yesterday about someone wiring over tens of thousands of dollars and not hearing back for 1-2 weeks.
My theory is that Coinbase are performing some kind of proprietary trading and have burnt themselves badly, and to recover losses, they are front-running customers and delaying trade settlement.
