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Coinbase outages

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Re: Coinbase outages

#111

Post by simonh »

ojr wrote: post #96
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.

You do know that Coinbase has a $50k a day withdrawal limit? A lot of doomsday scenarios leave out this important detail when talking about a hypothetical bank run.

What's to stop me opening 10x accounts of $50k each and pulling them all out at the same time?

Re: Coinbase outages

#112

Post by wbl »

vishnugupta wrote: post #63
throwaway4good wrote: post #56

Earlier quoted context omitted.

There is no such thing in crypto.

I haven’t traded in crypto so please take it with a grain of salt. If someone is selling BTC for USD then someone is doing the same in the other direction. From Gameshop saga we do know that USD takes time to travel between different parties, in this case from buyer to coin base and then from coin base to seller. Unless USD payment is instantaneous there will be some form of T + 1 isn’t it? What am I missing here?

Crypto exchanges have thr crypto and the fiat posted by customers ahead of time. Settlement is instant, it's withdrawal that takes time on the USD side. In stocks the various broker dealers are essentially loaning each other the money and stock and sorting it out in three days.

Re: Coinbase outages

#113

Post by bidirectional »

jw1224 wrote: post #31
gardaani wrote: post #13

According to Binance, Bitcoin just went down from $42k to $30k in 2 hours. Elon Musk selling his cryptocurrencies??

Those following the GME saga believe it’s Wall Street banks scrambling to find liquidity in response to emergency rule changes by the OCC. It’s fascinating stuff to follow — watch the VIX today, a measure of stock market volatility. It’s absolutely soaring already.

The GME saga is over outside of fervent believers who cannot accept that Wall Street did not tumble because one small hedge fund made a bad bet.

Re: Coinbase outages

#114

Post by idiotsecant »

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've been hearing the same thing about tether for about half a decade now.

We all know it's insolvent. Apparently it doesn't matter.

Re: Coinbase outages

#115

Post by 988747 »

simonh wrote: post #111
ojr wrote: post #96

Earlier quoted context omitted.

You do know that Coinbase has a $50k a day withdrawal limit? A lot of doomsday scenarios leave out this important detail when talking about a hypothetical bank run.

What's to stop me opening 10x accounts of $50k each and pulling them all out at the same time?

I guess the fact that they follow KYC requirements and not allow anonymous accounts? You would have to create 10 fake identities for yourself first.

Re: Coinbase outages

#116

Post by boardwaalk »

ojr wrote: post #96
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.

You do know that Coinbase has a $50k a day withdrawal limit? A lot of doomsday scenarios leave out this important detail when talking about a hypothetical bank run.

It doesn’t take many people for that to multiply into many millions of dollars…

Re: Coinbase outages

#117

Post by AlexandrB »

program_whiz wrote: post #42
gardaani wrote: post #13

According to Binance, Bitcoin just went down from $42k to $30k in 2 hours. Elon Musk selling his cryptocurrencies??

Its due to that, automated selling probably, but mostly because of China adding increased scrutiny. CN is one of the biggest bases of bitcoin: https://www.cnn.com/2021/05/19/investing/bitcoin-price-drop-...

Bitcoin is a "decentralized" digital currency.

Re: Coinbase outages

#118

Post by randomopining »

simonh wrote: post #111
ojr wrote: post #96

Earlier quoted context omitted.

You do know that Coinbase has a $50k a day withdrawal limit? A lot of doomsday scenarios leave out this important detail when talking about a hypothetical bank run.

What's to stop me opening 10x accounts of $50k each and pulling them all out at the same time?

You need to provide KYC info to open an account right?

Re: Coinbase outages

#119

Post by Saint_Genet »

throwaway4good wrote: post #36

How is this ok? A market crash multiple exchanges go down and/or withdrawals certainly become very hard - this was submitted earlier to hn about Binance: https://www.reddit.com/r/binance/comments/nea291/weekly_bina...

How is it OK? Isn't the point of this that it's the wild west?

Re: Coinbase outages

#120

Post by trevithick »

ramboldio wrote: post #70

I recommend to look at the tether trading volume. If too many people are requesting their dollars at the same time, tether will go bankrupt and with it the bulk of the 'value' of the crypto empire. (hard to get a site that is up and has a good chart for that rn..)

https://crypto-anonymous-2021.medium.com/the-bit-short-insid...

Posted on HN a while back.

"To be crystal clear: every time you sell Tethers on Kraken, you are forcing Tether Ltd. to pay you in US dollars. If you can manage to sell enough Tethers for USD on Kraken, then Tether Ltd. will run out of dollars and this whole machine — which currently undergirds 70% of all crypto trading flows — will fall apart.

Well-capitalized hedge fund managers may wish to re-read the above paragraph, and ponder its implications."

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