Topic: Bitcoin hits $10k, Coinbase goes down (again) - page 3. (Read 973 times)

Coinbase and suspiciously "crashing" whenever the price moves by more than $300. Name a more iconic duo.

Seriously though, we were just talking about this a few weeks ago when the price fell to $8,500: Coinbase down again during crash, is the exchange doing this on purpose? This is such a regular occurrence with Coinbase that it is turning in to a meme. I can't remember the last time there was a big price swing and I didn't see a post on here or Reddit about Coinbase going down.

There are two possibilities here. Possibility one is that they are doing this on purpose so they can insider trade, trade their own coins preferentially, rip off their customers, etc. Possibility two is that after 8 years of operating, with turnovers of billions of dollars and annual profits of hundreds of millions, they haven't bothered to invest in servers which can handle a mild surge in traffic. Both show complete and utter disregard for their customers

We've known for a long time that Coinbase are anti-bitcoin (supporting BCash, Segwit2X), are anti-technology (slow to implement SegWit, batching transactions only rolled out a few months ago), are anti-privacy (selling your data to third parties, partnering with developers who sell surveillance software to dictators), and are anti-user (constantly "crash", insider trading, dumping shitcoins on their userbase). Honestly, if you are still using them at this point, you've got to ask what it would actually take for you to move to a new exchange.

The price is still in the $10,000 range and may be going up in the near future and that's a good thing

There's no way you can keep your Bitcoin in your wallet if you readily want to trade them and make quick profit. Only intermittent traders do that. Those who trade for a living always have a better chunk of their Bitcoin/altcoins in exchanges.

Besides the above, the only reason any exchange will not want traders on its platform selling or buying as when due is if there are sharp practices they indulge with customers' funds like in-house trading. Otherwise, exchanges gain both ways through commission.

I think this is what some exchange really do, the last time bitcoin pumped, our local exchange coins.ph the biggest in our country also conducted a website maintenance, I don't know exactly what's the tricks here, can anyone educate me?

It's working now but is a strange behaviour

I think it's working right now, i just cash-out literally just right now. But yeah, as long as there's a big spike in bitcoin price, coinbase is shutting down for a moment. I think it's a strategy for the company so they are the first who are going to take advantage of the situation and many users of coinbase are going to be stuck-up and they are not going to ride the roller coaster.

This is a bad practice and people should leave the coinbase (including me LOL).

Coinbase should have one of the smallest userbase, though, since most of this forum, like me, can't even access their service. So I'm sure it's got a lot less to do with volume can't get handled, and more to do with "Oh shit we don't want another flash crash and ensuing scandal of insider trading".

This wasn't even a huge nor sudden spike!

one thing i can say, wth! they did it again! i hope people by now see that this is not by chance anymore. how many times do they have to do this kind of drama before traders can see whats going on in this exchange. people need to wake up about this kind of strategy and not use this kind of exchange!

I think I know that exchange you are referring to. Well, it happened many times already so no wonder people are suspecting that they did it intentionally so that users can not convert their Bitcoin to the local currency. I am then hoping that they also introduced a stablecoin into their platform to ease the conversion burden. Funny that both that exchange and Coinbase can be experiencing the same thing or so we could speculate.

Yes, they have this kind of practice, not the first time we have seen Coinbase pulling this stunt if I'm not mistaken, And the timing is really questionable that's why bitcoin traders are complaining.


One example, way back 2017, https://www.cbronline.com/uncategorised/bitcoin-price-spike-knocks-coinbase-exchange-offline/

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Besides, they have profited so much money from crypto traders, and we have the right to complain, after all we are customers. Not a reason for them to say that they can't handle the huge transactions, they should have anticipated this when designing new servers. I don't buy that the "system is not ready for many transactions" excuse.

maybe it is a DDoS attack against Coinbase?

there are definitely a lot of idiot whales who are losing A LOT of money when bitcoin price goes up since they were going against the market. it is not that unreasonable to see some of them perform such attacks to try and prevent price from going any higher and try to lower their losses.
it sounds crazy but manipulation is not just buy/sell on the market.

It always happens when the price of the bitcoin goes high, I don't think he reason behind it, maybe the system just cannot handle the transactions because when the price of the bitcoin goes so high there would be many transactions happens because that is the time when they could earn so much money, I don't think that they are making their system down manually because even their system could have a profit when the price of the bitcoin goes high, there would be many high fees for them when bitcoin peak happens. It's just the system that is not ready for many transactions.
That good thing is that the maintenance happens for just only a few moments, whenever something happens like this they are really doing their best just to fix the problem so nothing to worry about.

Coinsph does not want to buy btc from you at a higher price especially during quick pumps since it's usually followed by a quicker dump. They are aware that there are more sellers in their platform in times of pump and more buyers in times of dump. In their case, it's like buying high and selling low. No profit.

Last time it was Bitmex. I guess this becomes now a strategy for these big exchanges to go under maintenance whenever bitcoin's price is going high. I don't understand the logic behind it whenever people are selling under their exchange because they still earn somehow from the fees from their customers. It could be the load of servers due to the traffic but they should have been always prepared for this even before a surprising uptrend.

People should just boycott and stop using Coinbase. It's not even that good anyway, you should keep most of your crypto on your own wallets and then there are other exchanges you can use like Binance or Bittrex.

Well I do not see any doubt. It's not that they find themselves in a place where it uses bandwidth exponentially. There might be a little increase of traffic but this should not be something to take the entire site down.

It is planned ofc.

Well, regardless of where the price is going, a downtime equal a loss of opportunity. Things will get rough when suddenly bitcoin drops for example, so they can't save their profits.

In short: whether it's bull or bear, people love the idea of having control over their own funds (even though it's in a centralized exchange).

Provably they don't want their user to sell their BTC if they not get any profits first and those things is so annoying and always shooting up while we see a good movement, also the only one can answer that is their support but I doubt they will tell the answer since they will just point an issue which is not really happening.


I'm also not using coinbase for long time and I think this thing is not good since this could give us a doubt on what is really up to them on why this maintenance thing always happening when there's a price surge happening.

This is true. There is not any real reason for Coinbase to drop their servers because the price is going up.
In the end, the price is only 10k, we have experienced bigger spikes of the price in the past and I cannot recall any other incident that CB dropped their servers again.

This seems a continuous process from coinbase. It's funny how these things happens every time when bitcoin price ups and I doubt it's not their internal policy. They could have this policy that if BTC spikes then lock the database or the system for a while so that it keeps their interest safe.

I have gone out from coinbase long time ago.