Is Coinbase imploding?

Greetings all!

Head over to the Coinbase Community page.  When you get there, click on the “Latest” tab to see what the most recent posts are all about. Go ahead; I’ll wait.

Yeah.  They’re having some problems.

In my recent list of upcoming topics, I mentioned that I was restarting my BitCoin investment program. Little did I know that I was about to step into a den of technical glitch-snakes just waiting to take a nice big bite out of my time and resources.  Actually though, after reading through some of the threads on the community forum, my experience seems almost like a walk in the park in comparison.

I made a small bitcoin purchase in April, but noticed that the money for it never seemed to come out of my bank account. Then all of a sudden at the beginning of May, there it went. Then…there it went again! Yep, I was double billed for the same purchase of bitcoins.

So I did a little searching around on the interwebz, and found that Coinbase had had a glitch back in 2015 involving double billing. I then found the community forum and discovered that several other Coinbase customers were experiencing the same thing I was. I put in a help desk request, and after a few days I did manage to get a refund for the second charge. So far so good.

But as I’ve watched the forum over the past few days, I see that this isn’t the only technical glitch that’s going on. People are reporting all sorts of other problems; bitcoins not being received, locked or closed accounts, transactions listed as complete which never actually happened, bitcoin sales proceeds never being received by the customer, etc.

So I guess this is the promised update regarding my re-entry into the bitcoin market. It’s looking like Coinbase may be heading the way of Mt. Gox, and I may have to find alternate means of trading crypto-currencies.

On the fun and more geeky side of things, I’ve recently opened up an account with VirWox, which allows trading in virtual world currencies as well as real-world and crypto-currencies. I deposited a small amount just so I could try out a few strategies in some thinly traded markets that aren’t all that well-known. It’s often markets like that (think of the early days of options) that have the most inefficiencies, and thus the most opportunities for early adopters. So I’ll report back on that soon.

Until then…watch out for glutinous glitch-snakes, and…keep pipping up!



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