Coinbase/GDAX CRASH!!!
Sitting here patiently watching ETH continue its week long decline, and boom. From $338 to a low of $13.00? Say waaa?? It balanced out at $272, obviously at that point, you think to yourself, it could plummet, or it could skyrocket. Being that this is GDAX we're talking about, a Coinbase related website, one has to remember that these exchanges work just like banks do. They give out loans on their books, without ever having the currency at the "bank" to cover possible losses, in the event. So obviously knowing this, I bought several ETH at $272, just in case of a crash. Minutes later...
That's a relief. Patience is definitely key when dealing with stocks, even more so in the crypto world where the alligator teeth can turn into tyrannosauruses rex teeth in a matter of seconds. How low will it go?
Ill let ya know when Coinbase covers their books, and no longer has "technical difficulties"....
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Yes, you get the point... these exchanges are the "single point of failure". The "crypto community" have decentralized cryptos but these assets are "useless" if they can be captured by a single entity or only can be accessed thru a single point. Centralized entities always have at least one untrustworthy employee by the time and if no technological barrier is present than there you go... you will always have fraud. In this case maybe whole exchanges are compromised or untrustworthy - BUT we can never know from outside until a certain point. Maybe they are really struggle with technical difficulties in this case ...
Coinbase never crashes when the price is going up and the order book is full of orders!
Yes, yes... interesting, isn't it?!?!?!
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