Again, another renowned exchange went offline... - page 2.

Wexnident

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Once can be called an accident, twice an accident, but thrice? or maybe even more? Then something's up. Exchanges are probably enforcing such "emergency maintenance" to minimize their losses. After all, a sudden surge downward doesn't really give hodlers an advantage, even more so for an exchange that manages thousands of BTC every day. Still, I suppose a sudden downpour of more than 10-20% requires the exchanges to curb their site temporarily to avoid an asset to go down to the bottom. Not much we can really do about it though tbh, whether it be for the good of the traders or for the good of the exchange, if they decided to shut down trading temporarily, then that's that.

Quote from: davis196 on June 11, 2020, 01:18:54 AM

Some say that the crypto trading platforms are going offline due to the increased activity on their servers,to me this explanation sounds ridiculous.If you are the CEO of the biggest cryptocurrency exchange in the world and such thing happens,you will have to resign,because your incompetence is obvious and the owners/shareholders might lose money.
I believe in the conspiracy theory about going offline deliberately,for the sake of manipulating the prices.
Unfortunately we can't do anything about it.

Absolute bs, increased activity? They're pretty much exchanges that operate on a global scale, they should at least be prepared for at least that much.

joniboini

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Quote from: davis196 on June 11, 2020, 01:18:54 AM

Unfortunately we can't do anything about it.

You can stop using them. Stop their income and punish them so they'll run out of business if they keep doing this. But that's the problem, most people keep using them because there is simply no alternative (or it's equally bad) for their needs.

davis196

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Quote from: shata on June 10, 2020, 07:35:54 AM

People want to get away from the monetary policies of the government simply because of too much manipulations and potential risks on our fiat savings.

Which make it simplier to think upon Bitcoin as a new means of securing our assets. BUT

What the hell does happen to our beloved crypto exchanges trying to halt prices by suddenly going "offline".

Have you heard the Black Thursday (March 12, 2020) when Bitcoin plummeted its price to 3,800, some says if not with Bitmex went offline at that time, the price may goes to 1,000 usd each; imagine you bought bitcoin at that price.

Funny is it, because right now as Bitcoin price tries something in this trying times Roll Eyes

to go up, Coinbase suddenly went offline maintenance, isn't it odd?

Read Me....

Some say that the crypto trading platforms are going offline due to the increased activity on their servers,to me this explanation sounds ridiculous.If you are the CEO of the biggest cryptocurrency exchange in the world and such thing happens,you will have to resign,because your incompetence is obvious and the owners/shareholders might lose money.
I believe in the conspiracy theory about going offline deliberately,for the sake of manipulating the prices.
Unfortunately we can't do anything about it.

Reatim

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Quote from: shata on June 10, 2020, 07:35:54 AM

People want to get away from the monetary policies of the government simply because of too much manipulations and potential risks on our fiat savings.

Which make it simplier to think upon Bitcoin as a new means of securing our assets. BUT

What the hell does happen to our beloved crypto exchanges trying to halt prices by suddenly going "offline".

Have you heard the Black Thursday (March 12, 2020) when Bitcoin plummeted its price to 3,800, some says if not with Bitmex went offline at that time, the price may goes to 1,000 usd each; imagine you bought bitcoin at that price.

Funny is it, because right now as Bitcoin price tries something in this trying times Roll Eyes

to go up, Coinbase suddenly went offline maintenance, isn't it odd?

Read Me....

There are almost similar thread that i have read recently but have not booked mark so i cannot share here.

Anyway Does this situation normally happens when there are a big turn over from the prices?

Even our local exchange experience the same,but what i am thinking is why does other exchange manage not to go offline in times like this?
why there are still exchange that continues to operate and served their users no matter what the situation of market is?
though yeah there are some delays or high fees recorded yet they are functional.

avikz

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It is a legal practice from real world stock exchanges and it is known as "Circuit breaker". This practice has been mandated by many stock exchanges where the trading of an asset halts for a pre-specified time if it goes down by 5%, 10% or 15% within a very short range of time. This is exactly what Bitmex did back in March. Apparently it helped bitcoin price not to slide back to 1000 usd level.

But what coinbase is doing is unexplainable. Instead of supporting the increasing price, it is going offline when bitcoin price is showing signs of bull run. But Coinbase is not really a full fledged exchange. Their operation is more similar to a gold bullion merchant where they hedge against the market price.

Little Mouse

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I think it is not the first time coinbase going offline. They have this issue happened for couple of times before. I can not find the thread which I read last week. I doubt it is a maintainence issue. They are such a big exchange. There must have some hidden reason behind coinbase going offline.

Tipstar

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Coinbase is a shop and they can close at them moment they want. Bitcoin is not an essential commodity nor Coinbase has total monopoly over bitcoin fiat trading. Whatever maybe the reason for sudden maintenance whenever the price moves sharply, traders if hurt by this, should punish Coinbase by not using them.

Yogee

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It must be nice to buy bitcoin to get away from centralized monetary policies of the government and secure your assets only to rely on another centralized platform to pump the value of your savings.

We should all know by now that anything centralized is subject or, should I say, more prone to manipulation.

kryptqnick

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Quote from: Darker45 on June 10, 2020, 08:17:18 AM

It is odd. And the pattern that is somehow established over a certain period of time is more worrisome.

And, worse, this is not just happening on global platforms such as BitMex and Coinbase; this is also happening locally. I cannot tell whether this is also true in other countries but here in mine there is also a similar pattern observed in one of the most popular local wallets.

In my country top local exchanges are always online, but when there are rapid price changes, the offer very unwelcoming exchange rates (I'm talking about centralized websites that offer the rates and services of exchanging BTC for local fiat. I use them because it is the cheapest way of exchanging BTC for fiat for me). Big exchanges closing like that is alarming because it might mean some manipulations going on, but there's always a choice on this market, and most exchanges operate no matter what the price is. And just to reiterate, I don't think Coinbase is closing on purpose because it's somehow unprofitable to it. It's been pointed out on the forum before that this is not the case and that closings happen both when the price is rising and when it's going down.

sunsilk

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If they are not offline, they'll be on a sudden maintenance. They can't be stopped from doing that unless there will be a ruling of law that will be pushed just for the sake of it stopping them to do those unexpected maintenances and being offline.

In the future, there will be more of this and not just for those known exchanges. They do this when there's a surge for bitcoin price.

The Cryptovator

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Good point! This is something that wasn't came in my mind before. This is pure manipulation we can say. Most likely traders became over panic that time and that's why Bitmex went offline to stop over panic. You are right, likely we missed a great opportunity to accumulate some btc hothat day due to their clever movements. But we have to admin some traders would lose huge amount of funds if they weren't offline that time, you will accumulate in lower price means someone will sell it other hand. Anyway it wasn't right decision IMO since Bitmex have huge influence on the bitcoin markets.

Zackgeno96

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Quote from: Maus0728 on June 10, 2020, 09:00:24 AM

We also have a similar local cryptocurrency exchange that holds bitcoin and several altcoin wallet. Unfortunately, when bitcoin price soar, there is always a frequent maintenance on their side which results to having difficulty of bitcoin to altcoin or crypto to fiat exchange and vice versa.

What do you expect from having these type of businesses? We're dealing with crypto and manipulation is not surprising. Leaving only a small amount of crypto on day to day transaction is still the best practice to avoid such kind of fraud.

At the time of major market swings these exchanges goes down for maintenance, this seems normal in the first place but as this is happening frequently now so it seems odd and these exchanges are most probably trying to manipulate the markets at that point of time. Just recently when the price jumped above $10k coinbase and bitmex went offline and on bitmex there was a sharp decline in price to $8100 in a short period of time. These exchanges are doing shady things behind the curtain and we are still trusting them with our money.

Maus0728

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We also have a similar local cryptocurrency exchange that holds bitcoin and several altcoin wallet. Unfortunately, when bitcoin price soar, there is always a frequent maintenance on their side which results to having difficulty of bitcoin to altcoin or crypto to fiat exchange and vice versa.

What do you expect from having these type of businesses? We're dealing with crypto and manipulation is not surprising. Leaving only a small amount of crypto on day to day transaction is still the best practice to avoid such kind of fraud.

Darker45

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It is odd. And the pattern that is somehow established over a certain period of time is more worrisome.

And, worse, this is not just happening on global platforms such as BitMex and Coinbase; this is also happening locally. I cannot tell whether this is also true in other countries but here in mine there is also a similar pattern observed in one of the most popular local wallets.

shata

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People want to get away from the monetary policies of the government simply because of too much manipulations and potential risks on our fiat savings.

Which make it simplier to think upon Bitcoin as a new means of securing our assets. BUT

What the hell does happen to our beloved crypto exchanges trying to halt prices by suddenly going "offline".

Have you heard the Black Thursday (March 12, 2020) when Bitcoin plummeted its price to 3,800, some says if not with Bitmex went offline at that time, the price may goes to 1,000 usd each; imagine you bought bitcoin at that price.

Funny is it, because right now as Bitcoin price tries something in this trying times Roll Eyes

to go up, Coinbase suddenly went offline maintenance, isn't it odd?

Read Me....

Topic: Again, another renowned exchange went offline... - page 2. (Read 744 times)