Who's the primary competition for Coinbase in the USA? Seems ripe for a competitor to step up.
We're talking millions of users with significant money at stake, when things go wrong it turns to vitriol very quickly (and there is a lot of room for user error, too). You don't see others catch as much flak because nobody is even close to the size of Coinbase, but there are similar issue threads for e.g. gemini out there.
I'm afraid there is no exchange (in my experience) who managed to have a flawless experience, and nowhere to go when you're not satisfied with your usual exchange. Maybe decentralized exchanges will help with that? Time will tell.
I had an issue with Coinbase back in early 2016, where my bank account was charged for a transaction that I didn't initiate, and I contacted their support and got no response. I waited a few weeks and reached out multiple times and got nothing. I contacted my bank and they initiated a fraud investigation, and determined it was fraud and refunded my money, partially because Coinbase refused to communicate with myself or the bank.
Do NOT use Coinbase. Use Gemini or Bitstamp, yes you have to get verified, but it's worth the headache.
https://news.ycombinator.com/item?id=5427985
Just tread lightly about criticizing Coinbase here. You're still on YCombinator turf.
They were the types of people who could make any social interaction feel like an MLM pitch.
I think this is what it would look like if their systems had been hacked, and thieves were cleaning them out by changing the destinations of wire transfers. If that was happening, they wouldn't necessarily be insolvent - they were probably holding lots of Bitcoin during the massive rise in price, and the losses would be in USD - but it'd certainly mean they were in trouble.
Bitfinex does get lots of heat in the crypto space, but comparing it to the rest of exchanges they have been rather very professional and fast to fix issues.
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