COINBASE OUT OF BTC, WHAT THE HELL IS GOING ON!??!?

[bomboclat77]

 


























































 

[crazy_rabbit]

Everyone is buying them like mad, yo.

[granolageek]

That happened all the time last spring/summer. They only have so much working capital. It takes days for them to get fiat to an exchange to buy more BTC.

[rampantparanoia]

/winning

go BTC go!

[thetopham]

here is the coinbase message for ya'll

start coinbase message
--------------------------------------

How much bitcoin will I receive?

Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.

Instead of pausing buys entirely, we decided to give people the option to purchase bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to bitcoin at the market price at approximately Friday Nov 22, 2013 at 09:21AM PST.

Note that you can cancel your order at any time up until your bitcoin arrive from the transfer history page.

The market price of bitcoin changes frequently. Below are some recent prices to give you an idea. These do not guarantee what the price will be in a few days.
USD Price Per BitcoinNov 15, 2013Nov 16, 2013Nov 17, 2013Nov 18, 2013$400$440$480$520$560

-----------------------------------------------
end coinbase message

[ttyler333]

I sort of got nervous about their warning.

I have a preev tab opened and it said my 1.2btc was $1.8 i freaked out for a slight moment.

The value is rising pretty rapidly today.

[piramida]

in fact, people who buy now at Nov22's prices, may actually get a lucky roll

[NUFCrichard]

What so people are buying not knowing the price they'll pay? Sounds very bubbly!

[kireinaha]

Coinbase was the one actual resource for obtaining bitcoins that I could *almost* imagine real, ordinary people using. But if you push the button now, your coin(s) could cost you anywhere from $100 to $1000. What a joke!

Im not blaming Coinbase specifically, I realize theyre overwhelmed. But how the hell are you supposed to even obtain Bitcoin at this point?

[kokojie]

Coinbase was the one actual resource for obtaining bitcoins that I could *almost* imagine real, ordinary people using. But if you push the button now, your coin(s) could cost you anywhere from $100 to $1000. What a joke!

Im not blaming Coinbase specifically, I realize theyre overwhelmed. But how the hell are you supposed to even obtain Bitcoin at this point?

Well coinbase is "easy", but far from the only place you could buy Bitcoin from. I've bought BTC from BTC-E and mtgox

[Kuroth]

My Bot might sell a few and throw em Coisbases way..   

[mitty]

If they are low on bitcoin they need to raise their buy price.  Hint: that is how the free market works.

I think the issue is that when someone places an order, Coinbase doesn't actually get the customer's fiat until the bank transfer clears (3-4 days) but Coinbase normally just fronts the customer the fiat to buy the BTC at the exchange(s) and deposits it into the user's account immediately.  The amount of fiat they're willing to front customers is limited hence the current issue.  They're probably waiting for bank transfers to clear which is why we can't buy until Friday.

[humanitee]

My Bot might sell a few and throw em Coisbases way..   

Do you have a bot?

[DigitalHermit]

If they are low on bitcoin they need to raise their buy price.  Hint: that is how the free market works.

Indeed. They are stuck between a rock and a hard place. They either

1. Keep prices artificially low despite liquidity conditions (low) and run out.
2. Allow prices to float upwards as high as necessary to stay in stock (but get laughed at when their coins are suddenly $10k).

Personally I think 2 would be a better choice. 1 is terrible for the customer because if you don't know what the price is going to be how can you make sure you have enough in your bank account to cover the ACH withdrawal?

[RodeoX]

A few more weeks of this and we are going to have to learn Chinese to buy bitcoins. 

[BitchicksHusband]

If they are low on bitcoin they need to raise their buy price.  Hint: that is how the free market works.

Indeed. They are stuck between a rock and a hard place. They either

1. Keep prices artificially low despite liquidity conditions (low) and run out.
2. Allow prices to float upwards as high as necessary to stay in stock (but get laughed at when their coins are suddenly $10k).

Personally I think 2 would be a better choice. 1 is terrible for the customer because if you don't know what the price is going to be how can you make sure you have enough in your bank account to cover the ACH withdrawal?

Then they should just creep up to Mt. Gox prices if need be.  What they're doing now is just suicide.

I specifically recommended Coinbase to friends because it's easy enough for them.  Even then, it has required a lot of explaining.  I'm not going to tell my friends to buy into a black hole.

[SlipperySlope]

Yet another sign of the imminent peak.

Coinbase wires funds to Bitstamp to support its customer's bitcoin purchases. Because bank wire transfers can be potentially reversed, receiving bitcoin exchanges wait a prudent amount of time for the wire to certainly clear.

So the speculative buying volume has increased beyond the expectations of Coinbase - they did not think to wire lots more cash to Bitstamp in preparation for what is now happening.

Right?

[True___Blue]

Bitstamp has been off the past few days. Many people are waiting for funds to show up in their account that should be there by now. I fear they may be having their own problems with bank transfers

[humanitee]

Yet another sign of the imminent peak.

Coinbase wires funds to Bitstamp to support its customer's bitcoin purchases. Because bank wire transfers can be potentially reversed, receiving bitcoin exchanges wait a prudent amount of time for the wire to certainly clear.

So the speculative buying volume has increased beyond the expectations of Coinbase - they did not think to wire lots more cash to Bitstamp in preparation for what is now happening.

Right?

Wrong. This is a dangerous time for them. They wire money now to get Bitcoin. Bitcoin tanks to $300, now they just lost ~$400 on every coin.

[mgio]

I sold them 250 coins in the past week. People must be buying them up like crazy.