After several recent outages during periods of high volatility in the crypto market, major exchange Coinbase is once again receiving negative publicity about the crypto trading product it offers.
Posting on Twitter on Thursday, the famous author, risk analyst, and ex-trader Nassim Taleb, called out Coinbase, asking “What’s going on with you? Why don’t you respond to errors?”
Shortly after, Coinbase support replied, apologizing for the delay and saying they would be following up with the support case shortly, to which Taleb answered “Too late. Closing account.” The author later clarified that he opened this account a few months ago.
@CoinbaseSupport @coinbase Even their account closing page is messed up. Does not respond https://t.co/SZIJrqLDiy
Taleb, who is the author behind well-known classics like The Black Swan and Skin in the Game, later followed up by suggesting for his followers that Coinbase only responded because of the blue checkmark on his Twitter profile, which indicates that the account of public interest is authentic. Meanwhile, they “ignore the regular person,” Taleb said to almost 600,000 of his followers.
Gist Vile.com has reached out to Coinbase for comment and will update this article when we hear back.
Partial outages and difficulties with signing in and placing buy and sell orders have been experienced by Coinbase users on several occasions as of late, and particularly during periods of high volatility in the crypto market.
Coinbase experienced outages during periods of volatile trading on April 29 and May 9. Following those two events, the exchange said they had implemented fixes in an effort to prevent outages to occur again.
However, the platform reported “connectivity issues” on June 1, during the exact moment when bitcoin spiked above the USD 10,000 level.
@I_Make_Lemonade @coinbase Rigged implies that this is intentional. Coinbase doesn’t have any incentive to do this… https://t.co/N4LYunwiyO
Dear @coinbase, I ask this with much respect – How does an exchange with an $8 billion valuation crash every time B… https://t.co/AxLnXMxhip
@adam3us @cryptorecruitr @coinbase @brian_armstrong Agreed re market structure and customers, we need reliable serv… https://t.co/g7SIAaieF5
Last year, Coinbase was also criticized for their actions and lack of communication during the Neutrino crisis that lead to a campaign on social media with the hashtag #DeleteCoinbase.
The company claims they have more than 30 million users.
Also, in an attempt to attract more institutional traders, the exchange recently agreed to acquire Tagomi, a New York-based crypto brokerage, for reportedly almost USD 100 million.
Nassim Taleb has previously spoken highly of bitcoin, calling it “an excellent idea” that “fulfills the needs of the complex system.” The author – who is of Lebanese descent – has also urged Lebanese citizens to turn to cryptocurrencies amidst a combined banking and currency crisis in the country.
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