There is no longer any question about it: Coinbase is a massive fraud and appears to be engaged in widespread criminal conspiracy. Coinbase is the most popular online wallet for Bitcoin, and I have previously reported on how Coinbase has seized Bitcoins from users in Wyoming and Hawaii, preventing them from accessing their coins even if they move their residency to a different state.
Coinbase is currently taking WEEKS to respond to urgent queries, I’m being told, and they provide no working mechanism whatsoever for users in Wyoming or Hawaii to change their state of residency. When those users attempt to login to upload new IDs or change their address, they are given “Unable to create account” errors which state that “Coinbase has indefinitely suspended its business…” in their old state. In effect, Coinbase has stolen all the Bitcoins from users in those states and may have already absconded with those Bitcoins.
Now, Coinbase is declaring that it will not support the “hard fork” in Bitcoin being rolled out on August 1st — part of the Bitcoin “civil war” now unfolding by the week — and that it will seize all accounts during the hard fork switchover, blocking any ability to buy, sell or trade Bitcoin for its users. From the con artists at Coinbase who don’t answer to anyone:
The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. The UAHF is incompatible with the current Bitcoin ruleset and will create a separate blockchain. Should UAHF activate on August 1, Coinbase will not support the new blockchain or its associated coin.
This means, in effect, that holders of Bitcoin in Coinbase could lose a huge portion of their holdings if the UAHF becomes the predominant new blockchain. Bitcoins held in the older, “classic” blockchain may plummet in value as users flee the system and sell off their holdings to leap to the UAHF. No doubt Coinbase will, at any time of its choosing, seize all user accounts for any reason it wants, publishing some absurd explanation to its users.
According to the Coinbase fraudsters, when they do seize your Bitcoins, they’re doing it for your own protection:
To ensure the safety of customers’ funds, we will temporarily suspend bitcoin deposits, withdrawals, and buy/sell starting approximately 4 hours before activation of either fork.
If Coinbase runs into any technical problems, the fraudulent company will obviously just steal everybody’s Bitcoins like they’ve already done with Wyoming and Hawaii users. Remember, there is no recourse whatsoever. Coinbase can essentially do whatever it wants, without any regard for the rights of its own users.
As with nearly all entities in the crypto currency space, Coinbase isn’t regulated by anyone, operates utterly without any accountability whatsoever, and routinely steals Bitcoins from its own users without providing any workable means of getting them back. This typifies the criminal fraudsters currently operating in the crypto currency space who believe they are subject to no laws, rules or operational business ethics. (They also all think they’re going to get filthy rich by doing nothing, a false hope that always ends in catastrophe.)
It is my sincere hope that Coinbase executives end up in prison after all this implodes. From what I’ve seen of their behavior, they deserve long-term sentences for their criminal operations and unethical abuse of customer accounts. For all we know, Coinbase may be the next Mt. Gox where user accounts are all stolen while the executives run off to the Cayman Islands and disappear forever. Before that happens, Coinbase needs to be investigated for criminal fraud and racketeering so that those responsible for ripping off users can be arrested, indicted and prosecuted before they flee the country.
Stay up to speed on the Bitcoin collapse, the Coinbase fraud and the coming smackdown of crypto currency hucksters by reading BitRAPED.com. If you currently hold any Bitcoin at all, beware of the August 1st “civil war” hard fork which is expected to unleash mass chaos across the crypto currency universe (where volatility is already out of control).
Also, watch my videos and podcasts to learn the truth about Bitcoin and why it’s all going to end in disaster:
Find more news about the Bitcoin crash at BitcoinCrash.news.