[2017-08-01] Coinbase customers suffer from delays as withdrawal period ends

[ivanpoldark]

Over the past few days the bitcoin platform Coinbase has been experiencing some significant withdrawal backlog from customers trying to move their bitcoins in order to obtain bitcoin cash (BCC) after a possible network fork. Since the company stated it would not support the BCC blockchain, and associated token many customers have been scrambling to withdraw. Now the time to withdraw from Coinbase and other exchanges has officially ended.

As the Bitcoin Fork Approaches Coinbase Customers Complain About Withdrawal Delays

It seems it’s been a difficult few days for the bitcoin exchange Coinbase as the company has been processing a lot more withdrawals lately due to the upcoming August 1 fork. Over the past couple of days, customers have been complaining of twelve-hour delays to get their funds off the platform. Coinbase addressed the problem a few times via Twitter stating:

        

Were experiencing delays due to a large number of bitcoin withdrawals. All funds remain secure. We understand this is frustrating for customers and will continue our efforts to process all these withdrawals as swiftly as possible.

Read more:

https://news.bitcoin.com/coinbase-customers-suffer-from-delays-as-withdrawal-period-ends/

[Iranus]

I enjoy the conspiracy theories about Coinbase stealing the users' BCC.

While I do think it's very suspicious that Coinbase blamed the Bitcoin network instead of creating an excuse which was actually reasonable, it seems unlikely that Coinbase is trying to take BCC considering that the users had at least a week in which they were processing withdrawals properly.

What is possible is that Coinbase is taking a while to withdraw coins from their cold storage into hot wallets for everyone to withdraw.

[CryptoBry]

Customers of Coinbase who have already withdrawn their Bitcoin from this service provider must never return their Bitcoin and must continue depositing it elsewhere. Apparently, Coinbase must not be listening to their customers well enough. The coins from BitcoinCash would come free so why would you not want to participate in the airdrop? They must have decide on this issue on the shoes of their customers.

[odolvlobo]

I enjoy the conspiracy theories about Coinbase stealing the users' BCC.

The problem with these conspiracy theories is that the bitcoins held by Coinbase do not belong to the customers in the first place. They belong to Coinbase, who promises to send you bitcoins when you ask for them, up to the value listed in your account.

If I owe someone a bitcoin, I don't feel that I also owe them a BCC, too.

[richardsNY]

I enjoy the conspiracy theories about Coinbase stealing the users' BCC.

The problem with these conspiracy theories is that the bitcoins held by Coinbase do not belong to the customers in the first place. They belong to Coinbase, who promises to send you bitcoins when you ask for them, up to the value listed in your account.

That's pretty much spot on, and applies to basically any exchange. In case of Coinbase, people tend to put far too much faith in their insurance policy, and thus don't mind leaving their coins in there for longer periods of time. No matter how annoying certain actions may be that people are suffering from, they should not complain as this is what one can expect to happen from exchanges and other services with full control over your funds.

[TravelMug]

I enjoy the conspiracy theories about Coinbase stealing the users' BCC.

The problem with these conspiracy theories is that the bitcoins held by Coinbase do not belong to the customers in the first place. They belong to Coinbase, who promises to send you bitcoins when you ask for them, up to the value listed in your account.

That's pretty much spot on, and applies to basically any exchange. In case of Coinbase, people tend to put far too much faith in their insurance policy, and thus don't mind leaving their coins in there for longer periods of time. No matter how annoying certain actions may be that people are suffering from, they should not complain as this is what one can expect to happen from exchanges and other services with full control over your funds.

Exactly, you don't have control of your funds if it sits on any exchange. Look at those people crying about what happened to BTC-e, most of them have huge amount in that exchange, however since you don't have total control of your funds in there, consider it gone. I think we should not put all of our life savings in those exchange the risk is too high. Hope we all learn our lessons well.