Merely that claims that ACID is the holy grail of financial software is a myth propagated by people that do not know how international financial traffic works.When you come up for air, would love to see a blog post about the issue and some thoughts on monitoring for such failures.Or, rather, maybe people should stop massive speculation on bitcoins on a platform that takes at least a few days (best case) to clear.If the price went up, everyone would certainly expect them to deliver at the guaranteed price and not the current one.If this is a systemic problem (and indications are: it is), you have to take steps to avoid these scenarios in the future.
I just turned 22 for god sakes, you expect for me keep every bit of my life as professional and humble as possible.The general policy with most financial firms is that firm errors should be resolved in a way that benefits the customer (so in this case, if BTC actually increased in price, Coinbase should honor the original trade price).What is bitcoins intrinsic value has always been a topic of discussion. Some people consider bitcoin as a speculative asset with no intrinsic value at all. Quote To.There are merchants that accept bitcoins in return for goods.That is the same thing that shocked me when I run into a bunch of different entrepreneurs in the last few weeks, creating local exchanges here, bitcoin ATM, thinking about colored coins and interesting transactions enabled by bitcoin. and when I talk with them about the technical side, they never even know how a transaction is verified, what are bitcoin scripts, how the network works in general.If the trade(s) were not executed, Coinbase broke laws that they are governed by regardless if bitcoin is regulated or not.As an aside calculating settlement dates for currencies is actually pretty hard because different currencies have different rules, observe different holidays and roll-over differently.
The "Intrinsic Value Of Bitcoin. with these “experts” and hope to demonstrate that Bitcoin does indeed have “Intrinsic” value like a good such as.I had Coinbase honor a price favorable to me after initially being declined, and have heard of the same thing happening to others.You seem to have missed this part: purchased at the lower price and the company pockets the difference.BTC on the other hand has insane amount of volatility and the players are comparatively small.You acknowledge that the price or value of bitcoin can change rapidly, decrease, and potentially even fall to zero.
While it may feel like a public forum, it is owned by a private entity.Therefore, there are almost zero regulations that would apply to Bitcoin transactions, other than contract law.
If a trade is not settled, i.e deposited and the funds available by the said settlement date the trade is called a FAILED trade.So while the market swung, he lost money not because he was sitting on his ass but because he could not do anything about it to minimize a loss.There is anger at the delay mixed with anger from the price swing, and too much is being directed at Coinbase.
Economist Jim Rickards on gold versus bitcoin — intrinsic value is meaningless for both but the bitcoin prices aren't real.Some of the members came here for the first time and supported me.Funny how whenever a company gets enough bad publicity to actually hurt their bottom line, suddenly their customer service runs a bit smoother.
Either that or like you say they took a massive hit and basically held a ton of orders to mitigate the damage.I had an issue on hand with a company, I felt I was being ignored.
Virtual Currencies don't have intrinsic value and aren't backed by any assets. Price of Bitcoin and other VCs is matter of speculation resulting in spurt and.If Coinbase had a public policy about what will happen in situations like this, I would expect them to follow their policy.You are right, botcoin is not a currency, but it is a security and it is traded on an exchange."Miller sees Bitcoin as a store of value rather than as a currency. Yes, Bitcoin “doesn’t have any intrinsic value, and it is not backed by anybody,” he says.The time our deposit for a house got lost was stressful several years of hard hard saving vanished during a transaction.What they have done is admitted the situation is entirely their fault (and Brian deserves credit for showing up here so quickly).
There are multiple scenarios that you have opened to discussion each deals with different regulatory frameworks and the laws and scope change accordingly.If they were holding onto 35.10 rather than 35.10K, I suspect you would react differently The courts tend to as well.This is not just human decency, but its good business practice.Sounds like they need some people who have actual practical experience building financial systems.Please tell me you consulted with a lawyer before posting this publicly.
Gold has been used as a medium of exchange by the human race for 5,000 years, so it has a basic intrinsic value. Bitcoin Has No Obvious Basic Intrinsic Value.Likewise, unlike banks, there is no legal system in place or organizations that assess companies like this and determine whether their transactions complete and such.Practically all my followers are my college friends and those sort of posts interest them.So in case of failure to deliver, damage etc. the monies released conform to the terms of the agreement.Yet another reason regulation is hurting everyone here: less regulation would have left Coinbase left overwhelmed with so much business (since there would be more competing businesses).