Coinbase fiasco!

fwor

esteban003 said:

my £ 46,000 is dissapeared from my Coinbase account,

Problem here is that you're just repeating the same thing, without adding any further info.

The £46,000 was never "yours" because it was that amount due to an admin error.

In the absence of further info from you on what prices you paid at each purchase, it's almost certain that the reason why your £875 is now £423 is because you willingly bought a "stable" coin at way above its stable, pegged price.

You still haven't explained why you chose to buy GYEN when the price (which is supposed to be pegged) was rising.

Zola.

This really shouldn't be that hard to comprehend  

Malthusian

Maybe the first trade on the 17th went through (which is the £423 the OP can see) and the second trade on the 19th is still in limbo, which is why the OP neither has the cash nor the second bag of tokens in his account? It's crypto though so anyone's guess.

If the OP did actually place a trade at double the "stablecoin's" yen value, then caveat emptor applies. If he walks away at a 50% loss he hasn't done too badly compared to most crypto speculators.

Scottex99

Hmmm, literally everyone I know that has ever bought coins with a half decent strategy and bankroll management, is well up. But feel free to remind me I said this when BTC goes to $4k again

Thrugelmir

fwor said:

Whatever, it makes you wonder what Coinbase could do to correct the loss side of the equation (from their point of view) - and it makes me wonder if they are trying to recover their losses from the "dumb" half of the buying population.

Quantifying the actual true position is no doubt consuming a lot of time as will have to be manually calculated. 

Malthusian

Scottex99 said:

Hmmm, literally everyone I know that has ever bought coins with a half decent strategy and bankroll management, is well up.

And the segment of crypto punters that have half-decent strategies and bankroll management is well under 50%, which is what allows them to be "up" by extracting the money of the rest of the mugs who don't know what they're doing. (Or having the chance to extract if they are only up on paper.) Punters' money in == punters' money out.

HCIMbtw

Malthusian said:

Scottex99 said:

Hmmm, literally everyone I know that has ever bought coins with a half decent strategy and bankroll management, is well up.

And the segment of crypto punters that have half-decent strategies and bankroll management is well under 50%, which is what allows them to be "up" by extracting the money of the rest of the mugs who don't know what they're doing. (Or having the chance to extract if they are only up on paper.) Punters' money in == punters' money out.

Those mugs including institutional investors, companies and network developers putting in hundreds of millions, if not billions of dollars.... idiots... along with all the retail investors 

zero sum doesn't quite work when all money isn't extracted in a rug pull, if there is functional value in holding the asset, e.g. for network development and functionality.. then the zero never arrives 

(I understand why the asset is zero sum, just pointing out why I don't think it is a mugs investment..  most crypto assets are garbage.. but I would make the case that a few of them have very bright and valuable futures worth investing in)

esteban003

After my complaint below is the reply from Coinbase:

Thank you for contacting Coinbase Support.

As you are likely aware, between 15th - 19th November 2021, GYEN on Coinbase experienced unexpected behavior due to unusual market conditions. On 19th November, this was further complicated and for technical reasons, Coinbase disabled trading for GYEN.

Please be advised that sends of GYEN have been reenabled if you need to move this crypto out of your Coinbase account or move to Coinbase Pro to trade (limited trading for GYEN on Coinbase Pro has resumed as of 11/30 as we continue to work to enable trading for GYEN on Coinbase.com).

Per our User Agreement, although we will strive to provide all customers with continuous operations, we do not guarantee continuous access or that there will be no delays, failures, errors, omissions or loss of transmitted information, nor do we guarantee that any Order will be executed, accepted, recorded, or remain open.

We apologize for any inconvenience this has caused you and we appreciate your understanding.

Kind Regards,

Coinbase Support

esteban003

I have replied taht as a result of having my account suspended, I have been unable to sell my stock on GYEN when the price was £675 !!

All to no avail. All I want now is to sell my stock and close my account with Coinbase. Not able to do so!

Latest reply from Coinbase below.

Does anyone knows the e-mail address of the Chief Executive Brian Armstrong? They took fees for my 2 transactions, therefore, they should accept some responsibility!

From Coinbase support:

Thank you for contacting Coinbase Support. As you are likely aware, between 15th - 19th November 2021, GYEN on Coinbase experienced unexpected behavior due to unusual market conditions. On 19th November, this was further complicated and for technical reasons, Coinbase disabled trading for GYEN.

For customers trading with GYEN up until 19 November, this may have resulted in decimal display issues for transactions (displaying 100x greater than or less than what was actually purchased or traded based on the exchange rate confirmed at the time), while the wallet balance accurately reflected the amount traded.

The amount of GYEN reflected in your wallet balance is accurate and is the source of truth for how much GYEN you may have traded or held. Sends of GYEN have been reenabled if you need to move this crypto out of your Coinbase account or move to Coinbase Pro to trade (limited trading for GYEN on Coinbase Pro has resumed as of 11/30 as we continue to work to enable trading for GYEN on Coinbase.com).

The price you pay and the amount of digital currency you will receive is locked when you confirm a transaction. This means that any change in the fiat value of the currency (USD, GBP, EUR) does not affect the amount you receive.

Coinbase does not control the value of cryptocurrencies as these are subject to market conditions - the value of any crypto currency will fluctuate based on those market conditions, and unusual market conditions for stable coins are no exception.

We apologize for any inconvenience this has caused you and we appreciate your understanding.

Kind Regards,
Coinbase Support

Scottex99

Ha, yeah Brian will sort you out. I’m sure he doesn’t have much else on.

Malt, the future of money isn’t zero sum despite you saying it at least 50 times on every thread. But you do you