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Coinbase outages

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Re: Coinbase outages

#101

Post by throwaway_kufu »

thefounder wrote: post #93
throwaway_kufu wrote: post #32

Earlier quoted context omitted.

Except Crypto isn’t regulated like stocks, so what your likely seeing is the exchange themselves shutting off service to lock in their customers while the exchange liquidates its positions.

>> Except Crypto isn’t regulated like stocks, Except that most of the time that means nothing in practice. Just look at the GME saga and you have customers liquidated, customers not being able to buy, some not even able to sell. And on top of that the CEO of Interactive Brokers setting a target price for the stock. All this so that few highly leveraged hedge funds can get away from the short squeeze cheaper along wit…

Except it doesn’t mean nothing because there are a bunch of lawsuits against Robinhood, because the law provides a remedy for the bullshit they pulled.

Re: Coinbase outages

#102

Post by AlexandrB »

paganel wrote: post #79
throwaway_kufu wrote: post #32

Earlier quoted context omitted.

Except Crypto isn’t regulated like stocks, so what your likely seeing is the exchange themselves shutting off service to lock in their customers while the exchange liquidates its positions.

> to lock in their customers while the exchange liquidates its positions. Not an expert in legal and financial matters, but that sounds like it would start a FBI inquiry and even prison-time for all those involved.

I mean, maybe? If crypto is not bound by legal frameworks that govern traditional banks, what law would the exchanges have broken? The worst I could see happening is class action lawsuits, but not any kind of federal action.

Re: Coinbase outages

#103

Post by dougmwne »

I was shocked the other day on the Ethereum PoS announcement by the energy consumption per transaction metrics. It threw the whole crypto market into a new light for me. BTC is using over a megawatt hour PER transaction! That's almost 5000 miles in a Tesla model 3. BTC is using about 2/3 of the power of every data center on the planet! Many, many people have been imprisoned or executed for creating less societal harm and externality than Bitcoin. Satoshi Nakamoto may end up being the most destructive person to have ever lived.

People are free to gamble, but could they please not turn the surface of the Earth into a black body radiator while they're at it?

Re: Coinbase outages

#104

Post by dudus »

Mizza wrote: post #66

Shaaaaady. The NYGA report on Tether is due today. Tether is completely insolvent, and once the rug is pulled, all of the exchanges are going to realize that all of their "stable" reserves are worthless and they can't pay out what they're storing for customers, and the price will tumble all the way down as there's a run on the pseudo-banks that can't payout. Or not, what do I know.

I did notice they stopped printing some time this week after months adding billions of dollars. For anyone curious you can easily see tether printing by checking at USDT market cap increase.

Re: Coinbase outages

#105

Post by laurencei »

glenneroo wrote: post #92
laurencei wrote: post #84

For me the Reddit subreddit https://www.reddit.com/r/CryptoCurrency/ wont load either. I can load the rest of Reddit fine - but that page just loads as a blank white page. I'm guessing its lots of people going there for the discussions...

Loads fine for me.

Its back now. Started getting Cloudfare errors too, but all fine now.

Re: Coinbase outages

#106

Post by csunbird »

chirau wrote: post #48

I'm really furious Coinbase for an unrelated incident. I bought a bunch of BTC back in 2018 on Coinbase and just left it there, I rarely checked it. Fast forward to 2021 and I want to see how my portfolio has grown, only to be told my account was disabled. This was back at the beginning of March. So I contacted them and told them my issue. They sent me instructions on changing passwords, calling my mobile service pro…

I might sound heartless here, but, Not your keys, Not your coins.

Re: Coinbase outages

#107

Post by creshal »

onlyrealcuzzo wrote: post #25
Grazester wrote: post #10

Earlier quoted context omitted.

"Intermittent downtime on Coinbase platforms" "Investigating - We are currently investigating this issue. May 19, 06:12 PDT"

I think they're going to see why stock exchanges implemented circuit breakers. Negative feedback loops are really bad.

But you know what's worse? The government helping you!

t. anarchists

Re: Coinbase outages

#108

Post by Izkata »

chrononaut wrote: post #4

I wonder how much the volatility of cryptocurrency is influenced by the stability of exchanges. Does it make the price more stable by artificially restricting trading, or does it ultimately induce more panic?

I can't answer in general, but one thing I do remember: Litecoin didn't move in tandem with Bitcoin until after it was added to Coinbase.

Re: Coinbase outages

#109

Post by afavour »

______- wrote: post #57

I'm a bit of a cryptocurrency newbie, but I know enough about it to know that centralized exchanges are not what cryptocurrency is really about. It's more about spending with cryptocurrency (in a decentralized way) instead of exchanging some fiat for it, and vice versa, no? It's a bit of chicken and egg problem I suppose (If I want Bitcoin I need some fiat to get it in some cases), unless I acquire Bitcoin via some o…

People realised some time ago that Bitcoin isn't actually fit for purpose for most payments because transactions take so long to close. So it's now pivoted to this value idea of storing "value". Absolute house of cards.

Re: Coinbase outages

#110

Post by zzbzq »

bradam wrote: post #44
afavour wrote: post #34

Earlier quoted context omitted.

It’s what happens when the entire vehicle is speculation. I know the plan and the desire is for Bitcoin to be used as an alternative payment method but it isn’t fit for purpose. The people investing in it are doing so purely on a speculative basis, so you’d better believe plenty will cash out at the first sign of a dip.

Can you please point me a source where Bitcoin is "desired" as a payment method? It's seen more of a store of value, not used for paying for everyday things.

It's not about it being valued as a currency for its objective characteristics, but rather based on the limitless enthusiasm of crackpot ideology
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