Big Time Slow Down Account Authentication Coinbase

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We decided to invest in the anonymous, non Gold based digital currency Bitcoin about 3 weeks ago and experienced a slow down in the account authentication process at the exchange Coinbase.

The online interface for the San Francisco base currency exchange entity is very well designed and at the end of the verifying your ID process, it requested pictures of the front and back of your drivers license. We took the pictures with our smart phones and uploaded to Coinbase. This is when we got the dreaded processing spinning icon you see in the screenshot below. It may have been because my picture on my drivers license did not look like my picture on the webcam picture of me required in the authentication process. They probably use facial recognition software to avoid fraudulent activity.

Maybe the slowdown was because the value of one bitcoin has increased from $8,000 in November to almost $20,000 today(December 19th)!

BitCoin Account authentication delays

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8 comments on “Big Time Slow Down Account Authentication CoinbaseAdd yours →

  1. I think your right about the high demand for bitcoins causing the the delay in your account verification process. As a side note it is quite obvious why Jamie Dimon, CEO of JPMorgan Chase, is calling bitcoin and all digital currency a fraud. Poor Jamie does not want has lavish lifestyle to end up in the toilet. His whole livelihood depends on the dated and fickle gold based, federal reserve board model.

    I went through the same thing you did getting the message “We’re verifying your identity. Please wait a couple of minutes.” It ended up taking closer to two hours!!!!

    1. Consider the following sage commentary from anarcotech at busy.org:

      Holy blanking expletive?! But I tend to agree that the banksters and their government mafia puppets aren’t going to sit idly by and do nothing about crypto….. although my sense is that some interesting anon coins like monero will do very well in this scenario. Thanks for your outlook man. I sure hope you’re wrong, and actually everything will be all rainbows and bunnies and ferraris, but that’s just the idealistic part of me…the pragmatic me tends towards the cynical.

      Anarcotech overlooks one thing. Bitcoin and its clones can’t be turned off by any government entity. It is currency equivalent of the internet itself!! There is a way Anarcotech, just turn off all computers, smart phones and servers World wide! Love you brother, but anarchy is not quite the way. Limited government functions naturally arise in mankind…..called libertarianism.

      1. Veteran security pundit Victor Dergunov sets a reasonably short term target price for Bitcoin at 50,000 USD. His unemotional and primarily technically motivated reason is the upside the digitial currency has in the worldwide store of value market and the global medium of exchange segment.

        Not to deceive here, so some clarification on what I mean by short term. Short term relates to how gradually Bitcoin realizes its full market share potential. If you don’t want to risk the disruptions with Coinbase, you can buy approximately 0.1(one tenth of a Bitcoin) at your favorite brokerage symbol GBTC. I payed $2500 at Schwab for 0.1 Bitcoin which was at $1600. Easily worth the 56% markup!

        1. I was in the middle of an outstanding and informative article about GBTC, the stock symbol behind the Bitcoin Investment Trust, when I was literally overwhelmed and flooded with countless advertisements that actually blocked my view of the article giving me NO way to kill the ads. I loved the writing style and informative manner of Wayne Duggan, a Staff Writer for Benzinga, BUT will never go back there due to crass and overbearing commercialism of the site. Benzinga is clearly trying to live off of Pay Per Click advertising and they blew it with this reader who was trying to learn about blockchain, peer to peer financial transactions. I may check back in a month to see if they have toned down the unending torrent of bothersome ads, but adios til then!

          Contrasted with Wayne Duggan is buffoon Robert Leonard writing for Seeking Alpha who proved his ignorance when he wrote the price appreciation of Bitcoins can cause you to pay over $100 million for two pizzas. Mr Leonard may have a business degree from University of Phoenix and probably cheated his way through math and economics. Bitcoin is a global store of value and medium of exchange executing close to 2 billion dollars of transactions in the USA alone! Seeking Alpha obviously does not vet their content writers.

          A much more realistic assessment of the short and long term potential comes to us from a former MIT graduate student:
          Bitcoin’s value is not tied to any projected company earnings like Amazon. The ultimate potential of Bitcoin is to eventually replace the current monetary system, which many people feel is ripe for disruption, given the global debt(USA intractably exorbitant debt prime example here!) and continuous money printing. Given that there’s roughly $60T worth of FIAT(Fiat money is currency that a government has declared to be legal tender, but it is not backed by a physical commodity such as gold or siliver. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material that the money is made of.) backed wealth in circulation, and Bitcoin’s market cap is just below $200B, Bitcoin has the potential to increase by 300 times, which would make 1 Bitcoin worth roughly $3 million. No one actually expects Bitcoin to capture 100% market share, but even if it were to capture 20%, a Bitcoin would be worth roughly $600K.

          1. Taylor Monahan, the developer of Ethereum blockchain interface , denounces the insecurity of bitcoin as a string of binary digits.

            Complete BS that if your house burns down, you lose less than if you lose your Bitcoin security credentials-private key. Why don’t you test that on your own house Taylor?!

            Bitcoin avoids greedy banks and fee charging credit card companies and places burden on peers directly exchanging goods and services.

            Advice: Blue Horseshoe likes GBTC

            Cryptocurrency is a global anomaly. Accept that. Let’s see Taylor, I like anomalies like bitcoin that have lasted 9 years. Bitcoin set the standard for your Ethereum. Nice try at discrediting our new FIAT digital currency or is it a commodity or is it s security. I get confused??!

            At least Taylor has some financial pedigree. Who the hell turned VICKIIE OLIPHANT loose in the UK writing about a so called investment guru named Oliver Isaacs. Oliver has no discernible credentials other than he is very LONG on Bitcoin and possibly GBTC. Oliphant writes for Express.co.uk and did not say much about Isaacs other than he had made 10,0000% on crytocurrency, a percentage I am sure she took as his word with no third party verification!! Very sloppy, irresponsible reportage.

            Morgan Stanley analyst James Faucette and his team sent a research summary to clients recently stating that the real value of bitcoin is $0. Sounds like a way to scare his clients into NOT investing in Bitcoin. Faucette Just proving he does not understand emerging worldwide increasing value of the preeminent digital currency in the world.
            There was exactly the opposite bullish analysis by Odessa Ukraine financier, Arjun Naik and others. Also,Joseph Young writing for CCN, points out that Faucette was dead wrong about 0 valuation of bitcoin. Morgan Stanley is scared to death of bitcoin; the bank’s analysts have encouraged Morgan Stanley clients to NOT invest bitcoin and the cryptocurrency market in general based on false assumptions. The lack of interest rate is one of the selling points of BC that is driving customers away from Morgan Stanley. Faucette is worried about his job! The Goldman Sachs top dog knows that bitcoin is here to stay!

            1. Segwit2X and Bitcoin are ready to explode to $40,000 valuations based on Alex Bosworth tweet regarding his paying phone bill on Lightning network with bitcoin at Zero cost and Instantly!

              Investors and consumers who trust commentators like Mati Greenspan of Hacked will lose out on the greatest investment opportunity of the century. There are ways to gain profit exposure to bitcoin without the minute risks of ownership. The Grayscale trust GBTC is “splitting” for shareholders of record January 8th 2018.

      2. I hope Jim McAfee never has to eat his Johnson. The former Libertarian candidate for US President said he would emasculate himself if bitcoin was not worth at least $500,000 by 2020.

        Yes, the same guy that protects your PC from hackers and viruses said he would ingest his family jewels on Twitter if the crypto currency one Bitcoin was NOT valued at half a million USD by the close of 2020!!

  2. ANTHONY CUTHBERTSON, crypto currency whiz writing for Newsweek, describes the recent 30% bitcoin correction as a blip NOT a bubble as so many naysayers love to call it.

    Bitcoin’s upper bound is far more than the $15,000 valuation circa December 23,2017. If it reaches even one half percent(0.005) of the value store of the competing major money supplies, like the U.S. Dollar or the Euro, it could be worth 100 times what it is today. This would place the valuation of A SINGLE BITCOIN AT $150,000!

    So despite the mind-numbing runup to almost $20,000, buying one share of GBTC at $2,500(0.1 of $25,000 bitcoin) is still relatively cheap.

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