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A comment on Sent $35,104.11 USD to CoinBase. Never received Bitcoins. Parent comment

Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by tedunangst on Wednesday December 18, 2013 @07:17PM (#6932024)
It's not just regulation. It's basic accounting. If you're not doing it, you literally don't know how much money you have. It's always a good idea to know how much money you have, even if the government doesn't require you to know.
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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by Sami_Lehtinen on Wednesday December 18, 2013 @08:11PM (#6932241)
You clearly haven't been dealing with businesses. 99% doesn't do daily checks. Many notice thins after a month or so, when closing books for month. And some notice those kind of things aften closing a year. But there still are many businesses which won't ever notice or care missing 100 grand. Been there and done that, and it's much more common than you think. In some of those cases I personally think that the business is partly illegal and bookkeeper is cooking the books. Therefore they don't even notice honest mistakes. I have seen same thing happening over and over again. People don't care about money. And this is business as usual.
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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by barrkel on Wednesday December 18, 2013 @08:24PM (#6932288)
Reconciliation is a fundamental operational procedure of financial entities. It's how they find system failures, process failures, fraud, etc. You take feeds from various systems and correlate them. It's not super complex, but it is fundamental.

I actually work for a startup selling reconciliation software as a service to the financial industry, so it's something I'm learning about myself. Lack of it suggests Coinbase are a little bit clueless.

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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by 001sky on Wednesday December 18, 2013 @11:45PM (#6932937)
You clearly haven't been dealing with businesses. 99% doesn't do daily checks.

No way. Not on fin-co ops.

That's like a car tire store without a pressure guage in shop.

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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by PeterisP on Wednesday December 18, 2013 @08:40PM (#6932365)
If this is really is business as usual, then it might be acceptable for a widget selling company but completely unacceptable for financial services. In financial services the same actions that you describe are gross negligence that (depending on jurisdiction) can mean personal liability, possibly including criminal charges, for the relevant CxOs, and a lifetime ban from running any other financial companies in future. You can't entrust consumer's money to companies being run like that, it's pure nonsense.
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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by gaadd33 on Wednesday December 18, 2013 @09:42PM (#6932568)
You think that Goldman Sachs, for example, had exactly 263,674,000,000.00 of cash and cash equivalents at the end of 2012? You don't think that's likely rounded to at least the million?

In fact it seems that most Fortune 500 companies, regardless of industry round things to the million. It's pretty easy to lose a few hundred thousand if you are doing that.

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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by rayiner on Wednesday December 18, 2013 @10:21PM (#6932669)
Auditing standards at large banks have a materiality threshold. At a Goldman or Morgan Stanley, that threshold approaches half a billion. But that's at the top layer, on top of many other layers of accounting. At the level of individual customer accounts, even small discrepancies would be caught.
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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by AJ007 on Wednesday December 18, 2013 @11:36PM (#6932905)
Any sort of financial account should be ACID safe. You can't just receive money on one end, and then it magically doesn't enter a client's account.

Bitcoin is great, but the exchanges still suck.

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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by davedx on Thursday December 19, 2013 @03:00AM (#6933442)
Except things like ATMs are not. They use eventual consistency.
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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by remon on Thursday December 19, 2013 @04:27AM (#6933646)
Very few financial systems are ACID. Why do people still think banks run on bloody MySQL?
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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by lotsofcows on Thursday December 19, 2013 @05:38AM (#6933848)
I love a non-sequitur as much as the next giraffe, but what does banks using MySQL have to do with banks choosing not to go ACID?
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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by remon on Thursday December 19, 2013 @07:18AM (#6934188)
Nothing at all other than the ever surfacing assumption by a lot of people that financial traffic is done on ACID like principles (rather than eventual consistency which it actually is). MySQL was a random example as should have been somewhat obvious.
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Re:Sent $35,104.11 USD to CoinBase. Never received Bitcoins by lotsofcows on Friday December 20, 2013 @03:27AM (#6940543)
MySQL is a random example of financial traffic not following ACID principles? I still don't understand.

Is this a reference to MySQL, pre-InnoDB, not being ACID compliant? InnoDB's been around for a decade and has been the default database engine for years.

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