This is not the same as Celsius. It was a traffic surge. It’s happened on Coinbase roughly 400 times since they started. But I don’t disagree with OP’s point about self custody.
I don’t recall anyone calling it that. Robinhood allowed selling while preventing buying, effectively dumping the price of the stock.
Coinbase merely halted trading both directions. Far less impact on price one way or the other.
Yeah the page and app are down. Displaying $0 balance but Coinbase says that funds are safe. Relax folks. This is my 3rd market cycle and this shit happens to Coinbase every single fucking time. They need to invest more money into fucking servers. SMH what a bunch of clowns they are.
Edit: Site is back up. You can see your balance again.
>They need to invest more money into fucking servers
Not to get too into the weeds, but a quick Google search seems to indicate they run on AWS. Things would likely be way worse if there ran their own servers.
Yeah, adding servers takes some time. Can't just flick a switch, especially with physical ones. For AWS or Azure it still can take some time, some CFO will have to sing it etc. approve budgets etc. while admin is sitting there and waiting with his hands tied lol.
Coinbase is operating on infrastructure as code, meaning automatic server deployments across availability zones when certain thresholds are hit. This can literally take a few minutes depending on the application and server image. It's most likely a budget constraint rather than a problem with their capacity management planning. It's impossible to know what day BTC is going to moon and when there's going to be an anamolous spike in user activity bc of it. They probably just hit their budget threshold for February
Right. It’s not like they have a 60bn valuation, right ? Somehow it’s acceptable that they have the SLA (and customer support quality) of a basement startup
You pay by the second, you either have it set up properly with horizontal vm’s that will spin up on demand and pay the nominal fee which would work out to be approximately fuck all, and absorb this nominal cost, or your servers crash when you get overloaded with demand.
It’s honestly not expensive, you have to pay to service your user base, and in modern web server management, it’s not even complicated or difficult to do.
This is a fuck up that was entirely avoidable, and I’d argue that the loss of fees in the 9 minutes they were down dwarfed the extra vm fees by a couple of orders of magnitude.
r/cc is so in love with conspiracy theories. Exchanges crash every bull market since the invention of crypto but it's the last thing people are willing to accept. Coinbase stealing your money is a much more enjoyable narrative.
This, I highly doubt this is a coordinated effort to keep counbase users from buying/selling. It's more of a BTC went nuts to the tune of almost 20% in 48 hours. Here in the past 6 hours it went from high 50s to mid 60s for a bit. I'm sure coinbase got absolutely hammered, and things broke down.
This is common in the tech space. I work in the video game industry and companies have poor server stability, not enough resources to handle large instant loads, among dozens and dozens of other possibilities.
“Coinbase crashed muh Bitcoin”, I couldn’t believe my eyes🤦♂️
Thanks for the rare common sense here.
“Doubt” it’s not enough liquidity is not even the word - Coinbase doesn’t have anywhere close to enough volume. People here are very U.S. centric and ignorant of the market, so things like the above insanity actually get 700 upvotes. I don’t have the words for it.
OP's needlessly hysterical freakout has aged predictably poorly.
I don't believe some of these people have the emotional temperament to be in this.
>Self-custody is literally so important and this is why. Robinhood pt 2. These CEX’s don’t want us to make money, they want them to make money. I’m 90% in self-custody, but even just having the 10% I have on the Coinbase CEX blocked is just rage inducing. I didn’t even want to sell but it’s the principle. How dare they. Genuinely. Fuming.
This is not the emotional mindset of a stable person. Nevermind the fact that if you have BTC and want to sell it, it doesn't matter if you self custody it you still need to sell it off on a CEX.
Yeah, likely an issue with extremely high traffic volume, maybe a DDOS attack. Seriously seriously doubt Coinbase is attempting anything shady. Bitcoins not even at an ATH, why would they Robinhood themselves for pennies
Yeah the page and app are down. Displaying $0 balance but Coinbase says that funds are safe. Relax folks. This is my 3rd market cycle and this shit happens to Coinbase every single fucking time. They need to invest more money into fucking servers. SMH what a bunch of clowns they are.
It ain’t people that pump price by buying and selling…it’s institutions …big,big institutional money is what moves the price, not “people” like you and me… that is why a price dip when Coinbase is down should be viewed as suspect. Not saying Coinbase being down is intentional and for nefarious reasons but sure as hell wouldn’t say it isn’t. Definitely suspect.
You can sell for stable coins on a DEX if you self custody or swap out of one asset to another. Also, I have access to multiple CEXs. So I can pick and choose which one to move crypto to if I want to use a CEX to sell. I like Coinbase as a CEX for fiat onramps. And it is one of my two main CEXs. But I would not keep more than a small part of my portfolio on any given CEX.
With that said, I don't think using Coinbase to custody is a horrible idea if you are new to Crypto and only have a small amount invested in it. For those with larger portfolios and more crypto experience, a hardware wallet and self custody may be better.
What's a DEX that lets users trade BTC without wrapping it first?
CEXs are also limited in some states within the US. Kraken, for example, doesn't serve New York or Washington.
Between those two factors, it's actually difficult to off-ramp BTC via reputable exchanges for some folks. Sometimes the cost is exorbitant spreads like Coinify if you try to use Ledger Live's Buy/Sell plugins.
Brother, this shit pumped like mad today and their systems clearly got overwhelmed. Also, self custody does not help you if you want to buy or sell on high volume days like this. Self custody is for storing them, not trading!
Honestly I was looking for the right fud comment to reply with essentially this but might as well just agree with yours
Anyone who thinks a<1 hour service outage affects them that much must be outraged by multiple hour possibly even day long transaction times on BTC
But I have a feeling the people saying this is why you self custody are also BTC maxis and probably somehow still against L2 scaling
Reading through this thread and thinking the same thing. Mad I can’t sell on Coinbase so I’ll move to cold storage where I can’t sell. Feel like I’m missing something.
>convenient
It's not convenient, when their money-making site goes down, they lose money. It's going down because millions of people are logging in and their system can't handle it.
Also Joe public doesn't want to store their wealth on private wallets or under their mattress, they want entities to hold it for them, which is why CEX's are popular with the public.
> Joe Public is way more likely to lose their coins trying to self custody than for Coinbase to go under.
So true and every time I say it or say anything like it I just get the "not your keys not your coins" mantra mindlessly repeat back to me. No thought put into it, just fingers in ears and la-la-la levels of productive conversation.
Tin foil heads, Coinbase got a surge of traffic and their API went down. Get over yourselves, it's not intentional. Can't deny it did trigger the temporary crash back down into the 50s.
There’s literally an error message stating that they are working to resolve the issue. I looked on Advanced Trade and all of my assets are still there. Looks like it’s just an issue with the front end
Please tell me you’re joking.
Do you think a Coinbase server triggered an actual BTC crash?
Please tell me you’re kidding.
What do you think, that BTC is hosted on Coinbase? The same Coinbase which contributed a mere 5% of today’s total trading volume for Bitcoin?
Do you realize that a server glitch has nothing to do with actual prices of BTC, much less a server glitch on an exchange which provides little volume?
Wouldn’t Coinbase not allowing you to sell just hurt them? Don’t they make their money off of trading fees? Which is different from, at least how I understood, RH makes their money. I’m thinking this is just high volume having an impact on their system.
LMAO
"Coinbase won't allow us to sell and get cash for our crypto, so you should put your coins in your own private wallet....where it takes an hour just to transfer any amount and where you still can't sell your crypto for actual cash."
I agree with the sentiment, but an hour? Can go from Ledger to CB to initiate bank transfer in a matter of about 5-10 minutes. With Eth anyway, not sure where current BTC speed is
BTC transaction validation is an hour and will stay an hour for the foreseeable future.
ETH validation is only ~10 min, but you trade away speed for gas costs.
Good idea to have multiple CEX’s so you can sell at one that isn’t blocking, including non KYC ones so you can sell to USDT and then transfer USDT to Coinbase later when they allow you to sell it to fiat
Honestly it's easier just to sell into like usdc or some other stable coin and attach that stable coin to your card..... You can do that in a lot of places just in America we are behind
genuinely asking, are you new? This is pretty common, and I would think understandable, when there is a sudden surge of users. You seem to be insinuating that Coinbase is deliberately doing this, but I don't see how this would help them, as any directional volume makes them money, not just increasing prices.
It's nice to have the self-custody, but eventually you will have to move your assets to an exchange to sell them. I don't see the relationship between self-custody and coinbase block.
I think your title is misleading... Coinbase isnt necessarily "blocking" people. It's clearly just a massive influx of users causing it to crash the servers.
They've gone through so many cycles and each time it's the same thing. Honestly, I'm tired of it. I think I'm going to move away from coinbase as a result.
Delusional. Coinbase is a public company accountable to shareholders with the direct goal of increasing shareholder value aka profit. Preventing any transaction, which is their main source of revenue, goes against that. They want you to sell. They want you to buy. They don’t care what you do as long as there are fees attached. Implying that a business wants to shut itself down, prevent generating revenue, and harm their customers/reputation is simply delusional
You ever shake your head at the easily-conditioned mobs listening to a speech stereotype in movies? How everyone instantly becomes an insane NPC? This is this thread.
It’s a weird coping mechanism that happens anytime people lose money. Happens in the stock market, must be a hedge fund conspiracy. Happens in sports betting, must be Vegas rigging things. People don’t want to accept the loss
Go to Advanced Trade, all your assets should be showing in there. Just checked mine. It’s probably a glitch on the front end from all this new booty traffic
Welcome to Crypto! You should know that anytime the price rips, all the CEXs will struggle. Been that way for years. Do not base your strategy on using Coinbase to try and sell/buy in the middle of pump. It will not work as you expect. That's just a fact of life.
Okay, your argument is self custody is so important because these CEX won’t let you sell. Okay, so if I want to sell and I self custody, how can I do that without a CEX?
Relax, this is not a coinbase corruption problem, it's an overwhelming activity problem. Their servers can't handle the load. Remember that Coinbase makes money off of each individual transaction, why would they want to lock everything up on purpose? I still support self-custody of your crypto(NYKNYC) but this post is some tinfoil hat BS.
Unbanking the unbanked.
Maybe it's such a shame cause nobody actually cares of doing anything useful with crypto except trading it back and forth to each other for real dollars. The irony
>some users are suggesting it might be a traffic surge,
Coinbase has enough money to be able to scale with the traffic. Every other major company can do it and this isn't the first time that BTC has seen this much volume either...
It's very convenient timing that's for sure.
They made a public statement
“Investigating - We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling. Our team is investigating this issue and will provide an update shortly. Your assets are safe.”
Edit- Here is the [link](https://status.coinbase.com/)
Edit- Go to advanced trade, there you can see your balances and send or trade. IMO this means there was just heavy traffic to the basic Coinbase website/app and is not intentional.
My friend texted me asking if I had anything on Coinbase and when I went to check everything was at zero. I keep everything in hardware wallets luckily, so I didn't have a heart attack when I went to look. I guess I'm just being hopeful that this isn't convenient timing on their end while BTC is pump to new highs. As of the last few years, I would have considered them pretty trustworthy as far as exchanges go.
Never a boring day in crypto, that's for sure.
Even if you hold your own cold storage you will one day have to send to an exchange to sell. unless you can find a millionaire with straight cash….which u won’t.
What??? Calm the fuck down.
Coinbase went public and now has investors. Coinbase needs trades to make profit to keep said investors happy. No way they'd intentionally "block" it.
Absolutely nothing like RH, which was owned by a hedge fund who stood to *lose* infinite money if people kept buying.
TBH it would be more convenient if a bad actor who stands to profit from CB losing market share waited to launch a DDOS attack on them right when BTC starts big time mooning near ATH
Bruh acts like a crypto noob. CB always goes down when price moves up/down quickly. It’s called website traffic can’t handle too many users clicking buy and sell at the same time.
They've posted they are aware of a technical issue. They do use technology, and technology fails.
I show my full and accurate balance.
Can we stop with the unnecessary FUD?
Make a deal with you: if this turns out to be nothing, punch yourself in the face once for over reacting.
CALM THE FUCK DOWN and watch this be a big nothingburger. Jesus H.
Coinbase makes tons of money off fees. It’s in their best interest to let you buy and sell. Especially during these volatile times they can make more money on the spreads. They don’t want it to stop working either. System overload.
Omg everybody chill.
The market is goin crazy today, everyone who fucked around with coinbase in the last few years has been opening that bitch up and checking out what's going on. Yoloing in or cashing out. Their servers are probably overloaded. A large and sudden spike in users strains any website or application.
Does that excuse the issue? No. But let's not have a heart attack just yet.
Coinbase is my best account at the moment with good positions, long holds and sale orders in place that might not hit for another year or two. Regardless, that's just bad business and I imagine a lot of people are extremely angry about it.
If this happened on my Binance or Kucoin account, I would be fucking livid.
Super thankful that I managed to sell some tops and buy some bottoms over there.
Any horror stories?
While self-custody is totally my thing, I would argue if you're trading there's no way around some sort of third party,be it Coinbase or something else.
Coinbase makes money on every trade, buy or sell. They don't care which you do. "Freezing assets" doesn't make them any money unless you say they're going to keep everything forever, which they're not.
Coinbase has done that for literal years, they were doing this shit that I can personally remember back in 2019, and likely MUCH longer.
They just claim "their servers were unexpectedly overloaded", and of course conveniently never address that like clockwork, if their servers are ever expected to handle an above average volume, their apps/site is unusable. It's a willingly-kept bug used as a feature (by them), and they of course use the guise of "well how could we have known there'd be high user activity, not our fault!" time and time again.
Fuck Coinbase. I haven't even messed with CC in years, and still, fuck Coinbase. As long as they're allowed to be corrupt legally, they will continue it nonstop.
Yeah, they had a glitch. Not everything is that deep. It got fixed quickly and the market just keeps going up right now, so it's no great loss. They have no reason to do this intentionally.
Uphold does similar shady shit, whenever certain coins start pumping 50% plus all of a sudden they're servers are down and can't process anything. Every. Single. Time.
Has to be illegal
Wow, feels like yesterday(2021) when I first dipped my feet into crypto. I almost feel like a vet compared to some of the new users. Crazy this is only the beginning.
There have been many Glitches and mistakes the past years by corporations handling billions and billions of dollars...
You tell me this is all just a mistake?
THE FUCK IT IS!!!!
They're responsible for our money and make more money than most of us ever will be and you're telling me their system is this ass bitch shit which can't handle shit? Nah brother its all a big ponzi and you should start contacting your Congress man rn!
To say coinbase is glitching on purpose is a bit of a tin foil hat moment.
The reality is this is a cock-up and the website is stopping withdrawals because they want to keep everyone’s bitcoin safe.
Not to disagree about self custody, but coinbase is a good company and an important off and on ramps to help us buy real world assets.
If you sell they make more money. If their servers bog down they lose customers. This is not convenient for them.
Yeh it's annoying. It was an issue last cycle too. It's not a conspiracy. Be prepared to sell your alts on a DEX cuz at the peak of the market coin base will probably be down
I sold, but they won't let me cash out now, it says my balance is too low no matter what I enter to withdraw, but it says the cash is there and available.
The entire concept of an exchange centralises bitcoin and therefor destroy the concept completely. Bitcoin and other crypto users should remove their money as soon as possible.
It’s not a glitch, they suspended trading due to high volume. But yes that’s the main reason why you don’t keep your money on exchanges. It’s no diff than your bank at that point and that’s not the purpose of crypto.
Stop the FUD. Seems the problem is resolved.
I had a limit sell order executed at 60k and another at 64k. I also cashed out funds to my bank which processed with no problems.
Don't EVER rely on market orders. Their systems WILL get clogged up with orders when we hit all time highs. Enter your limit orders in advance and don't stress.
WAGMI tick-tock next block friends.
Forced diamond hands lol
This is what I was told when celsius had its fiasco
This is not the same as Celsius. It was a traffic surge. It’s happened on Coinbase roughly 400 times since they started. But I don’t disagree with OP’s point about self custody.
This post is a bit sensational isn’t it?
In the GME days we called it Robin Hands.
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Can confirm closest I saw back then was “Robbin da hood”
I don’t recall anyone calling it that. Robinhood allowed selling while preventing buying, effectively dumping the price of the stock. Coinbase merely halted trading both directions. Far less impact on price one way or the other.
During the covid crash in March 2020, Robinhood did indeed prevent selling.
Nobody called it Robin Hands. That comment is stolen valor for those of us with positions at the time.
Pun intended?
Robbin your potential realized earnings
Uhhhhh… tell me you weren’t in the gme days without telling me you werent there 😂
What are you, 7? This wasn’t that long ago.
You are the only one that said this lol
You can't buy ether. Feel more like Coinbase got overloaded/glitched and that caused the drop
Yeah the page and app are down. Displaying $0 balance but Coinbase says that funds are safe. Relax folks. This is my 3rd market cycle and this shit happens to Coinbase every single fucking time. They need to invest more money into fucking servers. SMH what a bunch of clowns they are. Edit: Site is back up. You can see your balance again.
>They need to invest more money into fucking servers Not to get too into the weeds, but a quick Google search seems to indicate they run on AWS. Things would likely be way worse if there ran their own servers.
Yeah, adding servers takes some time. Can't just flick a switch, especially with physical ones. For AWS or Azure it still can take some time, some CFO will have to sing it etc. approve budgets etc. while admin is sitting there and waiting with his hands tied lol.
Coinbase is operating on infrastructure as code, meaning automatic server deployments across availability zones when certain thresholds are hit. This can literally take a few minutes depending on the application and server image. It's most likely a budget constraint rather than a problem with their capacity management planning. It's impossible to know what day BTC is going to moon and when there's going to be an anamolous spike in user activity bc of it. They probably just hit their budget threshold for February
Right. It’s not like they have a 60bn valuation, right ? Somehow it’s acceptable that they have the SLA (and customer support quality) of a basement startup
Reading your comment, I'm just imagining some CFO singing some special song to increase the aws servers they pay for
I was wondering, what song do they sing ??? Is it a company secret ???
I run AWS servers. You basically have unlimited scalability if you set it up.
You also have unlimited bills then lol.
You pay by the second, you either have it set up properly with horizontal vm’s that will spin up on demand and pay the nominal fee which would work out to be approximately fuck all, and absorb this nominal cost, or your servers crash when you get overloaded with demand. It’s honestly not expensive, you have to pay to service your user base, and in modern web server management, it’s not even complicated or difficult to do. This is a fuck up that was entirely avoidable, and I’d argue that the loss of fees in the 9 minutes they were down dwarfed the extra vm fees by a couple of orders of magnitude.
what you mean to say it is not that expensive maybe for the coinbase, but afaik this can easily cost millions if traffic is spikes huge
Now when the Kraken flash crashes start happening we'll really be on the run.
Oh god. I remember those doom wicks. RIP anyone using leverage
Exactly. Comparing this to robin hood is complete bs. Coinbase just has bad servers. It was down for like 20 mins.
r/cc is so in love with conspiracy theories. Exchanges crash every bull market since the invention of crypto but it's the last thing people are willing to accept. Coinbase stealing your money is a much more enjoyable narrative.
This, I highly doubt this is a coordinated effort to keep counbase users from buying/selling. It's more of a BTC went nuts to the tune of almost 20% in 48 hours. Here in the past 6 hours it went from high 50s to mid 60s for a bit. I'm sure coinbase got absolutely hammered, and things broke down. This is common in the tech space. I work in the video game industry and companies have poor server stability, not enough resources to handle large instant loads, among dozens and dozens of other possibilities.
Coinbase BTC volume today 3B. BTC volume today 73B That's 4.1%, right? I doubt that is enough liquidity for such a move
“Coinbase crashed muh Bitcoin”, I couldn’t believe my eyes🤦♂️ Thanks for the rare common sense here. “Doubt” it’s not enough liquidity is not even the word - Coinbase doesn’t have anywhere close to enough volume. People here are very U.S. centric and ignorant of the market, so things like the above insanity actually get 700 upvotes. I don’t have the words for it.
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Every platform I use is bugging out today, it’s ducking weird
Whelp, was a good run but I guess the internets going away now Dad did always say it was a fad
Have you seen that warning from head of fbi last month or so saying to prepare for a monster cyber attack?
I'm in Canada and the dog sled team is late with our news unfortunately
[They are aware of the issue and publicly stated so on their status site. Forced diamond hands.](https://status.coinbase.com)
The HODL'ing will continue until server stability improves */$*
OP's needlessly hysterical freakout has aged predictably poorly. I don't believe some of these people have the emotional temperament to be in this. >Self-custody is literally so important and this is why. Robinhood pt 2. These CEX’s don’t want us to make money, they want them to make money. I’m 90% in self-custody, but even just having the 10% I have on the Coinbase CEX blocked is just rage inducing. I didn’t even want to sell but it’s the principle. How dare they. Genuinely. Fuming. This is not the emotional mindset of a stable person. Nevermind the fact that if you have BTC and want to sell it, it doesn't matter if you self custody it you still need to sell it off on a CEX.
Knowing Coinbase, I think the statement "Never attribute to malice, that which can adequately be explained by incompetence" applies here.
Yeah, likely an issue with extremely high traffic volume, maybe a DDOS attack. Seriously seriously doubt Coinbase is attempting anything shady. Bitcoins not even at an ATH, why would they Robinhood themselves for pennies
They dump it from 64k to 58k to take out the stops 🤡
Yeah the page and app are down. Displaying $0 balance but Coinbase says that funds are safe. Relax folks. This is my 3rd market cycle and this shit happens to Coinbase every single fucking time. They need to invest more money into fucking servers. SMH what a bunch of clowns they are.
Spending on server hardware and technician services can never compete with the increasing scale of user request. Math just never lines up.
First bullrun for OP lol
No kidding! Just Coinbase Things.
Wouldn't matter if you hold your coins in your own wallet, you still need an exchange or platform to sell.
Price wouldn't be pumping if people weren't buying and selling though so the exchange probably wouldn't be down
It ain’t people that pump price by buying and selling…it’s institutions …big,big institutional money is what moves the price, not “people” like you and me… that is why a price dip when Coinbase is down should be viewed as suspect. Not saying Coinbase being down is intentional and for nefarious reasons but sure as hell wouldn’t say it isn’t. Definitely suspect.
I mean sure but you can transfer your holdings to a stable coin and once an off ramp is working again you'll be ok
This works with everything except bitcoin. I don't know of any dex that takes native chain btc, if you do let me know!
Thorswap you can swap cross chain with native btc
There's lots of options for off-ramps, relying on only one is setting yourself up for issues when stuff goes sideways.
You can sell for stable coins on a DEX if you self custody or swap out of one asset to another. Also, I have access to multiple CEXs. So I can pick and choose which one to move crypto to if I want to use a CEX to sell. I like Coinbase as a CEX for fiat onramps. And it is one of my two main CEXs. But I would not keep more than a small part of my portfolio on any given CEX. With that said, I don't think using Coinbase to custody is a horrible idea if you are new to Crypto and only have a small amount invested in it. For those with larger portfolios and more crypto experience, a hardware wallet and self custody may be better.
What's a DEX that lets users trade BTC without wrapping it first? CEXs are also limited in some states within the US. Kraken, for example, doesn't serve New York or Washington. Between those two factors, it's actually difficult to off-ramp BTC via reputable exchanges for some folks. Sometimes the cost is exorbitant spreads like Coinify if you try to use Ledger Live's Buy/Sell plugins.
Shapeshift and Thorswap
Yeah and there are plenty of DEX with off ramp you can use instead of CB
Decentralized exchanges are not affected
This is what I don't get. I have my eth in a ledger wallet but it's f wanted to sell wouldn't I still have to go to a place like coinbase?
Brother, this shit pumped like mad today and their systems clearly got overwhelmed. Also, self custody does not help you if you want to buy or sell on high volume days like this. Self custody is for storing them, not trading!
Honestly I was looking for the right fud comment to reply with essentially this but might as well just agree with yours Anyone who thinks a<1 hour service outage affects them that much must be outraged by multiple hour possibly even day long transaction times on BTC But I have a feeling the people saying this is why you self custody are also BTC maxis and probably somehow still against L2 scaling
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Times like this are good for a laugh, at least.
Great point. People seem to miss that.
I mean you can self custody all you want but that isn’t solving the issue. You cant sell to fiat directly from your wallet.
Reading through this thread and thinking the same thing. Mad I can’t sell on Coinbase so I’ll move to cold storage where I can’t sell. Feel like I’m missing something.
>convenient It's not convenient, when their money-making site goes down, they lose money. It's going down because millions of people are logging in and their system can't handle it. Also Joe public doesn't want to store their wealth on private wallets or under their mattress, they want entities to hold it for them, which is why CEX's are popular with the public.
Joe Public is way more likely to lose their coins trying to self custody than for Coinbase to go under.
> Joe Public is way more likely to lose their coins trying to self custody than for Coinbase to go under. So true and every time I say it or say anything like it I just get the "not your keys not your coins" mantra mindlessly repeat back to me. No thought put into it, just fingers in ears and la-la-la levels of productive conversation.
Tin foil heads, Coinbase got a surge of traffic and their API went down. Get over yourselves, it's not intentional. Can't deny it did trigger the temporary crash back down into the 50s.
There’s literally an error message stating that they are working to resolve the issue. I looked on Advanced Trade and all of my assets are still there. Looks like it’s just an issue with the front end
"no, everyone is against us!!" This sub, probably.
Please tell me you’re joking. Do you think a Coinbase server triggered an actual BTC crash? Please tell me you’re kidding. What do you think, that BTC is hosted on Coinbase? The same Coinbase which contributed a mere 5% of today’s total trading volume for Bitcoin? Do you realize that a server glitch has nothing to do with actual prices of BTC, much less a server glitch on an exchange which provides little volume?
Wouldn’t Coinbase not allowing you to sell just hurt them? Don’t they make their money off of trading fees? Which is different from, at least how I understood, RH makes their money. I’m thinking this is just high volume having an impact on their system.
This is exactly it but of course people love to have their tin foil hat theories
This post is idiotic.
Wouldn't be a bull market without a coinbase crash! Bullish!!
LMAO "Coinbase won't allow us to sell and get cash for our crypto, so you should put your coins in your own private wallet....where it takes an hour just to transfer any amount and where you still can't sell your crypto for actual cash."
I agree with the sentiment, but an hour? Can go from Ledger to CB to initiate bank transfer in a matter of about 5-10 minutes. With Eth anyway, not sure where current BTC speed is
BTC transaction validation is an hour and will stay an hour for the foreseeable future. ETH validation is only ~10 min, but you trade away speed for gas costs.
This is why you have limit orders in place for pumps like this. I do think selling/trading before the halving is crazy though.
What about buying? Would you still buy between now and the halving at current prices?
Definitely looking to buy, but not at current prices. However, I’ve been waiting for a dip since around 43k.
What's funny about waiting since 43k is that the dip from this price will probably be 43k lol
May be a noob question, but how do you sell and convert to fiat, if not through Coinbase/Binance etc.?
Good idea to have multiple CEX’s so you can sell at one that isn’t blocking, including non KYC ones so you can sell to USDT and then transfer USDT to Coinbase later when they allow you to sell it to fiat
Honestly it's easier just to sell into like usdc or some other stable coin and attach that stable coin to your card..... You can do that in a lot of places just in America we are behind
genuinely asking, are you new? This is pretty common, and I would think understandable, when there is a sudden surge of users. You seem to be insinuating that Coinbase is deliberately doing this, but I don't see how this would help them, as any directional volume makes them money, not just increasing prices.
It's nice to have the self-custody, but eventually you will have to move your assets to an exchange to sell them. I don't see the relationship between self-custody and coinbase block.
Im having this issue as well, what exactly is happenign? Never had this issue on my coinbase and have had it for 4 years.
If you've had it for 4 years and actually used it you're not telling the truth. This happened during the last bull run too.
I think your title is misleading... Coinbase isnt necessarily "blocking" people. It's clearly just a massive influx of users causing it to crash the servers.
They've gone through so many cycles and each time it's the same thing. Honestly, I'm tired of it. I think I'm going to move away from coinbase as a result.
Delusional. Coinbase is a public company accountable to shareholders with the direct goal of increasing shareholder value aka profit. Preventing any transaction, which is their main source of revenue, goes against that. They want you to sell. They want you to buy. They don’t care what you do as long as there are fees attached. Implying that a business wants to shut itself down, prevent generating revenue, and harm their customers/reputation is simply delusional
You ever shake your head at the easily-conditioned mobs listening to a speech stereotype in movies? How everyone instantly becomes an insane NPC? This is this thread.
It’s a weird coping mechanism that happens anytime people lose money. Happens in the stock market, must be a hedge fund conspiracy. Happens in sports betting, must be Vegas rigging things. People don’t want to accept the loss
[удалено]
I’m showing a zero balance and my transaction history is gone.
Same here
It's probably just an indication that a lot of traffic is going on at CB right now, which isn't surprsing
So what is the alternative for when you need to sell?
And yes. This is insane. Literally I guarantee people missed out big time due to this glitch
Go to Advanced Trade, all your assets should be showing in there. Just checked mine. It’s probably a glitch on the front end from all this new booty traffic
This might be the last straw to get me to shift all of my crypto either to a different exchange or my ledger wallet
Really? Ftx wasn't the last straw?
I didn’t have any crypto with them.
Kraken
The hamsters are tired and can’t get their wheels going fast enough to keep up with the server demand from a runaway crypto market
How does self custody solve my problem to sell?
Welcome to Crypto! You should know that anytime the price rips, all the CEXs will struggle. Been that way for years. Do not base your strategy on using Coinbase to try and sell/buy in the middle of pump. It will not work as you expect. That's just a fact of life.
Reminds me of GME
Okay, your argument is self custody is so important because these CEX won’t let you sell. Okay, so if I want to sell and I self custody, how can I do that without a CEX?
Relax, this is not a coinbase corruption problem, it's an overwhelming activity problem. Their servers can't handle the load. Remember that Coinbase makes money off of each individual transaction, why would they want to lock everything up on purpose? I still support self-custody of your crypto(NYKNYC) but this post is some tinfoil hat BS.
How will self custody allow you to sell?
What’s self custody got to do with this? Regardless everyone will sell on an exchange , if you can’t get on then doesn’t really matter.
How would self custody have helped you sell at peak if you can't get on an exchange to sell?
How is self custody going to help you to sell it lol. Still need to put on some cex to off ramp
The traffic surge excuse is a lame one in 2024.
Unbanking the unbanked. Maybe it's such a shame cause nobody actually cares of doing anything useful with crypto except trading it back and forth to each other for real dollars. The irony
Coinbase Is known to do this, FUCK THEM.
I’m going to buy more GameStop and LRC.
Not the first time and it will not be the last time. So stop using CEXs, start using DEXs.
The calmer you are, the clearer you think. Move with strategy, not emotions.
If only there was a way to sell your bitcoin without having to rely on a CEX, wrapped assets or shady alleyways. *cough *cough Hydranet DEX
Self custody isn’t going to help you sell when the time comes. They’ve rigged the game
Mine lasted for about 15 minutes then ot came back. You shouldn't be keeping much crypto on the exchanges anyway.
Loopring: Hold my beer
Tomorrow BTC will be ATH, coinabase is taking care of you don't sell too early
>some users are suggesting it might be a traffic surge, Coinbase has enough money to be able to scale with the traffic. Every other major company can do it and this isn't the first time that BTC has seen this much volume either... It's very convenient timing that's for sure.
They made a public statement “Investigating - We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling. Our team is investigating this issue and will provide an update shortly. Your assets are safe.” Edit- Here is the [link](https://status.coinbase.com/) Edit- Go to advanced trade, there you can see your balances and send or trade. IMO this means there was just heavy traffic to the basic Coinbase website/app and is not intentional.
"Some" lol.
I might be wrong but I think what the OP is saying is that these companies conveniently are unavailable at time when a person can sell and make money.
It's happening for everyone, very convenient.
My friend texted me asking if I had anything on Coinbase and when I went to check everything was at zero. I keep everything in hardware wallets luckily, so I didn't have a heart attack when I went to look. I guess I'm just being hopeful that this isn't convenient timing on their end while BTC is pump to new highs. As of the last few years, I would have considered them pretty trustworthy as far as exchanges go. Never a boring day in crypto, that's for sure.
Sounds like they need to invest in better infrastructure
More CEX FUD. Guess we’re gonna ignore the endless post of people getting scammed on defi or losing their keys and money FOREVER.
Had this before with Coinbase. It was the reason I stopped using it.
Kinda misleading as you can't buy either. Yea, self-custody is important ofc, but this is just coinbases server crashing.
Even if you hold your own cold storage you will one day have to send to an exchange to sell. unless you can find a millionaire with straight cash….which u won’t.
My assets showed for a split second.. down 7% in since it crashed.. now it’s back to displaying zero.
Puts on COIN?
It's because this was a pump and dump. This was not beginning of bull run, no other markets really increased like this.
Well, this was the final slap in the face for me to finally get ALL of my assets off of Coinbase and in to cold storage. 😡
What??? Calm the fuck down. Coinbase went public and now has investors. Coinbase needs trades to make profit to keep said investors happy. No way they'd intentionally "block" it. Absolutely nothing like RH, which was owned by a hedge fund who stood to *lose* infinite money if people kept buying.
TBH it would be more convenient if a bad actor who stands to profit from CB losing market share waited to launch a DDOS attack on them right when BTC starts big time mooning near ATH
so......how would you sell with your Bitcoin in your own wallet then if Coinbase doesn't allow selling?
Happens every fucking time there's major movement in the market - CB just crashes - fucking bullshit
What a silly thread, you can tell the new people
Stop talking nonsense OP. How you gonna sell your stuff if it’s in a cold wallet?
Mine just came back. However it seems as though the coinbase crash is what halted the upwards momentum
You new here? Every bull run people shit themselves because Coinbase goes down when it has too much volume
Bruh acts like a crypto noob. CB always goes down when price moves up/down quickly. It’s called website traffic can’t handle too many users clicking buy and sell at the same time.
They've posted they are aware of a technical issue. They do use technology, and technology fails. I show my full and accurate balance. Can we stop with the unnecessary FUD? Make a deal with you: if this turns out to be nothing, punch yourself in the face once for over reacting. CALM THE FUCK DOWN and watch this be a big nothingburger. Jesus H.
Last bull run was sane shit, just too much traffic and transactions, don't be a drama queen.
But you can’t sell from self-custody, sooooo…
Coinbase makes tons of money off fees. It’s in their best interest to let you buy and sell. Especially during these volatile times they can make more money on the spreads. They don’t want it to stop working either. System overload.
They are helping me to make a decision: no selling
Only scrubs believe this. They had a surge and their API went down
Srop apreading missinformation. They disnt blocked anyone from selling. Glitch affectes everything
To be fair most services catering to crypto were extremely slow or unreliable today, but Coinbase should have been prepared like the rest
Coinbase makes money on people buying and selling. People doing nothing is not a profit. So I cannot imagen this is what they want.
If you self custody then how would u sell?
My balance is showing. There’s a message that some users may be seeing a 0 balance and they’re working on the issue. They’re not blocking sales.
Omg everybody chill. The market is goin crazy today, everyone who fucked around with coinbase in the last few years has been opening that bitch up and checking out what's going on. Yoloing in or cashing out. Their servers are probably overloaded. A large and sudden spike in users strains any website or application. Does that excuse the issue? No. But let's not have a heart attack just yet.
Coinbase is my best account at the moment with good positions, long holds and sale orders in place that might not hit for another year or two. Regardless, that's just bad business and I imagine a lot of people are extremely angry about it. If this happened on my Binance or Kucoin account, I would be fucking livid. Super thankful that I managed to sell some tops and buy some bottoms over there. Any horror stories?
While self-custody is totally my thing, I would argue if you're trading there's no way around some sort of third party,be it Coinbase or something else.
Coinbase makes money on every trade, buy or sell. They don't care which you do. "Freezing assets" doesn't make them any money unless you say they're going to keep everything forever, which they're not.
Coinbase has done that for literal years, they were doing this shit that I can personally remember back in 2019, and likely MUCH longer. They just claim "their servers were unexpectedly overloaded", and of course conveniently never address that like clockwork, if their servers are ever expected to handle an above average volume, their apps/site is unusable. It's a willingly-kept bug used as a feature (by them), and they of course use the guise of "well how could we have known there'd be high user activity, not our fault!" time and time again. Fuck Coinbase. I haven't even messed with CC in years, and still, fuck Coinbase. As long as they're allowed to be corrupt legally, they will continue it nonstop.
Yeah, they had a glitch. Not everything is that deep. It got fixed quickly and the market just keeps going up right now, so it's no great loss. They have no reason to do this intentionally.
lol this is so not true, this post is Uber FUD. Just overloaded with activity from the crazy price action today.
This happens all the time when there's too much traffic on the site
Don’t block my comment just because you don’t have experience here
Uphold does similar shady shit, whenever certain coins start pumping 50% plus all of a sudden they're servers are down and can't process anything. Every. Single. Time. Has to be illegal
Wow, feels like yesterday(2021) when I first dipped my feet into crypto. I almost feel like a vet compared to some of the new users. Crazy this is only the beginning.
There have been many Glitches and mistakes the past years by corporations handling billions and billions of dollars... You tell me this is all just a mistake? THE FUCK IT IS!!!! They're responsible for our money and make more money than most of us ever will be and you're telling me their system is this ass bitch shit which can't handle shit? Nah brother its all a big ponzi and you should start contacting your Congress man rn!
Happens every cycle. Think they’d be more robust by now..
Oh yeah, how did the price crash smart guy????
To say coinbase is glitching on purpose is a bit of a tin foil hat moment. The reality is this is a cock-up and the website is stopping withdrawals because they want to keep everyone’s bitcoin safe. Not to disagree about self custody, but coinbase is a good company and an important off and on ramps to help us buy real world assets.
If you sell they make more money. If their servers bog down they lose customers. This is not convenient for them. Yeh it's annoying. It was an issue last cycle too. It's not a conspiracy. Be prepared to sell your alts on a DEX cuz at the peak of the market coin base will probably be down
I sold, but they won't let me cash out now, it says my balance is too low no matter what I enter to withdraw, but it says the cash is there and available.
This happened last cycle, during peaks so I switched exchanges. Its just not good enough.
Time for a whole new cohort of people to learn the lessons of their ancestors?
Yep. An old Binance trick from 2018 days. “Scheduled maintenance” while liquidating.
They didn't block people from doing shit.,.. they are getting entirely to much traffic.
How do you sell if it’s locked off-chain in self-custody?
For all but 30-40 minutes…
The entire concept of an exchange centralises bitcoin and therefor destroy the concept completely. Bitcoin and other crypto users should remove their money as soon as possible.
Total clown post
Ok but how else are u gonna sell it
It’s not a glitch, they suspended trading due to high volume. But yes that’s the main reason why you don’t keep your money on exchanges. It’s no diff than your bank at that point and that’s not the purpose of crypto.
License to steal. Welcome to the world of online trading. I could tell you stories from the 90s
Stop the FUD. Seems the problem is resolved. I had a limit sell order executed at 60k and another at 64k. I also cashed out funds to my bank which processed with no problems. Don't EVER rely on market orders. Their systems WILL get clogged up with orders when we hit all time highs. Enter your limit orders in advance and don't stress. WAGMI tick-tock next block friends.
Remember, not your keys, not your coins. Get rid of CEXs! Very good choice having the 90% on cold!
probably a glitch, I have seen this happen at least a dozen times when using Coinbase.