Tell HN: Coinbase stopped regular payouts of wires as of Dec 15

11 pointsby g099809 anni fa10 comments

Myself and what appears to be a hundred other people are waiting for thousands of dollars in wires for the past month.

No way to get a response from Coinbase other than occassional Reddit replies. Phone support claims to investigate and no reply again. Status page has been showing fluctuating numbers (e.g. "up to 5 business days") but about a month already in my case.

https://www.reddit.com/r/CoinBase/ for many such stories.

https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_your_wires_withdrawals_are_from_dec/

https://www.reddit.com/r/CoinBase/comments/7o6nqb/880000_withdrawal_delay/

https://www.reddit.com/r/CoinBase/comments/7o4tgz/please_help_coinbase_lost_my_8000_usd_wire/

https://www.reddit.com/r/CoinBase/comments/7o7wxa/its_time_for_organized_legal_action/

https://www.reddit.com/r/CoinBase/comments/7nnqxx/us_wire_transfers_from_coinbase_to_bank_from_dec/

https://www.reddit.com/r/CoinBase/comments/7mpk7s/upvote_is_your_wires_withdrawals_are_from_dec/

https://www.reddit.com/r/CoinBase/comments/7kwllo/stop_giving_lies_and_false_hope_with_up_to_3_days/

https://www.reddit.com/r/CoinBase/comments/7kt75b/coinbase_not_paying_out_i_transferred_26k_by_wire/

https://www.reddit.com/r/CoinBase/comments/7mcy2n/up_vote_if_your_wire_withdrawn_from_1212_1215/

https://www.reddit.com/r/CoinBase/comments/7nntqf/waiting_for_30k_wire_for_two_weeks_already/

https://www.reddit.com/r/CoinBase/comments/7o6oyv/list_of_cases_for_olga_from_coinbase_sepa_and/

And many more.

Hoping this is just growing pains, but the lack of communication is scary.

11 comments

AznHisoka9 anni fa

There's a non-trivial chance that the Bitcoin bubble will burst because of some drastic event from Coinbase (or another exchange, like Binance). There is some incredibly suspicious activity going on there including:

- The fact that the coins land in your account weeks after you've purchased it (presumably to stop a bitcoin run?)

- Inability to pay their users.

- their exchange GDAX is known for having spoof buy and sell orders that disappear sporadically (this is illegal in regulated markets).

- the whole Bitcoin cash fiasco

I'm OK with speculating and bubbles, but not manipulation.

Freak_NL9 anni fa

What's a wire? A transfer between two Coinbase accounts?

g099809 anni fa

Fiat (cash) payment to a bank.

imhoguy9 anni fa

There is no cash left for transfers. "ATM is empty". They wait for new crypto buyers with dollars but market stalled out of crash fear.

jklein119 anni fa

First and foremost, cash balances at coinbase are FDIC insured.[1] There are regulatory requirements for cash on hand because of this. In the worst case, the FDIC should step in and fork over the cash that people are trying to withdraw.

Secondly, the drop in price of crypto shouldn't cause something like this. Coinbase is a marketplace. When one person sells their cyrpto for fiat another person is trading their fiat for crypto. When someone is going to withdraw money this transaction has already taken place.

1. https://support.coinbase.com/customer/portal/articles/166237...

fetus89 anni fa

I know it's not the same thing, but this is seemingly an issue with Coinbase as I had issues with them back in early 2016.

I had to get my bank involved with a purchasing issue from Coinbase. They declared the charges as fraudulent since I couldn't get a response from anyone at Coinbase. This was back in early 2016 before the recent crypto madness too...

where_do_i_live9 anni fa

They sent an email yesterday that they have a backlog and are working on getting wires out just yesterday.

https://status.coinbase.com/incidents/p9r8swts79xd

google search that took .00001 seconds

g099809 anni fa

Removed

where_do_i_live9 anni fa

You said that there is no communication which is false.

That you are unsatisfied with it nonetheless is fine, but that is a separate issue.

[deleted]9 anni fa

PaulHoule9 anni fa

It is a common situation in bubbles that high trading volumes cause market infrastructure to break down. A particularly extreme case was U.S. stocks circa 1968

https://en.wikipedia.org/wiki/Depository_Trust_%26_Clearing_...