Nassim Taleb, renowned author of The Black Swan, Antifragile, and Fooled by Randomness, has publicly announced the closure of his Coinbase account following unsatisfactory customer support experiences. The former options trader and vocal cryptocurrency advocate took to Twitter to express his frustrations with the exchange.
The Incident That Led to Account Closure
- Customer Support Failure: Taleb reported unresolved technical issues via Twitter, tagging Coinbase with the message: "What are you doing? Why no response to errors?"
- Delayed Response: Although Coinbase eventually replied, promising to address his concerns, Taleb deemed the action "too late," citing systemic neglect of average users.
- Account Closure Challenges: He noted that even Coinbase’s account termination process was fraught with problems.
"They responded to me because I complained publicly but ignore regular users."
— Nassim Taleb
Industry Reactions
Kraken’s CEO Jesse Powell swiftly invited Taleb to their platform, offering direct executive support:
"Try Kraken—reach out to me personally if any issues arise."
Coinbase’s Recurring Technical Issues
This incident highlights ongoing challenges for the exchange:
- 11 Outages in 12 Months: Frequent platform crashes during market volatility, most recently during a major price swing.
- Community Backlash: Traders miss critical opportunities when unable to execute orders during price surges or drops.
| Issue | Impact | Frequency |
|---|---|---|
| Outages | Lost trading opportunities | 11 times (past year) |
| Support Delays | User dissatisfaction | Ongoing |
Why Taleb’s Stance Matters
- Credibility: As a financial theorist, his critique underscores operational flaws in crypto exchanges.
- Advocacy: Previously urged Lebanese citizens to adopt crypto amid economic crises.
FAQs
Q: Why did Nassim Taleb close his Coinbase account?
A: Due to poor customer support and unresolved technical issues.
Q: Which exchange invited Taleb after his Coinbase exit?
A: Kraken’s CEO offered direct assistance via Twitter.
Q: How often has Coinbase faced outages?
A: 11 instances in the past year, often during market volatility.
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