The Fall of Coinbase Begins
So unfortunately for many of us, leading crypto currency exchange Coinbase began its downward slide earlier this week by crashing during pivotal times, not once but TWICE. The second period of downtime came earlier today as Bitcoin, Ethereum and Litecoin all fell by 20% or more.
Bulls make money, Bears make money but pigs get slaughtered so like many of you, I opted to buy buy buy during this recent downturn. I'm holding for the long haul...very few reasons not to unless you feel the bubble is already upon us. The sad part was, this last period of down time and "Service Currently Unavailable" errors came only days after we had to stomach some bs media jargon release from the Coinbase CEO about all they were doing to fix the problems...apparently its not even close to being enough.
Coinbase confirmed that it was completely offline by 9:35 a.m., though the outage appears to have begun several hours earlier, with investors like me reporting problems on Twitter.. Blaming "sustained heavy traffic," caused by intense Bitcoin and Ethereum trading, for crashing the Coinbase website and mobile app, which remained completely down for at least four hours.
On the heels of the hacking news, these recent crashed undoubtedly helped feed the downturn further. Customers will leave, people will complain and Coinbase will take some slack. Unfortunately for us cowboys and cowgirls investing in cryptos...this is the wild wild west and we need to take the good with the bad. The last thing we want at this stage... is a sheriff.
I think no one would expect that much volume and that much activities when they design the website to cater the demand. Especially in past few months, many people just rush to trade alt coins. So hopefully this is just one time issue and improve in future.
You make good points Wilkinshui. I think we're only at the beginning of the crypto bubble so volume is only going to grow... particularly at Coinbase which markets itself as the easiest to use. They aren't ready for the volume or the oncoming onslaught of everyday investors... and the crashes will continue. I bet if we had insight into what's committed to the high paying institution investing platforms of their network and how little goes to us pirates... we'd be angry. Doubt the institution investing platform was down first
Great point and as a retail investor like we do, it is not just the game of making the coin say in steemit. It is also how to keep the coin safe, where we should trade to reduce transaction cost, finding a trusted exchange and also the stablity of the exchange. The game is just so much bigger than the past when you invest to stock and you dont really need to think about the question much.
Well, in the post it says this happened twice.
yup earlier in the week as well. Monday
thanks good post
Hey mate, great read. Follow for a follow back? 🙈
followed brother. cheers
I had to wait till I got home from work to get in on the lower btc and eth prices but was able to use coinbase without a problem
Is there any viable alternative to Coinbase?
What do you mean by
and how is it related to the Coinbase?
I think he means he'd rather have the ups and downs of an imperfect system than regulation on the nascent market.
There are a number of other altcoin trading sites. Bitstamp is one I just signed up for because it carries XRP.
Exactly Improv. So stock and other market systems are partially governed by outside entities: Gov., SEC, etc. without any of these sheriffs to regulate things like downtime which effect profits of its customers both on the downward turn and on the rise, there's no one to complain to. These entities have been known to stunt growth
Congratulations @bitcoinsachs99! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPBy upvoting this notification, you can help all Steemit users. Learn how here!