• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
Where's Your Money Going?
Advertisement

Coinbase 100% Overspends On Fees, Loses Up To ’15 BTC Per Hour’

Wilma Woo by Wilma Woo
6 years ago
in News, Bitcoin, Companies, News teaser
0
Advertisement

Coinbase has been described as “hemorrhaging money” this week after data showed it had been paying double transaction fees.


Coinbase logo

Fees Glitch Adds To Coinbase Woes

The overspending, likely due to a software problem, is the latest in a series of technical mishaps for the exchange and wallet provider. BitGo engineer Jameson Lopp originally raised the alarm Friday noting “something weird” was occurring on the Bitcoin network, tweeting:

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

12 hours ago an entity began sending BTC transactions paying 100X the going fee rate.

After others agreed, Lopp subsequently announced his suspicions were “confirmed firsthand” and that the party contributing huge batches of double-rate fee transactions was Coinbase.

I've just confirmed firsthand: the entity overpaying fees by 100X is @coinbase. You're hemorrhaging money, folks. https://t.co/wTYFOWuxLa

— Jameson Lopp (@lopp) July 15, 2017

Responding to the news, CEO Brian Armstrong told Lopp the company was “taking a look” into the situation.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Months Of Technical Headaches

Months Of Technical Headaches

In both May and June, Coinbase had suffered technical issues elsewhere on its service, with sporadic problems continuing into this month.

A high influx of new users contributed to an overly-strained backend, with Bitcoin’s recent price peaks and troughs accompanied by website outages, failed or ‘lost’ trades and lack of response from customer support channels.

Users often recounted their woes on social media platforms such as Reddit in the hope of getting attention, with support staff sporadically replying to more serious issues such as hundreds of thousands of dollars going missing.

Also detecting something was amiss in recent days meanwhile was entrepreneur turned commentator Tuur Demeester, who put the amount spent unnecessarily by Coinbase in 24 hours at $240,000.

Looks like @coinbase has paid about $240k in unnecessary Bitcoin fees since yesterday (overpaying 100x), likely due to a software glitch. https://t.co/AyLnvkHij0

— Tuur Demeester (@TuurDemeester) July 15, 2017

Demeester ‘Looking Forward’ To $1k Bitcoin Fees

Demeester has become increasingly revered for his cryptocurrency insights on Twitter, this week nonetheless contributing to a particularly controversial part of Bitcoin: its future fees.

In an exchange with fellow entrepreneur and investor Ari Paul, who said he was “looking forward” to paying $100 Bitcoin transaction fees by 2025, Demeester upped the odds tenfold.

I look forward to $1,000. An average LBMA physical gold transaction is worth $7 million, it's conceivable for on-chain TX moving that way.

— Tuur Demeester (@TuurDemeester) July 14, 2017

The concept of anything other than rock-bottom fees has angered average users in the past, who see being able to send large amounts of value for a few US cent as a key benefit of Bitcoin over traditional fiat money transfers.

When in June Blockstream CEO Adam Back said users would happily pay $100 fees, the Twitter backlash was considerable, despite the fact that at the time, Bitcoin fees were themselves already extremely high.

i bet they'd pay $100/tx for digital gold, and mid-sized international remittance, I would. still be really good if fees were much lower. https://t.co/YDn4cRr8rw

— Adam Back (@adam3us) June 7, 2017

What do you think about Coinbase’s overspending and Ari Paul and Tuur Demeester’s opinions on fees? Let us know in the comments below!


Images courtesy of

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Wilma Woo

Wilma Woo

Related Posts

Bitcoin this week

Bitcoin And Crypto This Week: Here’s What Will Be Important

2 hours ago
Bitcoin price

Bitcoin Price Nears $24,000 Mark – Can Bulls Push BTC To $25K This February?

6 hours ago
50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

23 hours ago
Institutional Bitcoin Buying Is a Positive Sign, Suggests Matrixport

Institutional Bitcoin Buying Is A Positive Sign, Suggests Matrixport

2 days ago
Bitcoin BTC

Inflation May Be In A Lull, What Does That Mean For Bitcoin?

3 days ago
Bitcoin Lightning Network POS Clover

Major Adoption News For Bitcoin: POS Giant Clover Starts Lightning Trial

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Binance Coin (BNB) Trading Volume Pumps By $7 Million While...

    3 hours ago
  • Polkadot (DOT) sees 5% Growth, why Cardano (ADA) and...

    4 hours ago
  • More than a trillion dollars moved in Litecoin (LTC)...

    4 hours ago
  • Moralis has revealed the integration of Web3 API with Aptos...

    5 hours ago
  • Is Aptos (APT), Solana (SOL), or Snowfall Protocol (SNW)...

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.