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Litecoin and Ethereum buys and sells are temporarily disabled

status.coinbase.com

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Re: Litecoin and Ethereum buys and sells are temporarily disabled

#4

Post by jjallen »

ceejayoz wrote: post #2

With the price spike (Litecoin's up a hundred percent today alone), I wonder if the hot wallets ran out of coins to transact with?

You would think they would buy for themselves commensurately with client purchases so they wouldn't get into this situation.

Maybe they try to and couldn't keep up? Would be fascinating how this stuff is managed behind the scenes.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#6

Post by ceejayoz »

jjallen wrote: post #4
ceejayoz wrote: post #2

With the price spike (Litecoin's up a hundred percent today alone), I wonder if the hot wallets ran out of coins to transact with?

You would think they would buy for themselves commensurately with client purchases so they wouldn't get into this situation. Maybe they try to and couldn't keep up? Would be fascinating how this stuff is managed behind the scenes.

The recent speculation spikes have been pretty remarkable. I wouldn't be shocked if they occasionally exhaust hot wallets. I'd love to know what the process is - do they have coins in cold storage in the offices in safes? Bank vaults? Multi-person signatures?

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#9

Post by Klathmon »

ceejayoz wrote: post #6
jjallen wrote: post #4

Earlier quoted context omitted.

You would think they would buy for themselves commensurately with client purchases so they wouldn't get into this situation. Maybe they try to and couldn't keep up? Would be fascinating how this stuff is managed behind the scenes.

The recent speculation spikes have been pretty remarkable. I wouldn't be shocked if they occasionally exhaust hot wallets. I'd love to know what the process is - do they have coins in cold storage in the offices in safes? Bank vaults? Multi-person signatures?

They don't really talk about it, but I'd imagine it's multi-signature offline wallets that require a few people and an assload of physical security to spend.

Re: Litecoin and Ethereum buys and sells are temporarily disabled

#10

Post by sd_mikey »

jliptzin wrote: post #5

What is causing the sudden rise in litecoin?

My guess is that the there are a lot of newbies now on Coinbase (#1 app in the Apple AppStore). They are buying the cheapest “bitcoin” without actually understanding what they are buying. This has increased demand for the cheaper of the only three options in Coinbase thus increasing price.
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