Coinbase falling apart!? stay away!

Adobe tailcaller
Dec 26, 2017 29 Comments

This is just a summary of the many similar stories people are sharing on reddit right now:

Buys taking 10+ days instead of promised 3-5 even though money left your bank on day 1, people with withdrawals pending for months unable to collect profits, people suddenly locked out of their accounts for weeks, accounts becoming suddenly unverified with coins stuck you can't sell or withdraw. Automated ID verification that has limited options and fails randomly with no human intervention. Transactions out of their system taking many hours before even hitting the blockchain.
Customer support is not responding for days except for Olga on reddit manually patching the DB it seems. The helpdesk has 2h wait times only to respond with "a specialist will look into it" and then weeks go by. There is no message or status update on their website to inform people about their money or what service level to expect.

All while their CEO is tweeting about how we should use blockchain for decentralized internet storage nonsense, ignoring the fact that his own system is on fire, happily collecting our money and then losing track of (some of) it.

Regardless of the fees, don't use coinbase, at least not right now it's a big mess looking at all the topics popping up.

https://www.reddit.com/r/CoinBase/

I don't have much tied up, can afford to lose it, but wish I'd checked reddit last week before buying in with this crappy service everyone seems to like to recommend.

What's the experience like with Gemini, Paxful, cex.io any others supporting USD?

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TOP 29 Comments
  • Verathon / Eng
    naw

    Verathon Eng

    BIO
    💅 Seattle
    nawmore
    If these problems were as rampant as people make them sound coinbase would not be in business.
    Dec 26, 2017 2
    • Adobe tailcaller
      OP
      As long as you don't interact with the system (all the hodlers) you won't notice issues. The problems started manifesting more recently so it might be too soon to gauge the size of the problem. A lot of it is due to their inability to scale the system and operations (support, transfers, withdrawals). They should act professionally and stop the influx of users and money until they stabilize and give customers with issues timelines to resolution.
      Dec 26, 2017
    • Verathon / Eng
      naw

      Verathon Eng

      BIO
      💅 Seattle
      nawmore
      Fair point
      Dec 26, 2017
  • Uber hag
    So you mean you want a bank 😏. Can’t wait till this bitcoin bullshit comes crashing down on all
    Dec 26, 2017 2
    • New / Eng zOcY81
      Fomo
      Dec 26, 2017
    • Adobe tailcaller
      OP
      Haha, they do present themselves as a service with similar guarantees to banks.
      Dec 26, 2017
  • Snapchat / Eng
    SomeEng

    Snapchat Eng

    PRE
    PepsiCo
    BIO
    I'm Dic.
    SomeEngmore
    I've had a pending LTC transaction in Coinbase since 12/18. My bank was charged 12/20.
    Dec 26, 2017 1
    • Google / Eng
      amaze

      Google Eng

      PRE
      Microsoft
      BIO
      12 yrs engineer in tech
      amazemore
      that is expected. it takes 7-10 days to arrive. coinbase website actually tells u when they will arrive
      Dec 26, 2017
  • New / Eng zOcY81
    I've never had an issue. Use gdax if at all possible.
    Dec 26, 2017 1
    • Adobe tailcaller
      OP
      Same system, same problems, mine is with their automated ID verification, I'm not the only one with funds tied up because of this. I just want my money back and move my business elsewhere.

      Seems like most issues were caused by interacting with their system in the past 2 weeks. It may have been fine before when you used it, it's definitely not right now given the flood of cries for help on reddit, twitter, facebook.
      Dec 26, 2017
  • BCG Digital Ventures AnonUsr
    They’re working on handling unprecedented growth... if you don’t like it, let’s see you make a better competitor. Do it better. Try handling more than triple your best case projections of user growth.
    Dec 26, 2017 0
  • Starkey / Eng leIH88
    It works for me. Consistently had zero issues. I use it to buy/sell BTC that I get in and out of poloniex for trading and it’s been flawless.
    Dec 26, 2017 0
  • Apple / Eng
    ZuluTime🍻

    Apple Eng

    PRE
    Microsoft
    ZuluTime🍻more
    My last deposit has taken over 7 days. Just absurdly slow. Yo, peeps! You’ve got my money. It left my bank on day one. Can I have it now for trading? Probably the last time I use this service.
    Dec 26, 2017 1
    • Aon Hewitt qTXq04
      It says it's going to take that many days when you do the transaction it tells you the day range
      Jan 1, 2018
  • LinkedIn jqTf51
    Dec 26, 2017 0
  • Noble Software Group / Design LeoMessi
    I haven't had any issues.
    Dec 26, 2017 0
  • LinkedIn jqTf51
    Are sales and withdrawals working?
    Dec 26, 2017 0
  • Oath
    $n0wBunny

    Oath

    PRE
    Yahoo
    $n0wBunnymore
    I’ve had a BTC transaction pending in CoinBase since 12/20 will look for another solution in the future
    Dec 26, 2017 1
    • Oath
      $n0wBunny

      Oath

      PRE
      Yahoo
      $n0wBunnymore
      The transaction went through today. Just took 8 days.
      Dec 28, 2017
  • Adobe tailcaller
    OP
    Finally got my coins last week and managed to move funds to Binance, but still dealing with their support or rather waiting on them to get back to me to get reverified. I want to buy in some more. Also been waiting 3+ weeks to get verified on Gemini.
    At least my portfolio is up by 70%, but when I'll be able to cash out, that's the question.
    Jan 8, 2018 0
  • Google / Eng lawful
    @OP: how's your experience now? (Reading the recent posts on r/coinbase it seems to be working okayish)
    Jan 8, 2018 0
  • Microsoft AzSvcs
    Never faced a problem so far
    Jan 1, 2018 0
  • Salesforce nSwJ04
    I did have an issue where a trade wasn’t working during a period in which they hadn’t closed trading...it’s not something that would merit a crash but it was extremely frustrating.
    Dec 31, 2017 0
  • Uber v5hca9
    Coinbase is not falling apart. It’s because there’s an influx of amateur investors who heard of BTC on TV / news blogs. These new investors failed to understand that exchanges, like Coinbase, are regulated and subject to KYC rules just like banks. That’s why money in and out are held a bit longer especially if you deposit / withdraw large amounts in one go.
    Dec 28, 2017 0
  • GitHub MkpZ11
    I haven’t seen any exchange people don’t bitch and moan about.
    Dec 27, 2017 0
  • Microsoft seemsfastr
    I haven't had any issues with coinbase other than initial slowness getting USD to crypto. But how do you cash out without coinbase?
    Dec 26, 2017 0
  • Netflix StrThings
    I've had a bank deposit pending for over a week. Starting to wonder if it will ever come in.
    Dec 26, 2017 0
  • Dropbox juicefun
    Mayhaps you could share you own experience a little more? The automated ID verification is where they take a photo of your license?
    Dec 26, 2017 0