Coinbase "Auto Pay" Not processing?

[tucsondirect]

As the title states, there may be an issue with coinbase api not selling BTC after transfer. This is second time the auto echange/withdrawal has failed. Tested on my Test miner account (same username as here)

[Steve Sokolowski]

Thanks. I'll review this later tonight. The payouts are being received but not sold?

[tucsondirect]

Correct, I thought maybe it was the larger dollar value on the other account but it seems even a $2 transaction is failing to get sold

[Steve Sokolowski]

I investigated this problem.

It turns out that the system was receiving an error message: "You don't have that many bitcoins in your account to sell." From what I can tell, sometimes Coinbase's own transactions between its users take a while to post.

I'll ask Chris to move the payout time back from 6:17am to 8:17am, and we'll see what happens from now on. I apologize for the inconvenience.

[tucsondirect]

No worries, i can use the auto Sell address they have provided, but thought the other method would be more cost effective for you guys... plus.. the auto bank withdrawal feature is nice to set and forget (Assuming it works)

[kires]

I have this issue every now and then. I was under the impression that it was a rounding thing on CB's end?

[tucsondirect]

Upon further inspection it would appear that using coinbase's instant"exchange" address is more cost effective as there is only a 1% fee, and withdrawals to us bank accounts are free (although manual)... With Prohashing's method there is a $0.15 fee on a $2.00 test transaction.. Auto bank deposit is not worth $0.15

Edited: for spelling and clarification

[Steve Sokolowski]

I never heard of this exchange address - I'll have to read up on it. How do they offer it for free? Or, is this one of those things that's only available in certain states?

[tucsondirect]

They provide you a wallet address that instantly converts The bitcoin into your USD wallet, at which point you can initiate a free withdrawal to attached bank account Screenshot http://screencast.com/t/xWNHV2z0LLF


Click USD wallet>Click Instant exchange at top of page>Copy Bitcoin address
1% conversion fee, 0% bank fee for withdrawal (currently)

[Steve Sokolowski]

Oh, I see. This is one of the features that is only available in a limited number of states. Most people can't take advantage of this feature, so you should definitely use it since you live where it is offered.