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Coinbase outages

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Re: Coinbase outages

#91

Post by BenjiWiebe »

chirau wrote: post #48

I'm really furious Coinbase for an unrelated incident. I bought a bunch of BTC back in 2018 on Coinbase and just left it there, I rarely checked it. Fast forward to 2021 and I want to see how my portfolio has grown, only to be told my account was disabled. This was back at the beginning of March. So I contacted them and told them my issue. They sent me instructions on changing passwords, calling my mobile service pro…

The photo of you holding a photo ID is standard practice these days. Afaik, everyone creating an account has to do that, and apparently it applies to old accounts as well. It's because CoinBase is trying to be fully legal/compliant with US law. Plus, they're FDIC insured.

Re: Coinbase outages

#92

Post by glenneroo »

laurencei wrote: post #84

For me the Reddit subreddit https://www.reddit.com/r/CryptoCurrency/ wont load either. I can load the rest of Reddit fine - but that page just loads as a blank white page. I'm guessing its lots of people going there for the discussions...

Loads fine for me.

Re: Coinbase outages

#93

Post by thefounder »

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.

>> 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 with their lender/broker.

Re: Coinbase outages

#96

Post by ojr »

Mizza wrote: post #66

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.

You do know that Coinbase has a $50k a day withdrawal limit? A lot of doomsday scenarios leave out this important detail when talking about a hypothetical bank run.

Re: Coinbase outages

#97

Post by [deleted] »

ncallaway wrote: post #74
bradam wrote: post #44

Earlier quoted context omitted.

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…

[deleted]

Re: Coinbase outages

#98

Post by ______- »

thinkmassive wrote: post #88
______- 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…

Or acquire it the same way you presumably acquire USD: work and get paid in it. Kinda weird you left that out but mentioned stealing, although I suppose ransomware is top of mind these days.

> acquire USD

Are you saying Bitcoin and other cryptocurrencies are inherently gold-backed like the USD?

Re: Coinbase outages

#100

Post by thefounder »

paganel wrote: post #79
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.

> 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.

so many FBI inquiries started from the GME fiasco, right?
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