Today's Coinbase FUD:
First off, as just stated by Coinbase (you can check the statement out on their twitter) none of what has been happening is a hack. Alright! Take a deep breath if you were freaking out. However, there are some other problems with Coinbase that just came out and need to be addressed.
It seems as though the new MCC (Merchant category code) code change has screwed up the system for buying crypto with bank cards. In case you missed it, this was just allowing so if you bought crypto with credit cards, you can be charged for fees on Coinbase, and your bank.
Let me also let you know that this is more than likely affecting mostly debit card users, because of the coinbase recent ban on credit cards. Also the recent ban of buying crypto with credit cards from Bank of America, Chase etc..
As it seems right now, the confusion from the MCC has caused for many people to be incorrectly charged when buying crypto. So with a widespread hysteria just from people who are thinking it is all the fault of Coinbase.Which is true to a degree. However, Coinbase is doing nothing else than reacting to the increased regulation, and trying to solve the problems they face. Like they are literally just adjusting to what has been happening with the fees from MCC.
Goodnews:
Perhaps the reason that this is not that bad in the end is as coinbase is solving the problem really well. They have said that they will refund everyone that has been charged wrongly. Which is very huge, because it tells us something about Coinbase. The something that Coinbase is one of the safest for crypto, and is very trustworthy in operating a crypto exchange. Moreover, not many exchanges like Coinbase show as much transparency as they do.
With that being said though, the issue is not fully resolved yet, and I will work to make sure I get the news out to you guys before anybody else. Steem on steemians, and see you in the next post/update!
🔴Thank you for reading my post! I hope you guys enjoyed, and I'll see you in the next post! Feel free to ask questions or comment/upvote! 🔴
-Crypto DJ
Coinbase has it's flaws (massively inflated fees) but it has a good team running it from behind the scenes and they make far to much to allow things to muck it up for them. I wish customer support was more communicable but all in all it serves its purpose well. Thanks for the post feel free to check out my blog if you have the time @dan21050
Ya I really think they need way better customer support! And I will also go check out what you have on your side!
The only reasons I can see why they haven't attempted further support is because of the sheer number of users contacting them all the time. It's annoying having no real person to speak to when you have an issue though.
Ya way to many users contacting them for sure.
As always looking for the good of steemians. Thanks for the info.
Anytime!
Just give up on Coinbase. Get the Robinhood app, which will soon be launching crypto trading without any fees. If you sign up via the link, you'll also get a free randomized stock: https://share.robinhood.com/tunaida
Already on coinbase and robinhood, but I'm excited to see what these free fees will lead to!
hey check out whats going on with Visa. I'm just about to post something on my blog about it.
Ya Coinbbase let me know at least that Visa is in the process of repaying everybody!
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STOPI don't think its a scam but I think they are making to much on their padded Crypto sells. Also a friend of mine has two 500 dollar charges and still nothing in his wallet but shows on his credit card.... Very flawed system. I cant wait for Robinhood, its going to be a game changer....
Me too! Robinhood is going to be so good! I think you have to invite people now though to get apart of robinhood crpto... Also wow 500$ is way to much in charges.
I liked Coinbase a lot until this week. They cancelled 4 of my orders for no reason. And, they debited my bank account for the amounts anyway (these were not credit card orders). I have no idea why they were cancelled. Obviously, I had enough money in my bank account because they took it. Customer support is awful. Days later I get canned responses via email. No phone support. Coinbase users beware!!
Ya it is very sketchy lately...