Coinbase needs to be addressed: Will users benefit from $ 100 million in financing?


nnnRaiders Comments: Coinbase Exchange can not meet the needs of large trading volume, users need to trade at a critical moment of collapse, resulting in encrypted currency price fluctuations, the interests of users is also damaged, resulting in dissatisfaction with the user. So the $ 100 million financing will be used to expand the platform team. And before the refusal to provide transaction services Bitcoin bifurcated BCC prices, so that users and the exchange itself missed profit opportunities. Future exchanges will also make adjustments.n
nnTranslation: Annie_Xun
nThe recently financed $ 100 million Coinbase sparked a high expectation that the largest and most transparent US encryption money startup would use the new financing to improve the services under the pressure of industry development.n
nSo despite the recent mainstream media have praised Coinbase, as social media criticized it as quickly; users can not suppress the dissatisfaction with certain services.n
nCoinbase users in the Twitter openly complained about the company’s uptime, as well as technical decisions to make them a shortage of funds. No one does not feel that this situation is very unexpected, from the site downtime to low-quality customer support, Coinbase encouraged to allow users happy.n
nTo be fair, the company has publicly acknowledged that the ability to adjust according to the market is lacking, as the total market capitalization of digital assets soared at the beginning of 2017, and the market was hot.n
nCoinbase spokesman wrote, “Over the past six months, Coinbase and GDAX have seen unprecedented growth, so our system has been forced to the edge, resulting in a poor customer experience.”n
nAlthough the blog on the financing shows that Coinbase will use the funds to solve these problems, increase the size of the customer support team, but can not be expected to what extent can be resolved.n
nn”We understand that this is very frustrating, we have been committed to improving the customer experience.We are not enough effort, failed to keep up with the company’s growth steps, and now we are taking measures to solve.”n
nnHope this is right, but until the results before the show, the company eager to answer the questions include:n
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n1. Does the exchange operation time improve?n
nPerhaps the most obvious question is the problem with the Coinbase Exchange GDAX at high trading hours, when the user most needs it to go down (the problem may be attributed to CoinDesk itself).n
nBut in view of Coinbase brand influence, these power failures and failures usually have a negative impact on the price of encrypted currency, allowing users to lose economic opportunities, such as profit from the price fluctuations in the opportunity.n
nIn the recent accident in June, millions of dollars in currency transactions were carried out at GDAX, causing prices to fall significantly and automate hundreds of margin additional requests and stops. The stop-loss allows the user to limit the loss of a position, requiring the asset price to be sold at a specific price, but this is not a common measure in the event of an exchange failure.n
nThe lightning crash led to the price of Taoyuan from $ 300 to $ 13, and GDAX and ETH / USD deals were blocked.n
nBecause the site is inaccessible, traders who want to cancel the stop and margin additional can not complete these operations. Coinbase community forum, a user said that the loss of 5,000 US dollars in Taitong.n
nTo this end, Coinbase responded quickly, credited to the directly affected account, and then planned to set up trade protection measures. In addition to a waste of time, can not participate in market dynamics is also painful.n
nIn the e-mail, a Coinbase spokesman said the exchange “is committed to raising this round of financing to increase the size of the engineering and support teams and improve the customer experience.”n
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n2. Will customer service improve?n
nCoinbase in the process of expanding new markets, the coverage of the scope of coverage to the problem, such as the start-up companies do not have a large number of customer support request.n
nSuch as CoinDesk and dozens of individuals to discuss the Cuban login account but can not enter the Coinbase account. Coinbase said in response to the backlog of customer support requests, but CoinDesk continued to receive user information that did not hear about Cuban-related services.n
nTheir Twitter feedback shows a common customer support problem.n
nIn early June, Coinbase intends to shorten the first response time to six hours or less, large amount of case response time within two hours.n
nThe speaker highlighted this commitment in this article.n
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n3. Does Coinbase launch a “fork” token?n
nCoinbase said that you want to add more assets, so that users can trade, but the specific criteria are unclear.n
nIn order to keep the regulators unhappy, it would take a lot of time and money to add a new token to the Coinbase Exchange. But occasionally treat the user in the wrong way, especially when the user can not get the economic benefits from the product being introduced.n
nRecently Coinbase pointed out that it would not support the bitcoin network bifurcated to bring the new encrypted currency bitcoin cash (BCC). Bitcoin holders will therefore automatically receive the same amount of BCC as long as the bit currency is kept in the BCC wallet or exchange that supports BCC, but Coinbase tells the user who wants to receive these new funds to extract their bitcoin.n
nEven if Coinbase informs in advance, some people still choose not to extract Bitcoin from their platform, but because of the inability to get a return of $ 330 for the current BCC, especially the rapid sale may mean investing more bit currency.n
nThis is not only the opportunity for users to miss, Coinbase will suffer losses, because it can get BCC, but can not trade through the tokens from the profits.n
nThe exchange recently issued a statement again for BCC support, promising to support new currency withdrawals in January.n
nThen the problem becomes, since the company wants to Jiancang, listing the new encryption currency is a new round of financing can solve the resource constraints.n
nNot to mention the future may be bifurcated again, it is not clear whether the company or should take measures to respond to customer complaints.n

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