11–20 of 56 posts
I almost double checked if its not 1 April? How will they make money?
Also, on the increased value (deflation) of Bitcoin they already hold from the increased adoption caused by the allure of fee free e-commerce.
Didn't I just sell 40BTC without having to pay Coinbase's 1%? I wouldn't feel right doing this even though it looks like it wouldn't even be going out of my way to do it.
Coinbase is not instant like advertised, it's identity verification system to level 2(the one that is instant) is incorrect and I try it every day but it will not accept that the information I provide to prove my identity is correct, even though it is. So I'm stuck at level 1 for no reason, Coinbase's main thing going with it is that they're the only competitor that seems to have not let the entire operation burn dow…
> Your ID could not be verified at this time. Insufficient Data for Questions
I've emailed, tweeted, and posted to their support center about it with no response over the last week. They need to get that support staff[1] up and running quick.
1. http://blog.coinbase.com/post/58733449732/we-are-looking-to-...
I almost double checked if its not 1 April? How will they make money?
The number of people using Bitcoin now is negligible, it may as well be 0. Coinbase is perfectly positioned to be a serious player if Bitcoin does achieve the lofty goals supporters are aiming for: Coinbase will make money hand over fist from personal users if that happens. 0% for merchants is Coinbase investing in the long term success of Bitcoin. The money they would make now from charging merchants is inconsequent…
Their investors (USV et al) definitely understand marketplaces back-and-forth and are in it for the long game. It makes sense to do anything possible to spur merchant adoption, and this is an eye-popping way to do it. Without merchants broadly and happily accepting Bitcoin, the marketplace just can't mature properly.
What % of Coinbase's value of is captured in merchants that will process less than $1mm lifetime? I'm sure it pails in comparison to the potential profits on the (hopefully huge and forthcoming) merchants that will drive Bitcoin at the same order-of-magnitude as Paypal, traditional credit cards, etc.
In that direction, it seems like charging customers has become untenable since PayPal (and credit cards, really).
PS: In terms of adoption, Bitpay has several companies doing $1M+ monthly, so this promotion isn't without meaningful value to someone.