[PSA] Coinbase cost me $3500 because of a dangerous bug in their IOS app, and won't respond to any messages! Be careful using Coinbase!
Disclaimer: I am trying to get visibility for my issue, since it seems Coinbase only responds to dumpster fire reddit threads. Please help me get visibility, and warn others about the dangerous instability of Coinbase's system.
On 12/22, I sold $3.5k of BTC -> USD Wallet using the Coinbase IOS app, which should be instant, but my USD wallet never recieved the funds. This was about 20 days ago, and I have had straight radio silence from Coinbase despite submitting a ticket.
Here is as much proof as I can give: http://ift.tt/2EEzbdu
And my support ticket: 3124585
I have tried renaming my USD Wallet as many users have suggested, but to no avail. This should be a fairly simple issue to diagnose and fix from Coinbase's side, and if this is a common occurrence it presents a larger issue: If Coinbase has floating USD/BTC/ETH debits/credits to a large # of customers, then they are exposed PRINCIPALLY to crypto prices and this creates a high liquidity risk!
I think this should cause us to reevaluate Coinbase's credibility. Thoughts?
EDIT: Let me clarify how the floating USD/BTC debit/credit can work.
I put my sell order in @$13400 during a very fast market. If it was input as a limit order, theres a chance the market moved away from me before I could execute, and so my order was invalid. The bug here is that it represented to me as executed and completed.
In which case, they still have my 0.25 BTC. And they've represented to me that I sold my 0.25 BTC @ $13400 for ~3500.
So now they would have a 0.25 BTC credit and ~$3500 debit. If the price of BTC were to go below $13400, they would be unable to convert the BTC->USD for $3500, and be on the hook for the remaining $. Which is why I question their liquidity.
Otherwise they could always just return 0.25 BTC to me, but that's a whole another issue.
To be clear, this issue seems to be isolated to fast market environments, but that's exactly when you can't have execution bugs.
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