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status.coinbase.com
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I have not tried to login since, but now I tried and it is locked, verification failure :(
Here are some possible explanations:
1. Conspiration theory #1:They somehow benefit from the instability.
2. Hanlon's razor, which means they need to replace their SRE team.
3. Conspiration theory #2: someone attacks them and somehow manages to benefit from the downtime (eg by creating a shortlived arbitrage opportunity).If a currency relies on a network to support it, that currency is only as good as the underlying network...
In other words, if the underlying network is useless -- so is the currency...
Here, watch this, a Rick and Morty cartoon segment that will explain it better than I can:
https://www.youtube.com/watch?v=mweTc7tDO3I
(Disclaimer: I do not endorse any messages of violence that this Rick and Morty cartoon segment may imply.
There's a quote in the Bible (and I am not a particularly religious man or anything!), and that quote is
"Be ye as wise as serpents, yet as gentle as doves".
I am not a particularly religious man or anything -- but I take that particular quote to heart! <g>)
Many of us agree with that, hence it would be preferable that cryptocurrencies were the standard, not country-currencies. In the grand scheme of things, Bitcoin ends up being more resistant and durable than the many ledgers each country runs themselves.
Or in other words, if you trust in Bitcoin, use it directly, not via Coinbase. As peter_d_sherman said: "currency is only as good as the underlying network"
For example, what would happen to the Turkish lira if the Central Bank of the Republic of Turkey burned down and somehow couldn't restore data from backups? With Bitcoin and others, the risk is much lower from central failure. Although individual failure risk is much higher. Tradeoffs.
The big difference is now they have lots of competition in US.
Basically: Coinbase, we're going down.
ps: I find that very .. cynical that when there are such opportunistic moves poor retail gets locked away. Alas.
I discovered https://cryptowat.ch and thought it was the most polished and feature rich trading UI I had seen for crypto. I later learned this is a Kraken project that works with any exchanges and that they use mostly the same UI for their trade UI. After poking around the UI I was convinced they cared about UI/UX and their fees seemed better and I made the jump. Haven't looked back to Coinbase since.
For those curious: https://www.coindesk.com/kraken-acquires-digital-currency-da...
Looks like they just want to make a solid trade UI. In my case I had to know who was behind the tools (I always look for conflict of interest in finance) and fell in love and made the leap.
They even post an actual _comprehensive_ changelog. How often does this happen? Usually it's some product marketing framed blog post.
*scared to put money in something they don't understand
I'm sure Kraken would like the trading fees from New York residents, just not the hoops that New York has put in place for Kraken to jump through.
November 26's dump from 18.9 to 16.2k https://status.coinbase.com/incidents/yjq3bch7zgt1
When there's a sudden, significant price burst, they seem to reliably flop. Look around, they have that reputation. It seems they first fail, then scale, so the fact that they first failed on the 16th and have stayed up until now isn't surprising. I'd love to pat them on the back, but this is the same old Coinbase, and with all their means they should surely be able to scale quickly by now.
Coinbase crashing is how I know if the bull market is really here.
On my first interview I used C++, and it was very hard to pass their expectiations (the interviewer didn't know C++, so he couldn't appreciate the effort of me using a low level language).
I switched to Ruby for the next rounds, and got through easily.
Then I went to their beautiful office, I loved the people and the culture there, but didn't code fast enough to join the startup (which I'm happy about...startup mindset is not for me).
I don't think impressing an interviewer is a good reason to pick a language for leetcode type questions..
In another interview at a quant hedge fund I had a lot of fun talking to the interviewers (even the CEO) about low level data structures, and I got some tricky questions about the CPU that I really liked.
I don’t know if they treated you fairly or not, but the policy at least of appraising an instinctual reach for low level C++ as a negative sounds correct to me and should be a much more widely used heuristic in software hiring.
But then you started talking about static typing as negative, and suggesting to move fast and break things for a company, that probably hadles trillions in assets.
Most of my career has been focused on helping large companies use Python to achieve as-fast-as-C performance with extremely little code and extremely safety-focused non-OOP software architectures, including in high frequency trading (where I built a company’s entire core trading platform in Cython).
The idea that static typing leads to safety is false. Static typing adds more code, more code is more liability. The cost of that liability is not recouped with any offsetting benefits.
When I applied to a quantitative hedge fund, I was being asked questions about synchronizing data structures between threads without using mutexes (again not something you often do in a high level language). I was accepted there, although I couldn't go to work there because of health reasons.
At the end I went back to Google where I had to launch a new machine learning model without introducing even 0.1ms latency in the ads backend. Good luck doing that in a high level language.
Edit: lol what a day to say that! For the first time I’m seeing unplanned outages on Gemini.
Many investors in the space will sell when it’s high, and buy when it’s low. This is a highly speculative investment, and shouldn’t be treated like stocks or other investments.
You hold a diversified portfolio of stocks because companies on average will eventually will grow or pay a dividend.
Crypto though? It could easily crash and never return at any time, and has crashed dramatically multiple times before.
When an investment goes up hundreds of percent in a single year, that raises a lot of red flags amongst many investors about the potential for a crash. This type of gain is just not normal in investing.
Unlike companies which have revenue as a marker, the bitcoin price seems very speculative, and if you think others might sell at 40k, you might do the same.
Yeah I'm not surprised about moves like this. 35k+ is when things start to get interesting.
A few years ago I grabbed one at $1,200 and then sold it like 6 months later for around $1,800 because I was like "cool a 50% gain".
If I had held onto it, selling at 35-40k seems reasonable because even after 15% capital gains tax that's enough to live comfortably in the US for an entire year. That's a life changing amount of money.
How many people have the discipline to buy something at $1,000 then watch it increase to $5,000 and not sell if it starts to come back down? Now imagine when it went to $20,000 previously and then back down to $6,000.
There's nothing wrong with cashing out. Can't go broke taking a profit.
And any other party interested in selling would be particularly loud in publicly exhorting others to HODL, so the conventional wisdom is inherently suspect.
I've been watching the prices/news/volume recently on crypto generally - and it seems clear a lot of new people are entering right now with a poor understanding of the environment and that creates opportunity in the alt-coins. Look at something like Ripple which if people were informed about current news should be falling off a cliff but still seems to 3rd in market cap and sometimes having rallies that outperform coins that haven't been more or less labeled by the SEC as fraudulent. Although this seems irrational to me, I think understanding those newbie conceptions opens up opportunities for some bigger gains than on Bitcoin - yesterday I decided to buy something that was certainly the days winner on coinbase that went from 5 cents to around 15 cents overnight (tripled in less than 24 hours) and I wasn't totally surprised - it'll probably slow down a little - but still worth holding on.
The reason there was quick money to be made? Investing in something with a low-market cap relative to the others (also easily available on coinbase) - and maybe also a recognition that new buyers might like coins at certain price points. I looked at that coin and I saw the market cap was 30 million dollars (about $50 million behind the next closest on Coinbase), wasn't a total dud and also looked at the volumes of transactions happening on the market as a whole to see there was action happening anywhere and everywhere. I said to myself, if Bitcoin has a market cap of 600 billion, then to move the price 1% requires an additional 6 billion dollars injected there. If you take 1% of that 6 billion, 60 million and it went into that alt-coin (which is just about what happened) - it's a 200% gain overnight. For that to happen with bitcoin it would require 1.2 trillion dollars going in, not likely. Now will I sit on this alt-coin until retirement age versus a BTC? Nope - but in the short term if you're looking for moonshot consider what it really takes to move BTC price.
The other thing that really drove ETH up recently and maybe I should have bought some then was moving from Proof of Work to Proof of Stake and the rush to fill out the deposit contract. It seemed to just steadily increase from around $300 once people started getting enthusiastic about filling up the Proof of Stake contract getting it around $600. Once it was filled it seemed to kind of stagnate around $500 for a week and then started going bananas again. Part of that goes with the bitcoin rally - seeing a BTC push 40K opens peoples eyes and brings them in - and BTC sometimes outperforms ETH on the day. What I've noticed though when there is a market pullback for crypto, the pull back Bitcoin often seems to exceed that of Ethereum, which holds it's ground more so.
I'd say there are definitely people who believe more in ETH than Bitcoin for informed reasons. Whether they are like me and intend to use it or just think its a good economic bet at 1200 bucks a pop, can't say - but what I said above are definitely things setting ETH apart at this moment.