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lol. gotta love crypto. I realized I had about $50 of bitcoin hanging out somewhere, so I transferred it to coinbase to sell and turn into usd. I used an old address from coinbase's "gdax" exchange, which they merged into their new coinbase advanced. The money disappeared. Coinbase happily told me "sorry, that product is deprecated, the funds are lost on the blockchain." These are not serious people. 28 comments
@croyle @dave_andersen I think it’s worse than Coinbase taking your money. This is like a company setting fire to your money when you handed it to them in the wrong way. You don’t have it and they don’t have it (and so they can’t give you a product or service in return). However, as Bitcoin has a finite supply, this will never be recovered and comes with a slightly deflationary effect. One day all Bitcoins will be held by nobody. It’s economically moronic.  Yeah, early/mid 00s I was still gutted when I found out though,, even though they were not 'worth' anything like they are now, they were still legally mine.  @dave_andersen Yeah, my old fashioned fiat money gets lost when I transfer it between banks all the time. Wait, no it doesn't. @mattblaze the real problem with banks is that they're too reliable. Crypto can fix that. @zombiewarrior @dave_andersen @mattblaze Was it the oil industry or the coal industry that proposed that? I keep hearing what sounds like 'Yoink!' whenever I put my deposit in the ATM. @mattblaze @dave_andersen @dave_andersen always have question the function of things. The Fed 1913, the Fed today, Bitcoin. @falsifian yeah, I had it configured as a withdrawal address at nicehash. Nice hash blasted out an email to everyone saying they were going to start charging fees for inactive accounts, So I figured I would log in and see if I had anything there before shutting the account down, and I had what probably was $2 the last time I did any mining but was now worth lunch.  @dave_andersen I’ve got about $500 in coin sitting at Coinbase. I should extract it. @dave_andersen I would argue they aren't even good people as well. I would also argue they are like the people who control fleets of scammers to get money with prince Nigerian scams and other awful stuff. I consider scammers to be so bankrupt. They are in some ways a joke to the point I made a parody of a transcript I found online. Too bad the joke is that how can anyone believe such BS! Like seriously?!? You ain't getting nothing... you are losing your bank funds if anything. @frostdust I view coinbase as a company that's a mix of unethical avarice and the things implied by "it is difficult to get a person to see something if their paycheck depends on not seeing it" - like the idea that just telling a customer that their money is locked away in some crypto address controlled by the company that it chooses not to be able to access is a reasonable thing to do, because "that's crypto." I mean, sure, you can choose to operate that way, but it's a choice. @dave_andersen small claims court might work here. You sent them money and they didn't provide service. And enough claims and it might force them to improve things. @brevven That could be interesting, though I assume they have some updated ToS I never read that forces binding arbitration. I should see. It could be an amusing exercise - even to just see what happens if I took them to small claims over $50. Sometimes companies try to go nuclear when you do that to head off people thinking they can, but ... it's worth understanding the options and risks.   @dave_andersen In fairness, they may not have access to or control over that wallet anymore. Kinda similar to if you do a direct bank transfer but use an old routing and account number. Still sucks a ton tho, I'm sorry it happened to ya   @dave_andersen When I see signs on Coinstar machines advertising, "turn your cash into crypto", all I can think is... @dave_andersen It's insane that significant amounts of Crypto just get lost and will continue to get lost in an entirely irrecoverable way. I guess this is "deflationary"  @dave_andersen don't know the regulations out there, but in Poland you'd also have to pay tax for turning the nonexistent crypto into the nonexistent money ;) |
Gregory's Server
@dave_andersen It seems they are quite serious about absorbing your money into theirs...