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Coinbase outages

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Re: Coinbase outages

#61

Post by [deleted] »

bradam wrote: post #44
afavour wrote: post #34

Earlier quoted context omitted.

It’s what happens when the entire vehicle is speculation. I know the plan and the desire is for Bitcoin to be used as an alternative payment method but it isn’t fit for purpose. The people investing in it are doing so purely on a speculative basis, so you’d better believe plenty will cash out at the first sign of a dip.

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.

[deleted]

Re: Coinbase outages

#63

Post by vishnugupta »

throwaway4good wrote: post #56
vishnugupta wrote: post #52

Earlier quoted context omitted.

Could it because of T+2 settlement?

There is no such thing in crypto.

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?

Re: Coinbase outages

#64

Post by kemonocode »

throwaway_kufu wrote: post #32
ludamad wrote: post #22

Earlier quoted context omitted.

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

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.

Nice try, but Coinbase is one of the most, if not THE most tightly regulated exchange out there. [0]

[0] https://help.coinbase.com/en/coinbase/privacy-and-security/o...

Re: Coinbase outages

#65

Post by tjansen »

______- wrote: post #57

I'm a bit of a cryptocurrency newbie, but I know enough about it to know that centralized exchanges are not what cryptocurrency is really about. It's more about spending with cryptocurrency (in a decentralized way) instead of exchanging some fiat for it, and vice versa, no? It's a bit of chicken and egg problem I suppose (If I want Bitcoin I need some fiat to get it in some cases), unless I acquire Bitcoin via some o…

I think that very few people are actually paying with cryptocurrency right now. As long as it's as volatile as today (and in the case of BTC, transactions are so expensive and slow), it's mostly speculation about which system may be used in the future.

Re: Coinbase outages

#66

Post by Mizza »

Shaaaaady.

The NYGA report on Tether is due today. Tether is completely insolvent, and once the rug is pulled, all of the exchanges are going to realize that all of their "stable" reserves are worthless and they can't pay out what they're storing for customers, and the price will tumble all the way down as there's a run on the pseudo-banks that can't payout.

Or not, what do I know.

Re: Coinbase outages

#67

Post by xienze »

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.

Re: Coinbase outages

#70

Post by ramboldio »

I 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..)

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