Topic: Coinbase going busto? Numerous people not getting paid by Coinbase currently. (Read 6574 times)

Coinbase is not having any problems (AFAIK). The issue, I believe, was the fact that many people were trying to sell bitcoin, but they did not have enough fiat to cover all these sales, so they had to sell some of the bitcoin they were buying on exchanges, and wait for the fiat to get to their bank accounts in order to pay their customers.

luckily they got bailed out by paypal phewww

j/k obv

I've got a good idea. Let's rent this loft right next door to their apartment/office so we can bug them in the hall or elevator about the problems.

http://www.zillow.com/homedetails/1-Bluxome-St-APT-407-San-Francisco-CA-94107/67090340_zpid/

Serge - Can you update us?

What happened with the pending order you mention?

If you've used Coinbase since, have you had any further issues?

lonestranger - Have you been paid?

If so, how long should it have taken, and how long did it actually take to get paid?

People in this thread who complained of not getting paid in a timely manner by Coinbase - please update us.

Keep the community up to date.

Yeah, that may be their profit model. It's still a hell of a good deal for merchants. Or they think the few businesses that will easily go over a million in sales will generate enough profit to carry the rest.

All their customers will not necessarily have a million dollars in sales, IMO many/most will have much less. Also when a merchant accept bitcoin via coinbase on their site they will essentially get free advertising for people to potentially buy bitcoin via coinbase (and have them earn their 1% spread on bitcoin purchases/sales).

People who complained of payments delayed - please keep us informed.

What is new with your situation(s)?

Yup!  Zero Payment Delays cause he is a thief and will just flat out take your money.

At least Coinbase will tease you a little, tickle your nuts.

Mike has never seen a pair... so he just dances around like a clown and steals your coins! 

Such a good site and awesome domain name.  Coinchimp     cause Monkeys and bitcoin go together like Hitler and Jews

No, it's not silly. If they're legit, and they have 100% of customer assets, it doesn't hurt them at all.

Not sure what the panic is about here, I buy and sell through coinbase all the time. No issues here, recently sold yesterday with no problems.

I warned people about CoinBase months ago ..

Their fees are too low - they have ZERO profits and in fact have NEGATIVE profits due to hacking.

When their Venture Capital money runs out, they will go down fast .. it will be a repeat of the MtGox fiasco, but even worse.

When will Bitcoiners wise up?

For a REAL EXCHANGE try https://CoinChimp.com .. ZERO PAYMENT DELAYS

Anybody with the delayed payments been paid yet?

Please keep us up to date.

Yes, that's the deal they give to merchants and a pretty sweet deal it is.

Selling coins.

I've been charged since my first bitcoin purchase on Coinbase. I assumed you're referring to merchants.

I always paid to sell on them.  I think that is only if you go through the merchant tool.

In the "Coinbase insured" thread in this forum, it was pointed out that  Coinbase recently stated that (Hurray!!!) their online funds are now insured.

unexecuted posted  "It's good to see Coinbase setting the standard here."

But PalmerLaura pointed out "Setting the standard for what, deception? 97% of deposits are offline and therefore uninsured."


Things like this are very disturbing, and contribute to the overall feeling for myself and others that this is a sketchy company.

The more open and transparent they can be, the more trust can be gained.
Making deceptive statements causes a lack of trust that can take a long time to be regained.

Also, their cs needs to be on the level of a bank or an Amazon or a PayPal.
Not "Hurray for us!!! After a few years we've hired a handful of minimum wage cs Live Chat people who are occasionally available" nor "If you have a serious problem, email us and sometimes you will receive a response within 24 hours, oftentimes not for a few days, and different people will give you different answers".

I don't know how many times I've seen their rep on Reddit or bitcointalk posting something along the lines of "It's unusual for you not to have gotten a response to your emails, and I don't want people to think that the only way they can get a response is to make a complaint on this board" - although repeatedly it's clear that for many people that is the only way they get a response - and sometimes not even then.


lonestranger - " I will never forget this and when there are other options I will definitely leave them."

I am hoping that a company with (imo) more credibility emerges soon for the USA market, as I would prefer to deal with another company (unless Coinbase vastly improves the issues which keep emerging).


As far as the people stating "FUD!!!" -  Coinbase could very likely not be going busto. There may be other explanations. I started the OP's title as a question, not a statement.

But surely a legitimate company should have no problem accepting and responding to legitimate criticism.

And users of Coinbase should be aware of the range of opinions and problems people are experiencing, and make their own more fully informed decisions as to if and how they want to deal with this company.

I read years ago that bank checks including foreign ones clear the next day, two days at the most for a foreign check.
(Therefore, it's evident that the reason for the long hold times some banks demand is so they can hold onto the funds that much longer to profit from them).

So it amazes me that people accept that the reason it takes Coinbase a week to pay out the bitcoins one has ordered is due to the nature of the bank transfer.

How can it take more than one business day, two at the outside, for an EFT/ACH transaction to not be finalized to the point where one party has guaranteed the other party the funds/transferred the funds electronically?

I would think the norm would be one day, two days would be an exception.