The funniest thing about pretty much every single bitcoin or crypto exchange, a $5.99 a month webhost provides better customer service. But an exchange with allegedly hundreds of millions of dollars of revenue can’t provide good customer service.
Pretend you are @brian_armstrong. Thousands of people every week are saying they lost their 2FA device and can't access their account. If support person gives them access and it is actually an attacker then real customer loses all of their money. How do you solve this?
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You hire staff and you train them with the hundreds of millions of dollars in revenue.
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See my response here on that: https://twitter.com/backus/status/971894771135299584 … I realize this wasn't originally about Coinbase, but do you think they are at least on the right track? I don't follow tons of lower quality exchanges like you do, but I'm curious how deep your critique is.
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Also I'm not saying it is impossible, I was just trying to balance this out by saying this a harder problem than the original tweet makes it seem. I think Coinbase is figuring out these problems (not sure about other exchanges / crypto wallets).
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Even with millions of dollars, I think getting this stuff right at scale (where any botched support ticket can result in people losing tons of money) requires new approaches in terms of software, security, training, and internal processes. This stuff still takes time.
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I don’t disagree, but they’ve had plenty of time. The problem is they aren’t currently incentivized to provide good support. The first exchange that makes support a priority will be a game changer here. Also, we don’t have the best and brightest at the helms of these exchanges
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I think at least Coinbase is getting better, but it is hard to see because the # of users added increases every week. Problem gets harder as you solve it. I think there is a weak incentive to solve it. It seems like every exchange is overwhelmed so it seems like they don't care.
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And people are flocking to them in spite of poor service. Absent some dedication to quality that I doubt any of the main players have, I don’t see it getting significantly better without a new player in the game
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I still recommend Coinbase to people. Exchange / wallet getting hacked is a much bigger concern. I don't agree that a new exchange will get big by differentiating itself with good support, but my conviction on that point is low, so no counter argument there.
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I take 1% of my alleged budget and hire all stars who are way smarter than me
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Sure, but as CEO you still need to figure out under when support can take security risks like I mentioned before. Security measures are imperfect and still hard. Support has high churn + low pay. Thorough vetting requires tech competence and more training.
End of conversation
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