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Author Topic: Coinbase has sold out of bitcoins for the day. Bullish  (Read 4084 times)
Melbustus
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August 18, 2014, 03:43:52 AM
 #41

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.


Don't you guys remember March 2013? This was happening to Coinbase day after day. During that ramp, they were constantly out of coins to sell. Remember that they were much smaller then, and still on their initial seed investment. So they had a tiny liquidity pool, probably few developed relationships with coin suppliers, a small customer base, and little (relative) funding. So clearly when demand for coins rose, they weren't able to meet it, and gave users the "sold out" message.

I would expect their supply channels and volumes to be A LOT more flexible these days, so I'm slightly surprised to see this happening again. Perhaps most of the selling occurs on exchanges, while the retail outlets like Coinbase capture tons of small buys when they price drops quickly.

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
smoothie
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August 18, 2014, 04:06:42 AM
 #42

Guess it is a good thing I'm not wanting to buy bitcoin with fiat right now.

 Grin

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wasserman99
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August 19, 2014, 04:21:12 AM
 #43

Be skeptical of Coinbase if they offer you to purchase at a market price 3-4 days later.  Also, many times if you try a few hours later, or even the next day, your purchase will go through immediately.
I think the OP is either forging the picture or he has reached his limit for trading for that day. Coinbase is really not an exchange but rather a broker and all "trades" are done via the customer's bank account. Once his limit has been reached he is not able to purchase/sell additional bitcoin until his limits reset.

EXPATINVESTOR
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August 19, 2014, 10:15:06 AM
Last edit: August 20, 2014, 03:23:57 AM by EXPATINVESTOR
 #44

just bought 10 from Coinbase, No issues
johnyj
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August 19, 2014, 01:33:12 PM
 #45

This is also observed on other brokerage firms, a bitcoin liquidity problem Cheesy

I believe that they still hold some amount of coins, but who would be so stupid to sell at low? They would rather forward the money to exchanges and lift the exchange rate instead of selling their precious coins at low

The brokers can feel the real demand, while exchanges are highly speculative and manipulated

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