Coinbase User to Purchase 50 Bitcoins, or $400,000, With $4,802
In an online bitcoin forum, it was discovered that one Coinbase user with the online alias SatoshiChrist is currently in the process of acquiring 50 bitcoins with a single payment of $4,802.
Transfer Stuck, Along with Value
According to the user, payment for 50 bitcoins on August 8, 2013, has been stuck in the Coinbase system for more than four years. Coinbase recently notified the user that the trade for $4,802 for 50 bitcoins can still go through if the user updates the respective account’s payment method.
Substantially, the Coinbase system hedged the 50 bitcoins purchase of the user at the bitcoin price on August 8, 2013, as the transaction was stuck and the user failed to make the payment for an extended period.
While the price of bitcoin has increased from $100 to $9,700 from 2013 to 2017, the user is still able to purchase 50 bitcoins at a rate of $96 per bitcoin. That is, more than 90 times lower than the price of bitcoin at the time of reporting.
The user immediately reached out to Coinbase support for verification given the size of the trade. According to the user, Coinbase support verified the trade as genuine, and as a result, the user will be able to process the purchase and receive 50 bitcoins in return for $4,804.
“Coinbase phone support verified it as genuine, just waiting for them to follow up. Very weird. The purchase was made on August 8, 2013. Coinbase just notified me a few days ago,” said the user.
History with Coinbase Support
Another user on Reddit experienced a similar situation with Coinbase, wherein a trade the user had made in September of 2016 was stuck in the Coinbase system, and the user was able to process the trade in late 2017. But, Coinbase processed the trade based on the bitcoin price in September of 2016. Another user wrote,
“It’s actually 100 [percent] possible this is real. I tried to buy .2 bitcoin in September of 2016, [the] transaction never went through, and about five months ago I got a similar email from [Coinbase] support. It seemed too good to be true but I went through the process, and sure enough, they gave me .2 BTC this summer for the Sept 2016 price. Obviously this is a very different scale, but just to confirm, in the most basic sense (putting through an older transaction that failed at the original transaction price) this is absolutely a thing Coinbase does.”
In the end, after discovering a trade that was stuck for four years, the user with the alias SatoshiChrist is about to receive 50 bitcoins, which are now worth $400,000.
Coinbase, as a bitcoin brokerage, could have simply canceled the trade, given that it had been stuck in its system for many years. But, as a Coinbase customer representative confirmed with the user, the company will process the trade despite the failed transaction the user made in 2013.
SatoshiChrist, the user who initially planned to purchase 50 bitcoins at the bitcoin price in September of 2013, released an update, revealing that Coinbase has canceled the order from over four years ago.
“The 50 BTC message went away. I guess I’m not on the hook for $5k, but I sure would have liked the bitcoins.”
Some users commented that if SatoshiChrist had not reached out to Coinbase, the user would have been able to make the 50 bitcoins order.
This article was updated November 30.