Non-Existent Service in the CryptoCurrency Business Will Have Long-Term Impact

Right now the crypto market is red hot and like any market that’s so hot, company’s at the time often forget that customer service is for the long-term and that by not treating the customer right, eventually enough will move on.  Crypto company’s won’t be feeling the pinch right now, but once a downturn hits is where we will see this play out in my opinion.

I’m speaking from my own experience, frustration and concern here.

I have dealt with many different company’s and most of them will NEVER reply to you.  Even worse most of them don’t have a simple contact form, e-mail address, phone number or built-in support system (I guess in all fairness it’s like getting help from PayPal only a bit worse).

A sampling of random experiences and exercise in patience.

Coinbase

It took a long time to get “verified” enough to even make a purchase with their high fee system but it is a quick, expensive and easy way to get into crypto once you are verified.  However one thing I was unhappy with is that you cannot purchase directly to your own personal wallet (I don’t like leaving money in exchanges because of MtGox, Bitfinex and other hacking incidents where people lost real money).  All I ever got was an apologetic generic reply and nothing more.  If you’re having serious issues it is unlikely this company will ever help you so there is the real risk of their mistake or other problems costing you time and money.


Josie replied:

Gatehub

I sent them USD in order to exchange for some Ripple but without my permission they converted it into EUR so I lost money on the conversion and wire.  The reason I sent USD is because they said it was for USD and to top it off the bank was in Lithuania (a little scary to send to an unregulated market and does set off some alarm bells and concerns).  This is typical of the crypto industry and I do think it will come back to bite and haunt them.

I did ask Gatehub to make it right but never received any response after a number of weeks.  Even to verify my account it literally took a number of months to even get a response and to complete the process.  During these bullish times anything will fly because there are only so many alternatives but all bets are certainly off after that point.

Poloniex

Poloniex is one of the biggest exchanges out there but you can find complaints all over reddit of people not being able to verify their account for months.  I uploaded my information only to be sent through a third party verification process.  This required me to use a live webcam that perfectly captured the details of my ID live (who has a webcam these days let alone one that would get the crazy macro shot they require!).  The process told me the details weren’t clear enough, even the sending a selfie with your ID method was not supported.  And if you didn’t get it right at that moment or even if you had no webcam you can’t even try to verify yourself again for several hours.  Needless to say I’ve moved on and so have many others.

Kraken

I simply won’t trust them, initially I didn’t know who they were but somehow I was signed up without my knowledge or consent.  I kept getting so much spam from them I didn’t even realize they were any sort of legitimate company.  The fact that they essentially marketed themselves through spam and forcefully signing up clients makes me not trust them at all (even less than many other firms).

Coinmama

They aren’t cheap but I will give them this, they were quick with verification and when there are issues they reply usually within a number of days with an actual human response.

What Does This Add Up to?

Customer service in the crypto world is non-existent and so is the trust factor and reliability of many of the companies involved.

A very nervous and frustrating experience even for veterans and those who understand crypto, my level of trust in these companies is quite low.   They don’t even have phone numbers or addresses for the most part and those that do you can never get to a human usually.

When things work fine you shouldn’t have a need to contact these companies, but when there are issues it is very likely you will be ignored regardless of the issue, or any reply is not helpful or may come weeks or months too late.

 

Ethereum’s Issues Stem From the Basics

Ethereum is certainly #2 in the market capitalization only second to Bitcoin but it doesn’t mean it’s as easy to use.  In fact I suspect my recent experience is what is keeping it from rising, Ethereum makes me nervous and reluctant to use it everyday. As someone who has used the client’s/wallets for both I find Ethereum’s is cumbersome and at times impossible to use, thus preventing the user from using it to do any transactions at all.

Imagine if a simple eTransfer or Wire from your bank took over a week to initiate?  That’s way too long and beyond the purpose of the infamous but in practice non-realtime transactions in the cryptoworld.

I spent nearly a week syncing 4 months of blocks!

I needed to do a transaction in Ethereum and opened up my Ethereum Client which slowed my whole computer down and ultimately wouldn’t update past a certain point.

I consider myself an above average user who is good at troubleshooting issues.

I updated to the latest Ethereum client and that still didn’t fix it.

Some users suggest deleting the “chaindata” folder and that didn’t fix it.

Eventually I decided to do delete the whole “Ethereum Wallet” folder (never do this without backing up your keystore files safely).  Also be aware that this folder “Ethereum Wallet” is not where your keys/wallet data are stored.  In Linux they are stored in “~/.ethereum/keystore”which is very misleading when you have a “~/.config/Ethereum\ Wallet” (which is not where your wallet data or keys are stored).  I stress this because I came across many who had sworn off the Ethereum Coin and team because of this confusion where they lost their keys and ultimately their investment and coins.

The solution was to delete “~/.config/Ethereum\ Wallet” but the fun didn’t stop there.  It was updating so slow through the missing blocks that it felt like I was mining the entire blockchaining (you could literally count 1 by 1 as it was processing or sometimes it would take minutes on a single block).  I’ve been able to sync the whole Bitcoin or Litecoin Blockchain more quickly and without or much impact on my computer.

I decided to switch the chaindata for Ethereum to SSD it did speed things up but not significantly and still took about a day to catch up and my computer still did slow down.

What I Learned About Ethereum

For all of its features I think the team is out of touch with getting the basics right first, as evidenced by the “Parity” fiasco where through no fault of the users people have essentially lost or have 160M worth of Ethereum coins frozen and lost presumably forever.  I have never seen this with another major coin.

Nor have I seen or experienced the confusion on basics of why their client is so complex.  Why does it use another program geth to sync the data?  Why are there so many different choices, fast sync (which didn’t help speed things up for me), a MIST client and so many different confusing and unnecessary choices and complexity?

I like how I can just download the Bitcoin client or Litecoin client and it works simply, there’s no guessing or confusion.

When it comes down to it, if someone with my background is having to troubleshoot and it slows me down from doing transactions, or I fear my coins could randomly be lost it doesn’t bold well for Ethereum’s future.  I don’t mind leaving other wallets running but Ethereum just takes too much computing with SSH so it’s not practical.  I will consider Ethereum a wise investment with some risks I’ve highlighted above but for any cryptocurrency to truly be accepted and successful it must be secure, fast, reliable and easy to use (something which most cryptocurrencies still fail at if not for the reason that you require the whole blockchain to keep your money in your own possession or have to rely on dangerous uninsured third party exchanges or services that are often hacked).

As we can see below this is not a sustainable practice for cryptocurrency going forward and I will be posting more about how I think the future of crypto will be significantly different than we currently see.

Screenshot-Ethereum Wallet-19