Why NOT to purchase from certain seed banks with Coinbase (Bitcoin) !!!!

Greets All,

I am sure with the option posted on many of today's popular seed banks for payment option that most at least heard of this currency as a payment option. Several of these banks even go as far as to offer you extra bonus freebies for completing your purchase using it. But... Before you make a decision to take this route of payment I urge you my fellow medicates to read this first !!! ... I admit I was very reluctant to get involved with this in my opinion " Hacker Money " in the first place but seeing how the top seed banks were offering this option it must be legit, correct ? ...Wrong ... Like most of you I love to get extra bonus stuff so when I saw a seed bank offering this bitcoin promotion I jumped on the offer despite my initial thought of it being shady. ( I have already mentioned the seed bank I am referring to in a review posted on here of them. So not to beat a dead horse , I will not mention the specific bank in THIS post ). Anyway I bought enough bitcoin to make the purchase and even left myself plenty of extra funds to make sure there were no issues or hidden , unexpected fee's when making the purchase I would have enough to clear them. My order total came to $25.00 and included x3 free seeds for a Holiday Promotion as well as x2 free seeds for purchasing with bitcoin. I followed the directions to make the payment and before I hit send I saw that it was going to cost me an outrageous $33.00 ( 60% + of order amount ) on top of the amount I was sending so close to $60 worth of bitcoin to complete a $25.00 order.

At this point I was outraged and sent " Coinbase.com ( The exchange used ) " a few not so nice emails. Just to touch on it without getting off topic for those of you not familiar with them or how they work , you can buy bitcoin through them for cash, credit card , bank transfer, etc. The thing is once you have your bitcoin which takes 3-5 business days ( more like 9 days ) to become available for you to use, you can not send payment from Coinbase without paying huge network transaction fee's like the whopping 60+% I spoke of. So the workaround is that Coinbase also owns gdax,com and you can transfer funds from your coinbase account to your gdax account free of fees and then from gdax you can send payment to the merchant's ( seed bank in this case ) wallet without the insane network fee's. Sounds easy enough , but doing a simple " gdax refuses to let me exchange or complete my account verification " search in Google will prove very different. Like so many others they seemed to purposely keep me from logging in correctly even though it logs in from your coinbase account. So now I have my bitcoin I bought for the order but can't move it anywhere I am able to send it without getting nailed by massive fees for doing so. Gdax supposedly allowed this free of fee's but conveniently they simply do not answer support tickets and if they do give you a run around of excuses why you can't login that make no sense when I am logged into CB already and that is the login used for gdax, SMH. There is ALWAYS issues with being able to login to gdax to make the transfer so you end up getting stuck with no other option than to pay the high fees to make your order in time to take advantage of the promotional Holiday promotion in this case ( Very convenient for Coinbase that you are unable to login and have to pay them all that $$ in BS fees , I would have to say ).

Now that you have a basic idea of how Coinbase and Gdax work and don't work ..Since I was unable to login to make a fee free transfer I was left with the only option pay the fees to place the order in time to be eligible for the promotion. So I paid $60 to place a $25 order and that is just the start of it. After seeing no activity change on the order I contacted the seed banks support to find out what is going on with the payment I sent them and I was informed that they did not receive payment that I sent because " the transaction timed out ". I was then told they would issues a new order and sent me a link to request a refund and reorder again. I was shocked to hear this as I already received email conformation from coinbase.com informing me that I successfully completed a transaction with bitcoin to the wallet address they told me to use and that this transaction was final and could not be reversed. I checked my bitcoin wallet and the funds were removed and according to logs the payment was complete. However the seed bank claim they did not accept the payment and I should request the refund and re-order again. The kicker is that when I went to do the " Refund " which in order to refund does it not have to be received first ? how do you refund something you never had ?? Hmmmm . Anyway when following the direction for refund I noticed I would only be refunded the $25 and not the other $33 that I paid for this failed transaction in the first place. So now within a couple of days with nothing what so ever to show for it other than anger and I am asked to re-send the payment again which would have costed me another $20 - $30 in these BS network fees not to mention who was to say if I did pay it again that same thing would not happen again and then I would have been scammed out of another chunk of change in fees for nothing! Needless to say I refused to send another dime and went ahead and requested the refund since it was my only option.
Twelve hours later I get a email from coinbase informing me that the amount of $9 in bitcoin was refunded to my wallet. So although my transaction was never completed and my order still is unpaid I now only have $10.17 in my bitcoin wallet left out of $68.00. So in a nut shell I paid $33 dollars in transaction fees to send payment to this seed banks plus $25 for order total that I was forced to refund and end up with over $50 that magically vanished into the internet and neither coinbase or the seed bank can account for where all that money went and I got not a thing other than a run around and scammed out of my money! I took the remaining $10 in bitcoin that they didn't rip me off sent it back to my bank and will never again waist my time or money with neither coinbase or this seed bank.

I am beyond upset but more importantly I want to get this story out so that no one else has to learn the hard lessons I did. And perhaps I can save someone else all the grief and aggravation of watching thieves take your money and then tell you no one is going to do shit about it. This bank could have stood uo for themselves and me as a customer of theirs against this ( obvious scam ) and file a merchants complaint support ticket to help resolve this but instead in basic told me oh well ..With support like that I amsure it's just a matter of time that they get the screws put to them right back. As of for coinbase and bitcoin in general I hope this was enough to keep you well clear of them. So if you still chose to pay with bitcoin , be aware that this could very easily happen to you as well. I would highly recommend choosing another payment method .. Anything other than bitcoin ! This could very well be a directed problem toward coinbase and the seed bank only but after all this fiasco , I personally will never again have any doing with bitcoin or anything like it ! Peace Roll It Up'ers keep ya heads up for shady BS like this and best wishes to everyone for the new year

Don't use bitcoin for payments, until they implement Lightning network bitcoin is unusable for daily transactions., I do not know but if they accept other cryptocurrencies, but just for your own convenience and money use other alternatives, literally anything is better than bitcoin atm.

it's the really annoying effect of adoptation, people want to push it forward which is good but not if the system is broken, so until bitcoin core fixes their shit I'd recommend literally every other crypto. you pay 30-60% fee's on every transaction because right now more than 170.000 transactions have not been confirmed with an average fee of 40 USD.

Thanks for the heads up! Sorry that happened to you!

you really wrote that whole thing and wont even say what seedbank it was to maybe help other members not have the same thing happen to them?

so what was even the point of posting this? theres a lot of members here and a lot of us use bitcoin, including myself. ive never had any issues at all paying for things with bitcoin.

Coinbase charges their own transaction fee on top of the bitcoin transaction fee. I use bitcoin all the time to pay for things and have never had any problem. In fact I have ordered from two seed banks in the last year using bitcoin. Sensible Seeds and Seedsman. Both transactions went flawlessly. I use a local wallet and can adjust the transaction fee I pay. The higher the fee the faster the transaction gets included in a block and starts to confirm. I typically set it to be included within two blocks. I just made a $3500 purchase on NewEgg using bitcoin and the transaction fee was $20 and some change which is .5% not 30 -60%. There is a minimum fee required to send bitcoin so if you're using it for small amounts like $25 then of course the fee is going to be a larger percentage of the transaction. It costs the same to send $25 worth of bitcoin as it does to send thousands.

You mistake was buying seeds and not HODLING!

Don’t use coinbase. IME

I have all my bank information verified with them and have used them for years without issue.

Until this month.

I had invested about $6k onto the coinbase exchange to do a little day trading, like i have done before.

On Dec 13th I had some life issues come up and withdrew all of the monies to my US bank account via wire transfer (supposed to be 1 business day). I was informed that the transfer would be completed by the 16th.

No money.

Contact support and just got a form letter asking my to wait 5 more days.

No money.

Contacted support via Reddit and was informed the money was sent, however they refused to give me a wire transfer number.

Still no money. No further response from support.

At this point I’m pretty sure I’m out $6k.

They are overloaded with new accounts and back orders, and are straight up loosing peoples money.

I’m sure they aren’t doing it on purpose, it’s only the last month I’ve been having issues, but still.

I’d steer clear.

Damn I'd be fuckin pissed if I had just lost 6k that's ridiculous it seems like a scam to me

roony said:

Damn I'd be fuckin pissed if I had just lost 6k that's ridiculous it seems like a scam to me

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They are the only one in their level, not a single exchange has the same legitimacy as Coinbase has. It mostly does return funds but they do have very poor customer service. I wouldn't trust them because they know they are the biggest gateaway to cryptocurrencies and they take advantage of it because of the unregulated market.

They have been accused of insider trading and disabling withdrawals/deposits on crucial times in the cryptomarket. However looking to the future I cannot see a cryptocurrency environment without Coinbase.

badmojo420 said:

you really wrote that whole thing and wont even say what seedbank it was to maybe help other members not have the same thing happen to them?

so what was even the point of posting this? theres a lot of members here and a lot of us use bitcoin, including myself. ive never had any issues at all paying for things with bitcoin.

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I never said I would not disclose the seed bank.. I said not " in that post " as explained there was another post on a review from them I made so I didn't want this post to be another just to bitch about them ..However since it was brought up I have no problem letting anyone know what bank it was " Gorilla " ..Also that is the reason for this post to hope to prevent this from happening to anyone else in the future.

xtsho said:

Coinbase charges their own transaction fee on top of the bitcoin transaction fee. I use bitcoin all the time to pay for things and have never had any problem. In fact I have ordered from two seed banks in the last year using bitcoin. Sensible Seeds and Seedsman. Both transactions went flawlessly. I use a local wallet and can adjust the transaction fee I pay. The higher the fee the faster the transaction gets included in a block and starts to confirm. I typically set it to be included within two blocks. I just made a $3500 purchase on NewEgg using bitcoin and the transaction fee was $20 and some change which is .5% not 30 -60%. There is a minimum fee required to send bitcoin so if you're using it for small amounts like $25 then of course the fee is going to be a larger percentage of the transaction. It costs the same to send $25 worth of bitcoin as it does to send thousands.

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See how sending small amounts like this worked for you , just didn't for me and yep it was 60+ % of my order cost ..order was $25 ..fees were $33 ..that's right around 60% ..I never said this is GOING to happen to you ..I simple said this is what happened to me and to beware that it could happen to others as well. I am glad you never had any issues , I wish I could say the same.

Just got a reply from Bitcoinpay support about the transaction ....

" We fix the exchange rate by the 15 min limit, to prevent being affected by the extreme volatility of the currency. If you use a service or wallet that does not broadcast the payment fast enough, it can not be accepted.
We process the refund automatically, therefore the fee added is automatically counted due to the network requirements. These days, it is simply not optimal to pay small payments in BTC, we are already working on LTC implementation. "

Would have been nice to know before all my $$$ vanished .. Had I knew this was possible I would have changed my mind real fast about that payment method

kkool said:

They are the only one in their level, not a single exchange has the same legitimacy as Coinbase has. It mostly does return funds but they do have very poor customer service. I wouldn't trust them because they know they are the biggest gateaway to cryptocurrencies and they take advantage of it because of the unregulated market.

They have been accused of insider trading and disabling withdrawals/deposits on crucial times in the cryptomarket. However looking to the future I cannot see a cryptocurrency environment without Coinbase.

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Very accurate .. They are top dogs so to speak... so pretty much do what the want and they no doubt take advantage. Unfortunately since there is no one to answer to other than angry emails they can simply ignore .. Will never trust them again , that is for sure. got me once , but will never have the opportunity to get me again!

Wow Mr.Goodtimes , Sorry to hear that .. I was only taken for change compared to that. But somehow it's not really even about the money as I sense with you as well .. it's more of the principle of getting taken advantage of period and being done wrong like that. With everything else in this world so shady and going to shit it would be nice to see the cannabis scene somewhat stay away from all that norm , but I guess nothing, not even something a peaceful and innocent as cannabis can escape the wicked of the world we live in today. I would be hot bro, I sent over a dozen emails telling CB how crooked of a deal I was dished , If I was talking the numbers you are , that email count would be more like 120 and counting .. Damn shame man

Oh it’s about the money. The principal too, but the money is a major hit.

Yeah I’m pissed.
I’ll barely make it to next harvest. Barely. Baaaarely.

I was prepared to take a little loss, as with any investment. Never thought they’d just stiff me like that. I honestly don’t think I’ll ever see the money again.

I’ve filed complaints with the BBB and CFPB the other day so maybe the CFPB will help. BBB is a fucking joke, I’ve had to contact them before.

Idk what’s up with coinbase lately, but it seems a few people are having issues with them. It’s ridiculous. For the largest crypto currency wallet in the US (world?) you would think they would have some kind of support.

There is legit nothing I can do.
It would cost me $5k just to get a lawyer on them.

Ive been fucked out of a whole shit ton of money this year. Aside from coinbase. Partially my fault. I’m going into lockdown and stacking cash next year. No investing. No toys. Nothing, just stacking cash.

fuck coinbase.

On a good note though , through the dark of this all . I was speaking to a friend of mine that is a well known breeder and this came up during our conversation. Amazingly he is about to release some test F1's of his two newest lines set to be released here soon and helped brighten things up a bit for me by letting me know he is sending me off a little Holiday Cheer package to take a little of the grief away. I figure that they may have taken my $$ but in the end , my $$ couldn't get me what I'm getting now so , in a way perhaps blessing do come in Disguises after all .. Just pretty bad when someone unrelated to the whole thing comes to the rescue when those involved pretty much said , your prob ..not ours SMH .. But anyway a couple journals of some fresh new gear for 2018 will come out of it looks like so not all is lost.

Update : Wow whats a turn of events . I am going to meet up with him in Vancouver for the " Lift " Cannabis Conference here next month. Surly taking that invite without a doubt , Planning a little unexpected vacation to BC was something I surly didn't see in the cards. But will without doubt will indulge. Nice that there can be light @ the end of every dark tunnel. I hope you get a little light on your situation as well Mr. Goodtimes

I've never had a problem. I use coinbase. Never paid crazy fees like that. Just don't expect any customer support whatsoever. The banks I used with it were groking and seedsman. Worked flawlessly.

TrailBlazer12747 said:

I've never had a problem. I use coinbase. Never paid crazy fees like that. Just don't expect any customer support whatsoever. The banks I used with it were groking and seedsman. Worked flawlessly.

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Yeah from what I have been hearing most of these problems are mostly all recent , due to everyone jumping on the train, high server loads, etc, ect. Plus new implementation the systems can't handle and a hand full of other reasons. I guess I picked one of the worst times I could to attempt a small purchase. Seems as if just recently network fees have been spiking to crazy amounts like this.

Fuck....wish i woulda seen this before yesterday....what a bunch of bullshit...I also purchased seeds and am trying to pay by bitcoin......I dont think it matters which seed bank a person buys from,its the fees the exchange (coinbase ) and trying too spend it and have anything left of it in the end.I purchased $125cdn lastnite from coinbase,of which they kept a small amount.So this morning i had approx $132cdn,as it had went up about 5 points......i thought hmm this is neat.......until
I placed my order,got a bitcoin invoice with instruction to not send from an exchange.......so i transferred my crypto shit currency too my digital shit wallet app.I was able too send $106cdn approx to my wallet,then when i went too pay my invoice which was $80cdn......i was told i had insuffcient funds too pay....I dont get all this blockchain fuckery,its all smoke and friggi mirrors too me.........too bad something i heard was meant too be so good for everyone has turned into another scam for the rich too take money from the poor.......i cant even sell the shit ffs....BITCOIN IS BULLSHIT !!!!

And if you sell you still might not get paid.