5 ms·

“Upvote If [Coinbase] Wire Withdrawal Still Missing”

71 points by g09980 9y ago

g09980 9y ago
Many more threads like this: https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_your_wires_withdrawals_are_from_dec/ https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_... https://www.reddit.com/r/CoinBase/comments/7o6nqb/880000_withdrawal_delay/ https://www.reddit.com/r/CoinBase/comments/7o6nqb/880000_wit... https://www.reddit.com/r/CoinBase/comments/7o4tgz/please_help_coinbase_lost_my_8000_usd_wire/ https://www.reddit.com/r/CoinBase/comments/7o4tgz/please_hel... https://www.reddit.com/r/CoinBase/comments/7o7wxa/its_time_for_organized_legal_action/ https://www.reddit.com/r/CoinBase/comments/7o7wxa/its_time_f... https://www.reddit.com/r/CoinBase/comments/7nnqxx/us_wire_transfers_from_coinbase_to_bank_from_dec/ https://www.reddit.com/r/CoinBase/comments/7nnqxx/us_wire_tr... https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_your_wires_withdrawals_are_from_dec/ https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_... https://www.reddit.com/r/CoinBase/comments/7kwllo/stop_giving_lies_and_false_hope_with_up_to_3_days/ https://www.reddit.com/r/CoinBase/comments/7kwllo/stop_givin... https://www.reddit.com/r/CoinBase/comments/7kt75b/coinbase_not_paying_out_i_transferred_26k_by_wire/ https://www.reddit.com/r/CoinBase/comments/7kt75b/coinbase_n... https://www.reddit.com/r/CoinBase/comments/7mcy2n/up_vote_if_your_wire_withdrawn_from_1212_1215/ https://www.reddit.com/r/CoinBase/comments/7mcy2n/up_vote_if... https://www.reddit.com/r/CoinBase/comments/7nntqf/waiting_for_30k_wire_for_two_weeks_already/ https://www.reddit.com/r/CoinBase/comments/7nntqf/waiting_fo... https://www.reddit.com/r/CoinBase/comments/7o6oyv/list_of_cases_for_olga_from_coinbase_sepa_and/ https://www.reddit.com/r/CoinBase/comments/7o6oyv/list_of_ca...
dmm 9y ago
Hopefully this is just growing pains and not the first signs of insolvency. MtGox stopped most USD withdrawals by June 2013 but didn't shutdown until Feb 2014.
- Torgo 9y ago
  Well, as a counterexample, I have been withdrawing to bank account from Coinbase for a couple weeks now with zero problems.
fetus8 9y ago
I've posted about my experience on some of the other Coinbase links on here, and will continue to do so to be informative. I had an issue with Coinbase back in early 2016, where my bank account was charged for a transaction that I didn't initiate, and I contacted their support and got no response. I waited a few weeks and reached out multiple times and got nothing. I contacted my bank and they initiated a fraud investigation, and determined it was fraud and refunded my money, partially because Coinbase refused to communicate with myself or the bank. Do NOT use Coinbase. Use Gemini or Bitstamp, yes you have to get verified, but it's worth the headache.
- joezydeco 9y ago
  BTDT, in 2013. https://news.ycombinator.com/item?id=5427985 https://news.ycombinator.com/item?id=5427985 Just tread lightly about criticizing Coinbase here. You're still on YCombinator turf.
  - throwaway2048 9y ago
    Nobody should have to tread lightly about criticizing YC companies on HN, the mods specifically note taking a light touch on threads like this to avoid the perception of censorship and bias.
    - joezydeco 9y ago
      Dig into the thread I posted and you'll see a different attitude back then. If it's changed, that's great. But you're still on their turf. And I'm getting downvoted for saying it. Draw your own conclusions.
      - cornyNetHandle 9y ago
        Perhaps it needs a mow and some weeding.
koolba 9y ago
Every article I read about Coinbase is either about the system being down, people not able to withdraw their funds, or not being able to contact support. Who's the primary competition for Coinbase in the USA? Seems ripe for a competitor to step up.
- dnautics 9y ago
  I mean there's some degree of survivorship bias. I've had no problems with coinbase on my personal account, but had a serious snafu with a corporate (non profit) account I had on there - for reasons that had more to do with the irs than coinbase I suspect.
- scrollaway 9y ago
  No kidding. I've been trying to recover my account for almost a month now. They're not answering the support thread anymore, nor on twitter.
- bpicolo 9y ago
  Primarily because people tend to complain only about issues. I've both funded and withdrawn from bitcoin on several occasions, no issues at all, always quick. We're talking millions of users with significant money at stake, when things go wrong it turns to vitriol very quickly (and there is a lot of room for user error, too). You don't see others catch as much flak because nobody is even close to the size of Coinbase, but there are similar issue threads for e.g. gemini out there.
  - awicklander 9y ago
    This rings true, but also, a "no response" from support is never acceptable.
    - bpicolo 9y ago
      I suspect it's less no response and more extremely delayed response. They added hundreds of thousands of users (maybe a million +) in the space of a couple weeks. December growth of the crypto space was absolutely massive - something like 10 exchanges have closed off new registrations. I'm sure their support is currently massively overworked and they can't hire quickly enough.
659087 9y ago
Having met some early (and I'm assuming still current) Coinbase employees several times in social situations, I can say without a doubt that "I would trust these guys with my money" wasn't among my thoughts about them. They were the types of people who could make any social interaction feel like an MLM pitch.
- Mandatum 9y ago
  It's a currency trading platform - like all businesses created for the sole purposes of making money, but that's certainly a more prominent mission in this type of company. It's about money, and it's purpose is to help make more money. It's not surprising that this kind of business attracts a certain type of personality and people.
illumilichen 9y ago
i once had an experience which was not good with coinbase...i finally met galvin, am happy i did because ever since then he has been the one handling my every need up to hacking needs...these guys are simply superb. >>>galvinaccess2@gmail. com
csomar 9y ago
While I don't think Coinbase is scamming users, and they are certainly highly regulated. They are definitively the most incompetent organisation this year. Bitfinex does get lots of heat in the crypto space, but comparing it to the rest of exchanges they have been rather very professional and fast to fix issues.
jimrandomh 9y ago
That thread contains numerous people claiming their USD withdrawals were marked as completed, but the money failed to appear. Overloaded customer service reps from Coinbase appear to be looking into and handling them individually. I think this is what it would look like if their systems had been hacked, and thieves were cleaning them out by changing the destinations of wire transfers. If that was happening, they wouldn't necessarily be insolvent - they were probably holding lots of Bitcoin during the massive rise in price, and the losses would be in USD - but it'd certainly mean they were in trouble.
- deleted 9y ago
  [deleted]
foobarbazetc 9y ago
The telltale sign of a business with cash-flow issues.
- 659087 9y ago
  Mt. Finex and Mt. Coinbase are in a race to see who can claim the title from Mt. Gox. Unfortunately for cryptocurrency markets, the end result will be disaster regardless of who wins that race.

71 points by g09980 9y ago

Many more threads like this: https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_your_wires_withdrawals_are_from_dec/ https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_... https://www.reddit.com/r/CoinBase/comments/7o6nqb/880000_withdrawal_delay/ https://www.reddit.com/r/CoinBase/comments/7o6nqb/880000_wit... https://www.reddit.com/r/CoinBase/comments/7o4tgz/please_help_coinbase_lost_my_8000_usd_wire/ https://www.reddit.com/r/CoinBase/comments/7o4tgz/please_hel... https://www.reddit.com/r/CoinBase/comments/7o7wxa/its_time_for_organized_legal_action/ https://www.reddit.com/r/CoinBase/comments/7o7wxa/its_time_f... https://www.reddit.com/r/CoinBase/comments/7nnqxx/us_wire_transfers_from_coinbase_to_bank_from_dec/ https://www.reddit.com/r/CoinBase/comments/7nnqxx/us_wire_tr... https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_your_wires_withdrawals_are_from_dec/ https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_... https://www.reddit.com/r/CoinBase/comments/7kwllo/stop_giving_lies_and_false_hope_with_up_to_3_days/ https://www.reddit.com/r/CoinBase/comments/7kwllo/stop_givin... https://www.reddit.com/r/CoinBase/comments/7kt75b/coinbase_not_paying_out_i_transferred_26k_by_wire/ https://www.reddit.com/r/CoinBase/comments/7kt75b/coinbase_n... https://www.reddit.com/r/CoinBase/comments/7mcy2n/up_vote_if_your_wire_withdrawn_from_1212_1215/ https://www.reddit.com/r/CoinBase/comments/7mcy2n/up_vote_if... https://www.reddit.com/r/CoinBase/comments/7nntqf/waiting_for_30k_wire_for_two_weeks_already/ https://www.reddit.com/r/CoinBase/comments/7nntqf/waiting_fo... https://www.reddit.com/r/CoinBase/comments/7o6oyv/list_of_cases_for_olga_from_coinbase_sepa_and/ https://www.reddit.com/r/CoinBase/comments/7o6oyv/list_of_ca...

dmm 9y ago

Hopefully this is just growing pains and not the first signs of insolvency. MtGox stopped most USD withdrawals by June 2013 but didn't shutdown until Feb 2014.

Torgo 9y ago
Well, as a counterexample, I have been withdrawing to bank account from Coinbase for a couple weeks now with zero problems.

fetus8 9y ago

I've posted about my experience on some of the other Coinbase links on here, and will continue to do so to be informative. I had an issue with Coinbase back in early 2016, where my bank account was charged for a transaction that I didn't initiate, and I contacted their support and got no response. I waited a few weeks and reached out multiple times and got nothing. I contacted my bank and they initiated a fraud investigation, and determined it was fraud and refunded my money, partially because Coinbase refused to communicate with myself or the bank. Do NOT use Coinbase. Use Gemini or Bitstamp, yes you have to get verified, but it's worth the headache.

joezydeco 9y ago
BTDT, in 2013. https://news.ycombinator.com/item?id=5427985 https://news.ycombinator.com/item?id=5427985 Just tread lightly about criticizing Coinbase here. You're still on YCombinator turf.
- throwaway2048 9y ago
  Nobody should have to tread lightly about criticizing YC companies on HN, the mods specifically note taking a light touch on threads like this to avoid the perception of censorship and bias.
  - joezydeco 9y ago
    Dig into the thread I posted and you'll see a different attitude back then. If it's changed, that's great. But you're still on their turf. And I'm getting downvoted for saying it. Draw your own conclusions.
    - cornyNetHandle 9y ago
      Perhaps it needs a mow and some weeding.

koolba 9y ago

Every article I read about Coinbase is either about the system being down, people not able to withdraw their funds, or not being able to contact support. Who's the primary competition for Coinbase in the USA? Seems ripe for a competitor to step up.

dnautics 9y ago
I mean there's some degree of survivorship bias. I've had no problems with coinbase on my personal account, but had a serious snafu with a corporate (non profit) account I had on there - for reasons that had more to do with the irs than coinbase I suspect.
scrollaway 9y ago
No kidding. I've been trying to recover my account for almost a month now. They're not answering the support thread anymore, nor on twitter.
bpicolo 9y ago
Primarily because people tend to complain only about issues. I've both funded and withdrawn from bitcoin on several occasions, no issues at all, always quick. We're talking millions of users with significant money at stake, when things go wrong it turns to vitriol very quickly (and there is a lot of room for user error, too). You don't see others catch as much flak because nobody is even close to the size of Coinbase, but there are similar issue threads for e.g. gemini out there.
- awicklander 9y ago
  This rings true, but also, a "no response" from support is never acceptable.
  - bpicolo 9y ago
    I suspect it's less no response and more extremely delayed response. They added hundreds of thousands of users (maybe a million +) in the space of a couple weeks. December growth of the crypto space was absolutely massive - something like 10 exchanges have closed off new registrations. I'm sure their support is currently massively overworked and they can't hire quickly enough.

659087 9y ago

Having met some early (and I'm assuming still current) Coinbase employees several times in social situations, I can say without a doubt that "I would trust these guys with my money" wasn't among my thoughts about them. They were the types of people who could make any social interaction feel like an MLM pitch.

Mandatum 9y ago
It's a currency trading platform - like all businesses created for the sole purposes of making money, but that's certainly a more prominent mission in this type of company. It's about money, and it's purpose is to help make more money. It's not surprising that this kind of business attracts a certain type of personality and people.

illumilichen 9y ago

i once had an experience which was not good with coinbase...i finally met galvin, am happy i did because ever since then he has been the one handling my every need up to hacking needs...these guys are simply superb. >>>galvinaccess2@gmail. com

csomar 9y ago

While I don't think Coinbase is scamming users, and they are certainly highly regulated. They are definitively the most incompetent organisation this year. Bitfinex does get lots of heat in the crypto space, but comparing it to the rest of exchanges they have been rather very professional and fast to fix issues.

jimrandomh 9y ago

That thread contains numerous people claiming their USD withdrawals were marked as completed, but the money failed to appear. Overloaded customer service reps from Coinbase appear to be looking into and handling them individually. I think this is what it would look like if their systems had been hacked, and thieves were cleaning them out by changing the destinations of wire transfers. If that was happening, they wouldn't necessarily be insolvent - they were probably holding lots of Bitcoin during the massive rise in price, and the losses would be in USD - but it'd certainly mean they were in trouble.

deleted 9y ago
[deleted]

foobarbazetc 9y ago

The telltale sign of a business with cash-flow issues.

659087 9y ago
Mt. Finex and Mt. Coinbase are in a race to see who can claim the title from Mt. Gox. Unfortunately for cryptocurrency markets, the end result will be disaster regardless of who wins that race.