I was a very early adopter of Coinbase 5 or 6 years ago. I can't remember right when I stopped using it or why, but recently I went back for what I thought would be convienence. My experience has been less than optimal.

What I found is that for someone that doesn't use the platform frequently there was little or no indication of the time periods involved for your funds to be available for use: in my case transferring to an exchange to buy a crypto not available on thier platform.
So there was no indication on the main buy page that my transaction wouldn't clear for 3 days until after I had made the transaction.

Well that sucks.

So then I patiently wait for what was supposed to be 3 days.

Tic-toc-tic-toc

BINGO!

Now I can see my account value reflects my Bitcoin purchase. Hurray!

All that's left to do is make a transfer to Blocktrades and I can have my precious Steem!

Hmmm, it's giving me a insufficient funds error message.

?

Try a different browser
Try a different app

Then I notice that on the bottom of the transfer screen it says 0 funds available.

wtf?

Click the link that says something about "not all funds showing"

Now it tells me that it can be up to 11 days before I can use the funds for anything other than buying on thier platform.

Are you F-ing kidding me?

(Was this why I stopped using Clownbase? I can't really remember. Don't grow old)

So I call customer service even though I can predict thier response: feigned surprise about my problem, (hmm, let me check for you sir).

Then I get the scripted answer that this is standard, combined with the attitude that this should have been expected on my part, "this is standard for all ach transactions."

I'm thinking in my head what the hell does ACH stand for again? ... and why the hell should I care? I just want to use my damn money that you guys have kidnapped.

I thank the guy for his wonderful customer service and end the call.

So this leads me to search for information on what I feel is a scam (I wonder how much interest is earned per day on these in limbo funds).

I find a few blemishes on the reputation of this company that I had previously respected. Seems there is a class action complaint by the SEC against Coinbase in California.

I guess these guys have bigger problems than I do. Never the less, when my funds clear I'm done with Clownbase.

Via Mashable:

Life savings lost. Desperate cries for help. Allegations of fraud.

In the six years since its founding, the San Francisco-based exchange Coinbase has established itself as one of the most trusted places to trade ether, bitcoin, litecoin, and bitcoin cash. It's also run up its share of critics: namely, its customers.

In 134 pages of complaints filed to the SEC and the California Department of Business Oversight obtained by Mashable following a five-month FOIA process, a picture emerges not of a responsible actor in the cryptocurrency space opening the market to new investors, but rather a company overwhelmed by and underprepared for its own success.

Read More