Exchanges going down is the circuit breaker of cryptos.
It's also a circuit breaker for regular brokerages too :)
FYI, Fidelity, with nearly $5T AUM, is currently down.
Coinbase outages
161–170 of 310 posts
Re: Coinbase outages
#162I 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…
I'm glad people are starting to realize this. I have been bashing bitcoin for this reason for ages only to be ridiculed.
Re: Coinbase outages
#163I 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…
Then you'll need to moralize air conditioning and entertainment and everything else too. These use cases aren't the problem, dirty energy is the problem. Fix the source of energy. We need to do that anyway. Bitcoin and the Nakamoto Consensus is a breakthrough that provides a secure, global, uncensorable, decentralized store of value. With defined rules that can't be changed on the whims of a central actor. The energy…
Military and banks do more than what PoW blockchain does.
I don't buy in the energy argument myself, but trying to justify the way you do sounds a little too kool-aid-y.
Re: Coinbase outages
#164Earlier quoted context omitted.
>> 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.
Right! Let me know when they get their money back. I thought that when bad stuff happens on regulated markets at this level(i.e congresional probe etc) the DA, SEC, FCA or whatever agency is in charge is supposed to intervene and make it right. And btw it wasn't just RobinHood. At some point all the retail brokers(i.e Interactive Brokers) decided to hold various positions(buy/sell).
People can sue coinbase and any other shady broker as well. If you've lost 10K I doubt you are willing to spend even more to get it back in court be it coinbase, RobinHood or any other exchanger/broker with an army of lawyers.
Re: Coinbase outages
#165I 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-capit…
> will run out of dollars and this whole machine will fall apart
Sounds like it could be three things:
1) Their USD standard is bunk. If you're on a commodity money - or secondary exchange money - standard then you can only issue as many certs as there are units of that money in your reserves. With the XAU standard, you can't just mint gold certs without gold underlying it. That's not how any of this works!
2) They just FDR'ed their users, and took them off the USD standard but didn't tell them.
3) Less technically: sounds like they're skimming off the USD for themselves and hoping everyone doesn't divest at the same time. This could be either fraud, or it could just be incomitance, ignorance or any other *ance really.
Re: Coinbase outages
#166I 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..)
According to their Terms and Conditions, Tether has no obligation whatsoever to redeem their currency for dollars, so while they may not be backed (and almost certainly are not), a bank run is not really their problem.
It's a problem for the value of the Tether coin and therefore for the nominal value of the entire crypto market.
But otherwise: smart move. :D
Re: Coinbase outages
#167Re: Coinbase outages
#168And the west coast didn't even wake up yet...
Re: Coinbase outages
#169I 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…
Satoshi is a supervillain who created the most effective weapon of mass destruction the world has ever seen. Unstoppable and fueled by the inherent greed of mankind.
Re: Coinbase outages
#170Earlier quoted context omitted.
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.
Sure! The original Bitcoin whitepaper from Satoshi Nakamoto is available here: https://bitcoin.org/bitcoin.pdf It is titled "Bitcoin: A Peer-to-Peer Electronic Cash System" So, based just on the title, it's pretty clear that it's original intent was as an electronic payment method. The first sentence of the abstract is: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly…
That's BSV, maybe. Bitcoin core deviated from the original white paper long long ago