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Coinbase down for maintenance

coinbase.com

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Re: Coinbase down for maintenance

#101

Post by samfriedman »

TFortunato wrote: post #71
syntaxing wrote: post #63

I'm curious what the implications are that all these exchanges go offline whenever there is a huge spike in bitcoin. That being said, anyone care to elaborate how the price of bitcoin is determined? I mean it's easy when there is a large central bank monitoring this figure. However, how exactly does it work for bitcoin? What makes it worth the $15K value when there is no "goods" to back it up. Are there anyone here b…

As others said, its determined by what people will pay for it. If you go to an exchange like GDAX (or any stock exchange), you can look at what is called the "order book". If you are a trader, you can act as either a: - "Market Maker" - By placing an entry in the order book, which says something like: "I have up to 100 Bitcoin I'm willing to sell at $15,000.01 a piece", or "I'm willing to buy up to 100 bitcoin at 14,…

Is there a term for those who take advantage of the spread to make their money, essentially placing buy orders and then turning around and placing sell orders? Seems like there must be people making money off those who only "Take" deals and never "Make" them.

Re: Coinbase down for maintenance

#102

Post by [deleted] »

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?

[deleted]

Re: Coinbase down for maintenance

#104

Post by dewiz »

how many things can go wrong when the service is overloaded... looks like Coinbase doesn't know what stress testing or monitoring is.

* ID verification by either webcam or id pic upload fails, and eventually one reaches the daily quota, locking the feature for 24 hours (seems fair though)

* removing and re-adding bank accounts fails, the site says the account is already linked and it shows some ghost duplicates (i.e. the same bank account multiple times with different statuses)

* bank account verification fails, the site says the small amounts deposited don't match

* some buying operations fails due to API timeouts when collecting money from linked bank accounts

Re: Coinbase down for maintenance

#105

Post by Cthulhu_ »

shiado wrote: post #97

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 Coinba…

In this case, it's completely up in the air - bitcoin isn't an official financial product, doesn't fall under any formal juristiction, etc. At best any gains get taxed now, but besides that, exchanges can't give any guarantees about uptime or e.g. getting your money back if they're not available.

Re: Coinbase down for maintenance

#106

Post by mv4 »

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.

They are very well funded, and they can afford scalability. It's not that hard, given the number of transactions even at peak so far.

So yeah, I find these weird circuit breaker patterns suspicious. The worst part is "partial" degradation, when you can't execute trades, but someone else can. It's very easy to hide all sorts of irregularities behind these partial outages.

Re: Coinbase down for maintenance

#107

Post by pfarnsworth »

How can anyone reliably trade Bitcoin? With Coinbase immensely unreliable, I can't see how anyone would tolerate running algos on their exchange, given they could be in a bad position unexpectedly.

What are the other exchanges that you can trade BTC and are they more reliable than Coinbase?

Re: Coinbase down for maintenance

#108

Post by sciurus »

ktta wrote: post #3

Bitcoin hit ATH on coinbase, then crashed. Something's not right. The exchange is still not really 'up'. https://www.reddit.com/r/Bitcoin/comments/7i7mix/great_gdaxc... Can we change the link to https://twitter.com/coinbase/status/938802155925913600

Also https://status.coinbase.com/

Re: Coinbase down for maintenance

#109

Post by mv4 »

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?

Flash crash.

Re: Coinbase down for maintenance

#110

Post by paulhodge »

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?

On GDAX the trade volume for BTC/USD is now about $1.4 billion per day. And there are other exchanges too. So yes the market could fulfill that trade. Would probably bring the BTC price down but it wouldn't be catastrophic.
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