Coinbase going busto? Numerous people not getting paid by Coinbase currently.

[Meuh6879]

coinbase is too hot, better switch to circle for the time being

  simply "use" bitcoin (store for 1 month) ... and, of the start of the month (when price rise) ... sell in ONE SHOT.

[QuestionAuthority]

Well Coinbase isn't at 1 Bluxomer st suite 410. That address is in the Bluxome Place Lofts. They are apartments or condos. There was a guy from Vanguard Properties there showing a unit. I got to see the lobby and entrance of a beautiful renovated industrial property. I asked him if there were any businesses operating from the lofts. He told me no, they were zoned residential. He told me he could show me a suite in an office building nearby but there is no way to zone a unit in that building for commercial. If Coinbase is operating in that building they are doing it illegally.

[QuestionAuthority]

id expect the 'market street' address just to be a mail forwarding service.

You think it's the one in the SOMA? Bluxomer should be near the Safeway across from the train station. I need to go to the store anyway and I like that Safeway. I usually go to to the Safeway in the Castro but there's too many homeless scumbags over there lately. I'll try tomorrow. I know they won't be there but at least I can see if there's a storefront for them.

As we both know about the Mt. Cocks stuff do your work son! do you work son!  Report back.  I actually had an interview with Coinbase so at least I know of a # and person name. lol....

I'm heading that way this afternoon, as soon as my wife thinks her hair is fixed good enough to be seen in public. lol

I've met your wife, and her hair looks fine. Yours, on the other hand... 

What hair? I think I remember having hair back in the 90s. lol

[odolvlobo]

Well Coinbase isn't at 1 Bluxome st suite 410. ...

The San Francisco Bitcoin meetup group had a meeting at that exact address last summer and it was sponsored by Coinbase.

[QuestionAuthority]

Well Coinbase isn't at 1 Bluxome st suite 410. ...

The San Francisco Bitcoin meetup group had a meeting at that exact address last summer and it was sponsored by Coinbase.

Is that his house? Is he running Coinbase out of his residence?

[Nagle]

Coinbase's purported address is 548 Market St, SF CA. That's "Earth Class Mail", a mail drop service. Same one Tradehill used.

One Bluxome St, Apt #440 is the home address of Brian Armstrong, which he lists as the principal place of business for Coinbase with the SEC.

VCs funding Coinbase include Andreessen Horowitz, FundersClub, IDG Ventures SF, Ribbit Capital, Union Square Ventures, and Andreessen Horowitz, and Y Combinator. If you're not a jerk, you can contact some of them and ask them if Coinbase is in financial trouble.

[QuestionAuthority]

Coinbase's purported address is 548 Market St, SF CA. That's "Earth Class Mail", a mail drop service. Same one Tradehill used.

One Bluxome St, Apt #440 is the home address of Brian Armstrong, which he lists as the principal place of business for Coinbase with the SEC.

VCs funding Coinbase include Andreessen Horowitz, FundersClub, IDG Ventures SF, Ribbit Capital, Union Square Ventures, and Andreessen Horowitz, and Y Combinator. If you're not a jerk, you can contact some of them and ask them if Coinbase is in financial trouble.

So what your saying is that he is running Coinbase out of his apartment. Nothing really wrong with that as long as he runs an honest business. The last people on earth that would know if he was in financial or any business trouble would be his investors. I worked for a large firm and we doctored financial reports every year at audit time. I don't even think that's necessarily bad provided you are taking care of business (lots of companies do it - if you're really close to your promised return but not quite there, you fudge). I don't want put an axe in their coffin by contacting one of their capital partners and scaring them anyway. I want them to honestly succeed. Hell, I wanted Mt. Gox to succeed too.

[QuestionAuthority]

I didn't realize it but they charge no fees for the first $1,000,000 of Bitcoin payments per customer. That's giving away a lot of profit! Literally the first $10,000 of profit from every customer. They claim to have 36,000 customers that would be $360,000,000 in lost profit. In order for them to start making a profit from every customer they already have their customers need to make $36,000,000,000 first. That's 36 billion dollars in sales before a profit on every current customer. The current Bitcoin market cap is $6,348,864,237. Kinda crazy.

[lonestranger]

So withdraw all funds from Coinbase now.

That's silly.  But I very much resent the position they've put me in with regard to my creditors.  They've jeopardized the project I'm involved in.  I had to borrow money from my kids with minimum wage jobs to make payroll last week.  I will never forget this and when there are other options I will definitely leave them.

[Gogo ppp]

I read years ago that bank checks including foreign ones clear the next day, two days at the most for a foreign check.
(Therefore, it's evident that the reason for the long hold times some banks demand is so they can hold onto the funds that much longer to profit from them).

So it amazes me that people accept that the reason it takes Coinbase a week to pay out the bitcoins one has ordered is due to the nature of the bank transfer.

How can it take more than one business day, two at the outside, for an EFT/ACH transaction to not be finalized to the point where one party has guaranteed the other party the funds/transferred the funds electronically?

I would think the norm would be one day, two days would be an exception.

[Gogo ppp]

In the "Coinbase insured" thread in this forum, it was pointed out that  Coinbase recently stated that (Hurray!!!) their online funds are now insured.

unexecuted posted  "It's good to see Coinbase setting the standard here."

But PalmerLaura pointed out "Setting the standard for what, deception? 97% of deposits are offline and therefore uninsured."


Things like this are very disturbing, and contribute to the overall feeling for myself and others that this is a sketchy company.

The more open and transparent they can be, the more trust can be gained.
Making deceptive statements causes a lack of trust that can take a long time to be regained.

Also, their cs needs to be on the level of a bank or an Amazon or a PayPal.
Not "Hurray for us!!! After a few years we've hired a handful of minimum wage cs Live Chat people who are occasionally available" nor "If you have a serious problem, email us and sometimes you will receive a response within 24 hours, oftentimes not for a few days, and different people will give you different answers".

I don't know how many times I've seen their rep on Reddit or bitcointalk posting something along the lines of "It's unusual for you not to have gotten a response to your emails, and I don't want people to think that the only way they can get a response is to make a complaint on this board" - although repeatedly it's clear that for many people that is the only way they get a response - and sometimes not even then.


lonestranger - " I will never forget this and when there are other options I will definitely leave them."

I am hoping that a company with (imo) more credibility emerges soon for the USA market, as I would prefer to deal with another company (unless Coinbase vastly improves the issues which keep emerging).


As far as the people stating "FUD!!!" -  Coinbase could very likely not be going busto. There may be other explanations. I started the OP's title as a question, not a statement.

But surely a legitimate company should have no problem accepting and responding to legitimate criticism.

And users of Coinbase should be aware of the range of opinions and problems people are experiencing, and make their own more fully informed decisions as to if and how they want to deal with this company.

[BayAreaCoins]

I didn't realize it but they charge no fees for the first $1,000,000 of Bitcoin payments per customer. That's giving away a lot of profit! Literally the first $10,000 of profit from every customer. They claim to have 36,000 customers that would be $360,000,000 in lost profit. In order for them to start making a profit from every customer they already have their customers need to make $36,000,000,000 first. That's 36 billion dollars in sales before a profit on every current customer. The current Bitcoin market cap is $6,348,864,237. Kinda crazy.

I always paid to sell on them.  I think that is only if you go through the merchant tool.

[Gogo ppp]

I didn't realize it but they charge no fees for the first $1,000,000 of Bitcoin payments per customer. That's giving away a lot of profit! Literally the first $10,000 of profit from every customer. They claim to have 36,000 customers that would be $360,000,000 in lost profit. In order for them to start making a profit from every customer they already have their customers need to make $36,000,000,000 first. That's 36 billion dollars in sales before a profit on every current customer. The current Bitcoin market cap is $6,348,864,237. Kinda crazy.

I always paid to sell on them.  I think that is only if you go through the merchant tool.

I've been charged since my first bitcoin purchase on Coinbase. I assumed you're referring to merchants.

[BayAreaCoins]

I didn't realize it but they charge no fees for the first $1,000,000 of Bitcoin payments per customer. That's giving away a lot of profit! Literally the first $10,000 of profit from every customer. They claim to have 36,000 customers that would be $360,000,000 in lost profit. In order for them to start making a profit from every customer they already have their customers need to make $36,000,000,000 first. That's 36 billion dollars in sales before a profit on every current customer. The current Bitcoin market cap is $6,348,864,237. Kinda crazy.

I always paid to sell on them.  I think that is only if you go through the merchant tool.

I've been charged since my first bitcoin purchase on Coinbase. I assumed you're referring to merchants.

Selling coins.

[QuestionAuthority]

I didn't realize it but they charge no fees for the first $1,000,000 of Bitcoin payments per customer. That's giving away a lot of profit! Literally the first $10,000 of profit from every customer. They claim to have 36,000 customers that would be $360,000,000 in lost profit. In order for them to start making a profit from every customer they already have their customers need to make $36,000,000,000 first. That's 36 billion dollars in sales before a profit on every current customer. The current Bitcoin market cap is $6,348,864,237. Kinda crazy.

I always paid to sell on them.  I think that is only if you go through the merchant tool.

I've been charged since my first bitcoin purchase on Coinbase. I assumed you're referring to merchants.

Selling coins.

Yes, that's the deal they give to merchants and a pretty sweet deal it is.

[Gogo ppp]

Anybody with the delayed payments been paid yet?

Please keep us up to date.

[moriartybitcoin]

I warned people about CoinBase months ago ..

Their fees are too low - they have ZERO profits and in fact have NEGATIVE profits due to hacking.

When their Venture Capital money runs out, they will go down fast .. it will be a repeat of the MtGox fiasco, but even worse.

When will Bitcoiners wise up?

For a REAL EXCHANGE try https://CoinChimp.com .. ZERO PAYMENT DELAYS

[cloverme]

Not sure what the panic is about here, I buy and sell through coinbase all the time. No issues here, recently sold yesterday with no problems.

[Nagle]

So withdraw all funds from Coinbase now.

That's silly. 

No, it's not silly. If they're legit, and they have 100% of customer assets, it doesn't hurt them at all.

[campycoin]

I warned people about CoinBase months ago ..

Their fees are too low - they have ZERO profits and in fact have NEGATIVE profits due to hacking.

When their Venture Capital money runs out, they will go down fast .. it will be a repeat of the MtGox fiasco, but even worse.

When will Bitcoiners wise up?

For a REAL EXCHANGE try https://CoinChimp.com .. ZERO PAYMENT DELAYS

Yup!  Zero Payment Delays cause he is a thief and will just flat out take your money.

At least Coinbase will tease you a little, tickle your nuts.

Mike has never seen a pair... so he just dances around like a clown and steals your coins! 

Such a good site and awesome domain name.  Coinchimp     cause Monkeys and bitcoin go together like Hitler and Jews