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Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

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Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

#181
post #118

Earlier 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…

>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." Because the Corollary is true. At this point to believe otherwise marks you as a credulous dupe. You were probably defending Mt Gox up to the day of its collapse. The Bitcoin True Beli…

You're inserting ad hominem attacks in a thread that didn't have them or need them. Settle down.

Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

#182
post #8

Coinbase 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 an…

Handwaving.

Yup, they're a startup, they're having problems, they're doing their best, actually managing pretty well given the circumstances.

None of that changes the fact that they can't deliver the service as expected.

Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

#183

Earlier quoted context omitted.

It's happened to a lot of people, and recent coinbase news supports the parent's anecdote.

Yep. I follow the ecosystem closely (not invested, just fascinated by it) and there are an incredible number of complaints about coinbase in general, and their atrocious support in particular. A VC-funded SV company should do better.

Coinbase has said they've scaled their support team 2x in recent weeks. Surely that's not an easy feat and speaks to the sort of volumes they are handling at the moment.

Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

#184
what is coinbase's stance on the future of cryptographic hash functions?

are they just trying to cash in as much as possible, like many of the investors, before the math is settled

or do they publicly state that they believe.. meaning without proof.. that p!=np?

are they resting their future, and the futures of all of their users.. and here apparently the economy writ large.. on faith?

Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

#185
post #8

Coinbase 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.

Yeh I think people flooding to coinbase to make overnight money expect instant gratification but coinbase has to register users with the Federal Trade commission at least for me as an American so let's not forget in addition to the other comments detailing how hard it is for any startup to scale, there is another bottleneck called FTC approval for first time coinbase users and that is on the Federal Trade Commissions timeline.

Let's also not forget while many other otherwise good UI platforms dropped out of NY because well, it was too hard and the fees were too high coinbase continued to integrate and work with lawmakers because they know how important it would be not to disciminate against states and also to have legal integration with Wallstreet, so as much as you may be upset with Coinbase for not scaling fast enough for you and making the government go faster, you should ask why so many other platforms aren't there to offer you an equally good alternative.

That being said, throughout all this bustle lately, I have not experienced issues with Coinbase and have performed a variety of money moving actions to and from multiple bank accounts coinbase and gdax with no delays. This could be because I'm an established user, approved by the Federal Trade Commission and have an established credit history with Coinbase which has led to another increase in what I am allowed to do.

Furthermore, Coinbase has been open apologetic, taken complete responsibility for the lack of being able to instantly gratify as they stayed over 8x the exponentiation of new users trying to register relative to the last spurt in the sunmer and promised to be transparent even if they can't be perfect. They have a ten day backlog on customer support tickets even after hiring 400 new people just for customer support and plan to hire even more.

It sounds like you are a new user who feels entitled to instant gratification, instant approval by the FCC, instant trust from Coinbase who probably doesn't have an established credit history with you and you're mad because things didn't work for you immediately.

I saw the other day Coinbase had an update saying wire transfers we're delayed 2-3 business days but I did not have a delay with mine, which means they probably prioritize established traders.

I wouldn't be so hard on Coinbase, but if you think you can provide a better solution by all means go for it. We need more competition in this space.

I also recommend certifying yourself with a few other platforms and getting your accounts tested and registered and having some money there so if you experience delays with Coinbase you have other options to move money. I am established with multiple platforms in case I experience issues with Gdax, but as it turns out I never have.

Very impressed with them.

Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

#186
post #96

Until 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 .

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…

Isn’t selling btc for another crypto currency a taxable event?

Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

#187
post #8

Coinbase 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 an…

If a new investment firm took this long to have securities show up in your account, they'd be shut down faster than you can say SEC. Coinbase isn't exactly a new t-shirt company working out issues with their silk screener, they're an allegedly $20B (alleged) currency exchange. They have a higher standard to meet.

Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

#188

Until 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 .

The truth is that nobody knows. We'll have to wait for an audit or a lawsuit to learn the truth. People are sounding alarms based on the amount of Tether being transferred to exchanges, creating theories that they must be printed from thin air. "Look how much they transferred, it must be fake." Really? The large amount is your only "proof?" "There was a Tether hack, it must be an inside job." Really? Based on what? Nothing.

The Twitter user Bitfinex'd is pretty much solely responsible for starting this trend, with Emil Gun Sirer retweeting pretty much all Bitfinex'd tweets. Often, if you dig into this evidence, you find mostly FUD signals -- taking various data from the internet and interpreting it into something that it isn't.

Basically I don't know nor care if Tether and Bitfinex are fraudulent, but personally I've never seen clear evidence that it is, and people like Bitfinex'd and Emil Gun Sirer seem to push FUD backing their personal anti-Bitfinex agendas without proof.

Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

#189
post #186
post #96

Earlier 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…

Isn’t selling btc for another crypto currency a taxable event?

Most likely in 2017 and the pending 2018 changes make it definitely taxable as both the House/Senate versions restrict IRS-1031 to real estate only. Based on all the discussions around tether, I don't think many cryptocurrency gamblers are currently aware (or care) of tax implications.

Re: Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

#190
post #81

Earlier quoted context omitted.

I've been reading about this but still don't understand the scope. The money might all be fraudulent, but it also seems like the most liquid exchange on the market would also have a huge pile of cash to sit on right now after the last few years appreciation of btc. Did Tether fraud kick off this wave?

If you look at Bitcoin, Litecoin, and Ethereum, all three kicked off their current bull market in April after Tether lost their banking relationships and stopped even trying to show that they had funds in reserve. I absolutely think that the Tether fraud kicked off this wave to the point that the general public would come in and hold the bag.

There is zero concrete proof, only people sharing their theories and beliefs so far.
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