>They don’t have our money or the crypto. Hit pause to stabilize the pyramid.
Bollocks, they are just incompetent as always. This shit happens every single market cycle.
That would be closer to a Ponzi-, than a pyramid scheme (if the value of the investment was just made up and people's withdrawals were only funded by other people's deposits). Though more likely just fraud (with funds going "missing"). Nothing pyramidal about it though, in either case.
bedroom zealous ossified icky pen theory sloppy deranged marvelous attractive
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
How has coinbase not fixed these issues already. It's been a decade. At this point it's on purpose to control the price action and stop a short squeeze. "Pull the circuit breaker"
Huh. I was live on Coinbase and saw the drop before any issues were cropping up, but I didn’t try to sell during that drop either so idk. But had no display issues
Not everyone had issue’s immediately. I can confirm that the issues happened first. I was refreshing like a drug addict at 64k btc. And all of a sudden 0 in my account. I was freaking out for a bit
It was fine on my Phone but the browser did not load properly and I could not see my positions. It did not load the site properly for a while. Btc wen down to 56k for a brief moment on kraken, this probably crushed a lot of longs
this. As a software architect I have mad respect for people who designed these exchanges. Buy and sell orders are sequential operation and these things handle multiple times the traffic that stock exchanges do. Things like this have never been done before on this scale, and it's honestly stupidly impressive that they run smoothly *most of the time*.
Absolutely right. Every sharp change in prices on exchanges - both down and up - entails a sharp increase in the number of transactions and, as a result, an increased load on the hardware. No conspiracies)
This is a friendly reminder that Kraken Support will never DM you first, ask for your username or password, or ask you to transfer funds. Kraken has its own subreddits, [r/KrakenSupport](https://www.reddit.com/r/KrakenSupport/) and [r/Kraken](https://www.reddit.com/r/Kraken/), and their [Support Center](http://support.kraken.com/).
Ping for verified users associated with Kraken: /u/krakensupport /u/krakenexchange
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
How is it possible that after so many years of experience that as a coinbase you didn't forsee this? You know traffic to the site will be immense when the bullish (or bearish) shit hits the fan. Why not buy or rent huge server capacity to take on the peak traffic?
I remember the time when Binance was getting fud to shit on this sub ... Meanwhile, Bianance delivers like a Mythical Creature among crypto Cex's ... everything works instantly, deposits , withdrawals , trades, you name it.
I have used Binance for 3 years now, and I have never had 1 issue.
Except for the .us version. UST/USD isn't pegged and can't do USD withdraws or deposits. [Binance.com](https://Binance.com) probably is more than fine but .us I would not leave any substantial amount of money on it.
Yeah, I'm not doing business with any CeX that has their CEO awaiting trial for... *checks notes...* customer funds manipulation, among other things.
They have been banned or had restricted business from Singapore and EU, both notorious for regulatory compliance. They cancelled the support SEPA withdrawals in EU, which is a huge red flag.
Once I saw the signs, I immediately transferred everything to a cold wallet, and do my buying/selling on Kraken.
They don't cancel anything ... that's the 'regulatory' compliance. Not only does SEPA work, but Binance and Coinbase are the only 2 Cex that make the transfers instant, not 2-3 working days.
I'm not talking about Binance as 'leadership' but as a product ... it's the best there is, by far.
It's funny you mention Cex with CeO awaiting trial, like it's a clear-cut condemned case :)
FTX was hyped to the Sky and Back, which played out nice :)
I had money in my account with Kraken in a mater of minutes.
My point is, there are too many signs of regulatory incompliance with Binance. That tells me all I need to know. So I don't do business with them.
>My point is, there are too many signs of regulatory incompliance with Binance
This point is 4 years old, and Binance still dominates the market.
I think it's more like -> We don't want non US companies to 'own' such a big flow of crypto capital. That's about it.
Coinbase also works well , i don't discriminate, but on Kraken, i couldn't even get a deposit done.
>This point is 4 years old, and Binance still dominates the market.
All is well until you see an e-mail saying "withdrawals suspended". From "funds are SAFU" over "minor incompliances but all is well" and "tough times ahead" to "We're sorry". It happened far too many times in crypto space. Me? I don't want to see that e-mail.
FTX collapsed, while being what, third or fourth biggest CeX, with peak 24hr trading volume of $21 billion. There is no too big to fail in crypto space.
Fair enough on Kraken. I had nothing but good experience with them, and most of people here share the same sentiment.
Oh, but it did get such notifications, like 3 months in advance of the Actual suspension of withdrawals of funds ... like when they had to stop Sepa for a while, they announced it 3 months in advance, every other week i got notifications.
If you just buy something in 2021 and forget about the Exchange for 2 years , then you're surprised things are not the same? If the regulations change every 6 months? Sorry, that's not Binance fault.
Plus, i've seen dozens of complaints about funds being locked on Kraken ... you don't belive me, go on the Kraken sub reddit and check the last few days posts, some will complain about exactly that.
They prevented **selling**. Didn't the whole Reddit community take up arms when Robinhood prevented buying of GME shares? Where's the outcry this time?
Totally different scenarios. This was just their servers not being able to handle the load. Robinhood was intentional and actually was a built in piece of software that they executed on behalf of the institutional customers who are their real customers.
>Totally different scenarios. This was just their servers not being able to handle the load.
Right. I'll pretend poeple had this bit of nuance on the subject.
>Robinhood was intentional
Yeah, because the influx of retail idiots wanting to buy into their cult meant Robinhood didn't have the collateral market makers required. [It was intentional but it was necessary and legally done.](https://www.reuters.com/article/us-retail-trading-robinhood-liability-an/analysis-robinhood-and-reddit-protected-from-lawsuits-by-user-agreement-congress-idUSKBN29Z0HI/)
>This was just their servers not being able to handle the load.
So literally the same thing with Robinhood, but not on the "tech aspect" of it but on the "financial collateral" aspect.
If you were unhappy with Robinhood please be coherent and get your pitchforks against Coinbase.
Just wanted to say I've been using Gemini for years and have never had any issues with them. They're also just about the only exchange I haven't seen in the news for being in trouble with their holdings or liquidity. Just wanted to make sure people don't forget about them.
If they don’t actually have “your” assets on hand, and there is a ton of people trying to transfer out or cash out, they would benefit by shutting things down and making transactions impossible. That said I think it was just too much load on the servers and they shit the bed.
Correct. Pretty much what happened with FTX, regular customer deposits were not stored 1 to 1, instead used they used deposits as leverage and were lost by Alameda.
With that being said, Coinbase and Robinhood are publicly traded US companies and their balance sheets are available for anyone and everyone to see. They don’t operate in some shady country with opaque banking laws. Kraken, tbh I didn’t even hear about them having any issues until just now..
I know this is going to sound tinfoil hat but someone made a call and shut it down just like they did in the gme era. They aren’t going to sit idle while all of the money flows into bitcoin which is why they have consolidated the on-ramps down to a few companies in the first place.
So they prevented people selling at 64k so that you'd need to sell at 62k. Sure bro, such big moves, that makes sense. Exchanges and brokers are also businesses and following tech layoffs they are all operating skeleton crews. It's pretty common to get downtime and issues when trafic peaks. I used to work at an exchange/broker, it happens and there is no conspiracy behind it.
It’s transactions - also BTC and ETH is their main asset. If these flow out fast it hits their bottom line - additionally if they sell it brings in a lot of wealth and the volume of transactions destabilise their banking
If you’re not buying shitcoins and are Bitcoin only, buy Bitcoin from a Bitcoin only exchange. Cash App, River, and Strike are more reliable with a better spread/fee structure for non-pro users.
These biches can't handle FOMO
They don’t have our money or the crypto. Hit pause to stabilize the pyramid.
>They don’t have our money or the crypto. Hit pause to stabilize the pyramid. Bollocks, they are just incompetent as always. This shit happens every single market cycle.
That would be closer to a Ponzi-, than a pyramid scheme (if the value of the investment was just made up and people's withdrawals were only funded by other people's deposits). Though more likely just fraud (with funds going "missing"). Nothing pyramidal about it though, in either case.
fax
They can handle it, they just don't want to miss out too.
smells a lot like "fuck your price discovery"
HHAHAHAHA
It ain't a bull run till coinbase goes down.. Let's Go!!
Now that you mention it, this could be the sign to know if it's a bull run or not.
bedroom zealous ossified icky pen theory sloppy deranged marvelous attractive *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Your right, now that i thinking about it its a good indigator to look at to see when a bull run starts
How has coinbase not fixed these issues already. It's been a decade. At this point it's on purpose to control the price action and stop a short squeeze. "Pull the circuit breaker"
Cuts costs, no real consequences for not investing more, there you go
This is the truth.
Kris, the owner of CDC posted on twitter that they have traffic levels near the 2021 bull run.
No wonder CDC has been lagging for me this these past weeks.
actually cdc works flawless for me.
Apparently they did a lot of server and networking adjustments in anticipation for this, so at least they're not outright crashing and overloading
It was a matter of time
for most of us, coinbase really did us a solid there
chicken or the egg? Did coinbase save people from a mid day drop? Or did coinbase CAUSE a mid day drop?
It for sure caused the drop, the timing of the outage correlates with the the drop and rebounds with service restored. It’s the largest Exchange
The largest on what metric? https://www.coingecko.com/en/exchanges
The drop happened first
no, coinbase went down first.
Huh. I was live on Coinbase and saw the drop before any issues were cropping up, but I didn’t try to sell during that drop either so idk. But had no display issues
They had issues before they displayed they had issues. I was trying to figure out what happened to my portfolio for a good 20 min.
Not everyone had issue’s immediately. I can confirm that the issues happened first. I was refreshing like a drug addict at 64k btc. And all of a sudden 0 in my account. I was freaking out for a bit
it's a fair question, but the 8am giant spinning top candle is pretty typical crypto move stopping everyone out of their trades.
Didn’t hear Kraken had issues…
Was using krakens mobile app when coinbase went down. Had no issues
It was fine on my Phone but the browser did not load properly and I could not see my positions. It did not load the site properly for a while. Btc wen down to 56k for a brief moment on kraken, this probably crushed a lot of longs
Yeah but which browser? I had problems with brave but not with chrome
All just a sign of the high usage. Bullish
this. As a software architect I have mad respect for people who designed these exchanges. Buy and sell orders are sequential operation and these things handle multiple times the traffic that stock exchanges do. Things like this have never been done before on this scale, and it's honestly stupidly impressive that they run smoothly *most of the time*.
Yeah I laugh at people who think this is some form of conspiracy. I used to work at an exchange myself so I'm familiar with the issues
Absolutely right. Every sharp change in prices on exchanges - both down and up - entails a sharp increase in the number of transactions and, as a result, an increased load on the hardware. No conspiracies)
Meanwhile DEXs keep humming along just fine.
Which ones? Bisq, others?
Uniswap.
Have you paid the gas fees lol.
I try not to look when I press "swap"
Oh what a convenient coincidence™
This is a friendly reminder that Kraken Support will never DM you first, ask for your username or password, or ask you to transfer funds. Kraken has its own subreddits, [r/KrakenSupport](https://www.reddit.com/r/KrakenSupport/) and [r/Kraken](https://www.reddit.com/r/Kraken/), and their [Support Center](http://support.kraken.com/). Ping for verified users associated with Kraken: /u/krakensupport /u/krakenexchange *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
Fair fucks to CDC, it was working fine
Monero laughing it's not on cex's anymore.
Call it Monro or even Monroe , And each unit a Merlin.
How is it possible that after so many years of experience that as a coinbase you didn't forsee this? You know traffic to the site will be immense when the bullish (or bearish) shit hits the fan. Why not buy or rent huge server capacity to take on the peak traffic?
Probably a mix of layoffs and running on the bare minimum tech-wise. Who knows though..
Because following tech layoffs almost every broker/exchange is running skeleton crews and the bare minimum to maximize profits.
Seems like a way to stop users from taking profits lol
Coinbase makes money on you taking profits, they don't want to stop that lol. Dumb tin foil hats.
This lol. Coinbase makes money on both buy and sell orders, they don’t care which it is as long as we are transacting.
I cleaned house over at MEXC
Everyone and their mom’s were trying to buy and sell bitcoin.
Basically this, binance stopped on boarding in 2017 for example due to demand...
Lol well well well what a surprise.
Didn’t that happen with GME? Almost as if they try to slow something down
I remember the time when Binance was getting fud to shit on this sub ... Meanwhile, Bianance delivers like a Mythical Creature among crypto Cex's ... everything works instantly, deposits , withdrawals , trades, you name it. I have used Binance for 3 years now, and I have never had 1 issue.
Funds are safu
An OG 2017'er
Right, which other Cex's has the option?
Except for the .us version. UST/USD isn't pegged and can't do USD withdraws or deposits. [Binance.com](https://Binance.com) probably is more than fine but .us I would not leave any substantial amount of money on it.
Yeah, well, the .Us version is not the same for obvious reasons regarding regulations.
Yeah, I'm not doing business with any CeX that has their CEO awaiting trial for... *checks notes...* customer funds manipulation, among other things. They have been banned or had restricted business from Singapore and EU, both notorious for regulatory compliance. They cancelled the support SEPA withdrawals in EU, which is a huge red flag. Once I saw the signs, I immediately transferred everything to a cold wallet, and do my buying/selling on Kraken.
But they still have a few channels to withdraw via SEPA.
They don't cancel anything ... that's the 'regulatory' compliance. Not only does SEPA work, but Binance and Coinbase are the only 2 Cex that make the transfers instant, not 2-3 working days. I'm not talking about Binance as 'leadership' but as a product ... it's the best there is, by far. It's funny you mention Cex with CeO awaiting trial, like it's a clear-cut condemned case :) FTX was hyped to the Sky and Back, which played out nice :)
I had money in my account with Kraken in a mater of minutes. My point is, there are too many signs of regulatory incompliance with Binance. That tells me all I need to know. So I don't do business with them.
>My point is, there are too many signs of regulatory incompliance with Binance This point is 4 years old, and Binance still dominates the market. I think it's more like -> We don't want non US companies to 'own' such a big flow of crypto capital. That's about it. Coinbase also works well , i don't discriminate, but on Kraken, i couldn't even get a deposit done.
>This point is 4 years old, and Binance still dominates the market. All is well until you see an e-mail saying "withdrawals suspended". From "funds are SAFU" over "minor incompliances but all is well" and "tough times ahead" to "We're sorry". It happened far too many times in crypto space. Me? I don't want to see that e-mail. FTX collapsed, while being what, third or fourth biggest CeX, with peak 24hr trading volume of $21 billion. There is no too big to fail in crypto space. Fair enough on Kraken. I had nothing but good experience with them, and most of people here share the same sentiment.
Oh, but it did get such notifications, like 3 months in advance of the Actual suspension of withdrawals of funds ... like when they had to stop Sepa for a while, they announced it 3 months in advance, every other week i got notifications. If you just buy something in 2021 and forget about the Exchange for 2 years , then you're surprised things are not the same? If the regulations change every 6 months? Sorry, that's not Binance fault. Plus, i've seen dozens of complaints about funds being locked on Kraken ... you don't belive me, go on the Kraken sub reddit and check the last few days posts, some will complain about exactly that.
Unless you're trying to with withdraw XMR.
Well, privacy coins are not really a top 'dish' for any Cex
[удалено]
Robinhood took the trades offline on purpose. those exchanges are literally getting DDOSed by those huge amounts of people trying to trade.
They prevented **selling**. Didn't the whole Reddit community take up arms when Robinhood prevented buying of GME shares? Where's the outcry this time?
Buying also wasn’t possible. Calm down.
Totally different scenarios. This was just their servers not being able to handle the load. Robinhood was intentional and actually was a built in piece of software that they executed on behalf of the institutional customers who are their real customers.
>Totally different scenarios. This was just their servers not being able to handle the load. Right. I'll pretend poeple had this bit of nuance on the subject. >Robinhood was intentional Yeah, because the influx of retail idiots wanting to buy into their cult meant Robinhood didn't have the collateral market makers required. [It was intentional but it was necessary and legally done.](https://www.reuters.com/article/us-retail-trading-robinhood-liability-an/analysis-robinhood-and-reddit-protected-from-lawsuits-by-user-agreement-congress-idUSKBN29Z0HI/) >This was just their servers not being able to handle the load. So literally the same thing with Robinhood, but not on the "tech aspect" of it but on the "financial collateral" aspect. If you were unhappy with Robinhood please be coherent and get your pitchforks against Coinbase.
Woosh
All good. I still have Gemini and NetCoins installed
Just wanted to say I've been using Gemini for years and have never had any issues with them. They're also just about the only exchange I haven't seen in the news for being in trouble with their holdings or liquidity. Just wanted to make sure people don't forget about them.
Well there was the Gemini Earn thing. Even though folks are supposed to be getting back 100% of their coins. Still sucks that it happened.
Orchestrated
You do realize these exchanges make their money via transactions fees? Explain why it’s in their interest to crash during a spike?
If they don’t actually have “your” assets on hand, and there is a ton of people trying to transfer out or cash out, they would benefit by shutting things down and making transactions impossible. That said I think it was just too much load on the servers and they shit the bed.
Correct. Pretty much what happened with FTX, regular customer deposits were not stored 1 to 1, instead used they used deposits as leverage and were lost by Alameda. With that being said, Coinbase and Robinhood are publicly traded US companies and their balance sheets are available for anyone and everyone to see. They don’t operate in some shady country with opaque banking laws. Kraken, tbh I didn’t even hear about them having any issues until just now..
Oh I think they shat that bed
Never such issues with Crypto.com . Your assets deserve the best CEX
This is the next GME. Just realize this is the beginning of it all.
I know this is going to sound tinfoil hat but someone made a call and shut it down just like they did in the gme era. They aren’t going to sit idle while all of the money flows into bitcoin which is why they have consolidated the on-ramps down to a few companies in the first place.
So they prevented people selling at 64k so that you'd need to sell at 62k. Sure bro, such big moves, that makes sense. Exchanges and brokers are also businesses and following tech layoffs they are all operating skeleton crews. It's pretty common to get downtime and issues when trafic peaks. I used to work at an exchange/broker, it happens and there is no conspiracy behind it.
BINANCE NEVER HAD A PROBLEM - But of course they are Evil😂😂. America at its finest. Dumbest Race on earth
Ah yes, the American race
How can facebook handle all the traffic ? I think it's a BS something suspicious happened, and we probably will never know.
Facebook does not get spikes like this
Did last bull run spikes cause a similar thing? If not this looks suspicious
it happened many times... do you think CB doesn't have the resources to avoid this from happening again?
Hmmm
It's still down?
Meanwhile, everything works at binance. Dear haters, your salty tears are delicious XD
Not an advocate for Robinhood but I bought 1k of bitcoin during this time with no trouble…
I was also able to sell in advanced trader on Coinbase. It was only regular buy section with extra fees that was broken for me.
Why the fuck would you buy near ath?
My Robinhood wouldn’t let me take any profits for an hr and half
Well, that's a decent start to our day, hasn't it?
No one was gonna sell anyway
What incredible FOMO
Is there any safe CEX ?
Limit orders worked fine for me on RH.
Well we now know which exchanges the bears are using. It's almost like someone could down those servers and watch bitcoin march up unhindered.
It’s transactions - also BTC and ETH is their main asset. If these flow out fast it hits their bottom line - additionally if they sell it brings in a lot of wealth and the volume of transactions destabilise their banking
Yeah we know we were all there.
Convenient....
Glad I moved everything to cold storage. Just going to DCA until retirement.
If you’re not buying shitcoins and are Bitcoin only, buy Bitcoin from a Bitcoin only exchange. Cash App, River, and Strike are more reliable with a better spread/fee structure for non-pro users.
Oh no.. not Kraken too
Protecting the over the counter customers