221–230 of 355 posts
To my horror, I discovered that transaction wasn't actually in the blockchain, and that Coinbase essentially has an internal system you just have to trust, which seemed to be contrary to the whole idea of a global ledger.
I setup my own wallet and transferred it to that (thus achieving my initial goal of seeing my own transaction in the block chain). There's no way I'd put any significant amounts into Bitcoin, let alone Coinbase.
I bought £100 of Bitcoin in September via Coinbase, pretty much just to have a play with Bitcoin itself, and try a couple of transactions. To my horror, I discovered that transaction wasn't actually in the blockchain, and that Coinbase essentially has an internal system you just have to trust, which seemed to be contrary to the whole idea of a global ledger. I setup my own wallet and transferred it to that (thus achi…
It is pretty funny how the original value proposition of "being your own bank" given in the bitcoin whitepaper, which is necessitated by actually possessing the private keys, has gone out the window due to convenience and a lack of understanding of the fundamental blockchain technology by speculators. Coinbase is central in these facts.
It's not so much that they don't understand, but rather that they don't care. People can buy Bitcoin for fun or to try to make money without believing in the ideology that was originally used to justify it.
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Could you explain why "this" needs to "stop"? Why would the success of Bitcoin be apocalyptic?
Although BTC has a finite maximum, it has been inflationary, since coins are being created. This will not hold. BTC was the first crypto, and network effects means it stands a good chance of staying on top. Like eBay, it may be the go-to crypto. If it's true that crypto is the future -- that the entire world will switch from fiat to crypto, kicking and screaming -- then that means the entire world will likely switch…
$1M/bitcoin and 3 transactions/second are not compatible.
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Do you work for Coinbase?
Yeah, because it's entirely impossible that you may have just been unlucky or messed it up on your side?
Look, my comment is not meant to bash Coinbase but there are issues with the service and it can be ironed out to make it so much better.
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I bet Coinbase makes more money from their exchange (GDAX) which does $1 billion each day in volume. While limit orders are free, market orders cost 0.25% of transaction value.
Why would anyone ever want to use a market order versus a limit? In any exchange, for any kind of trading? If you're really ok with e.g. selling for 0.01, set that as your limit.
If you're ok with buying for 100, but someone else is selling for 99, you've effectively done a market order and have to pay the fees. However if the lowest sell is 101 and then the price moves up to 105, you've just screwed yourself for 4 in order to save 0.25
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How can you automate the checking of an ID?
Third party identity verification services use OCR and machine learning on scanned ID documents. 99% get an automatic Green flag. Only ~1% are manually reviewed.
With the frenzy out there, Coinbase makes crypto currencies trading/investing/purchasing as robust and seemingly as safe as possible. This could be a signal, now that we have some reputable market players that crypto currencies are really just starting and there is a very high ceiling. Getting in before coinbase you had to mine your own (that party ended quickly - Butterfly Labs, cex.io for cloud mining etc) or be pa…
One of them being a lost deposit. The address generated by the site was wrong and thus the deposit never credited. It took a couple months for support to get on this and refund the lost amount. This happened a couple years ago. So had it happened now I'm not sure if technical support will ever get back.
I also failed to contact their technical support about other issues (can't really remember) but there was no way to reach them. They don't have proper support, they just have monkeys that tries to save face on social media. Only.
The best exchange so far from a technical perspective is Bitfinex. It is surprising because it is quite shady. But it is a rock solid exchange; and it is magnificently engineered. No wonder it is the top exchange out there. And Finex has handled the recent surge much better than Gdax or any other exchange out there.