I encourage people to file complaint with Better Business Bureau in CA. These guys are lieing through their teeth to customers. Their TOS allows them to consider EVERY transaction high risk so they can select a few random to cancel.

Their TOS also contradicts the post by their CEO addressing cancelled orders in the CoinBase blog.

They lead users to believe you are purchasing BTC directly when in fact you give them money, and they obtain the BTC from an exchange. This is also evident when BitStamp goes down tickers/buy/sell all atop working.

Coinbase themselves MUST know the high volatility of BTC, so they MUST know they have to determine whether a transaction is fraudulent early on. Yet it takes them an entire week to cancel from their "automated" software and after BTC skyrockets.

If they indeed thought a transaction is fraudulent or cannot fullfill it, there is absolutely NO reason to wait an entire week.

These guys are using customer money as fractional loans during the 1 week period for themselves to either resell for massive profit when BTC goes up, or let the transaction go through and sell to the customer at a massive gain when BTC goes down.

Their lack of willingness to work out transactions with customers and continued lack of action on rectifying the 1 week hold points to this as well.

New people need to be warned that CoinBase is a whole lot of snake-oil. I got suckered in by their sleek design and promise of ease in converting BTC/FIAT. I thought their TOS statement was a CYA, but they are actively using it to screw random customers. You feel safe when you see the "You WILL receive your BTC by...". When in fact you just bent yourself over for them.