Coinbase outages • Hacker News Board

Re: Coinbase outages

#21

Post by viraptor » Wed, May 19, 2021, 1:19 PM UTC

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?

If one exchange goes down and you have enough money to move the price on another one, that's a great opportunity for some arbitrage. That would cause at least some players to try for higher volatility. (No idea what the overall effect will be though)

Re: Coinbase outages

#22

Post by ludamad » Wed, May 19, 2021, 1:20 PM UTC

bhaak wrote: post #11

Exchanges going down is the circuit breaker of cryptos.

It's also a circuit breaker for regular brokerages too :)

Re: Coinbase outages

#23

Post by onlyrealcuzzo » Wed, May 19, 2021, 1:20 PM UTC

gardaani wrote: post #13

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

The volume of Bitcoin is over $100B sometimes. It's over $75B in the last 24 hours.

There are several days in the last month, according to Tether, with AT LEAST $500M of inflows.

A single $1B of outflows shouldn't tank a market like this by 40%...

Re: Coinbase outages

#24

Post by yamrzou » Wed, May 19, 2021, 1:21 PM UTC

gardaani wrote: post #13

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

He already did: https://twitter.com/elonmusk/status/1394001894809427971

Re: Coinbase outages

#25

Post by onlyrealcuzzo » Wed, May 19, 2021, 1:22 PM UTC

Grazester wrote: post #10

excitednumber wrote: post #5

Earlier quoted context omitted.

According to this page everything is fine!....

"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.

Re: Coinbase outages

#26

Post by parhamn » Wed, May 19, 2021, 1:22 PM UTC

So is Gemini.

Re: Coinbase outages

#27

Post by kwertyoowiyop » Wed, May 19, 2021, 1:23 PM UTC

cturner wrote: post #3

That HTML error page uses my GPU and consumes an entire CPU core.

Just leave it up for a couple hours kthxbye.

Re: Coinbase outages

#28

Post by dustingetz » Wed, May 19, 2021, 1:23 PM UTC

deleting due to quality of replies

Re: Coinbase outages

#29

Post by afavour » Wed, May 19, 2021, 1:24 PM UTC

cturner wrote: post #3

That HTML error page uses my GPU and consumes an entire CPU core.

Look, they need to mine crypto somewhere.

Re: Coinbase outages

#30

Post by pps » Wed, May 19, 2021, 1:24 PM UTC

yamrzou wrote: post #24

gardaani wrote: post #13

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

He already did: https://twitter.com/elonmusk/status/1394001894809427971

No, he didn't https://twitter.com/elonmusk/status/1394170030741413888