If there was even a hint that Coinbase was pulling any "fractional reserve" stunts, they'd lose the massive amount of credibility they have over less reputable exchanges. Reputation is the primary advantage Coinbase has.
What trust can you have in an exchange in which you cannot withdraw your money. Also I dare you to try and get a hold of support at Coinbase. Hint hint you can't.
Fingers crossed, in my case I first verified everything, and both deposited and withdrew cash in the last couple of months. It wasn't quick, but it wasn't as long as 13 business days. More like 6-8.
Only Coinbase seems to have this issue. And at least the other exchanges have working support.
Works fine here. As mentioned elsewhere in the thread, happy people don't typically post about everything working as expected.
There's plenty of people online complaining that wires in and out of Coinbase from December 12-18th have yet to process. There's even a class action lawsuit being formed about it.
My worst fear is that Coinbase is insolvent.
Surely they would have to be thoroughly pwned for that to be true? They claim that 98% of customer funds are in cold storage, and they ought to be raking it in on transaction fees and with BTC being up 1372% this year. They also raised a $100M Series D round in August. It's not impossible, but highly unlikely.
This isn't acceptable for what is essentially a bank that just raised $100M at a $1.6B valuation.
Additionally, Coinbase would be able to sell its future profits (from staking) in the futures market, and use the proceeds to honor an unexpectedly high demand for withdrawal.
But why would users want to withdraw? They’re making more money by having their funds deposited with Coinbase than if they stored it themselves.
That doesn't mean that they're perfect, or that nothing ever goes wrong; it means that they're the highest-reputation exchange available, and that their primary selling point is that reputation.
Also, people happy with something post about being happy far less often than people angry with something post about being angry, because the latter have a problem/grievance to solve.