Quote from: BTCtrader71 on January 22, 2018, 04:54:59 PM

I hate to mention the possibility that Coinbase could be insolvent, but 10 days ago I initiated a wire withdrawal from Coinbase to my investment account. Coinbase has debited my account 25k and labels the transaction as "completed" but my financial advisor has seen neither hide nor hair of the wire. Coinbase does not provide the fed number for the wire and has given absolutely zero response to my ticket. There are MANY MANY others in the same boat.

And why don't they provide us with the fed number for the wire? It's the first thing my financial advisor looked for, so he could troubleshoot and see if it's caught up somewhere. One might wonder whether Coinbase doesn't want us to be able to troubleshoot. Maybe they just want to delay delay delay.

I know that they're flooded with new customers yadda yadda, but there's no excuse for holding tens of thousands of dollars of someone else's money. This is how it ALWAYS starts. It is our duty as citizens of bitcoinlandia to consider the possibility of Coinbase insolvency, until they make sure that their customers' withdrawals go through without a hitch.

Case ID: 3496424

Edit: I will gladly update this thread once my wire goes through.

We don't know if Coinbase is actually insolvent. I think that they may be, due to running on a fractional reserve system. If everyone withdrew their BTC and fiat at once, I doubt there will be enough equity to cover that on Coinbase's end.

It's just a theory though, but it's further backed up by coinbase's shitty support that has been that way since mid last year and has not improved a bit. There could be a financial problem with getting new staff for them as their operations expand.

Your case could be because of the fiat banking system, it could be something wrong with coinbase, it could be that they are insolvent. We do not know and do not have proof for any of those potential reasons, though.

Bottom line is why would anyone store funds on coinbase without proof of solvency, when you can store coins yourself or store fiat in a bank that is under FDIC insurance.