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

[Gogo ppp]

People who complained of payments delayed - please keep us informed.

What is new with your situation(s)?

[itsAj]

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.

All their customers will not necessarily have a million dollars in sales, IMO many/most will have much less. Also when a merchant accept bitcoin via coinbase on their site they will essentially get free advertising for people to potentially buy bitcoin via coinbase (and have them earn their 1% spread on bitcoin purchases/sales).

[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.

All their customers will not necessarily have a million dollars in sales, IMO many/most will have much less. Also when a merchant accept bitcoin via coinbase on their site they will essentially get free advertising for people to potentially buy bitcoin via coinbase (and have them earn their 1% spread on bitcoin purchases/sales).

Yeah, that may be their profit model. It's still a hell of a good deal for merchants. Or they think the few businesses that will easily go over a million in sales will generate enough profit to carry the rest.

[Gogo ppp]

People in this thread who complained of not getting paid in a timely manner by Coinbase - please update us.

Keep the community up to date.

[Gogo ppp]

Looks like fud. Companies sometimes have problems but most people seem to be getting their money fine.

No, they are actually not paying people.  I am personally VERY affected.

lonestranger - Have you been paid?

If so, how long should it have taken, and how long did it actually take to get paid?

[Gogo ppp]

one of my sells is delayed since last wed. they say should come in soon. i have another order pending to clear next week.    if the issue occurs with the new pending order it will be a time to look for a new service provider for me.

Serge - Can you update us?

What happened with the pending order you mention?

If you've used Coinbase since, have you had any further issues?

[QuestionAuthority]

I've got a good idea. Let's rent this loft right next door to their apartment/office so we can bug them in the hall or elevator about the problems.

http://www.zillow.com/homedetails/1-Bluxome-St-APT-407-San-Francisco-CA-94107/67090340_zpid/

[BitCoinNutJob]

luckily they got bailed out by paypal phewww

j/k obv

[zorke]

one of my sells is delayed since last wed. they say should come in soon. i have another order pending to clear next week.    if the issue occurs with the new pending order it will be a time to look for a new service provider for me.

Serge - Can you update us?

What happened with the pending order you mention?

If you've used Coinbase since, have you had any further issues?

Coinbase is not having any problems (AFAIK). The issue, I believe, was the fact that many people were trying to sell bitcoin, but they did not have enough fiat to cover all these sales, so they had to sell some of the bitcoin they were buying on exchanges, and wait for the fiat to get to their bank accounts in order to pay their customers.