Never attribute to malice that which is adequately explained by incompetence.
Coinbase outages
131–140 of 310 posts
Re: Coinbase outages
#132Earlier 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.
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Re: Coinbase outages
#133Earlier quoted context omitted.
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.
Huh, looks like they're better organised than I expected, thanks.
Re: Coinbase outages
#134Shaaaaady. 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.
Withdrawal limit or sell limit?
Presumably, people can sell all their holdings and withdraw over time.
Re: Coinbase outages
#135I 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…
> BTC is using over a megawatt hour PER transaction!
A transaction meaning transferring money from one wallet to another?
Re: Coinbase outages
#136The error message from Cloudflare is interesting "This website is using a security service to protect itself from online attacks."[1]
Re: Coinbase outages
#137Watching the absolute freefall of the crypto market on coinmarketcap is rather entertaining. Glad I cashed out ~10 days ago, even if I missed out on some gains.
That's great; can you use the money to do something useful now and stop supporting this garbage?
Re: Coinbase outages
#138I'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…
> It's more about spending with cryptocurrency (in a decentralized way)
That was the original intent, but it's been known for years now that cryptocurrencies just don't work for that scenario. As soon as volume grows, transaction times and costs soar to levels that are unsustainable for actual payments. So most cryptocurrencies have since turned into speculative digital commodities, arbitrary items that get value out of being unregulated, transnational, and anonymous or pseudonymous. They allow money to flow internationally outside of the official banking system, untroubled by pesky anti-money-laundering laws or anything protecting investors. Exchanges on the fringes deal with the trouble of converting them back into money and goods... at least as long as governments allow them to do it.
Re: Coinbase outages
#139Earlier 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.
These companies are backed by VC money, they can just drag out any court cases for years or decades until they have managed to buy themselves legal immunity. We saw it with Uber, Lyft, AirBNB, etc.
Re: Coinbase outages
#140I 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…
> BTC is using over a megawatt hour PER transaction! A transaction meaning transferring money from one wallet to another?
i would say but i haven't checked his data.
Generally speaking, every 10 minutes! one block is mined which is incentivived with 6 btc or roughlyl the equivilent of over 150.000$.
In avg there are 1000-2000 transactions per block.