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Coinbase outages

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221–230 of 310 posts

Re: Coinbase outages

#221
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.

Think of all the untapped incompetence out there to make this happen. This could also solve UBI.

Re: Coinbase outages

#222
post #204

Bitcoin crashing will teach Elon not to mess with crypto, could risk his company into a very bad cash position

Who knows for sure, maybe he did sell Tesla's positions and is buying back when the price hits rock bottom. There have been heavier crypto price drops and people are initially traumatized but when the price starts climbing up again everybody jumps in and the mishap is quickly forgotten. There's nothing rational about it.

Re: Coinbase outages

#223

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%...

Unless big players know something about Tether that most people don't https://coingeek.com/tether-reaches-new-lows-in-quest-to-avo...

Re: Coinbase outages

#224

Earlier quoted context omitted.

I haven’t traded in crypto so please take it with a grain of salt. If someone is selling BTC for USD then someone is doing the same in the other direction. From Gameshop saga we do know that USD takes time to travel between different parties, in this case from buyer to coin base and then from coin base to seller. Unless USD payment is instantaneous there will be some form of T + 1 isn’t it? What am I missing here?

People trade derivative coins such as USDC, USDT and BUSD that pair with coins such as BTC or ETH. These are basically stable coins that track the USD. Therefore trades are nearly instant. Withdrawing USD from the platform involves selling your derivate coins for fiat.

Derivative coins that might not be so stable after all... https://coingeek.com/tether-reaches-new-lows-in-quest-to-avo...

Re: Coinbase outages

#226

I thought cryptocurrencies are supposed to be free from government and world influence.

You can always try to find some guy on street and trade it for cash or gold or silver... Oh wait, government might have say about using the cash...

Re: Coinbase outages

#227
post #196

Earlier quoted context omitted.

> 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.

Inventor of both * Leaded Gasoline * Freon

Ouch!

Re: Coinbase outages

#229

Earlier quoted context omitted.

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 ot…

Look I’m as jaded as the rest, like everyone. I’ve seen mass manipulation to promote bullshit wars. I graduated in 2008 and I am still told to shut up and say thank you to the banks for paying back taxpayer loans with interest that bailed them out of their own fraud and let them consolidate the market. I saw the CDC initially lie about masks to allegedly preserve supplies for healthcare providers. I saw the government take trillions in future taxes and mostly give it to businesses and for the FED to leverage into even more money to prop up the stock market (hey, all time highs again mid pandemic).

Still, for all the BS lawyers get, much of it deserving, for every lawyer behind the brokers/investors/funds there are others representing the victims. These are the types of lawsuits that include egos so big that sometimes discovery of emails/communications and the prospects of sitting for depositions result in a resolution, and even change.

It’s funny you mention the army of lawyers, because many of these cases have been consolidated and one 1 Zoom hearing were 141 lawyers…they represented the plaintiffs.

Re: Coinbase outages

#230

Earlier quoted context omitted.

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...

I don't trust those prices I'm afraid - the price of most cryptocurrencies is manipulated heavily, and this one in particular by printing tether - the peg is a lie (as shown by AG investigation), the backing is a lie (as shown by Tether's admissions), and it's going to zero eventually IMO when the lies unravel. See this recent story for more detail:

https://news.ycombinator.com/item?id=27151370

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