Unless you’ve been under rock these past number of years you’ve probably heard about hacks, scams, losses, horrible service, scary times, end of the world, as far as it goes with Cryptocurrency Platforms for purchasing / trading BTC, ETH, BTH and many others. This week is no different as it goes with Coinbase.
User growth at Coinbase has gone gangbusters.
Service at the exchange had already begun showing signs of strain when the company announced in August it had raised $100 million, and said some of the new funding would go toward alleviating customer service pressure. Late last month, it hired a new vice president of operations and technology, Tina Bhatnager, to oversee customer support. It also appointed Dan Romero with the title of general manager of Coinbase, in a blog with the headline: “Customer support: failure is not an option.”
This all makes sense, but as usual in the case of the poor users, when things fail they affect the very capital of the users Coinbase needs in which to offer their product to.
I’m giving a heads up to Coinbase for all their work at trying to mitigate this issue, but the horror stories like this:
Then K. looked at how much Coinbase said he owed money on: $2.4 million.
“I initially freaked out, considering I’ve probably put in a max of $8,000 into Coinbase and somehow I may be liable for millions?” K. said in an online chat with CoinDesk.
go a long way toward encouraging the possible users, the people who read the news and are still on the sidelines about jumping in. It essentially gets them talking, and talking about why it isn’t worth the effort as of yet.
To add a bit of fuel to the fire, and this from a person who has been defrauded in the past by someone who stole my debit card number. It feels like a lot of these customers are guilty till proven innocent. In the case of Visa though, it probably wasn’t all of Coinbase’s fault.
Long story short. This growth and hardship has all the markings of a new ‘industry’ that is both stumbling and running at the same time. ‘Caveat Emptor’
Anyone remember Atari? Well I do! This announcement set off waves of purchases leading to a nice jump in their stock price today. It sounds like they’re taking the current market forces and deeming the cryptocurrency wave as an additional opportunity moving forward.
Though their idea wasn’t all that exciting or shocking, I was really bummed that there was no mention of a Space Invadetoken. Each alien is unique. Kill an alien and the 2 more that show up are the only two in existence. Of course, you don’t want to die because then all your cryptoaliens go the way of the ‘ether’ ( very sorry about that one, but I digress.
As if crypto weren’t speculative enough, this is extremely risky. I’m debating whether or not this is going to be around in two weeks,
Moving right along.
There are a lot of reasons to jump into the Cryptocurrency bandwagon, largely because it is new, the wild west, and can be extremely profitable if you can weave yourself through the risk.
However, there will be a need eventually for regulation to rear its ugly head and ‘tame’ this wild animal. I know. I know, I’m going to get tons of comments on Twitter about how I’m losing the faith, or selling out. BUUUUT. Every. Single. Day. We’re running into this news.
Scams and thefts involving cryptocurrency and blockchain have become more common as mainstream investors have looked to enter the market. In December, CoinDesk reported that investors lost nearly $490 million in 2017 alone due to wallet hacks, scams and different kinds of attacks.
While payouts were made for several months, the multi-level marketing scheme ultimately collapsed in November 2017. Toward the end of January, Austria’s Financial Markets Authority began collaborating with the prosecutors’ office in Vienna to carry out an investigation on the suspicion of fraud and/or pyramid play, the Die Presse report added.
Swift is in dire need for replacement and xRapid would appear to be the leading choice. However, given that hackers have stolen literally billions of dollars in crypto-heists, versus measly millions in the traditional banking sector – this is not a point in Ripple’s favour.
None of this is helping. At some point FUD leads to real Fear, uncertainty and despair, which leads to declarations and determinations and announcements of “No”. If we can self regulate, that is all the better, but the good of crypto should be pulled away from the bad, otherwise all the naysayers will be right, and it will all be declared illegal.
Like it or not, Illegal is bad. It’s a cause for more illegal. Let’s keep it legal!