Bitcoin hits $10k, Coinbase goes down (again)

[Mpamaegbu]

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.

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.

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[pjcaruci]

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

[o_e_l_e_o]

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? 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.

[htsy585]

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

[Sanugarid]

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?

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.

[ChiBitCTy]

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.

[LbtalkL]

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.

[Ziskinberg]

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]

[Sanitough]

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?

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.

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.

[Saisher]

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 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.
 

[Ziskinberg]

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 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.

[cabron]

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.

[Yatsan]

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.

[Review Master]

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.

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. 

[reliable]

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 .

[Baofeng]

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.

[Vaculin]

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 .

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.

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.

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

[HardFacts]

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.

SARS SYNDROME....

Sell All Rallies   

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

Hard Facts

[rodskee]

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.

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 .


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.

[slaman29]

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?

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.