Coinbase down again during crash, is the exchange doing this on purpose? - page 2.

kemoglo

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Quote from: Astargath on May 10, 2020, 01:01:29 PM

Quote from: coolcoinz on May 10, 2020, 12:33:22 PM

Quote from: mk4 on May 10, 2020, 06:39:38 AM

Theoretically possible for whatever agenda, but I don't think it is. In my opinion, intentional outages for whatever agenda is a lot more likely to happen when talking about leverage trading exchanges like BitMEX as outages can wreck out people's shorts/longs when huge price movements occur. Why would they do it? Idunno.

This whole dump was orchestrated to wreck longs. There were some comments on trading channels where people who do this for a living couldn't even set a position in time before it was all over. One guy said he went away for a few minutes to make some tea and when he was back it was all over. It doesn't happen that fast unless it's set by bots or the exchanges itself.
That's why I stay away from trading. This game is rigged.

Even if it's not and Coinbase has nothing to do with it, it's ridiculous that such a big exchange still has this problem after years. Why would anyone trade there if it goes down every time there is some volatility? Bitcoin is VOLATILITY, the exchange is basically going to be down 50% of the time.

I find it interesting that the couple exchanges I'm close with have presented a huge influx of new users. Compared to last month at least, seems that these last couple of days people have been registering en masse. It's possible coinbase saw a similar behavior and wasn't prepared for it, heck, it's funny to type that out. "Coinbase wasnt prepared for it"

Astargath

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Quote from: o_e_l_e_o on May 10, 2020, 03:13:02 PM

Quote from: Astargath on May 10, 2020, 01:01:29 PM

Why would anyone trade there if it goes down every time there is some volatility?

Name recognition and resistance to change. They are one of the largest and most well known exchanges, and so a lot of people will pick them as their first exchange without doing that much research. Once you've gone through the effort of creating a new account, enabling 2FA, completing all the ridiculous KYC, scanning your documents, answering their questions, waiting days or weeks to become verified, linking to your bank account or credit cards, etc., then a lot of people will opt to put up with sub-optimal conditions rather than switching to a new provider. Certainly if you are concerned about your KYC documents (as everyone should be), then once you've completed KYC at one exchange you are going to be in no hurry to complete it any more.

The fact they keeping "crashing" when the bitcoin price moves is only a tiny propotion of all the shady or objectionable things Coinbase have done over the years, from spamming the network with non-batched transactions for years and listing trash coins their investors wanted to dump on their users, all the way through to partnering with a company who produce and sell surveillance technology to human rights abusing dictators.

Exactly, it's not like it's a surprise either, Bitcoin will do 5-10% moves in minutes, that's how it is and everyone knows it. If you can't fix that after 3 years, then you are either incompetent or doing it on purpose.

COBRAS

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Quote from: Baofeng on May 10, 2020, 04:36:28 PM

They have a history of crashes when BTC goes down or up, but by this time, they should have adjust their servers to the volume. But why is it still happening? probably it is being rig by someone inside and they don't want people buying the dip, LOL.

Be careful. This may be fake coinbase sate you login.

Baofeng

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They have a history of crashes when BTC goes down or up, but by this time, they should have adjust their servers to the volume. But why is it still happening? probably it is being rig by someone inside and they don't want people buying the dip, LOL.

thesmallgod

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probably because of congestion and traffic overload. It is bitcoin season and even people who know little about crypto will come in to buy and this might be the reason. coinbase will make alot of money from fee so I do not see reason why they will intentionally do this. Even the CZ binance also make mention about getting binance server prepared when a whale alert was received. you can check his twitter handle for this.

o_e_l_e_o

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Quote from: Astargath on May 10, 2020, 01:01:29 PM

Why would anyone trade there if it goes down every time there is some volatility?

Name recognition and resistance to change. They are one of the largest and most well known exchanges, and so a lot of people will pick them as their first exchange without doing that much research. Once you've gone through the effort of creating a new account, enabling 2FA, completing all the ridiculous KYC, scanning your documents, answering their questions, waiting days or weeks to become verified, linking to your bank account or credit cards, etc., then a lot of people will opt to put up with sub-optimal conditions rather than switching to a new provider. Certainly if you are concerned about your KYC documents (as everyone should be), then once you've completed KYC at one exchange you are going to be in no hurry to complete it any more.

The fact they keeping "crashing" when the bitcoin price moves is only a tiny propotion of all the shady or objectionable things Coinbase have done over the years, from spamming the network with non-batched transactions for years and listing trash coins their investors wanted to dump on their users, all the way through to partnering with a company who produce and sell surveillance technology to human rights abusing dictators.

seandiumx20

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arcs-chain.com

It's the same with our local exchange, being down when there's a huge opportunity to take. I don't want to be pessimistic but it always happen so maybe some exchanges are doing it in purpose. Business will be always a business, it will never change and will always take the maximum of that opportunity than its users. People can't do anything about it so better choose other exchanges that don't crash when changes happening in market.

Astargath

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Quote from: coolcoinz on May 10, 2020, 12:33:22 PM

Quote from: mk4 on May 10, 2020, 06:39:38 AM

Theoretically possible for whatever agenda, but I don't think it is. In my opinion, intentional outages for whatever agenda is a lot more likely to happen when talking about leverage trading exchanges like BitMEX as outages can wreck out people's shorts/longs when huge price movements occur. Why would they do it? Idunno.

This whole dump was orchestrated to wreck longs. There were some comments on trading channels where people who do this for a living couldn't even set a position in time before it was all over. One guy said he went away for a few minutes to make some tea and when he was back it was all over. It doesn't happen that fast unless it's set by bots or the exchanges itself.
That's why I stay away from trading. This game is rigged.

Even if it's not and Coinbase has nothing to do with it, it's ridiculous that such a big exchange still has this problem after years. Why would anyone trade there if it goes down every time there is some volatility? Bitcoin is VOLATILITY, the exchange is basically going to be down 50% of the time.

coolcoinz

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Quote from: mk4 on May 10, 2020, 06:39:38 AM

Theoretically possible for whatever agenda, but I don't think it is. In my opinion, intentional outages for whatever agenda is a lot more likely to happen when talking about leverage trading exchanges like BitMEX as outages can wreck out people's shorts/longs when huge price movements occur. Why would they do it? Idunno.

This whole dump was orchestrated to wreck longs. There were some comments on trading channels where people who do this for a living couldn't even set a position in time before it was all over. One guy said he went away for a few minutes to make some tea and when he was back it was all over. It doesn't happen that fast unless it's set by bots or the exchanges itself.
That's why I stay away from trading. This game is rigged.

Kupid002

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Activity: 1036

Merit: 329

Quote from: Astargath on May 10, 2020, 06:17:35 AM

https://www.coincurb.com/news/bitcoin-break-to-8000-broke-coinbase-which-experienced-partial-outage-again/

It seems that Coinbase has been dealing with this issue for years now and it's quite surprising to see the platform hasn't been able to fix it. Is there a possibility for the exchange to be allowing or conducting these outages on purpose?

Not only that exchange even our local exchange always have a problem converting in fiat currency every time there are big change in prices or sudden dump.

Maybe that exchange doesn't want to lose in trade that's why they always decided to lock or make it hard to convert every time there is a big movement for bitcoin.

philipma1957

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'The right to privacy matters'

Coinbase is fine to store 🏬 cash 💵. Thats about it.

They are subject to us fdic rules for cash 💵.

I always have a few bucks cash in it.

What most people don’t realize about every exhange is they never could cash every btc out that they say they have.

So when a run on btc happens they shut up shop for a while.

A run on btc happened as there was a big cash out. They don’t have the btc on hand to cash out.

So they shut down.

All exchanges do this.

rexxarofmoknathal

sr. member

Activity: 980

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I'm not sure Coinbase has done this on purpose. I think it was the mass of people trying to access the exchange all at once that caused it to crush. Given that BTC has dropped by ~ $1k people must have got really worried and tried to pull all their funds

o_e_l_e_o

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Quote from: gentlemand on May 10, 2020, 07:38:27 AM

There was the Coinbase BCH launch to draw on which was an absolute shitshow.

Exactly. They quite blatantly froze their exchange and stopped customers from trading so they themselves could make some nice profit first before dumping the losses on their users. It isn't exactly inconceivable that they would do pretty much the same thing during big price movements. The fact is this is now a recurring theme with Coinbase - literally every time the price moves by more than a few hundred dollars quickly, they crash. You would think a company with revenues of over $2 billion would be able to fix a simple server overload.

Still, this is what you sign up for when you use centralized exchanges. You don't own the coins you store on a centralized exchange. The exchange owns them, and they grant you access to them. If the exchange says "you can't access them right now", then there is nothing you can do about it.

Quote from: maydna on May 10, 2020, 09:33:30 AM

I am sure that they don't want to see their customer disappointed with that experience.

You are kidding yourself if you think Coinbase care at all about customer satisfaction. They care about you giving them your money. That's all.

Quote from: Leonardo7 on May 10, 2020, 10:15:50 AM

Coinbase has been a great exchange that has proven to be secured and customer centric over the years

"Customer centric"? Lol. They sold customers' data to third parties without their knowledge.

Leonardo7

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Coinbase has been a great exchange that has proven to be secured and customer centric over the years, I believe what happened was occasioned by sudden market fluctuation and not intentional.

maydna

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Quote from: Astargath on May 10, 2020, 06:17:35 AM

https://www.coincurb.com/news/bitcoin-break-to-8000-broke-coinbase-which-experienced-partial-outage-again/

It seems that Coinbase has been dealing with this issue for years now and it's quite surprising to see the platform hasn't been able to fix it. Is there a possibility for the exchange to be allowing or conducting these outages on purpose?

I don't think they are coincidentally doing that during the crash. Perhaps, they are doing some upgrade or maintain their website so they can run properly. But if they do that for some purposes, I think people will know, and they will choose what they need to do. Coinbase itself will try to fix the problem as soon as possible, and I am sure that they don't want to see their customer disappointed with that experience.

But we don't know what the truth about that is, and we can only guess. But we hope that Coinbase will be fine like before so you can use Coinbase as what you want.

bitbenzhong

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Activity: 37

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anyway,since 2017 they found this problem, 3 years ago,this problem has always existed.
I think this is one of the many unstable factors in the cryptocurrency market. There are many factors like this, and it is easy to cause the market price to up or down. For ordinary traders, it is really too uncomfortable.

BrewMaster

legendary

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There is trouble abrewing

exchanges' servers crash on both sudden rises and sudden falls. it is for a wide variety of reasons including the sudden surge of users trying to buy and sell their coins in both cases and sometimes there is an addition of a DDoS attack on their servers from someone who loses money and is butthurt and doesn't want to see the price go up for example.
in any case their horrible servers is the least of our worries when it comes to centralized exchanges.

Sanugarid

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★Bitvest.io★ Play Plinko or Invest!

Quote from: noormcs5 on May 10, 2020, 06:37:50 AM

Quote from: Astargath on May 10, 2020, 06:17:35 AM

https://www.coincurb.com/news/bitcoin-break-to-8000-broke-coinbase-which-experienced-partial-outage-again/

It seems that Coinbase has been dealing with this issue for years now and it's quite surprising to see the platform hasn't been able to fix it. Is there a possibility for the exchange to be allowing or conducting these outages on purpose?

Whenever there is a big pump or dump in bitcoin prices, the coinbase crashes. Maybe because they are not able to handle the increased number of people accessing the site. They shoud upgrade their system. I don't see any other motive for coin base to purposely down their system.

I have noticed it also but I doubt they were doing it on purpose too, since we are having a massive speculation on the cryptocurrency market I guess they are experiencing some heavy traffic on their platform even more these days that coinbase and binance are the best performing exchanges. But if it turns out to be true that they were doing it on purpose, then clearly are manipulating the price of bitcoin avoiding it not to lose value because of the dump. But then again Coinbase is huge enough to put their reputation in expense.

Lucius

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I think that a crypto exchange like Coinbase can afford to have things like this happen to them because they are dominant in the market and regardless of events like this, their clients don't have too many choices other than complaining on social media. It is more than obvious that something is wrong here, and whether it is just a matter of technical problems caused by a large server load or something else.

There are a lot of dissatisfied users on their Twitter...

https://twitter.com/coinbase/status/1258816770837590017

gentlemand

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Welt Am Draht

Quote from: Astargath on May 10, 2020, 07:30:32 AM

Well, they might be losing money in fees but if they are involved in some sort of scheme to buy/sell before anyone else, I'm sure they would make a lot more money. If it's not on purpose, then it's a shit exchange that hasn't been able to solve this issue in 3+ years.

That is conceivable. I'd be dead surprised if Bitmex and Bitfinex weren't doing something like that. Coinbase though has some prestigious investors and if that were ever proven that wouldn't do their rep much good just as they're trying to position themselves as a legitimate player in finance.

There was the Coinbase BCH launch to draw on which was an absolute shitshow. Luckily Coinbase conducted an 'internal investigation' and surprisingly found that that no wrongs had occurred.

I've no idea of the strains heavy movement makes on exchanges but it's not an easy thing to deal with. Kraken failed and froze constantly for years until they completely rebuilt their back end if I remember rightly.

Topic: Coinbase down again during crash, is the exchange doing this on purpose? - page 2. (Read 613 times)