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Coinbase says buying and selling temporarily disabled amid price rout

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Re: Coinbase says buying and selling temporarily disabled amid price rout

#11

Post by minimaxir »

wu-ikkyu wrote: post #9
blhack wrote: post #3

There is something that feels extremely fishy to me about what has happened at coinbase over the last few days. For years I've told people to just store their coins on coinbase. I've been a big fan of their "vaults", and I've been saying that they are the shining beacon of legitimacy in this whole thing. I honestly don't know that I still agree with that. This whole rollout of BCH has made me honestly start questioni…

What advantages are there to storing BTC on Coinbase vs. your own wallet

User experience, which is important when you're trying to appeal to non-techies, like the ones fueling the Bitcoin spike in the first place.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#12

Post by frgtpsswrdlame »

blhack wrote: post #3

There is something that feels extremely fishy to me about what has happened at coinbase over the last few days. For years I've told people to just store their coins on coinbase. I've been a big fan of their "vaults", and I've been saying that they are the shining beacon of legitimacy in this whole thing. I honestly don't know that I still agree with that. This whole rollout of BCH has made me honestly start questioni…

You think it's fishy and you have no way to know if something is going on behind the curtain at coinbase but you don't want regulation? Regulation is what lets you peek behind the curtain and know that Coinbase is or isn't doing something fishy.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#13

Post by ISL »

frgtpsswrdlame wrote: post #10
cevn wrote: post #4

Earlier quoted context omitted.

They go down practically every time there's a lot of volume. Not sure if they have publicly addressed what sort of infrastructure problems they're having though.

Have they gone down when the price is surging upward? I only ever see them going offline when the price goes down but I may have missed something.

Volume is likely to be higher when the price is getting hammered.

Panic, when it occurs, is more acute than ebullience.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#14

Post by tonyjstark »

api wrote: post #5
dopamean wrote: post #2

> "Investigating - All buys and sells have been temporarily disabled. We are working on a fix and apologize for any inconvenience," Coinbase said on its status website at 11:11 a.m., ET. What exactly is broken that needs to be fixed? Is there just a ton of trading volume and their system cant keep up ? Edit: I ask because the headline just says that prices are falling quickly and so Coinbase halted trading. This soun…

If it's anything else such as allowing insiders to exit before a crash really takes hold, then people are going to jail.

Why? Are there regulations in place that forbid coinbase to halt their service?

This is not meant to be sarcastic, just wondering if there are laws in place even for unregulated markets like Bitcoin.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#15

Post by conanbatt »

frgtpsswrdlame wrote: post #12
blhack wrote: post #3

There is something that feels extremely fishy to me about what has happened at coinbase over the last few days. For years I've told people to just store their coins on coinbase. I've been a big fan of their "vaults", and I've been saying that they are the shining beacon of legitimacy in this whole thing. I honestly don't know that I still agree with that. This whole rollout of BCH has made me honestly start questioni…

You think it's fishy and you have no way to know if something is going on behind the curtain at coinbase but you don't want regulation? Regulation is what lets you peek behind the curtain and know that Coinbase is or isn't doing something fishy.

Thats not what bank regulations have achieved.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#16

Post by mrgordon »

frgtpsswrdlame wrote: post #10
cevn wrote: post #4

Earlier quoted context omitted.

They go down practically every time there's a lot of volume. Not sure if they have publicly addressed what sort of infrastructure problems they're having though.

Have they gone down when the price is surging upward? I only ever see them going offline when the price goes down but I may have missed something.

Yes the site always crashes under load

Re: Coinbase says buying and selling temporarily disabled amid price rout

#17

Post by blhack »

wu-ikkyu wrote: post #9
blhack wrote: post #3

There is something that feels extremely fishy to me about what has happened at coinbase over the last few days. For years I've told people to just store their coins on coinbase. I've been a big fan of their "vaults", and I've been saying that they are the shining beacon of legitimacy in this whole thing. I honestly don't know that I still agree with that. This whole rollout of BCH has made me honestly start questioni…

What advantages are there to storing BTC on Coinbase vs. your own wallet

A few days ago it felt so much easier to answer this question, haha.

Coinbase puts a lot of work and effort into their security models. Storing coins yourself means that you now have to:

1) Physically secure your private key

2) Secure the machine that you use to interact with that private key

3) Ensure that that private key was generated in a secure way

4) Ensure that the ways that you interact with that private key don't cause any problems.

etc.

Storing your own keys is a bet that you are better at security than coinbase's team. That's not a bet I necessarily want to make.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#18

Post by mhluongo »

frgtpsswrdlame wrote: post #10
cevn wrote: post #4

Earlier quoted context omitted.

They go down practically every time there's a lot of volume. Not sure if they have publicly addressed what sort of infrastructure problems they're having though.

Have they gone down when the price is surging upward? I only ever see them going offline when the price goes down but I may have missed something.

Just before the first futures it was surging and they went down. But anecdotally it does seem to happen more on the ride down

Re: Coinbase says buying and selling temporarily disabled amid price rout

#19

Post by ISL »

chollida1 wrote: post #8

Coinbase does a number of things that seem strange from a market perspective. There doesn't appear to be an auction to open/close or restart. Instead they seem to lock their markets and allow post only orders. The other things this screams is that 1) stop loss orders are useless in volatile markets. I've harped on this alot from the US Cash Equities side but it appears to be equally valid. YOu'll only end up getting…

In a recent thread, stop-loss limit orders were mentioned, which would appear to address the bad-fill concern, to an extent.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#20

Post by smaili »

Why is it they always seem to go down during times of sudden surges and dips? It almost feels like they’re trying to control the market of their platform rather than let it play out. It may indeed just be infrastructure but given the company’s age and decent amount of funding they have now, can scaling really be at play here?
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