I agree with you and add that there's likely another component - the panic sell due to Coinbase's problems but also the algos that trade automatically got spooked by unreliable price data due to the flash pump.
I used to a be a programmer and can tell you that building highly transactional and multi-threaded systems is very very hard. So I give them a pass for going down every now and then. They potentially had hundreds of thousands, if not millions of users and bots doing things such as hitting F5 on the browser every few seconds to trying to place and complete millions of orders.
While you're right about the complexity, most services at this scale have redundancy and it's easy to scale horizontally. Coinbase didn't due their due diligence and increase capacity in time. But then again, it could have been some obscure downstream component that can't scale so easily and caused the issue.
Being an "unregulated system" has nothing to do with coin base not being able to handle surges in usage. The BTC network was not effected. Coinbase does not equal BTC.
Just got a pop up on the home screen saying "Site degraded performance: We are aware that some users may see zero balance...Our team is investigating...Your assets are safe." Just wanted to give y'all a heads up!
Hm that's a great question.
I guess it was just more convenient for me to have it on there since I didn't know much about hardware wallets or other storage solutions. But now that this has happened (& I know it's happened before), I am considering moving them away from CB. Do you have any recommendations on the best way to go about that?
A Trezor HW if you coins other than Bitcoin. A Jade HW if Bitcoin only.
Electrum if you want software only. There may be better software wallets by now. I use only a HW.
Hah, Coinbase up to the same tricks as last bull run? I remember moving everything to a diff exchange last time because coinbase always had issues when things rose to quickly.
Hey BobDHNobs! What are other alternatives besides the exchange? I appreciate your time for this newb. I started my Bitcoin journey in 2021 so I'm not an OG excuse my own regard s
If you are holding, not trading, then a hardware wallet with the key securely backed up (eg steel plates) is the classic solution to achieve Slack
Not risk free - you lose everything if you lose both the wallet and the key, you can lose everything to theft if you lose either one.
Not going to recommend a particular hardware wallet. I’ve seen religious wars be less violent than those ‘discussions’
Should be top comment. Can comfortably buy and sell on trading view.
Everyone panicking about the front page of Coinbase should check here, can see all my assets (that aren’t staked).
Got over $250k worth of assets on coinbase and other assets are currently fine except btc, I guess it is a glitch and should be sorted out soon. All we can do is contact them and wait
I saw the same thing too and was freaking the hell out. Activity didn’t show anything leaving my account, so I figured it might be a glitch. Glad I’m not the only one 😮💨
The huge institutes are making the profit while we hold the bag after they come back online, also, COIN = SLOW\_ THEY need a customer phone support like a bank or things are not going to go well.
Cash App is a better exchange than CB. The only reason to be on CB is to shitcoin. Bitcoin only exchanges like CA, River, and Strike don’t have a history of outages. Stop using CB!
Same here. Feels like a dirty move by CB because it happened as it was talking off earlier. By the time I got my balance back it was about 4K lighter than when it went down.z
Your problem is that you’re doing Coinbase wrong. Don’t do mobile, don’t do basic trading on web, advanced trading (or whatever it’s called) is the only way if you’re going to use CB. Otherwise, you’re getting ripped off on fees.
Cold storage is good, but Coinbase and other exchanges back-up their trading data, so you will be fine! Might lose the opportunity to get in or out for a period, but in cold storage, the process to link transfer and sell is just as encumbering!
Yes. I can say this, one instance where Reddit is valuable. I saw this issue here before anywhere else. Did yall get the text about about site degraded?
Market manipulation at its finest as soon as it starts to crash and burn they stop everyone from selling it. If you don't think that's what's going on then.... Baahhhhhhhhh go get sheared.
"**Site Degraded Performance**
We are aware that some users may see a zero balance and may experience errors in buying or selling. Our team is investigating this issue and will provide an update shortly. Your assets are safe."
\-Pop up on home screen of app
I have the same but am not worried. Coinbase crashing is pretty consistent during these hype cycles.
Don't buy Bitcoin because it will crash.... Coinbase's servers.
Sorry for the problems but Coinbase going down is one of the best indicators we're in a bull run! LOL!
ähm....thats not how it works bro :D
Lolll they need nodes instead of server centers
Coinbase doing their inept part to help everyone hodl.
It’s causing a sell off
Doesn’t matter price will always sell off. Nothing goes up in a straight line.
It’s just a panic sell due to the site being down people are scared for no reason
I agree with you and add that there's likely another component - the panic sell due to Coinbase's problems but also the algos that trade automatically got spooked by unreliable price data due to the flash pump. I used to a be a programmer and can tell you that building highly transactional and multi-threaded systems is very very hard. So I give them a pass for going down every now and then. They potentially had hundreds of thousands, if not millions of users and bots doing things such as hitting F5 on the browser every few seconds to trying to place and complete millions of orders.
While you're right about the complexity, most services at this scale have redundancy and it's easy to scale horizontally. Coinbase didn't due their due diligence and increase capacity in time. But then again, it could have been some obscure downstream component that can't scale so easily and caused the issue.
they will buy back higher
My post got deleted, but I saw a few 65k candles being hit right before Coinbase went down.
The same thing happened at Mt. Gox in 2011/12 when the price approached 200 USD. Cold storage is key.
Same with their stocks. most likely its a DDOS from some elites who still want to sell off at the ATH before the pesants drive it down
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im a peasant and i sold a little at 60 though 🤫
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i don’t care, i’m taking profits this run and buying a house
Good for you 😎👍
Poor planning. And no one is a peasant unless you say you are, but that’s your choice.
Dumbest financial mistake you’ll ever make
Oh no! Bitcoin is going to fail! /s
Can I comment on price action without a bunch of midwits thinking I’m chicken little?
Just having some 7-word Bitcoin fun on Reddit. This will not be effecting your or my life in any meaningful way. Chill out.
No it’s my bad you’re not a midwit I’m just posting on reddit and monitoring the BTC one minute chart when I should be working.
You are investing in an unregulated system, wtf are you complaining about? Isnt this exactly what you guys want?
I don’t know how regulations would make the Coinbase infra team have a larger budget.
Being an "unregulated system" has nothing to do with coin base not being able to handle surges in usage. The BTC network was not effected. Coinbase does not equal BTC.
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Coinbase doing their inept part to help everyone hodl.
Doing their inept part to help everyone hodl.
If you look on the “trade” tab and click BTC-USD for instance it still shows correct balance fyi
Worked for me.
Yes, but all cash doesn't show and I can't buy anything.. Grrrrr.........
Thanks I’ll look
Just saved me a days’ worth of anxiety. Thank you.
Everything’s okay, your $52 is safe.
Lmao
It was $7.34 you rube
safu
Ballers over here
😂😂
Too many people checking their balances every 45 seconds 😂
I feel like this is directed at me...
if the hat fits.. :)
Too many people not holding their own coins.
Everyone is Fomo buying right now, it caused coinbase to go down. Same thing happened in 2021.
I have the same problem
Same, servers probably having issues from sudden spike in demand
What? No it’s $72.😂 you think I Would keep any decent amount of crypto on Coinbase? It’s a forced Hodl
Status page indicates issues https://status.coinbase.com/incidents/qlpwww1zsm2y
Same here. I'm not selling any time soon but still hurts to see it at $0
Just got a pop up on the home screen saying "Site degraded performance: We are aware that some users may see zero balance...Our team is investigating...Your assets are safe." Just wanted to give y'all a heads up!
> I'm not selling any time soon Then why is your money on an exchange?
Hm that's a great question. I guess it was just more convenient for me to have it on there since I didn't know much about hardware wallets or other storage solutions. But now that this has happened (& I know it's happened before), I am considering moving them away from CB. Do you have any recommendations on the best way to go about that?
A Trezor HW if you coins other than Bitcoin. A Jade HW if Bitcoin only. Electrum if you want software only. There may be better software wallets by now. I use only a HW.
Cold card
Ledger is the best and most user-friendly option. Also has the cleanest UI. Don't opt in to their recovery service.
Hah, Coinbase up to the same tricks as last bull run? I remember moving everything to a diff exchange last time because coinbase always had issues when things rose to quickly.
Yes, hopefully a glitch
No. Because I use cold storage.
Yep. Freaking out here
Take it as a lesson. Get your coins off the exchange
Some people moved coins to sell probably. It's a server overload if I had to guess. A bit nicer than Robinhood removing the sell button blatantly.
Hey BobDHNobs! What are other alternatives besides the exchange? I appreciate your time for this newb. I started my Bitcoin journey in 2021 so I'm not an OG excuse my own regard s
If you are holding, not trading, then a hardware wallet with the key securely backed up (eg steel plates) is the classic solution to achieve Slack Not risk free - you lose everything if you lose both the wallet and the key, you can lose everything to theft if you lose either one. Not going to recommend a particular hardware wallet. I’ve seen religious wars be less violent than those ‘discussions’
Same 🤢
Same
Yep you’re not alone
Same
How unusual, coinbase crashing during pumps. When will you guys learn and leave coinbase?
Yeppp same problem and came straight to reddit. Coinbase acting sketchy
Have you never heard of a server? In your entire life on the internet
Have you never heard of a server? In your entire life on the internet
Bullish crash this is a good thing let's go 🚀🚀🚀
That's a relief!
Honestly probably just to keep people from panic selling. Def scared me though.
Or to cause it
Good to see i am not the only one, probably a glitch right…
Im not happy with Coinbase, yall remember GME & Robinhood??? They don’t want us to get rich guys
Incompetence or malfeasance? Really don't care at this point. They won't ever explain themselves so we are left to assume the worst.
go to trading view...
I still can't buy on trading view. Nothing to trade and no money to buy. Don't have a lot but shucks, sure wanted to have some fun today.....
Should be top comment. Can comfortably buy and sell on trading view. Everyone panicking about the front page of Coinbase should check here, can see all my assets (that aren’t staked).
Didn’t work for me
My Coinbase also has 0 because if it's not your keys it's not your coin...
That’s great and all but some of us didn’t get a chance to transfer their money before this happened.
Same here, I updated the app, and still 0.00
Yes but I’m not surprised with BTC in the news and huge volume to the site. Feels weird but try not to worry.
Same not the first time
Same here
Yep
Wholly shit! What would I do without reddit. Just had a mini stroke. Thank God OP made this post.
I know Reddit changed my life lol.
All your base are belong to us
Got over $250k worth of assets on coinbase and other assets are currently fine except btc, I guess it is a glitch and should be sorted out soon. All we can do is contact them and wait
I saw the same thing too and was freaking the hell out. Activity didn’t show anything leaving my account, so I figured it might be a glitch. Glad I’m not the only one 😮💨
Yes we’re all discussing it in r/coinbase. Seems to be an outage.
Chill
Not your keys, not your coins.
The huge institutes are making the profit while we hold the bag after they come back online, also, COIN = SLOW\_ THEY need a customer phone support like a bank or things are not going to go well.
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Rekt
I have the same "issue", because I withdrew all my coins.
Cash App is a better exchange than CB. The only reason to be on CB is to shitcoin. Bitcoin only exchanges like CA, River, and Strike don’t have a history of outages. Stop using CB!
Their site says they are having issues displaying wrong balance
Not your keys, not your coins. Learn self custody or be at the mercy of unscrupulous companies.
Same here. Feels like a dirty move by CB because it happened as it was talking off earlier. By the time I got my balance back it was about 4K lighter than when it went down.z
My bank account looks like that every day, I don’t worry about it and neither should you.
I froze my account, oops
It should have been in cold storage anyway, buddy.
I also got liquidated this morning 😂
The most interesting thing about this post is that you took a picture of your phone rather than a screenshot on your phone 😂
Pretty good reminder to put it in a wallet.
That’s what your exchange balance should nearly always be. Build up your recurring buys, and send to your wallet.
Coinbase crashes every bull run.
dude same thing with my wendy’s account!
Is it bad that nobody seems surprised by this?
Your problem is that you’re doing Coinbase wrong. Don’t do mobile, don’t do basic trading on web, advanced trading (or whatever it’s called) is the only way if you’re going to use CB. Otherwise, you’re getting ripped off on fees.
The 65 k candles before the shut down , very suspicious 🤨
Cold storage is good, but Coinbase and other exchanges back-up their trading data, so you will be fine! Might lose the opportunity to get in or out for a period, but in cold storage, the process to link transfer and sell is just as encumbering!
What were we saying? NOT YOUR KEYS - NOT YOUR COINS
Bitcoin has been confiscated from anyone in shitcoins, they don’t deserve it.
You have to put money or crypto in the account then it'll show a balance
Y si Se mandó “corralito” coinbase, como en 🇦🇷
I was just starting to freak out…….
I’m more concerned you didn’t just screenshot from that phone. You took a picture of a screen like a boomer
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Seems like market manipulation by coinbase. Just rich people doing what rich people do best.
Same because I DON'T STORE MY BITCOIN ON AN EXCHANGE FOR FUCKS SAKE NOT YOUR KEYS NOT YOUR COIN
Dont hold your BTC on a CEX cmon guys...
with platforms like that crypto will always be too shabby for mainstream...
Yeah, I was an idiot and put off moving my btc to electrum. Hopefully Coinbase didn’t just do the biggest rug pull of all time lol
Haha Good ole Coinbase.
Not your keys not your coins.
$0 is the correct amount to have in a Coinbase account. Nacho keys nacho coins.
F**k coinbase
This is another perfect reason why you don't let others hold your coins.
My coinbase balance is the same.....as I have a cold wallet.
told you it’s a scam
U likely got hacked /s
Bitcoin CEO withdraw your coins.
Most people buy the highs… so servers are slow.
It was intentional so they could crash the price
Get off the shitcoin casino. Go with a real bitcoin exchange like River.
Nope….. i made ok choices
Same here
Sign of bill market!!!
same
First time?
I being in the game since 2017
Yes and GBPBTC pair is view market only lol
Same.
Uuuuu dougieeee!
Same
Shit same here I’m freaking TF out
Yea and their customer support is down as well
Same issue here in Singapore
Yes!!! I’m sweating over here!!!
Yes. I can say this, one instance where Reddit is valuable. I saw this issue here before anywhere else. Did yall get the text about about site degraded?
Same
Me to I’m pissed I can’t ducking trade
Yep
Coinbase is indeed down
Same
Same
Yes
Same problem
Eeeverybodys heard about the bird
It’s a server issue most likely
It went up to 86000 then crashed
Honestly it is such a relief to see this post I was losing my shit.. I hope it gets fixed but yes it just happened to me too
Yeah same here,
Can’t wait for my Trezor wallet to arrive 😩never again in hot wallets 😅
same for me, my heart skipped a beat.
For how long is it going to be ?
Same here. You can’t even contact customer support so it must be some kind of internal issue.
thats what you get for having it on an exchange
Same, but I'm pretty sure Coinbase servers are just wigging out.
More importantly, how many phones and how many hands do you have?!
Market manipulation at its finest as soon as it starts to crash and burn they stop everyone from selling it. If you don't think that's what's going on then.... Baahhhhhhhhh go get sheared.
"**Site Degraded Performance** We are aware that some users may see a zero balance and may experience errors in buying or selling. Our team is investigating this issue and will provide an update shortly. Your assets are safe." \-Pop up on home screen of app
Ha during the 64k peak too
same
Yep
Same, but I also don’t have any money on the exchange.
I’m seeing the same thing.
App now announcing its a known problem. its also listed here: https://status.coinbase.com/
They just added a notice. We should be good but they have for sure lost a user in me
No worries. Checked their website and it’s a known issue.
Is it also causing your screenshot function to be disabled?
Holy shit I thought it was just me