Topic: Coinbase withdrawal delays thread [Please add ACH delay reports to this thread] - page 2. (Read 8349 times)

I'm having very long delays waiting for a couple of deposits. This has been happening with Coinbase for the last month at least with no explanations and every support response is a basic canned response not helpful at all. The real big problem with them is they are fully aware of all these problems and keep operating, just adding fuel to the fire. They should at least CEASES operations, get their shit together then open back up. Operating under faulty conditions and leaving all their customer's just guessing what the issues are is a bad practice. It would take them just minutes to suspend operations temporarily and/or put up a notice for everyone to see.

When I did my bank account verification, within 24 hours. Estimated date of today no money. All my ach go through within 1 business day if they were actually completed. Why allow withdrawals if you don't have the money which its obvious you don't. What another scam exchange

The most likely reason is that they (Coinbase) have liquidated your Bitcoins on Bitstamp at the point of sale. Bitstamp however, have encountered banking software issues which has led to delays in deposits and withdrawals (src: https://www.bitstamp.net/article/banking-software-issues/). Given that it takes ~2-5 days for an international wire from Europe to America to clear through the SWIFT network, Coinbase were probably illiquid for some small period while they waited for Bitstamp to correct the issue, submit the funds to the banking network and those funds to then settle into their US account.

While Coinbase probably do match counter-parties for some trades internally within their service, the volatility of Bitcoin makes this risky if they haven't got a BUY order on their service from someone (like yourself) who issues a SELL at or around the same time. So, to reduce this exposure when you SELL on their platform they SELL on Bitstamp (not likely Gox because of it's banking problems or BTC-E because...well, it's Russian legit). Any other scenario would be highly risky (See BTC/USD XR rate charts for 17-11-2013 to 19-11-2013 inclusive).

The negative effects of Bitstamps technical meltdown affect every ancillary service that depends on them. It's no different then the dependency a broker that trades on behalf of clients on the NASDAQ or LSE has on technical and consistent performance of these platforms. Butterfly flaps it's wings, somewhere there is a Tsunami.

Morale; Be patient - your money will almost certainly turn up.

Yes, but when someone has such severe problems and other people don't seem to, a lot of times it makes me wonder if something tripped a flag for said user.  I get every sense that Coinbase is attempting to integrate fully with the mainstream banking system and financial regulatory authorities as a function of their business model.  That happens to be A-OK with me for the business I do with them.

Datapoint .... two weeks exactly and STILL nothing. Four transactions, three people, three different accounts totalling $70,000.

Datapoint ... today the transactions would be worth about $200,000.

Suspicious much?

Datapoint:

Made two 10 BTC sales over the weekend (or perhaps one on Friday...to lazy to look.)  The estimate date of deposit was Friday.  I noticed that one of them went in today (Wed.)  So this one beat the estimate by several days.

I've had it with these Goddamned thieves. Two weeks tomorrow and not a damned thing from them ... apart from the above email.

"Haha, we have your 70 thousand, but we can't be bothered to reply..."

We will see how they like being dragged through court.

Coinbase has been having problems since the end of october. I have yet another transaction MIA.

Wonder if they know that by putting a time definite date on transactions and then missing that date that they fall under contract tort and securities laws? It opens them up for consequential damages and breach of contract as well as mail fraud and a whole slew of things.

They are playing with fire and I'm considering pouring some legal gasoline on them.

Got this in the mail today

All of my transactions up until 11/22/2013 have been on time.   Sometimes the ACH deposits were ~1 business day off, however I am still very satisfied.

I will update on my next withdrawl which is due in 1-2 weeks.

V/R,

GreaterNinja