Coinbase withdrawal delays thread [Please add ACH delay reports to this thread]

[thebrit]

Datapoint:

Made two 10 BTC sales over the weekend (or perhaps one on Friday...to lazy to look.)  The estimate date of deposit was Friday.  I noticed that one of them went in today (Wed.)  So this one beat the estimate by several days.

Datapoint .... two weeks exactly and STILL nothing. Four transactions, three people, three different accounts totalling $70,000.

Datapoint ... today the transactions would be worth about $200,000.

Suspicious much?

Yes, but when someone has such severe problems and other people don't seem to, a lot of times it makes me wonder if something tripped a flag for said user.  I get every sense that Coinbase is attempting to integrate fully with the mainstream banking system and financial regulatory authorities as a function of their business model.  That happens to be A-OK with me for the business I do with them.

THREE people, sir. THREE completely different accounts.

I could care less what assertions you wish to make about my completely legitimate mining operations.

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[User705]

Olaf, bullshit. Absolute utter bullshit. No funds in my account yet still, and you are all liars. My friends and I have 79k tied up in your shoddy outfit. I think I'll have my lawyer draft a letter to you, fincen and whoever the hell else will listen. Ah yes, my senator too. Sounds good.

I expect a pm today with a live telephone number to speak to you people. I am sending this to your 'support' too.

The most likely reason is that they (Coinbase) have liquidated your Bitcoins on Bitstamp at the point of sale. Bitstamp however, have encountered banking software issues which has led to delays in deposits and withdrawals (src: https://www.bitstamp.net/article/banking-software-issues/). Given that it takes ~2-5 days for an international wire from Europe to America to clear through the SWIFT network, Coinbase were probably illiquid for some small period while they waited for Bitstamp to correct the issue, submit the funds to the banking network and those funds to then settle into their US account.

While Coinbase probably do match counter-parties for some trades internally within their service, the volatility of Bitcoin makes this risky if they haven't got a BUY order on their service from someone (like yourself) who issues a SELL at or around the same time. So, to reduce this exposure when you SELL on their platform they SELL on Bitstamp (not likely Gox because of it's banking problems or BTC-E because...well, it's Russian legit). Any other scenario would be highly risky (See BTC/USD XR rate charts for 17-11-2013 to 19-11-2013 inclusive).

The negative effects of Bitstamps technical meltdown affect every ancillary service that depends on them. It's no different then the dependency a broker that trades on behalf of clients on the NASDAQ or LSE has on technical and consistent performance of these platforms. Butterfly flaps it's wings, somewhere there is a Tsunami.

Morale; Be patient - your money will almost certainly turn up.

Why after going through all the trouble of being licensed in the USA they are using bitstamp?  USA seems to be ok with bitcoin isn't it time to have an actual exchange instead of going to Eastern Europe?

[camolist]

very significant sale here last week. was delayed a day

been buying and selling with them since november last year i think it's the first delay

and it happened when their exchange (bitstamp) was having banking trouble. you all need to put your witch hunt effort into something worthwhile like one of the thefts or recent "hacks"

[mb300sd]

Have another deposit scheduled for monday, will report then.

[superfastkyle]

When I did my bank account verification, within 24 hours. Estimated date of today no money. All my ach go through within 1 business day if they were actually completed. Why allow withdrawals if you don't have the money which its obvious you don't. What another scam exchange

[User705]

When I did my bank account verification, within 24 hours. Estimated date of today no money. All my ach go through within 1 business day if they were actually completed. Why allow withdrawals if you don't have the money which its obvious you don't. What another scam exchange

Yesterday was a holiday.

[axilla]

I've come to the conclusion that almost every bitcoin company is selectively scamming people and I'm over it... i havent been able to buy bitcoins for over a month because coinbase has become a complete and utter scam.  Fuck it.

[opentoe]

I'm having very long delays waiting for a couple of deposits. This has been happening with Coinbase for the last month at least with no explanations and every support response is a basic canned response not helpful at all. The real big problem with them is they are fully aware of all these problems and keep operating, just adding fuel to the fire. They should at least CEASE operations, get their shit together then open back up. Operating under faulty conditions and leaving all their customer's just guessing what the issues are is a bad practice. It would take them just minutes to suspend operations temporarily and/or put up a notice for everyone to see.

[thebrit]

I'm having very long delays waiting for a couple of deposits. This has been happening with Coinbase for the last month at least with no explanations and every support response is a basic canned response not helpful at all. The real big problem with them is they are fully aware of all these problems and keep operating, just adding fuel to the fire. They should at least CEASES operations, get their shit together then open back up. Operating under faulty conditions and leaving all their customer's just guessing what the issues are is a bad practice. It would take them just minutes to suspend operations temporarily and/or put up a notice for everyone to see.

Nah, just ask camolist, he knows it all. Apparently wanting your money is a 'witch hunt'. Maybe he should back off when he isn't the one with thousands being held by conbase.

Anyway, here we are over two weeks later and still no money. I've retained a lawyer with btc knowledge, and given them until Wednesday to give me my money and appropriate compensation for the thousands they have cost me.

[FloatesMcgoates]

Coinbase still owes me money from a sale I made on November 18th. No cash in sight

[thebrit]

Coinbase still owes me money from a sale I made on November 18th. No cash in sight

Sounds like a class action in the making. media will have a field day.

[opentoe]

I'm having very long delays waiting for a couple of deposits. This has been happening with Coinbase for the last month at least with no explanations and every support response is a basic canned response not helpful at all. The real big problem with them is they are fully aware of all these problems and keep operating, just adding fuel to the fire. They should at least CEASES operations, get their shit together then open back up. Operating under faulty conditions and leaving all their customer's just guessing what the issues are is a bad practice. It would take them just minutes to suspend operations temporarily and/or put up a notice for everyone to see.

Nah, just ask camolist, he knows it all. Apparently wanting your money is a 'witch hunt'. Maybe he should back off when he isn't the one with thousands being held by conbase.

Anyway, here we are over two weeks later and still no money. I've retained a lawyer with btc knowledge, and given them until Wednesday to give me my money and appropriate compensation for the thousands they have cost me.

Good. Make sure you get that compensation. It is hard for non bitcoin people to understand but if you give them examples like stock exchange sales and stuff like that they will start to understand how it works. Yea, ACH deposits take a couple of days. We are all aware that US banking system is the worst in the world, but I don't think these delays are related to the banking system. It has something to do with Coinbase. They literally are playing with all our money and seem to think they are immune to any consequences on what happens. Keep us informed.

[thebrit]

I will absolutely keep everyone updated. Including if coinbase does (finally) do the right thing and correct this.

I have multiple emails were they have admitted culpability anyway. It's just a question of whether this is a contracts case or if punitive damages are warranted. I've been unable to make any trades in three weeks now.

We shall see.

[technomancer]

Customer support never answered the emails.
I sold at nov 25th , 8 days ago, still waiting and my bank account overdrawn because of them.

[crazy_rabbit]

When I did my bank account verification, within 24 hours. Estimated date of today no money. All my ach go through within 1 business day if they were actually completed. Why allow withdrawals if you don't have the money which its obvious you don't. What another scam exchange

Yesterday was a holiday.

A holiday followed by a weekend. Followed by what apparently was an enormous explosion of new years on coinbase. Apparently they are swamped. :-/

[Nolo]

I just received my funds from my withdrawal last Monday.  2 business days late, but better late than never.  It appears crazy rabbit is right.  They're just experiencing massive growth and having trouble keeping up. 

[mb300sd]

Received 2 withdrawals, 1 day late from the estimate as usual. BoAs usually pretty fast with my ACHs so I see how other people are getting them 2 days late.

[tvbcof]

Got a 10 BTC sale made Thur night deposited and transferred (out of my dedicated landing account) by Tue morning.

Just made another 10 BTC sale and the estimate shown on the pop-up was deposit by Friday.  I'll update if I think of it and can find this thread.

[goxed]

Funds are arriving on time or a day earlier.

[italeffect]

No issues on my end, a bunch of transactions from 11/29 & 11/30 all hit my account this morning as expected.