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Author Topic: Coinbase sees complaints grow  (Read 798 times)
hello_good_sir
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September 04, 2017, 11:45:56 AM
 #21

This always happens to Coinbase whenever Bitcoin price increasing rapidly, it's not that they lack supports but they just do it for their own purpose IMO, of course, they get huge benefits when the price increased that why they just hold the withdrawing process for their clients and will release soon when price got stable at the moment. And I'm not wondering if this exchange got the highest received complaints for this year since they always do even last year.


Manipulating transactions is a fraudulent act. If the manipulation is perpetrated to gain a pecuniary advantage while causing losses or inconveniencing their customers, then this is fraud. If their customers were to reverse roles and conduct trades where Coinbase feels they are disadvantaged, I'm sure this company would use every legal tool in their arsenal to not only financially ruin them but to also make them suffer the full brunt of the law. This is a company operating negligently with impunity.

Their excuses and apologies mean nothing if they actually do not implement changes to their operational procedures. Have a look at their pitiful reviews:

https://www.trustpilot.com/review/coinbase.com
http://bittrust.org/coinbase



Well, trustpilot is always inaccurate because it is filled with competitors trying to defame their opponents. But that is the general picture here. Coinbase has almost poloniex and yobit like support right now, and the situation seems to be only getting worse.


The CEO has recognized the problem but has done nothing about it.

He says that he will reduce the wait time to 6 hours, which is far from accurate. And he said that he'll focus Q3 on fundamentals like user experience, which he did not do well at all. If anything, it got worse.

I wouldn't be using coinbase at all, even though it might seem convenient. Full of booby traps.

This is the very same reason that's why I quit coinbase and moved somewhere else. There is no improvement after the CEO said that he will address this issue, on the contrary it gotten worst already. I surmised that in a average, they are at least receiving 1 complaints a day and nothing has been done about it that's why the queue has clog and a lot of backlogs aren't even answered. We understand that it is a difficult task to operate an exchange especially now since the user based is growing exponentially, but at least they should have upgrade their support and infrastructure to be able to deal effectively with the difficult situation. I guess they have earn millions and millions and it should be easy for them to improved and raised their standards. Sadly this is not the case, they let their customers down by falling on deaf ears.

Precisely. When you are a multimillion company that is considered to be one of the go to wallets for new bitcoin users, you better make a good product with a team of quality customer support. They keep on adding new features and coins, but seem to have completely forgotten that what people really look for is just a fast response to their tickets. And this is what makes all the difference really between a good exchange and a great exchange.

Especially after the founder himself said this, in public, viewable to anyone on their blog. This is unacceptable...

Hopefully they can sort their crap out before the end of the year. Otherwise if the amount of unanswered support tickets continue to rise, then i'm sure we'll see a sharp decline in active users on coinbase.

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September 04, 2017, 12:11:30 PM
 #22

Is Coinbase hiding something and that its really running a fractional reserve now? Its supposed to be one of the most professional services out there in Bitcoin. What happened to them?

This is from Peter Todd on Twitter.

https://twitter.com/petertoddbtc/status/891662660454010881

Quote

The "congestion" explanation doesn't make any sense.

I'd recommend the precaution of taking you BTC out, as they may be covering up a hack.



Theres nothing to do with congestion because most exchangers or service doesn't really experience such thing on having delays.Those complaints are legit and I'm one of them and this is why I decided to pull out funds as early as I can.We don't know if they do covering up a hack or not but for our own safety better to get out if you don't like to lose up money.There are lots of wallets to choose from this is why I didn't trust any exchange wallets.



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September 04, 2017, 12:43:59 PM
 #23

Is Coinbase hiding something and that its really running a fractional reserve now? Its supposed to be one of the most professional services out there in Bitcoin. What happened to them?

This is from Peter Todd on Twitter.

https://twitter.com/petertoddbtc/status/891662660454010881

Quote

The "congestion" explanation doesn't make any sense.

I'd recommend the precaution of taking you BTC out, as they may be covering up a hack.



Theres nothing to do with congestion because most exchangers or service doesn't really experience such thing on having delays.Those complaints are legit and I'm one of them and this is why I decided to pull out funds as early as I can.We don't know if they do covering up a hack or not but for our own safety better to get out if you don't like to lose up money.There are lots of wallets to choose from this is why I didn't trust any exchange wallets.


Transaction delay announcement in coinbase will be updated with the proper information published in the site itself before you transact the bitcoin. I don't see any other complaints on coinbase. I started using coinbase when I get into bitcoin onwards. Whenever blockchain increases the fees here also it reflect most. Enable two factor authentification for more secured.

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September 04, 2017, 12:53:12 PM
 #24

Is Coinbase hiding something and that its really running a fractional reserve now? Its supposed to be one of the most professional services out there in Bitcoin. What happened to them?

This is from Peter Todd on Twitter.

https://twitter.com/petertoddbtc/status/891662660454010881

Quote

The "congestion" explanation doesn't make any sense.

I'd recommend the precaution of taking you BTC out, as they may be covering up a hack.



Theres nothing to do with congestion because most exchangers or service doesn't really experience such thing on having delays.Those complaints are legit and I'm one of them and this is why I decided to pull out funds as early as I can.We don't know if they do covering up a hack or not but for our own safety better to get out if you don't like to lose up money.There are lots of wallets to choose from this is why I didn't trust any exchange wallets.


Transaction delay announcement in coinbase will be updated with the proper information published in the site itself before you transact the bitcoin. I don't see any other complaints on coinbase. I started using coinbase when I get into bitcoin onwards. Whenever blockchain increases the fees here also it reflect most. Enable two factor authentification for more secured.
Well, we do have different experiences on the site.It might work well for you but for me it isn't.As you see on OP,complaints did really increase on this year compared into those previous one. Since I do use coinbase 2fa is always been set-up.People do really have problems not only on delays but also on blocked accounts without any valid reason,holding funds etc.



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liuqi
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September 05, 2017, 10:47:48 AM
 #25

Is Coinbase hiding something and that its really running a fractional reserve now? Its supposed to be one of the most professional services out there in Bitcoin. What happened to them?

This is from Peter Todd on Twitter.

https://twitter.com/petertoddbtc/status/891662660454010881

Quote

The "congestion" explanation doesn't make any sense.

I'd recommend the precaution of taking you BTC out, as they may be covering up a hack.



Theres nothing to do with congestion because most exchangers or service doesn't really experience such thing on having delays.Those complaints are legit and I'm one of them and this is why I decided to pull out funds as early as I can.We don't know if they do covering up a hack or not but for our own safety better to get out if you don't like to lose up money.There are lots of wallets to choose from this is why I didn't trust any exchange wallets.


Transaction delay announcement in coinbase will be updated with the proper information published in the site itself before you transact the bitcoin. I don't see any other complaints on coinbase. I started using coinbase when I get into bitcoin onwards. Whenever blockchain increases the fees here also it reflect most. Enable two factor authentification for more secured.
Well, we do have different experiences on the site.It might work well for you but for me it isn't.As you see on OP,complaints did really increase on this year compared into those previous one. Since I do use coinbase 2fa is always been set-up.People do really have problems not only on delays but also on blocked accounts without any valid reason,holding funds etc.

Are you sure about that they block the accounts without passing any reasons to us! I have 2 accounts with my two email address registered with them. Two days I noticed their site was under maintenance and unable to access my wallet at that time. Should I need to change the wallet if I am security concerned.

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September 05, 2017, 10:59:59 AM
 #26

I use Coinbase frequently and never had any problem.

Scaling a business can be quite difficult, they have a lot of money to do it and I think they're handling it very well.
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September 05, 2017, 01:34:19 PM
 #27



Are you sure about that they block the accounts without passing any reasons to us! I have 2 accounts with my two email address registered with them. Two days I noticed their site was under maintenance and unable to access my wallet at that time. Should I need to change the wallet if I am security concerned.

They block accounts that send coins to addresses they associate with gambling (they're pretty puritan when it comes to that). Have you sent coins to any gambling sites?

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September 05, 2017, 04:57:12 PM
 #28



Are you sure about that they block the accounts without passing any reasons to us! I have 2 accounts with my two email address registered with them. Two days I noticed their site was under maintenance and unable to access my wallet at that time. Should I need to change the wallet if I am security concerned.

They block accounts that send coins to addresses they associate with gambling (they're pretty puritan when it comes to that). Have you sent coins to any gambling sites?

I never knew this was the case, good thing I ditched this service a long time ago. I only used them before since they were shouldering the miner's fee. But when they began charging for the fees, I quickly bailed out of there. I previously had problems with them too when depositing and withdrawing, were it took days before my withdrawal or deposit showed up on my account, and guess what, no support can be seen.

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September 06, 2017, 09:06:14 AM
 #29

I stopped using Coinbase to store small portion of my bitcoins after having some issues with them, their support does not even seems to exists at all, whenever I sent them multiple support tickets asking for assistance, the replied I got from them was mostly copy-paste template until I gave up with their service.

There is always tons of customers complaining in Coinbase community and reddit forum, but as usual, their support doesn't seems to care about their customers, use Coinbase at your own risk.


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September 06, 2017, 10:12:25 AM
 #30

I essentially stopped using coinbase as soon as they added the extra transaction fees. Before i was using them sort of to just avoid paying the 0.0001 BTC fee but when they started charging fees they lost most of their appeal.

They were an okay company at the least, didn't have any issues.

But now i don't know what's going on. Their customer support is never responding to anything even when the founder promised to upgrade it. I've seen probably as many coinbase complaints as poloniex and yobit complaints in the past week.

It's best to just avoid using them altogether if you have money there. They are also known to freeze accounts.



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September 06, 2017, 01:18:46 PM
 #31

Maybe it is more save to use a multicoin wallet with cold storage with integrated exchange and only exchange little amounts. There are many reported issues on well known exchangers.
Do you know one mobile friendly that is better than coinbase?

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September 07, 2017, 08:23:54 AM
 #32

I'm lucky that I never stored my btc on an online wallet. I am always been reminded to store it safely on a frozen wallets which is the electrum that I'm using right now. My only concern is I have some eth in there and it wouldn't let me withdraw because it's just a small amount.

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September 07, 2017, 10:11:18 AM
 #33

I am sorry, but don't trust coinbase anymore because they disabled support email and on their new support system I am not able to open a ticket. But what I must say to be fair. I had a very low amount because I already months ago changed my wallet. So the amount was to low to withdraw. I didn't mind. Just wanted to close account. But they put during closing process a little amount to my account and paid out the amount to my new wallet, why ever.

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September 07, 2017, 10:33:45 AM
 #34

I use coinbase regularly, never had an issues except long wait for transactions to be processed.

What exchanges would you recommend that work similar to coinbase? but maybe a bit more secure and with better transaction speeds.

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September 07, 2017, 11:09:37 AM
 #35

I use Coinbase frequently and never had any problem.

Scaling a business can be quite difficult, they have a lot of money to do it and I think they're handling it very well.

They are not handling it well at all.

If scaling was an issue for them then they should have never added support for Ethereum and Litecoin, especially when their customer support is totally unresponsive. That is just adding more problems to an already problematic business.

A cover up for a hack is possible, but not likely.

I think it's just that the company is not working hard enough. Support can easily solve more tickets if they put the effort into it, and the CEO can easily get more support if they need it.

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September 07, 2017, 01:28:50 PM
 #36

Coinbase surely made a good money since its introduction and now, after the value of bitcoin is that high, they have no money to engage more employees to deliver a better customer service?

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September 07, 2017, 02:00:08 PM
 #37

I use coinbase regularly, never had an issues except long wait for transactions to be processed.



According to the following article, they've just raised an additional $160 million to help develop the company. and it says this about their growth:

https://techcrunch.com/2017/08/10/coinbase-raises-100m-at-a-1-6b-valuation-amid-explosive-growth/

Quote
Coinbase has facilitated almost $15B in digital currency exchange in just the first half of 2017, which is 5x more that was exchanged in the entirety of 2016. At this pace the startup may see a 10x increase in transaction volume from full-year 2016 to full-year 2017.

And during this same six-month period the startup has also had a 4x increase in new customers signing up for the platform.

But of course with insane growth comes growing pains.

The exchange has experienced some downtime over the last few months, which they attributed to degraded performance related to “unprecedented volume”. Customer service response times have also been a big issue, but the company has acknowledged this and is working getting response times to below 6 hours by Q3 2017, and phone support for at least some percentage of the customer base by Q4. They also said that some of this new funding will support scaling customer support and engineering teams.

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September 07, 2017, 02:19:04 PM
 #38

I use Coinbase frequently and never had any problem.

Scaling a business can be quite difficult, they have a lot of money to do it and I think they're handling it very well.

They are not handling it well at all.

If scaling was an issue for them then they should have never added support for Ethereum and Litecoin, especially when their customer support is totally unresponsive. That is just adding more problems to an already problematic business.

A cover up for a hack is possible, but not likely.

I think it's just that the company is not working hard enough. Support can easily solve more tickets if they put the effort into it, and the CEO can easily get more support if they need it.
If they would able to put up more manpower then it would really be a great step up for them since people do usually seek out on a service on having a responsive and active support which we do really like.
Adding up another coins would really pile up their work even more which to be expected to have some delays again.Even on having bitcoin alone they are already showing unresponsiveness which is not really good for their company.

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September 08, 2017, 09:25:00 PM
 #39

Is Coinbase hiding something and that its really running a fractional reserve now? Its supposed to be one of the most professional services out there in Bitcoin. What happened to them?

This is from Peter Todd on Twitter.

https://twitter.com/petertoddbtc/status/891662660454010881

Quote

The "congestion" explanation doesn't make any sense.

I'd recommend the precaution of taking you BTC out, as they may be covering up a hack.



Theres nothing to do with congestion because most exchangers or service doesn't really experience such thing on having delays.Those complaints are legit and I'm one of them and this is why I decided to pull out funds as early as I can.We don't know if they do covering up a hack or not but for our own safety better to get out if you don't like to lose up money.There are lots of wallets to choose from this is why I didn't trust any exchange wallets.

Exactly. Better safe than sorry.

It is extremely likely that coinbase may be experiencing liquidity issues, and therefore cannot afford to bring new support staff in or even upgrade their system. Basically no progress has been made in the entire 3rd quarter in improving anything, which is extremely fishy.

Pull out when you still can. Coinbase may be legit now, but they may turn scam just like Cryptsy or Mt Gox which were once considered to be trustworthy. Get your funds into a wallet that you actually hold the private keys of.

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