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Coinbase down for maintenance

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Re: Coinbase down for maintenance

#91

Post by Animats »

oneeyedpigeon wrote: post #90
Animats wrote: post #88

The big question now is, what happens when somebody sells big for dollars. This would be an excellent time for someone with 10,000 Bitcoins to sell, take their $160,000,000, and go home. Could the market handle that?

There was a big multimillion dollar sale today, possibly the cause of the small dip. Looks like it handled it. e: actually, tbf, it was a buy and a sell: https://blockchain.info/address/366k4bqibNrbUyby4xtkDT1demdc... But it does demonstrate the market can just about handle large transactions.

But did it result in an exchange actually transferring millions of dollars out of the exchange to a real bank? That's the question.

Re: Coinbase down for maintenance

#92

Post by bitxbitxbitcoin »

oneeyedpigeon wrote: post #90
Animats wrote: post #88

The big question now is, what happens when somebody sells big for dollars. This would be an excellent time for someone with 10,000 Bitcoins to sell, take their $160,000,000, and go home. Could the market handle that?

There was a big multimillion dollar sale today, possibly the cause of the small dip. Looks like it handled it. e: actually, tbf, it was a buy and a sell: https://blockchain.info/address/366k4bqibNrbUyby4xtkDT1demdc... But it does demonstrate the market can just about handle large transactions.

How big is big?

Re: Coinbase down for maintenance

#93

Post by WA »

dx034 wrote: post #22
Snackchez wrote: post #9

Earlier quoted context omitted.

How much money needed to come into the bitcoin market for it bump from 15k to 19k? Where is this money coming from??

Not much. 1% of asset allocation for an institutional investor is enough for that. EDIT: You currently need $70m to bump the market above 20k on GDAX. That's a lot for retail investors but not much if institutional investors get involved.

How do you determine the $70m?

Re: Coinbase down for maintenance

#94

Post by base698 »

Animats wrote: post #88

The big question now is, what happens when somebody sells big for dollars. This would be an excellent time for someone with 10,000 Bitcoins to sell, take their $160,000,000, and go home. Could the market handle that?

Looking at the chart, you could liquidate $130 million and it would move the price down to $5200.

Re: Coinbase down for maintenance

#95

Post by pilsetnieks »

sk2code wrote: post #23
nostromo wrote: post #11

Earlier quoted context omitted.

Can you describe what this data is you're sharing? As is it's not clear what phenomenon you're describing.

https://en.wikipedia.org/wiki/History_of_bitcoin The insane rise in the valuation of Bitcoin. How many times we have seen a currency or an asset that represents this kind of momentum? Clearly no one has seen this coming (that soon).

Well, there was the tulip bubble of 1637.

Re: Coinbase down for maintenance

#96

Post by mv4 »

QML wrote: post #82
sk2code wrote: post #7

I never want to reuse my comments from other thread but this time I just can't resist. No one really anticipated what we all are currently experiencing and Coinbase is not different. It seems Coinbase struggling to cope up: $0000 - $1000: 1789 days $1000- $2000: 1271 days $2000- $3000: 23 days $3000- $4000: 62 days $4000- $5000: 61 days $5000- $6000: 8 days $6000- $7000: 13 days $7000- $8000: 14 days $8000- $9000: 9…

How many 9s do you think Coinbase has? 2 9s, or 99% uptime? Or is it worse than that?

They are rarely completely offline. But, they've been experiencing all sorts of "minor outages" and partial service degradation. And when you can't trade or transfer between wallets, the fact that their portal is "up" doesn't matter much.

Re: Coinbase down for maintenance

#97

Post by shiado »

As somebody who doesn't have a background in finance, what are the legal obligations of an exchange to stay online? How can a user of the service be certain that an exchange is offline for technical or non-technical reasons? Let's imagine the likely scenario when the price suddenly drops like a rock and the exchange goes offline completely (for technical or non-technical reason). Could a user make a claim that Coinbase is liable for their losses because they were unable to access their coins?

Re: Coinbase down for maintenance

#98

Post by nlperguiy »

siculars wrote: post #84

Coinbase being unavailable during times of extreme volatility is not a new thing. Today's swing was 14k up to 19k then down to 15k or so over a period of an hour of severely degraded access. I'll go out on a limb and say that much of the recent spike can probably be attributed to the 100k++ accounts open on Thanksgiving weekend getting funded today and everyone losing their shit mashing the Market Buy button which ge…

On some exchanges it was an opposite direction. Down to 12k then up back to 15k.

Re: Coinbase down for maintenance

#99

Post by misja111 »

wolco wrote: post #38
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…

On the 10th bitcoin will be listed on the chicaco exchange. This is the reason for the price swing lately.

Can you explain? You could also argue that when futures are listed on the 10th, there will finally be an easy way to go short on Bitcoin. For instance when you want to hedge a long position, or simply because you want to speculate on Bitcoin going down.

So the listing of Bitcoin futures on the Chicago exchange might not be a good thing for the Bitcoin price at all.

Re: Coinbase down for maintenance

#100

Post by user5994461 »

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.

Judging by the GDAX runbook, they barely have a couple of orders per second. They can't have performance problem at this scale.

I've seen exchanges running 10 or 100 times that amount with no problem, ran by only a couple of graduates out of school.

Either way, doesn't matter. Exchanges have no performance problem, it's a big queue, you just queue requests.

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