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Coinbase outages

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Re: Coinbase outages

#201

Post by TeMPOraL »

throwkeep wrote: post #148
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…

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…

> You have to consider the energy used by militaries and banks to secure fiat.

If, ever, it so happens that cryptocurrencies become anything more than a joke from the point of view of the global economy, militaries and banks will be required to secure their operations too.

Re: Coinbase outages

#202

Post by chrisBob »

xyst wrote: post #177

This is not good - likely a shit ton of people withdrawing due to panic and Coinbase is having trouble covering. Only way to stop the bleeding is to hide behind "server troubles". It can't be a coincidence that all crypto currencies are on a downward spiral and Coinbase is down

> Only way to stop the bleeding is to hide behind "server troubles"

Introducing: Server Trouble As A Service. The most efficient way to stop a run on your bank.

Re: Coinbase outages

#203

Post by lottin »

_alex_ wrote: post #183
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

That doesn't mean it's a dumb metric. Any efficiency metric must measure cost per unit of output and in a crypto-currency that's power per transaction.

Re: Coinbase outages

#205

Post by ABeeSea »

thefounder wrote: post #93
throwaway_kufu wrote: post #32

Earlier 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.

>> 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…

The customers that were liquidated were trading on margin (aka with borrowed money.) When you accept that borrowed money, you also agree that the broker’s risk department can liquidate your positions to ensure they get their money back.

I have not heard any anecdotes about US exchanges not allowing selling/exiting existing positions. In fact, on of the arguments from GMEanon is that disabling buying and keeping selling open drove the price down. There is nothing illegal about a broker disabling entering a new position (buying stock).

Re: Coinbase outages

#206

Post by overtonwhy »

trutannus wrote: post #165
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…

> 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 j…

After Tether allegedly lost high 9 figures to a "scam" #1 seems not that unlikely.

"Last week, New York Attorney General Letitia James announced that iFinex—the parent company of Bitfinex, an exchange, and Tether, a dollar-backed digital token—is under investigation for fraud. At issue is $850 million that disappeared from Bitfinex’s coffers in mid-2018. The funds may have been stolen while in the possession of Crypto Capital, a payments processing company based in Panama. Crypto Capital has also been tied to Quadriga, a Canadian exchange which lost $140 million a few months ago."

https://qz.com/1607657/tether-could-bring-down-bitcoin-after...

Re: Coinbase outages

#207

Post by fsflover »

idreyn wrote: post #157
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.

But it's worth clarifying that the number is correct — Bitcoin is currently using 1 Mwh per transaction.

Except there is no connection between megawatts and transactions.

Re: Coinbase outages

#209

Post by sokoloff »

Algent wrote: post #196
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 most destructive person to have ever lived I'm not sure if we can that easily pin the responsibility on a single person and not on every single one who still continue to go for PoW while knowing how destructive it is.

There's a reasonable argument that https://en.wikipedia.org/wiki/Thomas_Midgley_Jr was a contender for that title previously.

Re: Coinbase outages

#210

Post by MavropaliasG »

screye wrote: post #194
strikelaserclaw wrote: post #144

Earlier quoted context omitted.

i'm holding which of you apes is with me (sarcasm)

Well, dumping once you already knee deep in the dump only ensures a guaranteed loss. If you are confident about the long term prospects of an investment, then holding on for longer might just work. I won't be selling any of my Eth or PoS crypto currencies any time soon. It helps that crypto makes up less than 15% of my portfolio.

Tezos?
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