Money has to enter and exit the system somewhere.
A friend is going through the following scenario (and reached out to me for help): they have over half a million dollars sitting in a coinbase account, but coinbase has lost the link between their coinbase account and their bank account.
What this means is that they can't get their substantial amount of money off of coinbase and into their bank.
In some banks, if you have that amount of money, you have a 24/7 number you can call where somebody will greet you by name and solve whatever problem you have immediately.
On coinbase: post on reddit, annoy them on twitter, and try to navigate their knowledge base until you get an answer.
Completely terrifying IMO.
Here's my actual prediction: something that I think still includes coinbase in the process:
Coinbase just becomes coinbase custody. My bank account now has a "cryptocurrencies" tab, with deposit and withdraw addresses. This all happened with debit cards, and it's going to happen with cryptos now as well. I'm still bullish on coinbase, but coinbase becomes visa. I never interact with them directly.
Alternatively, open an account at a different exchange (e.g. Kraken or Bittrex), then transfer the crypto and sell/withdraw fiat from there?
Obviously not defending Coinbase's absurdly bad customer service, just trying to offer a potentially quicker solution.
Seriously this has flabbergasted me and I don't know that I can continue recommending coinbase to people after seeing this. It is an unbelievable kafkaesque nightmare where you have half a million f*cking dollars that you are trying to withdraw from an institution that purports to be a type of bank...and the robot just can't do it. It's not that you're trying to do something weird, but there is just some bug preventing you from withdrawing your own money, with no real way to actually even report the bug.
It legitimately feels like a type of cyberpunk nightmare. You can see the money, it's yours, but you can't have it, and there isn't even a person you can talk to to help you. Don't worry, funds are safe. They're yours. You just can't have them. Oh and also btw: you owe taxes on them lol. Good luck!
There's still my second option though, open a Kraken account and transfer the crypto there.
Do your own research as always, but Kraken has been around since 2011 and has a solid reputation -- I've never heard of anyone losing their funds.
It's not as slick as Coinbase, and used to have a well-deserved reputation for somewhat frequent outages (rare nowadays). Additionally you'll have to pay for a wire transfer to withdraw fiat ($5 to Kraken, plus whatever to the receiving bank). Presumably, in this case none of these would be a serious concern. In the plus column, their customer support is quick to respond and actually helpful, unfortunately a rarity in the crypto world.
Max fees would be like $50 for such a transaction.
mmmk
Square’s cash app accepts Bitcoin deposits
Kraken exists
Gemini exists
And if you were moving larger amounts there are dozens of OTC desks, some of which are operated by the above companies including Coinbase.
The point of them mentioning Dai is to have stable value long enough to figure out what the next move is
I'm curious which dexes do you use? Any aggregators?
Entering:
1) Power companies
Entering & exiting:
2) Off-market large trades (sometimes brokered through retail OTC trading desks)
3) Retail outlets such as Coinbase