Bitcoin Forum

https://i.imgur.com/tw4oeo3.png

https://twitter.com/CoinbaseSupport/status/1267602356167798784

Lol, it seems that this is a recurring theme isn't it? One of the biggest exchanges out there and it can't handle loads of volume during bitcoin's peak. They have been in this game for so long that they should have a contingency or at least improved their servers capacity to handle the load.

Works fine for me now. I think it was a short time maintenance. Probably they have just restarted their servers and continued to work. According to their twitter, there were offline for 1 hour only.

Strange that people complain about downtime when the price was going up. Their downtime saved traders from early selling their Bitcoin :)

LOL! This always happen when the price is starting to gain traction, I remember the exchange we are using in our country, the maintenance happens every time at the very short notice.

The naysayers says that this is happening because they are not going to profit from it. Care to explain?

This seems a continuous process from coinbase. It's funny how these things happens every time when bitcoin price ups and I doubt it's not their internal policy. They could have this policy that if BTC spikes then lock the database or the system for a while so that it keeps their interest safe.

I have gone out from coinbase long time ago.

This is true. There is not any real reason for Coinbase to drop their servers because the price is going up.
In the end, the price is only 10k, we have experienced bigger spikes of the price in the past and I cannot recall any other incident that CB dropped their servers again.

Provably they don't want their user to sell their BTC if they not get any profits first and those things is so annoying and always shooting up while we see a good movement, also the only one can answer that is their support but I doubt they will tell the answer since they will just point an issue which is not really happening.


I'm also not using coinbase for long time and I think this thing is not good since this could give us a doubt on what is really up to them on why this maintenance thing always happening when there's a price surge happening.

Well, regardless of where the price is going, a downtime equal a loss of opportunity. Things will get rough when suddenly bitcoin drops for example, so they can't save their profits.

In short: whether it's bull or bear, people love the idea of having control over their own funds (even though it's in a centralized exchange).

Well I do not see any doubt. It's not that they find themselves in a place where it uses bandwidth exponentially. There might be a little increase of traffic but this should not be something to take the entire site down.

It is planned ofc.

People should just boycott and stop using Coinbase. It's not even that good anyway, you should keep most of your crypto on your own wallets and then there are other exchanges you can use like Binance or Bittrex.

Last time it was Bitmex. I guess this becomes now a strategy for these big exchanges to go under maintenance whenever bitcoin's price is going high. I don't understand the logic behind it whenever people are selling under their exchange because they still earn somehow from the fees from their customers. It could be the load of servers due to the traffic but they should have been always prepared for this even before a surprising uptrend.

Coinsph does not want to buy btc from you at a higher price especially during quick pumps since it's usually followed by a quicker dump. They are aware that there are more sellers in their platform in times of pump and more buyers in times of dump. In their case, it's like buying high and selling low. No profit.

It always happens when the price of the bitcoin goes high, I don't think he reason behind it, maybe the system just cannot handle the transactions because when the price of the bitcoin goes so high there would be many transactions happens because that is the time when they could earn so much money, I don't think that they are making their system down manually because even their system could have a profit when the price of the bitcoin goes high, there would be many high fees for them when bitcoin peak happens. It's just the system that is not ready for many transactions.
That good thing is that the maintenance happens for just only a few moments, whenever something happens like this they are really doing their best just to fix the problem so nothing to worry about.

maybe it is a DDoS attack against Coinbase?

there are definitely a lot of idiot whales who are losing A LOT of money when bitcoin price goes up since they were going against the market. it is not that unreasonable to see some of them perform such attacks to try and prevent price from going any higher and try to lower their losses.
it sounds crazy but manipulation is not just buy/sell on the market.

Yes, they have this kind of practice, not the first time we have seen Coinbase pulling this stunt if I'm not mistaken, And the timing is really questionable that's why bitcoin traders are complaining.


One example, way back 2017, https://www.cbronline.com/uncategorised/bitcoin-price-spike-knocks-coinbase-exchange-offline/

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Besides, they have profited so much money from crypto traders, and we have the right to complain, after all we are customers. Not a reason for them to say that they can't handle the huge transactions, they should have anticipated this when designing new servers. I don't buy that the "system is not ready for many transactions" excuse.

I think I know that exchange you are referring to. Well, it happened many times already so no wonder people are suspecting that they did it intentionally so that users can not convert their Bitcoin to the local currency. I am then hoping that they also introduced a stablecoin into their platform to ease the conversion burden. Funny that both that exchange and Coinbase can be experiencing the same thing or so we could speculate.

one thing i can say, wth! they did it again! i hope people by now see that this is not by chance anymore. how many times do they have to do this kind of drama before traders can see whats going on in this exchange. people need to wake up about this kind of strategy and not use this kind of exchange!

Coinbase should have one of the smallest userbase, though, since most of this forum, like me, can't even access their service. So I'm sure it's got a lot less to do with volume can't get handled, and more to do with "Oh shit we don't want another flash crash and ensuing scandal of insider trading".

This wasn't even a huge nor sudden spike!

I think it's working right now, i just cash-out literally just right now. But yeah, as long as there's a big spike in bitcoin price, coinbase is shutting down for a moment. I think it's a strategy for the company so they are the first who are going to take advantage of the situation and many users of coinbase are going to be stuck-up and they are not going to ride the roller coaster.

This is a bad practice and people should leave the coinbase (including me LOL).

It's working now but is a strange behaviour

I think this is what some exchange really do, the last time bitcoin pumped, our local exchange coins.ph the biggest in our country also conducted a website maintenance, I don't know exactly what's the tricks here, can anyone educate me?

There's no way you can keep your Bitcoin in your wallet if you readily want to trade them and make quick profit. Only intermittent traders do that. Those who trade for a living always have a better chunk of their Bitcoin/altcoins in exchanges.

Besides the above, the only reason any exchange will not want traders on its platform selling or buying as when due is if there are sharp practices they indulge with customers' funds like in-house trading. Otherwise, exchanges gain both ways through commission.

The price is still in the $10,000 range and may be going up in the near future and that's a good thing

Coinbase and suspiciously "crashing" whenever the price moves by more than $300. Name a more iconic duo.

Seriously though, we were just talking about this a few weeks ago when the price fell to $8,500: Coinbase down again during crash, is the exchange doing this on purpose? (https://bitcointalk.org/index.php?topic=5247296.0;) This is such a regular occurrence with Coinbase that it is turning in to a meme. I can't remember the last time there was a big price swing and I didn't see a post on here or Reddit about Coinbase going down.

There are two possibilities here. Possibility one is that they are doing this on purpose so they can insider trade, trade their own coins preferentially, rip off their customers, etc. Possibility two is that after 8 years of operating, with turnovers of billions of dollars and annual profits of hundreds of millions, they haven't bothered to invest in servers which can handle a mild surge in traffic. Both show complete and utter disregard for their customers

We've known for a long time that Coinbase are anti-bitcoin (supporting BCash, Segwit2X), are anti-technology (slow to implement SegWit, batching transactions only rolled out a few months ago), are anti-privacy (selling your data to third parties, partnering with developers who sell surveillance software to dictators), and are anti-user (constantly "crash", insider trading, dumping shitcoins on their userbase). Honestly, if you are still using them at this point, you've got to ask what it would actually take for you to move to a new exchange.

I just checked out the exchange and it's working rather fine, i think the server downtime has been rectify already. This situation is common among exchange when bitcoin is having a sudden surge in price and i believe if the movement continues upward, we should see more exchange announcing maintenance operations due to server failure

I've noticed this many times now, but upon thinking on it, there is something in the exchange that is going on so I guess it is the traffic they are receiving. As you said, the biggest local exchange in your country also does the same thing. So I guess it's a matter of user base number, Coinbase as on of the biggest exchange right now there is no doubt that the traffic on their website is heavy especially when the bitcoin pumps, user transaction is getting out of control so that's why they are having sudden maintenance and issues. Thus, this might be a drawback for the coinbase since a lot of people are complaining.

Coinbase is an absolute joke.  They are the PayPal of cryptocurrency.  I am tired of them being so prevalent in this space. I get why the are so large / so many people use their platform.  They make things easy, sure..but they've stolen countless of users coins by pulling crap like this.  They have made millions upon millions of dollar, no excuse not to build your infrastructure better.

Actually, I am confused if it's really server issues or it is intentional and they don't want their users to convert to fiat and stablecoins. Well, it is just a speculation just check-in it is fine now. But Bitcoin crashes a bit about $500 at this moment. I Just check on coinmarketcap coinbase PRO is next to binance having most web traffics on their exchange I guess it is the same with coinbase wallet too. There is no perfect platform but as one of the great platforms, they should be ready on issues. Seeing from their post they just fixed the issue in minutes or just an hour.

I hope traders were able to sell their bitcoin before the sudden dump happened.


Bitcoin did not stay at $10K, unfortunately, it's going down again, and it seems like it will continue to fall down, for sure coinbase will never make a maintenance again, lol. [btw, picture are from bitfinex]

I don't think that is a good excuse, they already know their clients, hence they can prepare for that, though the maintenance was just short, but it has taken the opportunity of the traders to make some good entry or exit point, I really doubt its just about the traffic, if other sites can handle big traffic then why coinbase can't? Anyway, not much of an excitement now, it's already over as bitcoin has started its dump already.

I am hoping that this is the start of something great but the $10 k mark only lasted one day what happened is a big dip maybe they are right that Bitcoin will have a big dip in the coming days, so many experts are predicting this, we'll see what this month is going to give us.
 

I think it's only 1 to 2 hours, it was just a quick pump followed also by a quick dump. Those traders who put a sell over at $10K and over are lucky to get their sell orders filled. I guess the price signals for a buy right now, but this would go down further, so I'll wait a bit more before I start throwing my money for a cheap bitcoin.

They keep doing it deliberately, you will not be able to sell while the price is at peak. BURN that's what coinbase is thinking. You can't cash out right when the price is high and now you are left having to decide whether to sell at loss.  If this is the only platform that allows you to cash out, you are left without a choice. You'd probably just trade with altcoins they allow to cash out. XRP I guess which is stable at the moment.

Hell nah, if you guys think that Coinbase is doing it to deliberately manipulate the price and somehow stay at a high value then you're all wrong. I really believe that these was all an accident, coinbase never wanted to let things happen over and over again coz why on earth would they not confirm transaction as they are exchange business? That is what they do for the money. What happened earlier is just a connectivity issue, heavily trafficked orders to confirm that the system can't handle so they held a maintenance.

2 Months ago they declared that they are having hard time to process KYCs policy due to covid-19, well everything is affected by it so I would not doubt if anything happens wrong during these times.

Yeah, it's true and a upcoming correction on bitcoin's price might become true if bitcoin can't cross the $10k resistance in the upcoming days and make that as it's support zone. I am also waiting for that and may see a 20-30% correction before starting the BTCitcoin bull run.  ;) :D

Bitcoin after crossing 10100$ prices could not sustain for too long on those levels and fallen to 9500 levels . This is not so good if it cannot be above 10k levels it may fall back more . Though at this level can see it’s holding off and in day or two will know if again it will try to test 10k levels or not .

Just imagine if bitcoin goes into a bull run and reach all-time-high? What do you think will happen to Coinbase? Lol. I don't have any evidence, the only thing we can look at is that they have a history of going down when the price is going up. So that alone says that Coinbase is either doing it deliberately to stop their customers from selling and making profits, or they don't care about their customers and not have have a mitigation risk in this something this big happen again. And recently, there have been a lot o accusations against them, like insider trading. So it's better to find new exchanges and stay away from their shady practice.

It may fall back as what the past trends are telling us, but what coinbase did not making a maintenance in the moment bitcoin was bullish is unacceptable. Traders are looking for that opportunity, and yet coinbase just literally took that from then, I can't imagine what a trader would feel if he is about to see since bitcon has pump but can't do it due to maintenance and once the maintenance is over, bitcoin has dump to the current price now.

I can honestly feel them, I'm glad I am not using coinbase as my exchange.


If this is true then there is no reason to patronize Coinbase.

SARS SYNDROME....

Sell All Rallies   :D :D :D

BitCoin hits 10,000 and many people flood the system to get out at a good price... That should clue you in.

Hard Facts

What is new in Coinbase site that every time there is a Pump happens Then their site seems like automatically
 failing and we used to that as Coinbase user for long
 time now,and actually this same situation in other exchange also as our local exchange ( and the most popular
 in our country) having this trouble also whenever there
 is a big pump or fast movement in market either the volume of users made this or the company itself is controlling
 the flow as there is a change in prices .

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This may serve that we must prevent using the exchange whenever things like this happen so we may not be
 frustrated in withdrawing our money in higher value or
 prevent using coinbase at all and try to explore other exchange that never has this same trouble every time,
because what if the Bull starts the big run?so we will be
 late in taking our big profit?if Coinbase don't make effort on this one then they will
surely lose their users.

Or maintenance AFTER you already deposit or withdraw, so you never know what your account will look like after it returns;) Always a big problem and I wish we didn't always have to trust centralized exchanges but P2P isn't exactly very fast to handle.

Oh and the naysayers say that because platforms are worries volatile price affects them badly or causes users to sue them later on.

Do other exchanges (like Binance, Bitstamp...) have problems when Bitcoin price surges? If those exchanges doesn't experience problems, why do you use Coinbase? You don't have to hold fiat on Coinbase to buy BTC when it's price goes trough resistance. You can wait on Binance in some stablecoin (USDT or USDC for example).

It is good that when yesterday Bitcoin's price went back from ~$10100 to ~$9500, Coinbase worked well and traders managed to fix their profit :) It would be a disaster if the exchange would be offline again when the price drops.

If this downtime happens again during pump, I would ask for a bonus from Coinbase. At least a discount for fees would be fair enough.

Some people are saying that since Coinbase is one of the biggest exchanges, it shouldn't be experiencing any downtime. I don't really think that's true, as time goes on there will always be the need to make some upgrades on their website or maybe fix somethings, it's always important. Even if it's not about this, they should do some upgrade to keep their website tightly secure.

And moreover, one hour downtime is not really bad at all. In my country local platforms would usually wait till around midnight to carry out an upgrade, but this is a platform that serves lots of countries.

No one is saying it shouldn't be experiencing any downtime. There will always be downtime for upgrades and maintenance, and there will always be downtime due to unforeseen issues and bugs.

What isn't acceptable is for there to be downtime literally every time bitcoin moves by more than a few hundreds dollars. The first couple of times, maybe that's ok, provided that a company with profits of hundreds of millions of dollars then spends a handful of those millions upgrading their serves so it doesn't happen again. This has been happening for years with Coinbase. The fact that they haven't fixed it yet is pathetic (unless, of course, they are doing it on purpose).

It is during a big price swing. It could mean the difference between profits and liquidation.

It goes down practically every time there is a dramatic surge in volume, and every time they say they've implemented a fix.

However, sure enough, the next time Bitcoin or the crypto market surges—down goes Coinbase again.

You would think that they would be using some sort of elastic server system similar to AWS, but it seems that the problem is actually on the infrastructure side. Their matching algorithm simply can't keep up with demand and the platform just crashes.

It even happens when the surge is less significant than previous surges, indicating they haven't really done anything when they say they've fixed it, or if they have, they roll back the changes when the volume returns to normal. Not ideal, but what can we do?

Look for another exchange, I think Binance is a good option though, they also accept fiat deposits and withdrawal I guess (not sure as I haven't tried).
We can't continue using a certain site if we will constantly complain every time they are on a bad timing maintenance.

Just accusations mate, hard to prove because there are no external audit.

Coinbase Faces Fresh Bitcoin Cash Insider Trading Lawsuit Following Initial Rejection  (https://cointelegraph.com/news/coinbase-faces-fresh-bitcoin-cash-insider-trading-lawsuit-following-initial-rejection)
Coinbase hit with allegations of XRP insider trading (https://decrypt.co/5411/coinbase-insider-trading-xrp)
Coinbase Listings’ Return: 200% OmiseGo Pump and Dump Raises Eyebrows (https://cointelegraph.com/news/coinbase-listings-return-200-omisego-pump-and-dump-raises-eyebrows)

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@HardFacts - Exactly, that's what traders are complaining here, after a couple of minutes of bitcoin hitting above $10k, many wanted to sell and make profit, unfortunately, they can't because it went down abruptly.

I don't know but I think it is better to keep our crypto on our own wallet not on an online wallet or mobile wallet something safer like hardware wallet's,
So we wouldn't be bother by something like this I mean they are trusted and been around for long but we could never know if something might happen so it is better to be safe than sorry.
I only use some online wallet or mobile wallet just in case I need to transfer some BTC after all we could always use the exchange to convert our crypto into cash so I think the only point on using mobile and online wallet is if you are doing transaction regularly.

I think you misunderstood what we are talking here, it's about our trading experience with one of the biggest crypto exchanges out there. I don't know if you do trade, but for most traders, they are here in crypto space to make money.

So they need to deposit and withdrawal and trade and buy and sell, that's it. What they are whining is that when they have the chance for a guarantee profit because bitcoin is going up, suddenly the system goes down because of "huge transaction" that they can't manage?

Do you know what you are talking about?or you have posted in wrong thread thats why this is your response in what OP is Pointing?sometimes there is nothing bad in reading OP or at least check those reply in this thread before making your own comment that way you will save your self from being insulted.

Anyway whats new in Coinbase activities?this happens for how many times as far as i remember?

But what we need to understand is the usage of exchanges whenever there are big movement in currencies.

Like when the price Grows Big,holders are going to withdraw together so congestion is there.and same as when the price plummet ,most of us also withdraw before losing big percent.

before I thought the problem was too many exchanges made in a very short time to blow coinbase during the dumps and pumps, now casually I think there is their hand behind all this, curious as a recurring event

I noticed that one too, once I have tried to convert my Bitcoin to fiat. I made the transaction successfuly after a couple of hours of constantly trying to get through and noticed a slight price drop.
From then, I started wondering does exchanges doing this on purpose? And now I read about this experience from Coinsbase.
Therefore, exchanges are considered one of the whales, because they have a massive bag of cryptos and are capable of manipulating the price in several ways.

This wasn't a maintenance job for which the exchange was brought down. It was more of a server crash because of the high number of people coming on the exchange than the server could handle at a time due to which the server crashed. I believe they should upgrade their servers or if these kinds of problems keep on arising in the future related to coinbase then I am pretty sure that their users will definitely find an alternative of coinbase with better features and up-time.

The surge of traders have crashed the server, they will always profit from bitcoin price even if it drops, most of the exchange relies on fees it is also a loss for them if the server goes down in the middle of an influx of traders. 

Last few years It's happened many times. When bitcoin price badly down or price suddenly pump then coinbase  down and hang. I think it’s not big problem because It's happen with many site when high traffic.         

Not suitable for Future and contract trading exchanges as many of the traders can loss their seed funds without any actions ( if they aren't using the Stop-loss option and trading for short period of time in a day when they are infornt of their computers/trading-tools.). This kind of things also happened with bitmex when btc price suddenly dumped into $3.8k price range and many of the traders lossed their funds because of the maintance of bitmex's liquadition machine. So, it's quite promblematic for the short-time traders and suitable for the profit bookers.  :D

There's been even a conspiracy theory that Coinbase closes on purpose every time Bitcoin is rising so that people don't sell too much. However, it's been also argued that this is not profitable to Coinbase as they lose a lot on transaction fees by not allowing trading at such times. And it's been pointed out that it's probably some technical problem of them not being able to handle too many customers and not upgrading to be able to do so (perhaps they keep forgetting to do that of the upgrade would cost too much). To sum up, it's probably just a real problem with Coinbase, not their manipulation attempt of some sort.

It does seem to happen at every pivotal moment of volatility and price rises. It's very frustrating and could very likely be an intentional ploy by exchanges to prevent having to pay out such large amounts to customers, because it could wipe out significant amounts of their reserves. That's the conspiracy part of my mind talking, because it would make sense, but I have to hope that isn't the case. Either way it's incredibly disappointing, and it really shouldn't be happening when it comes to financial things.

It was just for a short time , like 30 minutes or something. I think they had a big deposit or withdraw so for security reasons they decided to shut down the exchange until that transaction goes well ( this is what I'm think it was ).
Coinbase has a strong good reputation and I can't see them doing something bad just because bitcoin hits 10k$...Bitcoin was last summer over 10k$ and Coinbase worked without any problems.

This would be a stupid reason.  Trades on exchange aren't done within the wallets but on the API. Big withdrawals are processsed from the wallet and usually confirmed by staff.

Deposits and withdrawals are handled separately from what users who are trading see and do. Wallets don't work on the login server so there's no way a deposit or withdrawal can influence the site.

They are intentionally blocking people from trading or their server can't handle traffic.

No offense mate, one of the most "preposterous" reasons I heard so far. If this is true, then every time we're going to see them shutting down if we go by your reasoning? They should always prepared for this kind of transaction.


Reputation is subjective, but with the recent event, I think their reputation has been hit so hard and probably they are going to lose customers here.

Bitmain has also done the same thing, they shutdown during a huge bullrun and the price went down probably their manipulating the price through shorting and triggering stop losses through bot trading.
You should search in Youtube for MM Crypto to see detailed explanation, if you are interested.