
“Upvote If [Coinbase] Wire Withdrawal Still Missing” - g09980
https://www.reddit.com/r/CoinBase/comments/7p0769/upvote_if_wire_withdrawal_still_missingshare_your/
======
fetus8
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
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
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
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
Perhaps it needs a mow and some weeding.

------
jimrandomh
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.

------
koolba
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.

~~~
bpicolo
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
This rings true, but also, a "no response" from support is never acceptable.

~~~
bpicolo
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.

------
csomar
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.

------
dmm
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
Well, as a counterexample, I have been withdrawing to bank account from
Coinbase for a couple weeks now with zero problems.

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

~~~
659087
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.

------
g09980
Many more threads like this:

[https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_...](https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_your_wires_withdrawals_are_from_dec/)

[https://www.reddit.com/r/CoinBase/comments/7o6nqb/880000_wit...](https://www.reddit.com/r/CoinBase/comments/7o6nqb/880000_withdrawal_delay/)

[https://www.reddit.com/r/CoinBase/comments/7o4tgz/please_hel...](https://www.reddit.com/r/CoinBase/comments/7o4tgz/please_help_coinbase_lost_my_8000_usd_wire/)

[https://www.reddit.com/r/CoinBase/comments/7o7wxa/its_time_f...](https://www.reddit.com/r/CoinBase/comments/7o7wxa/its_time_for_organized_legal_action/)

[https://www.reddit.com/r/CoinBase/comments/7nnqxx/us_wire_tr...](https://www.reddit.com/r/CoinBase/comments/7nnqxx/us_wire_transfers_from_coinbase_to_bank_from_dec/)

[https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_...](https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_your_wires_withdrawals_are_from_dec/)

[https://www.reddit.com/r/CoinBase/comments/7kwllo/stop_givin...](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/7kt75b/coinbase_n...](https://www.reddit.com/r/CoinBase/comments/7kt75b/coinbase_not_paying_out_i_transferred_26k_by_wire/)

[https://www.reddit.com/r/CoinBase/comments/7mcy2n/up_vote_if...](https://www.reddit.com/r/CoinBase/comments/7mcy2n/up_vote_if_your_wire_withdrawn_from_1212_1215/)

[https://www.reddit.com/r/CoinBase/comments/7nntqf/waiting_fo...](https://www.reddit.com/r/CoinBase/comments/7nntqf/waiting_for_30k_wire_for_two_weeks_already/)

[https://www.reddit.com/r/CoinBase/comments/7o6oyv/list_of_ca...](https://www.reddit.com/r/CoinBase/comments/7o6oyv/list_of_cases_for_olga_from_coinbase_sepa_and/)

------
659087
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
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.

