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Coinbase Commerce: merchants can accept multiple digital currencies

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Re: Coinbase Commerce: merchants can accept multiple digital currencies

#81

Post by vosper »

mancerayder wrote: post #60
vosper wrote: post #51

Earlier quoted context omitted.

I'm in this boat now - I've been a Coinbase customer for years, and then randomly they blocked my ability to withdraw my money (MY money, BTW) from the account. Nothing had changed about my account setup. Now they want me to go through the Photo ID process, but I don't have a US drivers license, only a permanent resident (green) card for ID. Which should be fine, after all it works as ID for literally everything else…

The error of the ways of Coinbase seems to be allowing various transactions and money transfer activity, sometimes for lengths of time, on unverified accounts. Then, suddenly boom, there's a problem, and customer support is already backlogged. Kind of like they opened the door to unlimited new subscribers and sobbed that they were overloaded. With some of the HN crowd playing the violin music of poor, fast-growing st…

Yeah what's particularly frustrating is that I'm not a new user, I've had an account for years. If I had a problem signing up, and couldn't start using their service, that would be one thing, but that I already have money in there and they're preventing me from getting it back is what's really frustrating me.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#82

Post by sangnoir »

lojack wrote: post #77
sangnoir wrote: post #72

If you ever added your US bank account to Coinbase by giving it your online banking credentials(!)[1], you might want to know that your financial/banking information was crawled (income, costs, average balance), and is available for resale[2] to 3rd parties. 1. This is very, very, very bad for security, but is only possible because US interbank transfers are way behind the rest of the world (including 3rd world count…

> Everywhere else, all you need to transfer money is the name of the bank, account holder and account number. I'm curious where you got this bit of information? All I need to transfer money in the US is a routing number and account number.

> All I need to transfer money in the US is a routing number and account number

While this is true, Routing + account numbers are less useful as this information can only be shared with trusted parties because anyone with this information can trigger a debit(!) against your account. For all the other countries I know, the worst anyone can do is deposit money into your account.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#83

Post by blunte »

blunte wrote: post #49

The KYC/AML regulations require essentially 1:1 human effort for every new person who attempts to buy any practical amount of cryptocurrency (within the US and EU, and probably elsewhere). So the #1 problem is that people who want to buy some cryptocurrency cannot. They wait days or weeks to get verified. And the exchanges and money changers want to provide the virtual currency to the hungry customers, but they canno…

Here's tip for getting past the automatic verification failure problem on Coinbase: after failing, try their mobile option. For whatever reason, the mobile option (where you take a photo of your ID with your phone) seems to work much more reliably than the computer method.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#84

Post by zachperret »

sangnoir wrote: post #80
zachperret wrote: post #74

Earlier quoted context omitted.

Plaid co-founder here. We don't resell data. In the case of Coinbase, they're setting up ACH transfers (see Auth on our products page), to avoid the 3-5 day delay in connecting a bank account for ACH.

> We don't resell data. There must be some confusion on my part, because I consider this product ( https://plaid.com/products/income/ ) as selling the income data, I'm guessing it's unrelated to Coinbase. In any case, are you able to unequivocally state that you do not collect this data for coinbase users, even if it's not for reselling? I know you might have good intentions, but there's no telling where that data wi…

Our Income product is distinct from Auth, and not used by Coinbase. The only way for a consumer's Income data to be collected, analyzed, and sent is when the consumer directly permissions an application to receive it.

Let's say you're applying for a loan via a lender that's a Plaid customer and you want to verify your income. In that case, you'd have to link your bank account with that lender (via Plaid), giving that lender permission to collect data about your Income. There's no way for that lender to get your income (or any other) data from Plaid without you explicitly connecting your account.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#85

Post by jstanley »

root_axis wrote: post #71
jstanley wrote: post #14

Earlier quoted context omitted.

Part of the appeal of bitcoin is that you don't need to care what a payment processor thinks of your business. You're welcome to accept bitcoin payments without using coinbase or any other payment processor.

Right... but then you have to manage securing and cashing out the tokens yourself.

That's a much easier problem to solve than the initial problem of building a profitable business.

Re: Coinbase Commerce: merchants can accept multiple digital currencies

#86

Post by __blockcipher__ »

freejulian wrote: post #75
__blockcipher__ wrote: post #63

Earlier quoted context omitted.

What? GDAX is one of the best companies out there in the field. Note to others: a portion of the internet seems to relentlessly attack Coinbase because they listed Bitcoin Cash (BCH) months ago

Bitcoin Cash was listed in an incredibly dishonest way. They “surprised” announced it at 8pm on a Tuesday night. Along with the “launch” they had disabled selling bch from the fork (you could only buy). The launch coincided with Roger Ver and numerous CNBC “stories” trashing Bitcoin. It was so shady Coinbase agreed to launch an insider trading investigation. Worse, coinbase is dragging their feet improving their Bitc…

That is not an accurate chain of events.

I understand why they did not pre-announce. They would have been attacked by rabid BTC fans, plus a bunch of astroturfers and bots.

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