Bitcoin Forum

Bittrex - the site is absolutely awful to use at the moment with ghost offers, incorrect offers, being unable to cancel offers, getting notifications for filled offers when they haven't filled. And that's just some of the bugs I've encountered, every time the volume shoots up the exchange is barely usable and on occasion not even accessible. I have a strong feeling that we are in a bubble, or the beginning stages of a bubble and Bittrex going down, which it seems like it inevitably will given that volume is only increasing. This could spark the sell off that leads to the mass panic and the bursting of that bubble.

In my haste it appears I missed the word 'good' from the title of the topic. My bad. Don't judge me (at least not for that, feel free to on this theory)

So you think that Bittrex going down could finally burst this massive, unsustainable bubble??

Golly jee willikers Batman, thanks for pointing this out!! No one here ever thought that a bitcoin EXCHANGE could possibly go down?? You have such insight and brilliance!

I'm going to rush right out and sell all my btc now before it crashes to zero!!

/s

Great feedback, thanks for that. I'm not saying 'if an exchange goes down then the bubble will burst' I'm saying, I think this exchange will go down and that will cause the bubble to burst. Big difference but thanks again for the great discussion.

same goes for almost every single exchange in this scene. hardly any of them can cope. bitstamp said they were adding 100,000 new users per day. bittrex said they topped 500,000 online users. those are fearsome numbers. when things ease up they'll all go back to normal and everyone in support ticket hell should get their problems solved too.

in fact is there anywhere that isn't buckling under the load? i can't think of anywhere that hasn't had some problems. perhaps the hype has peaked now all this futures crap is out of the way and christmas is coming.

I don't use the others all too much so can't comment greatly. The assumption you're making however is that things will go back to normal, if we continue at the rate we are going then bittrex will have to deal with a lot more than 500,000 users online at one time. Right now it's holding together somewhat but if we have another big bull run for bitcoin I don't know that it will cope. I also don't know of a lot that they can do in a short period of time to greatly improve the load capabilities, I think it's just a case of hoping it holds together until such a time when improvements can be made.

all exchanges are making stunning amounts of money right now. they'll be throwing as much as possible at accommodating new users. but unless we've reached an eternal september there will be a point where things cool off. tears of this magnitude don't come along very often and don't last forever.

The money they're making is absolutely ridiculous and I'm sure you're right I'm just not sure that it's enough. There will be a delay before many of the improvements can be made, things like buying more servers and hiring and training more staff don't happen over night. I hope that you're right about things cooling off, I think it's best for everyone, not just the exchanges.

Your theory makes no sense.

When the bubble bursts it's either because of some catastrophic failure such as a hack of an exchange or just people selling because they fear the rallies being over and that triggers a snowball effect meaning that more people are forced into dumping their coin.

Bittrex being a shit exchange does not mean that the bubble will burst. It isn't even the leading exchange right now.

People will just move away from bittrex if they don't get the level of service they expect. Simple as that.

It's going to take a lot more than Bittrex, Binance, or CoinBase/GDAX going down to burst this cryptocurrency "bubble". A LOT more. Most of the people I know either HODL or gamble anyways. Exchanges are for those who've missed ICOs...

There are a lot of exchanges now and one exchanges going down cant affect the price of bitcoin its only an exchange, if it were like a few years ago like mt gox it would tell a different story, if one exchange does down then go to other sites.

In the past the crashes ALWAYS had something to do with an exchange. The flow of fiat cannot stop *insert walter white pic*

Yeah, Bittrex is having problems, but they also make a killing right now. Cash is flowing, like a healthy human female in bed.

Simple when Bitcoin is no longer the launching platform to all the other cryptocurrencies
Also known as when regulators finally decide to get off their butts and start to open trading to other pairs of cryptocurrencies besides litecoin ethereum dogecoin surprisingly since its old enough and make it easier to use the exchanges.
Till then enjoy the tulips because we are certainly sniffing some up here.

if there is a bubble, then it will burst with or without an igniting factor.

and you are forgetting that bittrex is an altcoin exchange which has nothing to do with bitcoin price. they also lost a lot of their market share when they decided to start scamming people and block their funds. so many traders got out just because of this and others are staying away.
an exchange scam needs to happen at once to cause any turbulence in the market not slowly and little by little scamming hundreds at a time.

also remember Cryptsy? they scammed and ran away and nothing happened to bitcoin.

Bittrex is not going to burst the bubble.. You have a bad concept in there.

A single exchange is not able to make a whole crypto crash, you are wrong with that.

But if you mean the bubble "of the exchanges" then maybe you are right, bittrex is an awful exchange, they are always changing their polices and they are never replying to support tickets, they are crap.

Bittrex is... an altcoin exchange.

Bitfinex would be the most significant by volume but Coinbase would also be significant because it is the dumbed down user/merchant entry point for the whole cryptro ecosystem.

I do think something of that magnitude could certainly knock btc off its bullish track. Having said that, i think it's more likely to see bitfinex in trouble than bittrex.

If there is one exchange which worries me, it is Bitfinex and not Bittrex. A lot has been written about how Bitfinex and Tether pose systemic risk to the Bitcoin ecosystem. Bittrex might be facing issues, but that seems to be one faced by an exchange struggling to cope with higher volumes.

My experience in markets is that bad news is all about timing. If Bittrex went down right now during this raging bull run, it might spark a short-term sell-off but I would bet on a swift recovery and new all-time highs. In a bear market, it might be a different story. In a strong downtrend, the market is often looking for any reason to sell off and push new lows. An exchange going down could provide that fuel.

For example, consider BTC-e in July. There was a minor sell-off after they went down, but shortly after, the market started going parabolic as the trend continued. Compare with Mt Gox in February 2014. It went down months after the top was in, and it caused the downtrend to accelerate.

I guess it is still a good theory as it is not that far from reality. In fact, a major exchange hack is what caused market to go down in the past and that same scenario can happen again. Besides it though, there are a lot of other theories that other can formulate revolving around the bitcoin bubble burst but the question is which one will happen? For now I think your theory is the one closest to reality. Still, the chance that the bad news that will make BTC go down is something unexpected is also high.

it absolutely can. each bitcoin currency pairing has a leader and if that goes down confidence takes a huge knock.

gox was catastrophic but by the time it was dead it had almost no market share. it lost its lead months before. it was the amount of historic money caught up in there that hurt.

it's definitely more spread out than in the past but everything's about confidence and that can disappear quickly.

Do you think that other exchanges behave differently? Lol. They do not want to communicate with their customers. This is a common problem for all exchanges and electronic wallets. I trade a few coins so I have enough for my needs such a small exchange as cex.io. There respond to the request immediately, but this is a template message. No help support does not give

Something is badly wrong at bittrex - they've closed random accounts, people witj verified accounts have been suddenly switched to "new". Those trying to get verified find that verification doesn't work. They allow people tp deposit without warning that they won't be able to withdraw. They change their requirements stealthily - and then amend the old FAQs without showing the date of teh amendments (you can only tell they did it by looking at archive copies of the old FAQs).

Plus they hold a shed-load of tethers. Not good