Coinbase has sold out of bitcoins for the day. Bullish

[lay785]

Sound suspiciously similiar to Gox. Now Coinbase got hacked and are covering it up with this story?

Coinbase is no exchange...

So?
Do they have hot wallets? Then its just as possible they got hacked and coins stolen.
And seriously, 5 days? You dont need 5 days to transfer fiat to an exchange and buy some coins ...

takes time for ach from bank to coinbase and then coinbase to exchange.

[An amorous cow-herder]

takes time for ach from bank to coinbase and then coinbase to exchange.

So, Coinbase needs to transfer fiat from their bank account to "themselves" and then to an exchange.
I really think they just need to transfer from their bank account to the bank account of an exchange. That doesnt take 5 days.

[Hfleer]

takes time for ach from bank to coinbase and then coinbase to exchange.

So, Coinbase needs to transfer fiat from their bank account to "themselves" and then to an exchange.
I really think they just need to transfer from their bank account to the bank account of an exchange. That doesnt take 5 days.

It is up-to 5 days you tinfoilhatwearers

[An amorous cow-herder]

It is up-to 5 days you tinfoilhatwearers

Yeah, and Gox is alive and well. All the promises were nice and reassuring there as well.

[HarHarHar9965]

Guys. They are a broker, nothing more. We know nothing about their volume. All we know is that they do what is profitable for them. Meanwhile, the charts are bearish....

[vuduchyld]

I got that message when I woke up. But just now Coinbase allowed me to make a purchase of 0.2 BTC. I wonder if they let me do it because it was a small purchase or because their day rolled over.

[abercrombie]

I got that message when I woke up. But just now Coinbase allowed me to make a purchase of 0.2 BTC. I wonder if they let me do it because it was a small purchase or because their day rolled over.

Me too.  Went to use the bathroom twice this morning at $510 and then $500 but got that error trying to buy.  

When I finally woke up for good at $490's I could finally buy again.  

Actually was a blessing in disguise.

[Pente]

Coinbase is back to normal, just bought 10k bits for $5.

[Nagle]

Coinbase is a retail broker. They hold some Bitcoins as inventory, and buy or sell on an exchange to refill or dump their inventory. If they stall out, it's probably because whatever exchange they're dealing with didn't do a withdrawal fast enough.

What exchange do they use?

[thefunkybits]

Coinbase is a retail broker. They hold some Bitcoins as inventory, and buy or sell on an exchange to refill or dump their inventory. If they stall out, it's probably because whatever exchange they're dealing with didn't do a withdrawal fast enough.

What exchange do they use?

I'm fairly certain Coinbase uses Bitstamp

[saddambitcoin]

I just bought 0.2 BTC on Coinbase (Sunday 1pm Central Time) to see what would happen and everything was back to normal...

[blumangroup]

BTC-E has been acting weird lately too, I'd cash out everything you have ASAP, whatever currency. I smell big scams coming.

[Bitcopia]

Guys. They are a broker, nothing more. We know nothing about their volume. All we know is that they do what is profitable for them. Meanwhile, the charts are bearish....

This.

This thread is ridiculous. You can come up with all kinds of theories, but at the end of the day, they are probably just having cash flow issues. I used to run a bitcoin brokerage. It wasn't unusual for me to have an unexpectedly high number of buy orders for the day and run out of funds. I would then shut down buy orders for the day until I had enough sell orders or when my fiat transfer came in. Seeing as how the buy function is reportedly back to normal on Coinbase, they must have regained enough liquidity through sell orders or other means of obtaining fiat.

I highly doubt such a reputable company with venture capital from a number of highly respected firms is front- running to make a quick buck while jeopardizing their long term business plan.

[bigasic]

This is the 3rd or 4th time I've seen this happen with coinbase. It must do with a high demand and not enough coins to sell, so they probably have to get more money on the exchanges and get more. I wish I could remember what happened to bitcoin the last times this happened but I dont think it was bullish..

If places like btc-e and coinbase turned scammer, then you can pretty much kiss bitcoin good-bye.. Coinbase Is a strong company, but I worry about those guys at btc-e.. who knows who owns them, probably the russian mafia..(fud, of course)

[Bitcopia]

This is the 3rd or 4th time I've seen this happen with coinbase. It must do with a high demand and not enough coins to sell, so they probably have to get more money on the exchanges and get more. I wish I could remember what happened to bitcoin the last times this happened but I dont think it was bullish..

It doesn't matter. This is neither a bullish or bearish indicator. They are simply a broker. When this happens, it means their cash flow is tapped out.

If it has to be seen as bullish or bearish, it would be bullish though, because they've had a higher than anticipated imbalance of too many buy orders.

[zhinkk]

True story. I took a screen shot for the disbelievers. Bullish indeed. Now if only ethereum will stop selling all those coins.




http://imgur.com/hgoMUXf

Damn, I did not know a company as big as coinbase could go through something like this. I am excited for bitcoin.

[bigasic]

This is the 3rd or 4th time I've seen this happen with coinbase. It must do with a high demand and not enough coins to sell, so they probably have to get more money on the exchanges and get more. I wish I could remember what happened to bitcoin the last times this happened but I dont think it was bullish..

It doesn't matter. This is neither a bullish or bearish indicator. They are simply a broker. When this happens, it means their cash flow is tapped out.

If it has to be seen as bullish or bearish, it would be bullish though, because they've had a higher than anticipated imbalance of too many buy orders.

I know it doesn't, I just wish I could remember if it was a bearish time or bullish, just out of curiosity.. I makes me wonder why they dont open up their cold storage, you know that coinbase probably holds millions worth. i highly doubt every coin that they own was sold...but who knows, its all speculation. glad they are back to selling...They probably moved some coins out of cold storage, for all we know they need multi sigs to move from cold to hot and couldnt find enough people to sign them because of the weekend..

But good hell, when will the bleeding stop, i know a lot of people want the price to plummet so they can buy cheap coins but some of us want it to go up..

[Bitcopia]

This is the 3rd or 4th time I've seen this happen with coinbase. It must do with a high demand and not enough coins to sell, so they probably have to get more money on the exchanges and get more. I wish I could remember what happened to bitcoin the last times this happened but I dont think it was bullish..

It doesn't matter. This is neither a bullish or bearish indicator. They are simply a broker. When this happens, it means their cash flow is tapped out.

If it has to be seen as bullish or bearish, it would be bullish though, because they've had a higher than anticipated imbalance of too many buy orders.

I know it doesn't, I just wish I could remember if it was a bearish time or bullish, just out of curiosity.. I makes me wonder why they dont open up their cold storage, you know that coinbase probably holds millions worth. i highly doubt every coin that they own was sold...but who knows, its all speculation. glad they are back to selling...They probably moved some coins out of cold storage, for all we know they need multi sigs to move from cold to hot and couldnt find enough people to sign them because of the weekend..

But good hell, when will the bleeding stop, i know a lot of people want the price to plummet so they can buy cheap coins but some of us want it to go up..

Yeah, the bleeding is disheartening, but just remember the fundamentals.

Also, I don't believe Coinbase holds any bitcoins as an investment. If you are talking about selling customer funds that they hold in cold storage and then replenishing them when their cash flow is back on track, well it's a good idea when done responsibly. It's called fractional reserve, and it's what banks do, very irresponsibly. But I think Coinbase is wise to not play the fractional reserve role. It probably also would open them up to new legal frameworks they aren't interested in dealing with.

[God27]

BTC-E has been acting weird lately too, I'd cash out everything you have ASAP, whatever currency. I smell big scams coming.

Btc-e is pretty much collapsing.

[beetcoin]

if bitcoin buys a large order from bitstamp, doesn't it mean that once the coins are purchased, the price will be bumped by a small margin?