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Coinbase Wants Wall Street to Resolve Its Bitcoin Trust Issues

bloomberg.com

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

#211

Post by FireBeyond »

dahdum wrote: post #130
carc wrote: post #94

Earlier quoted context omitted.

To counter anecdote with anecdote, I've had no issues with coinbase and have found them pleasant to use. That includes transferring to gdax/selling/withdrawing, etc.

I've never had a single problem with Coinbase either. Most complaints seem to be from brand new signups getting delayed, people failing the AML/KYC checks. My USD withdrawals always show up in my bank account 2 days later.

Probably should be completing AML/KYC checks before funding the account, but funny how there's never any issue with that not happening in a speedy amount of time...

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

#212

Post by FireBeyond »

sillysaurus3 wrote: post #125
Asparagirl wrote: post #109

Earlier 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.

> but getting more than 0.5 BTC out became quite difficult

And then Bitfinex is not processing BTC > USD transactions for ">250BTC"...

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

#213

Post by FireBeyond »

plusbryan wrote: post #183
enraged_camel wrote: post #110

Earlier quoted context omitted.

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.

Coinbase has been saying, publicly, that their support is sorely lagging for a year or more. This is hardly news to them (or their customers).

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

#214

Post by FireBeyond »

dahdum wrote: post #121
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.

Were you a new user? It takes time to go through bank verification and fraud checks.

And yet they'll debit your account that very day...

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

#215

Post by FireBeyond »

Joeri wrote: post #151
ryanmarsh wrote: post #17

Earlier quoted context omitted.

Same. Coinbase are in over their heads. There is so much room for competition here. At times I’ve been unable to access my accounts or have transactions complete in a reasonable amount of time. Coinbase closed my account without notice with no explanation other than a mention of their desire to comply with FinCEN. I never got an answer from them as-to what I did “wrong”. I sure as hell wasnt selling heroin or babies…

Imagine if Wells Fargo closed an account without notice or explanation after a customer had a few normal deposits and withdrawals. You don't have to imagine. https://consumerist.com/2017/08/21/feds-investigating-wells-...

At least you have organized, specific recourse. From the first few words of the headline of that article:

"Feds Investigating..."

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

#216

Post by FireBeyond »

shrimpx wrote: post #188
empath75 wrote: post #37

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? N…

Well, and the more mainstream reporters who asked who Bitfinex's bankers were after Wells Fargo closed their accounts, and they refused to reveal, except under an NDA...

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

#217

Post by FireBeyond »

sjy wrote: post #144
empath75 wrote: post #37

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 .

Can you provide a source for this? Is there an easy way to view the transactions that create new USDT? My searches are just turning up old Reddit posts and news articles supported by imgur screenshots. edit: This seems to show that $180 million was issued in the last 3 days: http://omniexplorer.info/lookupadd.aspx?address=3MbYQMMmSkC3...

Yeah, I'd love to know who the unnamed bank is that's handling $60MM/day in deposits for Bitfinex that they refuse to name except under NDA...

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

#218

Post by FireBeyond »

brendanw wrote: post #163
stale2002 wrote: post #111

Earlier quoted context omitted.

That was not an audit. That was a memo. They have yet to release an actual legal audit, by an official auditing company.

https://en.wikipedia.org/wiki/Bank_Secrecy_Act They may be fraudulent; they may be not. Regardless, they have a lot to lose by revealing their banking partners to the world. The United States probably used the Bank Secrecy Act to force large American banks to not send money to accounts associated with Bitfinex. If Bitfinex reveals its banking partners for Tether, then they risk getting cut off from those partners or…

Yeah, no possible problems there for any Western investors, at all. Rely instead on the hope that the US government won't figure out where $60MM a day of deposits is ending up. It's not like the IRS and Treasury Department have forensic accountants or anything like that...

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

#219

Post by FireBeyond »

dahdum wrote: post #142
stale2002 wrote: post #111

Earlier quoted context omitted.

That was not an audit. That was a memo. They have yet to release an actual legal audit, by an official auditing company.

From a NYC law office wasn't it? You believe that was falsified? It could be, sure, I just haven't seen any proof. Seems like no amount of verification will ever be enough for a good chunk of the crypto community. The scars of Mt Gox and BFX socialized loss are too deep. The market seems to think otherwise, you can unload your tether for $1.02 most days if you want.

Not falsified. But literally stated "This is not in any way an audit and does not meet the requirements of an audit".

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

#220

Post by stale2002 »

dahdum wrote: post #142
stale2002 wrote: post #111

Earlier quoted context omitted.

That was not an audit. That was a memo. They have yet to release an actual legal audit, by an official auditing company.

From a NYC law office wasn't it? You believe that was falsified? It could be, sure, I just haven't seen any proof. Seems like no amount of verification will ever be enough for a good chunk of the crypto community. The scars of Mt Gox and BFX socialized loss are too deep. The market seems to think otherwise, you can unload your tether for $1.02 most days if you want.

I believe that the memo released was not an audit.

And I believe that if you want to prove to the world that you have a bunch of money then you should do a full, legal, audit.

That's the bar. If they have all the money, then a legal audit will prove them right.

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