Coinbase is still in BETA. Dont forget this.
This isnt a huge multinational corporation with hundreds of employees.
Its a small startup with a few employees and some big ideas. They are doing very well to promote and expand BTC.
Coinbase isnt perfect yet, but its getting better day by day - they are figuring out a lot of complex stuff for the 1st time.
No. It's a tiny start-up with no competence, no capital, a lot of cheek and the apparent complete obliviousness of the environment they operate in that is so very typical of failures.
It's not a matter of "not being perfect yet" just like the random rapist isn't "not a perfect husband yet". He's not a husband at all, to begin with, and it's by now too late for him to become one. Who marries their rapist?!
They are a bitcoin selling service that hasn't been able to sell bitcoin in a month or more. I think they need to pull the plug, regroup and figure out a plan. Then when they are ready to roll back out. Only take on customer's they are able to and not anymore. I do like their service but I also get frustrated when you hear/see nothing on a company that obviously has problems.
Practically speaking this can't happen. Let me explain for the general benefit how the
Ycombinator freakshow works:
Step 1. Some strippers / party actors (those guys that show up at preschooler birthday parties dressed up as Ronald McDonald/molest unattended children at Disneyworld) are hired by the hour by some modern equivalent of the ghetto slumlord/slave runner.
Step 2. Partyvan delivers the freaks at a "conference", which is practically speaking a large empty unfurnished room filled with US' version of unemployed youth. These are the kids with no skills and no abilities that push up the unemployment figure to 30% or more in places like Spain. In the US they are nominally "employed" doing things like "social media consultancy", journalism, "research" and the eternal "I'm in a transitional phase right now". Just as long as there's some free chips at the buffet, they've "not had time" to have breakfast yet.
Step 3. The spammers at the head of the ring (such as, for instance, Paul Graham) start their arduous work trying to parlay all this nothing into some money. A representative sample, (email spam):
I know you're skeptical they'll ever get hotels, but there's a
continuum between private sofas and hotel rooms, and they just moved
one step further along it.
[link to an airbnb user]
This is after only a few months. I bet you they will get hotels
eventually. It will start with small ones. Just wait till all the
10-room pensiones in Rome discover this site. And once it spreads
to hotels, where is the point (in size of chain) at which it stops?
Once something becomes a big marketplace, you ignore it at your
peril.
Step 4. Fund managers have
a lot of useless fiat on their hands. A lot means something like a hundred million per partner capita as an absolute minimum. In fact they can't even practically sit down and discuss "small" deals (< 10mn say), because it can't justify their time. So they'll gladly throw a few tens of ks at the spammers, which gets split up among them. The ring leaders will be getting the lion's share, obviously, but even so it pays the freaks' rent (most months) and that's all they really need, the freakshow continues endlessly.
Any sort of improvement, actual or attempted, that may put the fund managers in Step 4 above in the uncomfortable situation of realizing that they've just paid some strippers/costume boys for one evening's entertainment and nothing more is by far too dangerous for the business model to even entertain. Consequently, the freakshow will continue to be a freakshow for the indeterminate future. They won't be doing anything useful ever, but they will forever maintain the impression that who knows, they may be. Next week or something. Just like a Central Casting "hot lawyer chick" looks sorta-lawyery with her glasses and briefcase even if she's never in this life going to win an actual case in an actual court or for that matter even make a legible argument.
You can't make silk purses out of cows' ears, and the freakshow circuit is
never breeding any entrepreneurs. Much like the school system, bright people at the end of it get there in spite, not because of the entire process.
