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Coinbase down for maintenance

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Re: Coinbase down for maintenance

#51

Post by Demiurge »

odonnellryan wrote: post #30
crazypyro wrote: post #10

Earlier quoted context omitted.

Isn't it just the simple explanation that big swings in the market bring insane traffic spikes to market websites? Add to the fact that people are also DDOS websites (doesn't take a "big money institution" to do that) and it seems the explanation is clear...

Honestly, I don't think these exchanges can handle a lot of traffic. By a lot, I mean a few hundred trades a second. It is odd to me.

I have entertained using cryptocurrency for game betting at some point, while running some typical web stack. When I started looking into security and scaling, I realized there was a expensive and complicated overhead. When security is of very high concern, traditional performance seems to really suffer.

Re: Coinbase down for maintenance

#52

Post by TFortunato »

asciimo wrote: post #35
bonestamp2 wrote: post #13

Earlier quoted context omitted.

Strange, the price data from coinbase never stopped working on tradingview.com. I wonder what was affecting the price changes when the order book was down?

The books are on https://www.gdax.com/ , Coinbase's exchange intended for big trades. Coinbase is more of a consumer retail site. I assume the latter is what is going down, but it's hard to tell as they both seem fine at the moment.

As of now it is back up. If you take a look at the GDAX or Coinbase charts over the past 1-2 hours on a short timescale though (i.e. 1 || 5 minute candles on GDAX, or Past hour on coinbase app), you'll notice after the big dump, there was a large flat period where no trades were occuring, even though the site and app appeared to be up for a lot of people.

Re: Coinbase down for maintenance

#53

Post by SilasX »

crazypyro wrote: post #10
Snackchez wrote: post #8

All of this is anecdotal: These past couple of days, whenever a coin soars a ridiculous amount, on any given exchange, that exchange seems to mysteriously go down. For example: Binance and Bitfinex were down for "maintenance" (or just plain down), while IOTA was experiencing a surge in price (from ~1.10 to 6$). Similarly this happens with Bitcoin today (it seems Quadriga had some issues and Coinbase; not sure about o…

Isn't it just the simple explanation that big swings in the market bring insane traffic spikes to market websites? Add to the fact that people are also DDOS websites (doesn't take a "big money institution" to do that) and it seems the explanation is clear...

Not really. While most exchanges went down during the Nov 29th rally, most others didn't during today's, nor did they during the four June rallies where Coinbase also went down.

Re: Coinbase down for maintenance

#54

Post by marzell »

Afforess wrote: post #43
Snackchez wrote: post #8

All of this is anecdotal: These past couple of days, whenever a coin soars a ridiculous amount, on any given exchange, that exchange seems to mysteriously go down. For example: Binance and Bitfinex were down for "maintenance" (or just plain down), while IOTA was experiencing a surge in price (from ~1.10 to 6$). Similarly this happens with Bitcoin today (it seems Quadriga had some issues and Coinbase; not sure about o…

No, No, No! Conspiracy theories attract attention because they make the world seem more legible, when it's not. In this case, exchanges are not being attacked by shadowy corporations for short contracts. Attention from price surges increases visitor traffic, and exchanges are understaffed or unprepared for the 10-100x increase in traffic volume. There's no need for complicated stories, evil corporations, or any of th…

You are coming off as very emotional/desperate in your attempt to convince people to act cool and logical. It's not very persuasive, and if I could downvote you I would.

Re: Coinbase down for maintenance

#55

Post by eropple »

Snackchez wrote: post #39
spelunker wrote: post #14

Earlier quoted context omitted.

I think you can take off your tinfoil hat. Lots of price movement motivates more traffic to the exchanges, resulting in DDoS. As the bitcoin market grows GDAX, Bitfinex, etc are probably going to have to borrow some ideas/talent from NASDAQ & other big electronic exchanges to stabilize things.

Tinfoil hat off! Shouldn't an exchange be able to handle volume? Seems like a basic requirement. Regardless, I still believe that with the introduction of shorts, were going to see bigger swings.

In my capacity as an infrastructure/scaling consultant I've spoken to multiple exchanges. Without disclosing anything I'm prohibited from, my strong expectation is that almost every exchange can't handle traffic spikes.

They're not all shitty me-too Rails apps built by junior engineers who figured "how hard can it be?". But most of the ones I've seen are.

Re: Coinbase down for maintenance

#56

Post by w-ll »

JumpCrisscross wrote: post #36
Snackchez wrote: post #8

All of this is anecdotal: These past couple of days, whenever a coin soars a ridiculous amount, on any given exchange, that exchange seems to mysteriously go down. For example: Binance and Bitfinex were down for "maintenance" (or just plain down), while IOTA was experiencing a surge in price (from ~1.10 to 6$). Similarly this happens with Bitcoin today (it seems Quadriga had some issues and Coinbase; not sure about o…

> big money institutions are testing pump and dumps for when short contracts come into play Big-money institutions won't do this. Random individuals taking advantage of the fact that lots of value rides on relatively little volume? Much more likely. Combined with the fact that the exchanges, intentionally or unintentionally, lock liquidity when volatility spikes and it's 1907 all over again.

24 Hour Volume is north of 17 Billion.

https://coinmarketcap.com/currencies/bitcoin/

Re: Coinbase down for maintenance

#57

Post by Afforess »

jrs95 wrote: post #50
Afforess wrote: post #43

Earlier quoted context omitted.

No, No, No! Conspiracy theories attract attention because they make the world seem more legible, when it's not. In this case, exchanges are not being attacked by shadowy corporations for short contracts. Attention from price surges increases visitor traffic, and exchanges are understaffed or unprepared for the 10-100x increase in traffic volume. There's no need for complicated stories, evil corporations, or any of th…

No, No, No! Don't pay attention to that thing! Look over there! Seriously though, it's worth considering that this kind of thing could be possible even if we don't know whether or not it has anything to do with these specific outages.

No, it's not. There are an infinite number of conspiracy theories. There is no value in considering them.

Re: Coinbase down for maintenance

#58

Post by kough »

Snackchez wrote: post #8

All of this is anecdotal: These past couple of days, whenever a coin soars a ridiculous amount, on any given exchange, that exchange seems to mysteriously go down. For example: Binance and Bitfinex were down for "maintenance" (or just plain down), while IOTA was experiencing a surge in price (from ~1.10 to 6$). Similarly this happens with Bitcoin today (it seems Quadriga had some issues and Coinbase; not sure about o…

Coinbase runs on Ruby and their devops aren't good enough to make up for it.

Re: Coinbase down for maintenance

#59

Post by zzxxddere333 »

hervature wrote: post #45
AndrewBissell wrote: post #20

Earlier quoted context omitted.

It would make more sense to put this on a logarithmic scale. The move from $18000-$19000 is nowhere near as meaningful as the move from $0 to $1000. Also, the move to $19,000 seems to have been some kind of liquidity issue on GDAX, the price did not get that high on other exchanges.

I agree, so putting this together from the parent's info: $0000 - $1000: 1789 days $1000- $2000: 1271 days $2000- $4000: 85 days $4000- $8000: 96 days $8000- $19000: 20 days Edit: Even on a logarithmic scale, bitcoin is experiencing exponential growth.

wow

Re: Coinbase down for maintenance

#60

Post by wereHamster »

Snackchez wrote: post #39
spelunker wrote: post #14

Earlier quoted context omitted.

I think you can take off your tinfoil hat. Lots of price movement motivates more traffic to the exchanges, resulting in DDoS. As the bitcoin market grows GDAX, Bitfinex, etc are probably going to have to borrow some ideas/talent from NASDAQ & other big electronic exchanges to stabilize things.

Tinfoil hat off! Shouldn't an exchange be able to handle volume? Seems like a basic requirement. Regardless, I still believe that with the introduction of shorts, were going to see bigger swings.

> handle volume

But what levels of volume? 100 quadrillion trades per nanosecond? Sure they could scale their infrastructure to those levels, but why? You overprovision, get estimate your worst-case scenario and work towards that. But in the end, if there is a huge rush, like a 10000% increase or more, even the largest exchanges would break down.

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