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Author Topic: [2017-05-26]‘Unprecedented’ Bitcoin Boom Sees Coinbase, Kraken Suffer Outages  (Read 6848 times)
ldreligion
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May 26, 2017, 02:43:25 AM
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Major bitcoin exchanges like Coinbase and Kraken are suffering downtime in a week when bitcoin prices are soaring to all-time highs.

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While bitcoin surged to an all-time high of $2,740 on Bitstamp before losing $300 in returning to Wednesday’s heights, the heightened interest and subsequent demand for the world’s most popular cryptocurrency is proving too much to bear for a number of bitcoin companies.

Coinbase, a San Francisco-based exchange that offers bitcoin, ethereum and litecoin trading, was brought to its knees on Thursday, citing ‘unprecedented traffic and trading volume.

A statement released by the exchange read:

Coinbase has experienced unprecedented traffic and trading volume this week. As a result, Coinbase.com has suffered a few outages and downgraded performance for some users this week. Our engineering and support teams are working around the clock to restore our site to normal performance.
A visit to the homepage reveals Coinbase to be ‘currently down for maintenance.’
Kraken, also a US-based exchange which fuels over 60% of bitcoin trading in European markets, points to ‘degraded performance’ to its website and API. Kraken is seeing “all-time record traffic”, the trading platform revealed.

Identifying the issue for its current woes, Kraken stated:

The website and API are currently slow or unresponsive for many clients. We are working to resolve but do not have an ETA for when things may return to normal at this time. We are currently seeing all-time record traffic and performance may not return to normal until the load goes down.

Data from Kraken’s status page reveals three instances of downtime on Thursday for the website, while its API has fared worse.
Both exchanges contribute significantly to enable trading volumes in the US – the world’s largest bitcoin trading market. Coinbase, in particular, is second only to Bitfinex over the last 24 hours. However, today’s downtimes aren’t exclusive to the biggest bitcoin markets.

India, a young but growing bitcoin market with relatively modest trading volumes, has also witnessed massive interest in the cryptocurrency. Coinsecure, one of India’s top three bitcoin exchanges, pointed to the “exponential growth” of bitcoin users on its platform this week, leading to deposit and withdrawal delays. Zebpay, another major Indian wallet and exchange, reached half a million downloads of its mobile Android application this week and claimed to be adding 2,500 new users every day to its platform.

At its all-time high today, bitcoin had grown 174% since the turn of the year.
https://www.cryptocoinsnews.com/unprecedented-bitcoin-boom-sees-coinbase-kraken-suffer-outages/
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June 23, 2017, 10:21:58 AM
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Unfortunately with the way coinbase is going and handling
the Issues with Security, network connectivity as well as Public
relations, we're better off migrating to another site.

Me and my friends tried migrating there but failed due to above issues
and ended up going back to our fallback site, Paxful.
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June 23, 2017, 03:32:05 PM
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This has become such a regular occurrence that most people are saying that it is planned. I doubt that the traffic alone has this consequence. I

even had the conspiracy theory that someone is doing a DDoS attack during these peaks to prevent Bitcoin from going to high. I hope the latest

round of funding will be used to upgrade the trading platform and also the support.  Roll Eyes

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June 23, 2017, 05:35:41 PM
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This has become such a regular occurrence that most people are saying that it is planned. I doubt that the traffic alone has this consequence. I

even had the conspiracy theory that someone is doing a DDoS attack during these peaks to prevent Bitcoin from going to high. I hope the latest

round of funding will be used to upgrade the trading platform and also the support.  Roll Eyes

They needed upgrade ASAP, otherwise they will lose a lot of customers if this problems is recurring. I'm been a support staff my self and this is one thing I don't want to happened during my shift. I think they have made a lot of profit, so I few upgrades will not make a dent on their revenue. Hiring competent support, server upgrades will do them good. More customers, more profit, everyone is happy. I'm not sure about the DDoS though, if this people doing this are intentionally preventing price to go high, or they are doing this just to cause panic among traders.

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