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Coinbase outages

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Re: Coinbase outages

#181

Post by dcolkitt »

grey-area wrote: post #126
idiotsecant wrote: post #114

Earlier quoted context omitted.

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.

Until it does. If everyone tries to get out of tether at once there could be a run on the currency and a collapse. If tether has been manipulating prices (seems likely) that will also come out in the crash.

As of press time, USDT (Tether) is currently trading at a slight premium to USDC[1]. There's no indication that the market is pricing an imminent collapse to Tether.

[1]https://info.uniswap.org/#/pools/0x7858e59e0c01ea06df3af3d20...

Re: Coinbase outages

#182

Post by JackFr »

andrewmutz wrote: post #134
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.

Withdrawal limit or sell limit? Presumably, people can sell all their holdings and withdraw over time.

When the BIG selloff comes, the withdrawal limit isn't gonna matter. 'NO BID' seems inconceivable to some, but it's real and it can happen.

Re: Coinbase outages

#183

Post by _alex_ »

dougmwne wrote: post #103

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…

The power per tx metric is a dumb metric. Power usage doesnt increase or decrease per tx

Re: Coinbase outages

#185

Post by muskox2 »

xienze wrote: post #67
gardaani wrote: post #13

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

Crypto is an... interesting market. The vast majority of trades are done by bots. Some external event causes BTC to swing and bots key off that, magnifying the effect. When it’s a REALLY big event like today and people are trying to cash out, the effect feeds on itself.

Does the stock market work similarly? From what I understand about 4/5 of all trading done today is automated.

Re: Coinbase outages

#186

Post by hwillis »

grey-area wrote: post #154
jonrcooper wrote: post #141

Earlier quoted context omitted.

Nope - the author is incorrectly using total energy / total transactions to get this number. Which, is understandable. However, if there were 2x the transactions, the total energy would stay very close to the same. So no. There's a lot of energy to secure the network, but the actual energy usage per transaction itself is a small fraction of that misquoted number.

Unfortunately the network can’t handle more transactions. Decentralised, fast, cheap: pick two.

Bitcoin picked centralized, slow, and expensive. Most mining is done in giant warehouses, and the whole point is that more computing power results in zero faster processing.

It remains to be seen if there are good ways to do distributed currency, but there are certainly less bad ways.

Re: Coinbase outages

#187

Post by jtbayly »

Gatsky wrote: post #127
trevithick wrote: post #120

Earlier quoted context omitted.

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…

The analysis in that link was debunked.

Can I see the debunking? Or is it secret?

Re: Coinbase outages

#189

Post by hardlianotion »

Gatsky wrote: post #127
trevithick wrote: post #120

Earlier quoted context omitted.

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…

The analysis in that link was debunked.

debunked where? and how?

Re: Coinbase outages

#190

Post by tim333 »

Kiro wrote: post #169
dougmwne wrote: post #103

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…

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.

But Proofofstakeman shall defeat him!
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