Today cascading liquidations becomes a household term.
Coinbase outages
71–80 of 310 posts
Re: Coinbase outages
#72Earlier quoted context omitted.
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?
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.
Re: Coinbase outages
#73Earlier 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.
The "store of value" thing was made up to keep the speculation bubble inflating when it became clear Bitcoin had no practical use.
Re: Coinbase outages
#74Earlier 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.
Sure!
The original Bitcoin whitepaper from Satoshi Nakamoto is available here: https://bitcoin.org/bitcoin.pdf
It is titled "Bitcoin: A Peer-to-Peer Electronic Cash System"
So, based just on the title, it's pretty clear that it's original intent was as an electronic payment method.
The first sentence of the abstract is: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution"
If you read the rest of the whitepaper it's pretty clear that the original intent was as a mechanism to facilitate payments and transactions.
Re: Coinbase outages
#75I 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..)
> (hard to get a site that is up and has a good chart for that rn..)
Was just going to ask what you would recommend to monitor that. In better times, what would be the best resources?
Re: Coinbase outages
#76I'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…
> spending with cryptocurrency
It hasn't been about actually using it for years now.
Re: Coinbase outages
#77I 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..)
https://coinmarketcap.com/currencies/tether/
Jump to the 7d view
Re: Coinbase outages
#78I thought cryptocurrencies are supposed to be free from government and world influence.
Re: Coinbase outages
#79Earlier 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.
> to lock in their customers while the exchange liquidates its positions.
Not an expert in legal and financial matters, but that sounds like it would start a FBI inquiry and even prison-time for all those involved.
Re: Coinbase outages
#80Earlier 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.
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...
It’s the same company that attempted to keep its customers Bitcoin cash when Bitcoin forked right? Then only backed down after consumer backlash? Same company that tipped off its employees to buy Bitcoin cash to pump it before it was listed and then it was dumped on day 1?