Coinbase having technical difficulties

[gredinger]

Prices over 1 million for lots of coins...

No way it is legit.




Edit: Some are saying its a display glitch and everything is operating fine behind the scenes.

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[Charles-Tim]

I do not know how this is happening, this fake price occurred on Coinmarketcap and Trustwallet. Now on Coinbase.com right?

https://bitcointalk.org/index.php?topic=5376918.new#new
https://bitcointalk.org/index.php?topic=5376915.new#new

The prices are now normal on Coinmarketcap and Trustwallet. Hopefully also now back to normal on Coinbase.com.

[jackg]

The prices are now normal on Coinmarketcap and Trustwallet. Hopefully also now back to normal on Coinbase.com.

Coinbase seem to have enabled stronger cloudflare defenses anyway, they were back to normal when I checked it but I wasn't on the US site.

[dkbit98]

I saw that something similar happened yesterday with Coinmarketcap website that had to reboot their servers, but I think that Coingecko was not affected at all.
Something strange was also happening with Youtube website in the same time, so this was probably some larger scale problem.

[YOSHIE]

On November 25, 2021 the same thing happened to the exchange platform Coinbase, this technical problem is not the first time this year, but the technical error that occurred at that time was not a price change, as you say, but as quoted from the report below.

https://blockbuild.africa/users-of-coinbase-technical-difficulties/

According to the sources reported, the bulk of consumers had failed transactions and connection troubles in their mobile apps, among other things, as a result of the difficulties.

OP, usually if something like that happens a technical problem, you can only see the price, but you can't make transactions, let alone buying and selling, some people think yes it is a phenomenon of getting rich suddenly, but no, you can only watch, wait for technical problems to be completed and normalcy returns, then you can trade and sell.

Something like that has happened to other exchange platforms and I have experienced it.

[NeuroticFish]

Coinbase seem to have enabled stronger cloudflare defenses anyway, they were back to normal when I checked it but I wasn't on the US site.

Wasn't cloudflare vulnerable to the new Log4J exploit? Don't use most of those websites something similar? Maybe that explains it?

[DaveF]

From what I saw it was a loop of sorts.

Something burped on the Coinbase side that put up a bunch of bad data. CMC read the data and accepted it as true. Coinbase uses it's own pricing and some other sources to display the price so it was now seeing big numbers from CMC. And so on.

Although not to this extent it has happened before other places. And we have all seen and heard about the odd pricing that happens on exchanges now and then.

-Dave

[Husires]

All of these issues make it clear that CMC platform is not doing a lot of updates because it has grown exponentially since it was purchased by Binance.
All exchanges that many wallets rely on, and therefore if you are unlucky, you may send wrong amount, and the same applies to wallets and trading bots.

CoinMarketCap Provides Wrong Data: Was It a System Error?

If you google it will find more

Them April Toilet Paper also was a bad joke that cost a lot.  Fools Sees Toilet Paper Token in Short Supply on CoinMarketCap

[BitMaxz]

I thought that I have $9m funds on Coinbase because BitcoinSV jump to $4.5billion recently and then drop after seconds.



I think this is another market manipulation the same happens on Binance before but the only difference is that the price drop around 87% or drop around $8.2k.

I don't know if Coinbase traders make money after this glitch? If they bought those coins recently before the glitch it could trigger a stop limit or sell their coins at a higher price?

[hugeblack]

I don't know if Coinbase traders make money after this glitch? If they bought those coins recently before the glitch it could trigger a stop limit or sell their coins at a higher price?

It seems that users are the ones who will pay these errors, and therefore it is strange that the platform remained silent in previous cases, and may be silent now.
I have read in a previous case (Coinbase customers demand refunds over GYEN stablecoin glitch^[1]) that the transactions at that moment have been frozen for several hours and therefore all losses in those moments will be borne by the user.

As for other losses, the company must bear them, but in some previous cases, no one get refunded.

will quote some comments:

"The coin skyrocketed, somehow it went up to $151,309 in my account. As anyone would say, holy s---. I thought I need to get his out of here immediately because at any point it could drop back to nothing," he said.

They held my money ransom for two weeks. I could have invested in other coins and had potential gains," Fleming said. "They need to give some solid, concrete answers, and they need to refund every single person who invested in this and lost money."

"Once [Coinbase] realized they had made a mistake, they locked everyone else to protect themselves," Peacock said. "My real investment was my real investment."

Read more and source ---> https://www.cnbc.com/2021/12/08/coinbase-customers-demand-refunds-over-gyen-stablecoin-glitch.html



[1] https://www.cnbc.com/2021/12/08/coinbase-customers-demand-refunds-over-gyen-stablecoin-glitch.html