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February 21, 2013, 11:07:37 PM |
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I signed up for a Coinbase account but will never use it because of the requirement of connecting a bank account. I understand the reason for doing this but would never consent to it myself, but it's none of my business how people choose to get bitcoins.
Coinbase will be many peoples' first exposure to Bitcoin. I suspect that many people who had issues with Coinbase and got them resolved will walk away with a generally positive experience as they know this is all new ground. But if a critical percentage don't get them resolved or the issues just keep happening (UI is something you work out before rolling out a product that's dealing in other peoples' money and last minute order cancellations after days of money holding border on sketchy) and just give up, they'll feel scammed. I know that Coinbase, and many other services that are having trouble with supply and demand, aren't out to scam people. But if you get in over your head and can't keep up with you've taken on, it will be seen in the worst light by the person that didn't get what they paid for: they'll feel scammed.
Look at the accusations about Bitinstant being a scam. We know that isn't true. They're an old and respected company, as Bitcoin goes. They just got swamped along with everyone else that deals in btc as well as a reported attack. But the newbies that get lost in the shuffle won't know that.
I hope Coinbase succeeds. I want every Bitcoin biz to do well. I suppose my point is that rather than take as many orders as possible while risking alienating a sizable percentage of people it might be better to up the order minimum and get your shit together in the delivery system first.
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