DID COINBASE ALSO SUSPENDED BITCOINS SALES PAYMENTS???

[sander007]

Hi,
Don't panic guys but I've tried to sell my bitcoins I had with coinbase.
Regardless the fact that theoretically I could by and sell in real time, strangely they said that my funds will be transferred back to my bank account in 2 business day and exactly next thursday so a week from now.
Is my math messed up or 2 business days is 5 days? So, if I sell my bitcoins on thursday, shouldn't I get the money on monday? And I'm not considering the fact that it's supposed to be real time and not funds after 2 days.

So, my question is, is this the same thing that happened with Mt Gox?
Maybe and surely it's just a strange ways Coinbase do things but people in this forum, surely more experienced, could enlighten me.
Also, I still had no answer from my email I've sent to Coinbase.

Anyway, have a great evening you all.
M

[lenkug]

Purchases and sales are working just fine on my end

[ArthurBitcoin]

Coinbase is working just for me.  Coinbase is generally not INSTANT, as funds need to clear from the banking system.

[mgio]

Coinbase usually takes 5 business days.

[sander007]

Nope it gives me status pending with date february 19th.
The sale was registered on the 13th and funds shouldn't need to be cleared as I'm not buying but selling, right?

[sander007]

http://img.ie/fn54o.jpg

[gacbmmml]

Remember, Monday is a US Holiday... so Friday is Business Day 1, Tuesday is Business Day 2, and Wednesday is Business Day 3. They're probably giving themselves a 1 day buffer just in case. I wouldn't worry about it.

[c0dex]

This is normal. It usually takes them 3-4 business days before the sale is credited to your withdrawal account.

[c0dex]

I purchased and withdrew 1 bitcoin today from Coinbase.  The entire transaction took less than a minute from purchase to withdrawing the bitcoin to an external address.

Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.

[texasaggie]

I purchased and withdrew 1 bitcoin today from Coinbase.  The entire transaction took less than a minute from purchase to withdrawing the bitcoin to an external address.

Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.

No, they are not different; when you purchase the allowed 1BTC after the verification steps, it is guaranteed by the credit card on file until it clears your bank account, and with the speed of ACH these days it is almost an instant transaction with your bank behind the scenes.  The delay in it appearing in your bank account as an ACH withdrawal is a security step done by both banks to ensure that the bank accounts are real and funds are actually present and not the result of you defrauding your bank with a bad check or a dubious money order scam.

When the bank account was verified by each member of the site, it was a statement of mutual trust between you and Coinbase (They can deposit and withdrawal any amount present at any time -- A good reason to only associate an account that you keep nothing in.)

[c0dex]

I purchased and withdrew 1 bitcoin today from Coinbase.  The entire transaction took less than a minute from purchase to withdrawing the bitcoin to an external address.

Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.

No, they are not different; when you purchase the allowed 1BTC after the verification steps, it is guaranteed by the credit card on file until it clears your bank account, and with the speed of ACH these days it is almost an instant transaction with your bank behind the scenes.  The delay in it appearing in your bank account as an ACH withdrawal is a security step done by both banks to ensure that the bank accounts are real and funds are actually present and not the result of you defrauding your bank with a bad check or a dubious money order scam.

When the bank account was verified by each member of the site, it was a statement of mutual trust between you and Coinbase (They can deposit and withdrawal any amount present at any time -- A good reason to only associate an account that you keep nothing in.)

The OP was withdrawing coin from Coinbase to his/her bank account. This takes 3-4 business days. We were not talking about the "instant buy" that you can do when you've linked your credit card.

[sander007]

That's exactly my point!
Unless they have a liquidity issue in this moment, why would they hold the funds for so many days and keep pending until more than 5 business days?
Or maybe they need to have the buyer funds in the account but that means that they don't currently have any reserve.
I did verify all the accounts and back up with cc, and I have a good BC buying power.
Really, it feels that something is wrong.
Maybe it's just a technical issue, but it'd be better if their assistance would contact me.
Lack of communication or bad communication from the BC traders is creating more panic than the actual glitch.

I purchased and withdrew 1 bitcoin today from Coinbase.  The entire transaction took less than a minute from purchase to withdrawing the bitcoin to an external address.

Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.

No, they are not different; when you purchase the allowed 1BTC after the verification steps, it is guaranteed by the credit card on file until it clears your bank account, and with the speed of ACH these days it is almost an instant transaction with your bank behind the scenes.  The delay in it appearing in your bank account as an ACH withdrawal is a security step done by both banks to ensure that the bank accounts are real and funds are actually present and not the result of you defrauding your bank with a bad check or a dubious money order scam.

When the bank account was verified by each member of the site, it was a statement of mutual trust between you and Coinbase (They can deposit and withdrawal any amount present at any time -- A good reason to only associate an account that you keep nothing in.)

[sander007]

I'm not withdrawing coins, I sold bc and the sale shows pending until next thursday.

I purchased and withdrew 1 bitcoin today from Coinbase.  The entire transaction took less than a minute from purchase to withdrawing the bitcoin to an external address.

Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.

No, they are not different; when you purchase the allowed 1BTC after the verification steps, it is guaranteed by the credit card on file until it clears your bank account, and with the speed of ACH these days it is almost an instant transaction with your bank behind the scenes.  The delay in it appearing in your bank account as an ACH withdrawal is a security step done by both banks to ensure that the bank accounts are real and funds are actually present and not the result of you defrauding your bank with a bad check or a dubious money order scam.

When the bank account was verified by each member of the site, it was a statement of mutual trust between you and Coinbase (They can deposit and withdrawal any amount present at any time -- A good reason to only associate an account that you keep nothing in.)

The OP was withdrawing coin from Coinbase to his/her bank account. This takes 3-4 business days. We were not talking about the "instant buy" that you can do when you've linked your credit card.

[Gamer67]

I take it this is your first time selling BTC at Coinbase ?

The wait is normal. I have had to wait longer many times. Never given a reason why (or any answer for that matter) when I put in a support ticket but eventually the money turns up in my account.

[keithers]

That's exactly my point!
Unless they have a liquidity issue in this moment, why would they hold the funds for so many days and keep pending until more than 5 business days?
Or maybe they need to have the buyer funds in the account but that means that they don't currently have any reserve.
I did verify all the accounts and back up with cc, and I have a good BC buying power.
Really, it feels that something is wrong.
Maybe it's just a technical issue, but it'd be better if their assistance would contact me.
Lack of communication or bad communication from the BC traders is creating more panic than the actual glitch.

I purchased and withdrew 1 bitcoin today from Coinbase.  The entire transaction took less than a minute from purchase to withdrawing the bitcoin to an external address.

Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.

No, they are not different; when you purchase the allowed 1BTC after the verification steps, it is guaranteed by the credit card on file until it clears your bank account, and with the speed of ACH these days it is almost an instant transaction with your bank behind the scenes.  The delay in it appearing in your bank account as an ACH withdrawal is a security step done by both banks to ensure that the bank accounts are real and funds are actually present and not the result of you defrauding your bank with a bad check or a dubious money order scam.

When the bank account was verified by each member of the site, it was a statement of mutual trust between you and Coinbase (They can deposit and withdrawal any amount present at any time -- A good reason to only associate an account that you keep nothing in.)

They are not "holding" your payment, as you say. Any ACH bank action takes days. Even if you walk into the bank and request a wire transfer, it typically doesnt happen the same day. Even if you request a same day wire (which not every bank allows), you would not see, nor receive the money instantaneously.

[darkmule]

I take it this is your first time selling BTC at Coinbase ?

The wait is normal. I have had to wait longer many times. Never given a reason why (or any answer for that matter) when I put in a support ticket but eventually the money turns up in my account.

The wait is usually external to Coinbase.  It's a delay caused by the outmoded and primitive ACH (Automated Clearing House) system of electronic transfers used by U.S. banks.  To be fair, other countries use even more shitty systems.  Something like three business days is usually about right for how long these transfers take.  

I had one Coinbase transaction take one day longer than they said it was going to.  Every other transaction, though, came in earlier than they said it would.  In one case, I had it the next day.  The ETA they give you when you make the cashout is almost always accurate, in my experience, and usually faster than they said.

I speak only of BTC --> USD transactions.  I generally sell rather than buy BTC.

[sander007]

So far I've just purchased with them and it's the first time I sell.
It was told to me that Coinbase was the faster service for sale but obviously its not the case.
I just want to know if it's another Mt.Gox and If I'll see my money (as the BC are not in the wallet anymore).

I take it this is your first time selling BTC at Coinbase ?

The wait is normal. I have had to wait longer many times. Never given a reason why (or any answer for that matter) when I put in a support ticket but eventually the money turns up in my account.

[31337157]

So far I've just purchased with them and it's the first time I sell.
It was told to me that Coinbase was the faster service for sale but obviously its not the case.
I just want to know if it's another Mt.Gox and If I'll see my money (as the BC are not in the wallet anymore).

I take it this is your first time selling BTC at Coinbase ?

The wait is normal. I have had to wait longer many times. Never given a reason why (or any answer for that matter) when I put in a support ticket but eventually the money turns up in my account.

Dude, holy moly you need to RELAX. You are jumping to some crazy conclusions and quite frankly your ALL CAPS MISLEADING TITLE is very annoying.

Instead of running around like a chicken with its head cut off, why don't you take some time to read over all of the documentation that Coinbase provides on its actual website? Better yet, why don't you familiarize yourself with their process before you go jumping into it because "someone told you it was faster"

Jesus.

[sander007]

I understand the 3 business day wire time (ECH could be done in 1 day though).
But Coinbase says that the payment will be sent to the bank by the 19th.
So, if they "send" it on that day it means that it'll need another 3 bank days given or taken.
Now, why do they wait so many days to send the payment and they write "pending" if the sale was recorded.
It's very unclear.
Did any of you sold any bc with coinbase in the last 24hrs? Any similar issue?

I take it this is your first time selling BTC at Coinbase ?

The wait is normal. I have had to wait longer many times. Never given a reason why (or any answer for that matter) when I put in a support ticket but eventually the money turns up in my account.

The wait is usually external to Coinbase.  It's a delay caused by the outmoded and primitive ACH (Automated Clearing House) system of electronic transfers used by U.S. banks.  To be fair, other countries use even more shitty systems.  Something like three business days is usually about right for how long these transfers take.  

I had one Coinbase transaction take one day longer than they said it was going to.  Every other transaction, though, came in earlier than they said it would.  In one case, I had it the next day.  The ETA they give you when you make the cashout is almost always accurate, in my experience, and usually faster than they said.

I speak only of BTC --> USD transactions.  I generally sell rather than buy BTC.

[c0dex]

I'm not withdrawing coins, I sold bc and the sale shows pending until next thursday.

I purchased and withdrew 1 bitcoin today from Coinbase.  The entire transaction took less than a minute from purchase to withdrawing the bitcoin to an external address.

Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.

No, they are not different; when you purchase the allowed 1BTC after the verification steps, it is guaranteed by the credit card on file until it clears your bank account, and with the speed of ACH these days it is almost an instant transaction with your bank behind the scenes.  The delay in it appearing in your bank account as an ACH withdrawal is a security step done by both banks to ensure that the bank accounts are real and funds are actually present and not the result of you defrauding your bank with a bad check or a dubious money order scam.

When the bank account was verified by each member of the site, it was a statement of mutual trust between you and Coinbase (They can deposit and withdrawal any amount present at any time -- A good reason to only associate an account that you keep nothing in.)

The OP was withdrawing coin from Coinbase to his/her bank account. This takes 3-4 business days. We were not talking about the "instant buy" that you can do when you've linked your credit card.

Yes, when you sell bitcoin, the resulting fiat gets deposited into your bank account via ACH (aka the fiat gets /withdrawn/ from your Coinbase account).