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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

#191

Post by wallacoloo »

gecko39 wrote: post #150
H99189 wrote: 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.

I had a situation where the coin balance was displayed as 0.0, but I could trade / withdraw by typing in the number I was supposed to have.

Silly question, but did you try reloading the page? I've noticed that if I place an order that isn't immediately filled, then tab to a different page and switch back to the gdax page an hour later, the account balance isn't updated even if it shows that my order was filled. Refreshing has always fixed it for me.

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

#192

Post by shrimpx »

durgiston wrote: post #187
shrimpx wrote: post #178

Earlier quoted context omitted.

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.

I can see how Silicon Valley standards have to rise up to Wall Street standards and they're not there yet. Tech like Auto/Finance/Space are new to SV and they're all full of scaling woes. Traditionally "SV style" has been to be scrappy and accept a healthy amount of breakage, and never say no to incoming demand, even if it's crippling your platform.

You have a point that SV needs to get into the mindsets of the industries they are trying to disrupt and rise to those higher standards.

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

#193

Post by shrimpx »

durgiston wrote: post #187
shrimpx wrote: post #178

Earlier quoted context omitted.

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.

To add another point, Coinbase is in unchartered territory. I want to see a new cryptocurrency investment firm show up on the market and function without a hitch. Companies like Coinbase are the only datapoints so far in this space.

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

#194

Post by shrimpx »

Nursie wrote: post #182
shrimpx wrote: post #178

Earlier quoted context omitted.

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.

"Can't deliver the service as expected" is par for the course in innovative early stage startups. Veteran tech companies like Apple, Microsoft, Cisco, Intel, Oracle, etc., struggled hard and failed to deliver as expected for many years. And still do. Apple computers and OSes in the 90s were unusable garbage; you spent more time twiddling extensions than actual use. Remember Windows 3.1x? It was an utter failure of an OS but the only available solution to many businesses. Time will tell how Coinbase evolves but my take is they'll continue to improve and catch up to demand.

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

#195

Post by shanusmagnus »

FabHK wrote: post #93
nostrademons wrote: post #74

Earlier quoted context omitted.

I think the WTF is that the original point of cryptocurrency was that it was supposed to be decentralized , with no big institutions that you must trust. Coinbase Custody is essentially reinventing the exact institutions that bitcoin was supposed to cut out of the loop. You're supposed to store $10M in BTC on the blockchain, which - after all - records ownership of every bitcoin ever mined. And keep access to it in a…

Very well put. It is sort of funny, isn't it. Bitcoin maximalist: "Bitcoin, no need to trust evil centralised institutions!" Actual Bitcoin users: "Oh, hey, could you take care of my Bitcoin balance for me, please? And you have password recovery, right?"

What I think is sort of funny is that you've just described two poles, but seemingly can't grasp the infinite gradient in between those poles where people with different risk tolerances and security requirements can exist.

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

#196

Post by Nursie »

shrimpx wrote: post #194
Nursie wrote: post #182

Earlier quoted context omitted.

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.

"Can't deliver the service as expected" is par for the course in innovative early stage startups. Veteran tech companies like Apple, Microsoft, Cisco, Intel, Oracle, etc., struggled hard and failed to deliver as expected for many years. And still do. Apple computers and OSes in the 90s were unusable garbage; you spent more time twiddling extensions than actual use. Remember Windows 3.1x? It was an utter failure of an…

But that's not the point here, is it?

It can't provide the level of service expected for financial services of this sort. That doesn't imply they should give up and go home, but it does mean that one should temper one's expectations of being taken fully seriously.

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

#197

Post by spookthesunset »

j4ship wrote: post #155
H99189 wrote: post #146

Earlier 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…

> just a couple of dollars , try it out if it doesnt work then at least its not something to be "really worried" about

Could you imagine living in a world where you had to start every business relationship by only making extremely small "beta test" transactions, be it a trip to Target to opening an account at your local credit union. Like, on your first trip to Costco, you only bought a box of gum because you couldn't ever be sure they wouldn't somehow completely fuck you over and if they did fuck you over the societal response would always be "LOL too bad, so sad.... shouldn't have trusted them!!!"

I dunno about anybody else, but that really isn't the world I would want to live in.

There is value, substantial value, to trust others and when that trust fails, having a solid legal system to back you up. If you cannot trust anybody but yourself, every transaction you make becomes significantly more expensive.

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

#198

Post by ultraluminous »

shanusmagnus wrote: post #195
FabHK wrote: post #93

Earlier quoted context omitted.

Very well put. It is sort of funny, isn't it. Bitcoin maximalist: "Bitcoin, no need to trust evil centralised institutions!" Actual Bitcoin users: "Oh, hey, could you take care of my Bitcoin balance for me, please? And you have password recovery, right?"

What I think is sort of funny is that you've just described two poles, but seemingly can't grasp the infinite gradient in between those poles where people with different risk tolerances and security requirements can exist.

What he's describing is that the overwhelmingly vast majority of people (who are supposed to replace fiat with ctypto in the future) reside on one end of the pole. The end with all the real-life, non-ideologically-constrained usability.

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

#199

Post by qaq »

dkersten wrote: post #50
qaq wrote: post #9

Earlier quoted context omitted.

No counterparty risk - and what instrument exactly has this amazing property?

Something that’s insured?

Right like CDS by AIG insured now you have another counterparty risk to account for

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

#200

Post by nihonde »

pjc50 wrote: post #107
nihonde wrote: post #78

Earlier quoted context omitted.

What’s your point? I thought we were talking about cryptocurrency transactions and the need for uptime on exchanges.

Crypto to real money transactions are the important ones exchanges are for. It's no use if you can't cash your winnings.

“Cash” is just another currency. It’s all trading seashells all the way down.
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