Coinbase update

[Steve Sokolowski]

Last night, after two weeks of waiting, Chris was finally able to find more out from Coinbase about the bitcoin and dollar payout issues. It turns out that there are two problems.

First, Coinbase recently added KYC/AML authentication to sends and receives. I had always wondered how the law hadn't caught up to Coinbase, because money transmission is clearly defined as receiving money from one person and sending it to a different person. It was strange that they policed buying and selling but not sending and receiving, which were clearly both covered. It seems that they fixed this oversight now.

To resolve this issue, we need to provide additional data to verify our account, which we tried to do but were unable to do so because of a bug in Coinbase's ID upload form. Chris was able to get in contact with someone on the phone, but they refused to talk with him because they said that the name on the account doesn't match his name, despite the account being owned by me and it obviously being a family member. There will surely be other bureaucratic issues like this, but at least we know what the problem is now and can work towards fixing it.

Second, Coinbase announced that their V1 API is being eliminated on December 1. This is another instance of a company making something that works perfectly fine obsolete for no reason, and it's why try to never change our APIs. We'll be evaluating how difficult it will be to re-implement everything in their V2 API and whether we will continue to offer Coinbase integration in December.

In the meantime, we hope to have Coinbase payouts fixed by the end of the weekend. Thanks for your patience with this issue!

[alim]

hi there, are coinbase deposits working again? apologies if I missed the all clear..

[Steve Sokolowski]

hi there, are coinbase deposits working again? apologies if I missed the all clear..

No. We haven't had time to address this issue because the ETH and ETC issues have taken priority. We'll keep everyone updated.

[alim]

No worries, I have plan B in place right now.

Thanks for taking time to answer this.

[Steve Sokolowski]

No worries, I have plan B in place right now.

Thanks for taking time to answer this.

We sent them another support ticket yesterday reminding them of the problem. If they don't reply by today, then on Thursday we will make a blog post to draw attention to the situation. In the worst case, we'll discontinue all of our Coinbase options next week and pay customers.

[subseaguru]

i sent coinbase an email about it and they basically just brushed me off. i guess everyone has better things to do.

Hi Rob,
Thank you for bringing this to our attention.
We’re aware of this issue, and working to fix it as soon as possible. I’m sorry for any inconvenience this may have caused.
As stated in that image. They will issue payouts as soon as the issue is fixed.
Thank you for bearing with us!

[Steve Sokolowski]

We are going to escalate this situation by taking it public across many forums and news sites tomorrow, should they not reply today. Hopefully, after that it won't take much longer to get attention paid to the situation.

[CSZiggy]

I'd like a nice big ol twitter update.....

"Prohashing forced to discontinue coinbase offerings as coinbase goes through some difficulties and is unable to support all its customers."
(If a multi-million $ company cant get customer support...what hope is there for the miner who makes $100 a year to get any support?)


Push the inability back on them publicly...see how long it takes for them to address your issue then.

[healyc1812]

Hello,
If Coinbase fails to address the problem is there a plan for the Funds many of us have stuck in our (US Dollar (Coinbase)
held in Bitcoin) balance accounts?

[Steve Sokolowski]

Hello,
If Coinbase fails to address the problem is there a plan for the Funds many of us have stuck in our (US Dollar (Coinbase)
held in Bitcoin) balance accounts?

Unfortunately, we don't know what can be done in this case.

But today, we're going to go all-in with pressure on Coinbase to get the problem resolved. You can expect posts and tweets about it shortly to bring pressure upon them.