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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by CyrusL on Wednesday December 18, 2013 @03:33PM (#6930473)
Coinbase is not an exchange like Bitstamp or Mt.Gox. This fact is not just something buried in their T&C. Their company communication has never described their product as a tool for day-trading.

They made a promise to deliver bitcoins at a certain price and on a certain date. The original poster's issue is equivalent to Amazon promising 2 day shipping but the book came a few days late.

Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by gamblor956 on Wednesday December 18, 2013 @04:00PM (#6930710)
No, it's nothing like shipping a book 2 days late. The OP has actual, recognizable economic losses as a result of Coinbase's delay. The transfer of money via ACH is a separate transaction from the Bitcoin acquisition. After the admitted delay following the Bitcoin acquisition transaction, Coinbase should have either reaffirmed that the OP wanted to purchase the coins at the original price, canceled the transaction, or acquired the coins at the then-market price. (Note, normally when the price increases, Coinbase cancels the transaction.) Consequently, the OP has a solid legal case against Coinbase.

Unfortunately, for the amounts involved its borderline not worth pursuing. It's too large an amount for most small claims courts, and too small an amount to justify the time and cost of civil litigation (unless it settles at the very early stages). Indeed, based on Coinbase's record (refunding purchases if BC prices increase rather than executing the transaction), it's very likely that they are factoring this arbitrage into their business model.

Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by hnha on Wednesday December 18, 2013 @04:08PM (#6930765)
It is pretty much like that if you buy a book to gamble with its resale value.
Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by r00fus on Wednesday December 18, 2013 @06:47PM (#6931850)
That's not the primary intention of the book - the book has intrinsic value that BTC do not.

The value of BTC lies predominantly in the market value.

So the book analogy is ridiculous and patronizing.

Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by jeremyrwelch on Wednesday December 18, 2013 @04:10PM (#6930785)
OP has no economic loss as a result of Coinbase's delay. OP has a loss as a result of Bitcoin price changes independent of this error.
Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by FireBeyond on Wednesday December 18, 2013 @04:18PM (#6930856)
Which could have been mitigated -had Coinbase fulfilled their delivery, as negotiated-. Ergo, material losses.
Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by jeremyrwelch on Wednesday December 18, 2013 @04:53PM (#6931117)
Yeah, fair point that he could have sold his coin the day he received it.

As I mentioned in a few other comments, just seems to me that frustration over the Coinbase's error and frustration over the price swing are both being heaped only on Coinbase.

I've had great experiences with the product and company, I would hate for this particular screw-up to be seen as representative of their overall service.

Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by tedunangst on Wednesday December 18, 2013 @04:17PM (#6930846)
It's somewhere between Amazon delivering your book the day after Christmas and TicketMaster delivering your ticket the day after the concert.
Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by gst on Wednesday December 18, 2013 @03:41PM (#6930541)
So with Amazon I'd just return the product if it arrives too late. Does this work with Coinbase too?
Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by apalmer on Wednesday December 18, 2013 @04:14PM (#6930822)
The key here is the promise to deliver bitcoins at a certain price at a certain date. If they indeed promised to deliver on a certain date then clearly they are in violation... not sure if they really did make that promise though
Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by PeterisP on Wednesday December 18, 2013 @08:48PM (#6932397)
If I order a $30000 shipment of fish and you deliver them 2 days late, I have all legal rights to refuse the shipment and require the full amount back + my losses or lost profit (in the amount I can prove in court) for not having the fish back when you agreed to deliver them.

You don't need to be called an exchange or sell currencies in order to be financially liable for delays; and the more perishable/volatile the product is, the larger the possible liabilities.