I want coinbase to resolve its segwit issues.
Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues
171–180 of 233 posts
Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues
#172Earlier quoted context omitted.
There are hundreds of similar complaints about Coinbase on their sub-reddit just within the last week or so, many including support ticket numbers. People are getting pretty freaked. https://www.reddit.com/r/coinbase
FYI this is identical to what happened on Mt Gox. It was easy to send money in, but getting more than 0.5 BTC out became quite difficult. That said, it seems closer to the truth to say that they're simply under load. But it's hard not to wonder. There's no way to know there's a problem until it's too late. It's a good reminder to keep your coins off Coinbase.
> It's a good reminder to keep your coins off Coinbase.
I'm finding that keeping coins off of Coinbase is easier to do than keeping cash off of Coinbase. It's fast and cheap to transfer cryptocoins to Coinbase, but takes me days to add cash.
Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues
#173Until the situation with bitfinex pumping billions of unbacked tether into the ecosystem is resolved, doing anything involving bitcoin right now is insane. They’ve released almost $200 million worth of tether in the last day .
Another worrying development on the bitfinex story is that one of its employees has removed the warrant canary from his twitter profile.
https://twitter.com/el33th4xor/status/941707765910818816
I think this is a bearish signal until its clarified.
Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues
#174Earlier quoted context omitted.
This happened to me as well a few weeks back. Smells a lot like a Ponzi scheme. Looking for a new exchange, but they're all having problems with staying online or verifying new accounts.
The fact that HN is just discovering Coinbase (Normiebase) and not discussing the in's and out's of Etherdelta tells me this bubble still has a far way to go before it bursts.
How many fund-stealing XSS attacks has EtherDelta been hit with by now? It should be considered criminal that they still haven't put up a competent Content-Security-Policy header that would entirely block that class of exploits. Their current one is trivially-bypassable security theater that I tried reporting and got blown off. It's probably for the best that they don't have more attention.
Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues
#175Earlier quoted context omitted.
> This happened to me as well a few weeks back. Smells a lot like a Ponzi scheme. Readers, please enshrine this comment as the canonical example of the Cryptocurrency Corollary of Godwin's Law: "As an online discussion about cryptocurrency grows longer, the probability of a comparison involving Ponzi approaches 1." Coinbase's entire business is to irreversibly and permanently send you Bitcoin in exchange for you send…
I don't think it's unreasonable to think that they might using the cash influx from newer users to cover cash outs for older users. Which I suppose is fine if they keep balanced books, but not if they're not delivering advertised service to the new users, which they aren't. They took my money, gave me nothing, then went absolutely silent.
Yes, it is unreasonable. You could say that any business "might [be] using the cash influx from newer users to cover cash outs for older users." Seriously, don't hide behind the word "might." It's a lazy defense of an accusation that's based more on emotion than reason or facts.
I once ordered a computer from Dell. The sealed box arrived empty. I went through few weeks of increasingly enraged emails and phone calls. Should I have assumed Dell was a Ponzi scheme?
Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues
#176Earlier quoted context omitted.
Well now I'm worried. I also bought a tiny amount of ETH and BTC which is still in my account but I'm really worried about getting the funds out, even if it's just a refund of my original USD.
why did you give them so much money that you are "really worried" dont be irresponsible, its a new venture , dont put in your life savings ... just a couple of dollars , try it out if it doesnt work then at least its not something to be "really worried" about I gave them money , they gave me coin , everything worked ... maybe you made them angry and tried to do something illegal on their site so they shut your user d…
"maybe you made them angry and tried to do something illegal on their site so they shut your user down."
Ahh, crypto-punk-decentralized-liberatrians never seize to amaze with the level of double-think they can achieve. How someone can hold both "the government is evil and might take your money" and "maybe you made this website angry so they didn't give you your money" at the same time is truly impressice.
Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues
#177I like this article, "Bitcoin is none of the things it was supposed to be": https://theoutline.com/post/2592/bitcoin-is-none-of-the-thin... Bitcoin can't operate as a currency without having exchanges between it and other currencies, and those exchanges strip all the benefits of bitcoin. Edit: show title of article.
A few years ago, it was easy to say "well, all the issues are at the BTC USD (or other fiat currency) boundaries". But today's bitcoin is nearly unusable even just within the confines of the bitcoin network. For small amount of bitcoin (less then $15) it is incredible impractical to make a single transaction. Fees are around $5 and often much higher, with confirmation times sometimes reaching 6+ hours.
Maybe there is hope with Bitcoin Cash (BCH), because it can piggyback on the existing bitcoin integration infrastructure. Or maybe Ethereum or Monero or some other altcoin will take the place of Bitcoin. But more and more, it's looking like the original cryptocurrency has failed to innovate and solve fundamental scaling issues and it's first-mover advantage won't last. If these altcoins can scale better than bitcoin, they only need to match bitcoin's integrations with the existing financial system to win.
Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues
#178Coinbase should solve it's coinbase trust issue. I bought a small amount of litecoin almost 2 weeks ago, i'm well past my "delivery by" date, my funds left my bank account over 10 days ago, yet I still don't have my coins in my account.
To the dozens/hundreds of complaints like this, there are tens of thousands of non-complaints that you don't ever hear about -- users who use the service to buy/sell/withdraw without issues.
People are particularly emotional about Coinbase because it touches on their bottom line -- money. But let's not forget the fact that ALL startups have major scaling woes. Bugs in the tech being ironed out, overwhelmed support and engineering teams recruiting and integrating talent to meet the demand -- in Coinbase's case exponentially growing demand. If you've worked in a software startup you know how easy it is to be met with exponential increase in demand, and how impossibly difficult it is to stay above water growing a team at the same rate.
I'm positive on Coinbase due to their backing. YC, Andreessen Horowitz, DFJ, among dozens of high-profile investors. These guys want a $20B valuation, they're not interested in backing a failing company or a scam.
Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues
#179Earlier quoted context omitted.
My theory on tether is their goal is to absorb as much downward (selling) pressure as possible on the BTC/USD market and encourage only upward movement of BTC (equally applies to any other crypto) 1) Someone who wants to sell $1M USD of BTC may be happy to take $1M USDT instead for legal/tax purposes. This transaction would have zero impact on the BTC/USD price. 2) Tether receives $1M worth of BTC they can slowly dis…
This is a great analysis, but I’m stuck on this point. > 1) Someone who wants to sell $1M USD of BTC may be happy to take $1M USDT instead for legal/tax purposes. Can you clarify that you mean for the purpose of tax evasion as opposed to tax avoidance? IANATL but it seems very unlikely that the IRS or any tax jusrisdiction that I’m aware of, would consider a trade into USDT a like-kind transaction [1]. It would still…
I've specifically seen folks discussing converting to tether now (on the fear that BTC will fall) and waiting til 2018 to redeem due to pending tax cuts. So this would be an avoidance strategy.
I have no idea on the legal specifics or whether or not Tether/Bitfinex are going to be providing reporting to governmental agencies (like Coinbase+IRS are doing). The discussions I've seen often cite Tether as a way to capture profits in USD and holding off on the "real" USD conversion at a later place or time (taxes or restrictive outflows like China's $50k USD/yr limit). Basically viewing it as a way to operate in USD without creating a banking paper trail.
If conversion to USDT causes a legally taxable event that's going to remove a significant portion of the proposed use-cases for tether.
> If lots of people really are operating under a different belief then this is going to get really messy.
I think "really messy" is a given at this point. I was in Starbucks a few days ago and overhead a non-tech savvy man say: "I need to figure out how to buy some of that bitcoin so I can get rich but all the websites I've found are crooks!"
Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues
#180The Bitcoin "community" seems to try very hard to prevent that from happening, even if you ignore all of the shady activity various exchanges are engaged in.
Do the downvoters care to explain themselves instead of just trying to bury my post? Do you guys think the constant forks, obvious coordinated market manipulation, constantly changing story about what Bitcoin is supposed to be, and general obnoxiousness and ridiculous behavior of the majority of Bitcoin cultists makes Bitcoin look good to outsiders?
As someone who has been involved with and supportive of Bitcoin for several years (I started mining in 2011), the fact that it's impossible to point out any of the negative aspects of Bitcoin and the community surrounding it without just being downvoted or accused of "not holding any Bitcoin and being jealous" is starting to become incredibly tiresome. Denying the negative aspects of this sector is just going to encourage those negatives to continue. You guys are your own worst enemy.
I know a number of people who won't touch Bitcoin with a 500ft pole because of this shit. These are people with large sums of money that could be flowing into the sector, who are being chased away by the stupidity and shysterish behavior of the Bitcoin community and shady exchanges.