CoinBase Ran Out Of Coins ... [BLANK STARE]

Armis

hero member

Activity: 588

Merit: 501

Quote from: brooklynite on February 25, 2014, 02:48:26 AM

Quote from: Armis on February 24, 2014, 08:55:21 PM

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc) Coinbase says:

'sorry, we're sold out'

What?? It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.

Dagnamit!

I love your positive attitude but Overstock and Tigerdirect have started to dump massive amounts of Bitcoin trying to immediately cash out. They are two major US stores who accept bitcoins now. So keep watching because Bitcoins will continue dropping because people are now spending them.

According to a statement made before the NYS regulators recently http://www.youtube.com/watch?v=DHoaWqwaIi0&index=9&list=PLEUe0yAulQTtJp-KuUVxx_acD0B4cOh7o Overstock immediate sells all btc upon receipt so their pricing system doesn't take a hit. If they did "hold" btc, they are not likely to do a sell off of them before no longer accepting them for payment.

I'll look into the tigerdirect thing, thanks.

Armis

hero member

Activity: 588

Merit: 501

Quote from: pungopete468 on February 25, 2014, 02:32:47 AM

I'm so close to using my credit card balance here...

I think it's still got some fall left in it but I'm in complete awe right now. This is amazing and terrifying at the same time.

stagger your buy on the way down, don't look for the absolute floor on this the market's are just too unstable to know what will happen when it gets there

Armis

hero member

Activity: 588

Merit: 501

Quote from: Tonka Branded Truck on February 25, 2014, 02:25:10 AM

The price dip is due to mtgox clossing once this sorted out price would be back to 800 or even much higher.

I agree that Mt. Gox has a lot to do with the downward trend, however that part of the dip proceeded the news, as such you could expect a further dip of about $100 just on the news of Mt Gox's death.

The market will rebound based on how the remaining exchanges react to the loss. If they take not overtly positive actions the rates will linger at a low price, however if they respect the loss then find a way to celebrate with the community the markets will shoot up like a rocket. The greater their celebration the higher the price will go.

Armis

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Activity: 588

Merit: 501

Quote from: CryptoVortex on February 25, 2014, 02:15:59 AM

Congratulations, Armis, I think you've discovered a new economic indicator: Coinbase hot-wallet BTC inventory

When they tell you they're "out", thus creating the appearance that a buying spree is taking place, that is a very negative indicator. Expect bitcoin to plummet.

...or maybe it's just coincidence that they ran out on a Monday afternoon, shortly before issuing a public statement sure to send the market into a tailspin...

I think both statements are perfectly valid, thanks for that.

Sheldor333

sr. member

Activity: 406

Merit: 250

It means price will rise on CoinBase...hehe That is something new.

Armis

hero member

Activity: 588

Merit: 501

Quote from: Elwar on February 25, 2014, 04:54:10 AM

Glad they got more coins together to purchase. I got a good chunk from them as well.

stagger the buys, prices are still tumbling as the exchanges must reassure the market in light of what occurred with Mt. Gox

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

Glad they got more coins together to purchase. I got a good chunk from them as well.

PyroClasTix

newbie

Activity: 56

Merit: 0

Quote from: 5thStreetResearch on February 25, 2014, 02:48:41 AM

Quote from: Armis on February 24, 2014, 08:55:21 PM

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc) Coinbase says:

'sorry, we're sold out'

What?? It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.

Dagnamit!

Looks like they did you a solid.

My thoughts exactly, at last for now.

Kris404

newbie

Activity: 1

Merit: 0

Bought some at 430

5thStreetResearch

full member

Activity: 126

Merit: 100

Quote from: Armis on February 24, 2014, 08:55:21 PM

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc) Coinbase says:

'sorry, we're sold out'

What?? It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.

Dagnamit!

Looks like they did you a solid.

brooklynite

sr. member

Activity: 266

Merit: 250

Quote from: Armis on February 24, 2014, 08:55:21 PM

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc) Coinbase says:

'sorry, we're sold out'

What?? It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.

Dagnamit!

I love your positive attitude but Overstock and Tigerdirect have started to dump massive amounts of Bitcoin trying to immediately cash out. They are two major US stores who accept bitcoins now. So keep watching because Bitcoins will continue dropping because people are now spending them.

Maged

legendary

Activity: 1204

Merit: 1015

Quote from: CryptoVortex on February 25, 2014, 02:15:59 AM

Congratulations, Armis, I think you've discovered a new economic indicator: Coinbase hot-wallet BTC inventory

When they tell you they're "out", thus creating the appearance that a buying spree is taking place, that is a very negative indicator. Expect bitcoin to plummet.

Yup, reminds me of the Bitcoinica starfish.

pungopete468

hero member

Activity: 1470

Merit: 504

I'm so close to using my credit card balance here...

I think it's still got some fall left in it but I'm in complete awe right now. This is amazing and terrifying at the same time.

tins

hero member

Activity: 882

Merit: 500

Quote from: Tonka Branded Truck on February 25, 2014, 02:25:10 AM

The price dip is due to mtgox clossing once this sorted out price would be back to 800 or even much higher.

That's what I believe...just put my money where my mouth is and bought a few btc

WuttWutt

newbie

Activity: 28

Merit: 0

Quote from: Tonka Branded Truck on February 25, 2014, 02:25:10 AM

The price dip is due to mtgox clossing once this sorted out price would be back to 800 or even much higher.

this

Tonka Branded Truck

sr. member

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The price dip is due to mtgox clossing once this sorted out price would be back to 800 or even much higher.

CryptoVortex

newbie

Activity: 34

Merit: 0

Congratulations, Armis, I think you've discovered a new economic indicator: Coinbase hot-wallet BTC inventory

When they tell you they're "out", thus creating the appearance that a buying spree is taking place, that is a very negative indicator. Expect bitcoin to plummet.

...or maybe it's just coincidence that they ran out on a Monday afternoon, shortly before issuing a public statement sure to send the market into a tailspin...

BADecker

legendary

Activity: 3906

Merit: 1373

Be glad to trade you a couple of mine for $1242 each.

ProofOfBurn

newbie

Activity: 6

Merit: 0

Just bought some more. Thanks for the update!

FeedbackLoop

hero member

Activity: 742

Merit: 500

Thanks!

22:20 for Brian Armstrong's explanation on what they do in these situations.

Armis

hero member

Activity: 588

Merit: 501

Quote from: h3rlihy on February 24, 2014, 09:04:38 PM

Wow! I didn't even realise that was a thing that could happen!

Like McDonals they have a really good idea of what to expect, in terms of trades each day, so they try to keep those coins online for that, and when traffic gets heavy flags start to wave to announce an unplanned buying pattern. Once those flags start to fly mgmt gets more coin so that they could take care of the new unexpected traffic.

As the ceo of coinbase explains, most of the coins are held off line, some locally, some not so local but in state, then more out of state by in country, then key parts for the remainder scattered around the world (perhaps 5 places). This way a major alarm doesn't have to sound if the need is only for coins stored offline locally.

see vid
http://www.youtube.com/watch?v=ZwG1roO70co&list=PLEUe0yAulQTtJp-KuUVxx_acD0B4cOh7o&index=11

Armis

hero member

Activity: 588

Merit: 501

Quote from: pungopete468 on February 24, 2014, 09:12:18 PM

They're back up again...

Thanks for that, I missed the $515 but was able to get $517 so I'm pleased, thanks again.

I'm trying to grab up some bits here and there as it goes down hoping to see it break under $500.

pungopete468

hero member

Activity: 1470

Merit: 504

They're back up again...

h3rlihy

sr. member

Activity: 356

Merit: 250

Wow! I didn't even realise that was a thing that could happen!

Armis

hero member

Activity: 588

Merit: 501

Quote from: ?? on ??

Quote from: Armis on February 24, 2014, 08:55:21 PM

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc) Coinbase says:

'sorry, we're sold out'

What?? It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.

Dagnamit!

Cool! I just took their last 50 - I guess!

oh, rub it in ...

what price were you able to get them at?

Armis

hero member

Activity: 588

Merit: 501

I missed dips in the market because of research, because of security, because of documentation, and because of bad timing, but NOW when I think I have all of my ducks in a row just when I'm about to pull the trigger (on some $515. btc) Coinbase says:

'sorry, we're sold out'

What?? It's 4pm on a Monday, get to transferring some coin from safe 'B' to safe 'A'.

Dagnamit!

Topic: CoinBase Ran Out Of Coins ... [BLANK STARE] (Read 3315 times)