CCCB: Coinbase is close to Bankruptcy

[tiggytomb]

This is the second thread I have read this morning saying Coinbase is in trouble without posting anything to suggest this, if there were some tangible evidence you should post it with the opening statement otherwise this thread is just speculation.

Their rebranding could be just to keep up with the developing crypto world and not be left behind, either way without seeing anything to suggest otherwise I think Coinbase is good for now.

[RawDog]

This is the second thread I have read this morning saying Coinbase is in trouble without posting anything to suggest this, if there were some tangible evidence you should post it with the opening statement otherwise this thread is just speculation.

Their rebranding could be just to keep up with the developing crypto world and not be left behind, either way without seeing anything to suggest otherwise I think Coinbase is good for now.

Yeah, but you can keep thinking that with your money out of their system.  Get your money out now or get Goxxed.  Those are facts.  You don't need proof of the story to understand that you can't lose money if you don't leave it in their system.

[davis196]

What reports? Coinbase has a lot of venture capital behind them - They raised $75 million in 2015.

Can you say 'burn rate'?  $75M is nothing the way these guys were operating a year or two ago.  They've been spending money out their ass with a huge staff of people doing a bunch of bullshit.  The hype will really get to you.  I believe the reports.  Get your money out of Coinbase now - don't wait around until another Gox thing happens.  If you do, it is your own damn fault and nobody around here is going to listen to your fucking crying.

I`m happy that i deleted my coinbase account and got all my bits.

Coinbase was a major player in the bitcoin market.

Will this affect the bitcoin price?

[RawDog]

What reports? Coinbase has a lot of venture capital behind them - They raised $75 million in 2015.

Can you say 'burn rate'?  $75M is nothing the way these guys were operating a year or two ago.  They've been spending money out their ass with a huge staff of people doing a bunch of bullshit.  The hype will really get to you.  I believe the reports.  Get your money out of Coinbase now - don't wait around until another Gox thing happens.  If you do, it is your own damn fault and nobody around here is going to listen to your fucking crying.

I`m happy that i deleted my coinbase account and got all my bits.

Coinbase was a major player in the bitcoin market.

Will this affect the bitcoin price?

It shouldn't affect the price when they shut down because there are many other exchanges.  Although, we have to wait to see.  Coinbase was pretty big in the US

[Bitcoinpro]

Please stop spreading lies. Coinbase is very healthy and we have a long runway.

Charlie Lee
Director of Engineering @ Coinbase

its up to your insurer to decide that now

public opinion is growing that ur funds have run out

Our insurer decides nothing. I don't think you understand how our insurance works.

Luckily public opinion can't change a lie to be the truth. Otherwise, we would be in trouble!

Sadly, people will just keep posting FUD.

ur  a commercial company so start acting like one

at the moment your floundering and it's becoming obvious

with employees pitching in off the record, get your CEO to

make a statement (or media spokesperson etc)

[gadman2]

[joe 90]

Stop trying to spread your FUD around without any tangible proof. You said that based on the current report, Coinbase is close to bankruptcy. But what report are you talking about? A person above me has already asked you that question and you simply ignored that completely and come out and posted a random link to the insurance policy of Coinbase.

...

I Googled for reports that Coinbase is in trouble and found nothing apart from a few reddit threads. Unless the OP posts links to major Bitcoin news sites stating Coinbase is close to bankruptcy I won't believe it. As the OP already ignored some requests to post links I don't think there are any. The best he could manage is a link to a reddit thread.

[LFC_Bitcoin]

When do people at the top of huge companies post on internet forums to deny rumours

I smell desperation or at least some truth to the rumours, why the hell would you bother posting on here.

[RawDog]

Stop trying to spread your FUD around without any tangible proof. You said that based on the current report, Coinbase is close to bankruptcy. But what report are you talking about? A person above me has already asked you that question and you simply ignored that completely and come out and posted a random link to the insurance policy of Coinbase.

...

I Googled for reports that Coinbase ...

By the time websites publish details and Google indexes those sites - it is too late.  The door will be closed on that day.  I'll post here again in two or three weeks when all you guys are crying about not being able to get your money out.  Hahahaha.

[bittrojan]

Been seeing enough reports recently to suggest they are in major

trouble,

can you tell me more specific reason?becuase currently i use coinbase and its going normal,i sent bitcoin to my other wallet a minutes ago,sent very fast and low fees,hard to believe if this really happen.

[Bitcoinpro]

When do people at the top of huge companies post on internet forums to deny rumours

I smell desperation or at least some truth to the rumours, why the hell would you bother posting on here.

your the desperation, your ponzi is unravelling, I've been seeing reports

of pending withdrawals, the same signature pattern appearing of all the

other collapse exchanges, nobody wants to rock the boat and make

a bank run so as usual ponzi shill team arrives and the process draws

out for months and years as every last Crypto is suckered off the customers

[Herbert2020]

Been seeing enough reports recently to suggest they are in major

trouble,

can you tell me more specific reason?becuase currently i use coinbase and its going normal,i sent bitcoin to my other wallet a minutes ago,sent very fast and low fees,hard to believe if this really happen.

this whole topic looks like false information and FUD and i can't quite figure out what is the motif behind it!

but also you shouldn't keep your bitcoin at coinbase in the first place, because of one big reason: you don't have access to the private keys.

[alyssa85]

Been seeing enough reports recently to suggest they are in major

trouble,

can you tell me more specific reason?becuase currently i use coinbase and its going normal,i sent bitcoin to my other wallet a minutes ago,sent very fast and low fees,hard to believe if this really happen.

Sounds like an orchestrated campaign from people who got caught by Coinbase's risk/fraud management procedures and are sore.  

They have venture capital behind them, and they have insurance. The whole point of insurance is to protect you from bankruptcy - you pay your premium to transfer the risk to the insurer. Of all the exchanges out there they are the least likely to go bust because of that.

[ravens]

Rebranding wont protect them from bankrupty only chapter 11 can do that

Can you help us out here? What is chapter 11?

[mobnepal]

I don't think they are close to bankruptcy but they have lots of problem recently with their bank withdrawl like i have seen several post and also one today where a guy claimed he lost 10k $ on selling bitcoin in coinbase and support not replying. How they can be so careless with such a large sum of transactions.

[Newcoins2020]

Well  they do have to respond even to trolls. In my world the best way to stop a troll is by providing solid proof how healthy the company is.
This should be easy to do right?

P.S. No I don't believe coinbase is closed to bankruptcy.

[BitcoinSupremo]

I don't really care if its close to bankruptcy or not, this news should be taken with caution, as there is a saying, strong evidence is needed when you are making such a strong accusation. If I were a user of coinbase, no matter if its only a rumor I would remove all of my bits from there and read daily news what will happen during the next 2-3 weeks. If everything is just a bubble and they will be running again like normal, I would restart with them, although personally I strongly advise against any wallet in which you are not in charge of your private keys (against bitcoin philosophy).

[GreenBits]

This is the second thread I have read this morning saying Coinbase is in trouble without posting anything to suggest this, if there were some tangible evidence you should post it with the opening statement otherwise this thread is just speculation.

Their rebranding could be just to keep up with the developing crypto world and not be left behind, either way without seeing anything to suggest otherwise I think Coinbase is good for now.

Same mentality. Hearing a lot of flack on these guys, without any substantial proof. They have been very transparent in the past, I think it would be poor logistics to change this so close to the rebrand. Also, they have insurance, to the best of my knowledge. Makes little sense not to discloses a breach.

[X7]

"Some reports" why not share those so we may better understand how you drew your assumptions.

[danda]

I get the feeling that this thread is pure FUD. 

But what if it wasn't?  What if CoinBase disappeared next month?

Bitcoin would go on.  It might take another reputation hit and a price hit.  Maybe VC funding dries up and bitcoin stays low for months or years out of the mainstream, forgotten by the media.

I think that might be a great thing.  It is much better for bitcoin to spread organically, person to person, peer to peer.   With people learning and holding their own keys rather than blindly trusting yet another bank that acts like big brother: papers please, oops sorry your funds are frozen.

Meanwhile, scaling solutions start to come online and mature.

I wouldn't miss coinbase at all.