Users have been reporting issues with Coinbase all day.
These issues include not be able to access the site and not being able to access funds.
As of this moment Coinbase listed the following message
" Coinbase is currently down for maintenance. Please try again later or see our status page for more information."
This is yet another reminder of why you should not keep any significant amount of crypto in an online exchange or wallet.
This latest outage may also give us some clues as to what is going on behind the scenes in the world of crypto.
This outage comes at a time when the markets are in a sea of red, are people panic selling?
I think it is more likely that some big investors are seeing this as an entry point.
I posted an article today entitled "Max Keiser: Hedge Funds Will Send Bitcoin to $5,000" , one of the points I make in the article is that when large investors decide to enter the market there will be a lot of people trying to get through a small door.
In a world of negative interests rates, bad bonds and an arguably overvalued stock market, everyone is searching for value. Recently the crypto space has enjoyed a boom, this is certain to attract big investors and when it does I believe my words will ring true...
"This could be one of the factors that will cause a price explosion in the sector if these ETFs get approval. A lot of money will be trying to squeeze through a very small door."
The original quote is from another one of my articles pertaining to the financialization of crypto specifically ETFs. I do not think this scenario is limited to an ETF approval, we could be witnessing an example of how small the door really is.
Remember just a few weeks ago Coinbase Ceo Brian Armstrong made the following tweet...
— Brian Armstrong (@brian_armstrong) May 26, 2017
.@coinbase had 40,000 new users sign up in *one day*, or approximately one San Francisco Giant's Stadium. pic.twitter.com/tqvpqVguVQ
The crypto train is on the move, are you on board?
If you are interested in buying BTC,LTC or ETH check out Coinbase, you will get $10 of free BTC after your first $100 BTC purchase, using the link below. (Although, today is probably not the best time :) )
Coinbase.com
KeepKey Hardware Wallet, the wallet I use.
KeepKey
If you want to stay up to date on crypto news follow my blog @digicrypt.
DASH: XgQ9NBonMoCPKhF37agY4W8zk7gwQFnwGV
Litecoin: LfqygtBxy3AJgEpTnTMUYGEoTYEcED8YPZ
Rule number 1 in crypto is just like with gold; If you don't hold it you don't own it. Now what does it mean to hold your BTC? It means (in order of safety) hold on your computer, offline computer (cold storage), hardware wallet (trezor). If you need to trade then use a DEX (Decentralized exchange) like Bitshares Open Ledger. This way only you control your funds and no one else. Its that simple.
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Yes.
I do think is acceptable to keep a small amount in an online wallet or exchange if it makes your life easier, for example a small amnt in speculative cryptos that most wallets don't support. But you must understand and acknowledge the risk.
but the bulk of your savings should always be kept offline!!!!
This is a good reminder for us all, thanks for the comment and thanks for reading :)
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6 COINBASE ALTERNATIVES
I started buying on coinbase for the free $10 of btc for the first $100 and soon moved on to better things,
2.Bitsquare.io
3.Paxful.com
4.Localbitcoins.com
5.Bitcoin.info (EU only)
6.Circle.com
7.Bitbay.net
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I wish Gemini was available in my state! :-/
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Yeah unfortunately Gemini is currently only available in 26 states plus DC
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Thank you for providing these resources.
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Business as usual for coinbase.
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Right! There hasn't been a time since 2013 that coinbase hasn't had problems when bitcoin makes a correction.
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I don't have much trust in Coinbase in spite of its convenience when using FIAT. I use it for transactions, but don't hold anything in their wallets.
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That is the best practice, keep those cryptos safe! ;)
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Just too much business. Servers cannot cope. Great site to buy on but I would not store on it, buy and move.
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exactly!
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Bloody hell ive only just asked if coinbase was planning on adding any more coins to their app , I've been looking at the app a few times today and have not noticed any problems
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I was able to login but could not access any of my accounts, then I couldn't even access the website. It appears there are fluctuations in usability.
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I am no fan of coinbase. They were the first to work with the IRS. They took wks to answer questions, and that was sub-par at best.
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One major discrepancy I have with Coinbase, is that stupid add the dollar amounts when trying to verify your credit / debit card, I don't know why they have two amounts you have to add together when they could just have a basic [ONE AMOUNT] you can input, and move on to the next step without error messages being KICKED BACK OUT AT YOU.
Not Good, NOT GOOD AT ALL!* I'm still new to the Steemit platform, and I refuse to deal with any dumbs**t contingencies these cryptocurrency sites might be dealing with. It's like a company that has many employees, and they need for them to do their job efficiently, yet you have half of the workforce taking off days, or taking too many breaks, or sneaking off to make continuous cell phone calls.
I do hear sometimes the verification process does give people problems at times. I just hope the security system, is NEVER breached. I'm searching for alternatives right now trying to fund my Stemmit account for the purchase of Steem Power! I'll be posting more updates on this particular topic matter.
Cheers!
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Many of the crypto services experience issues as we are still in the early stages of the crypto infrastructure build out. There have definitely been issues with CB and verification. You should never store any large amount of crypto in an online wallet like coinbase anyways, i usually move mine offline right away to avoid security issues.
Welcome to Steemit! :)
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There is something bigger going on...I went to three banks today and they all had computer problems as well. Seems to be either a monetary computing problem, or a problem with one or the other of monetary or computing, just my two cents.
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its Skynet taking over the financial system first in order to cripple the economy. But not even Skynet has the computer power to break crypto;)
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Just curious but why did you go to three banks in one day? work related?
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Yep, I have wells, but my work banks with america. So to not have a hold on any of my money I cash my check with them. I thought the first guy was giving me the runaround since I wasn't a member. I went to the next one to try and cash again, there system just got back online. Then I went to wells to deposit. The lady there said the system was acting up all day,had to try three times before it processed.
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I see. Interesting...
Thanks for the comment and for reading :)
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Yeah,thanks for the interest, I am loving this site. I actually mentioned you in my post of that experience and my ponderings on it.
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Thank you for posting this @digicrypt. I've been using coinbase for a month and have seen this same "technical difficulties " screen. While trying to set up our bank card, coinbase accepted my credit card info and I never received confirmation but......they hit my account for eight $1.00 transactions. But.....my card was never excepted. My bank flagged it as fraud and I had to destroy my card and wait 1 week to receive a new one. I recently set up a " bank transfer" option and that takes 5-7 days before I have crypto back in my coinbase account. I really would like to find another site that has an accessible customer service. I looked high and low for a contact regarding my credit card and I found not one number I could call for assistance. Working with coinbase is a little scetchy.
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No problem. I know a lot of people, including myself who have had issues setting up the account with the bank. In my case it was on the banks end.
A lot of crypto is "sketchy" at the moment because while the technology is moving fast the infrastructure behind it is trying to catch up.
I would expect to see longer wait times, more identity verification for a lot of services as regulation is also trying to catch up.
I still use coinbase, and it works well most of the time. I actually think there service will get better over time as I mentioned in the post they had 40,000 new users in one day. I am hoping they will quickly adapt and better the company as it grows...but we will see.
As far as alternatives someone posted a list in the comments. If you already have BTC and just want to swicth between assets check out blocktrades or shapeshift. Thanks for the comment!
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Thank you, @digicrypt The movement of crypto currency is certainly making a grand entrance and there is still a few wrinkles to iron out. I'll stay patient.
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I just told a family member of mine to exit Coinbase for anything else. He heard me but as far as I understand didn't take any action. It's just the next Gox if you ask me.
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I think Coinbase is a good company that fills a needed role in the crypto world...but it should not be your main storage option.
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👍
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Right? Not a traders dream.... I was trying to buy towards the bottom but it was locked up. Then it shot op 100 US$ and still could not buy..... luckily it started working again when it revisited the low and i bought some Eth and BTC
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thanks for sharing
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Anyone wishing to buy BTC or ETH on Coinbase with a European Credit or Debit card will have been experiencing problems for about 2 weeks now - the service is often either down or restricted - and yes I agree not to hold much Crypto on any of these sites. Thanks for the post @digicrypt - following you now...
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Thanks for the info and the follow :)
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coinbase always has issues when trading is at all time high, and it is never a long or big deal.
So lets relax a bit. We are all welcome to trade with cash on the street.
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I didn't write this post to alarm anyone, I wrote for the following reasons...
At the end of the day, you are right it wont be a "big deal" but it does provide an example of the rapid growth of the sector and the money flowing into it.
Thanks for the comment and thanks for reading :)
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I have been using Coinbase for years without a single problem. Maybe this is due to Charlie Lee's exit last week. Either way, it's news like this that has me looking for options. What do you think the best alternative is?
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Don't get me wrong I use coinbase and like coinbase, I think it fills a badly needed void in crypto, providing very "simple" (usually lol) entrance into crypto.
That being said it is by no means the be all and end all service. Moreover it is definitely not the best solution for everybody.
If you are just looking to buy BTC ETH or LTC with USD and then put it in an offline wallet Coinbase works fine. I have heard a lot of good things about gemini as well,although I personally don't use it.
If you are looking to convert steem into anything, use blocktrades, shapshift or changelly.
If you are looking for a wallet alternative check out the keepkey link on my post or the trezor, ledger nano s.
Someone also posted a list of alternatives in the comments as well so check those out too!
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Thanks. My son uses Gemini. Might get that just to have a backup. Appreciate all your informative posts!
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With a lot of this stuff it comes down to preference, one of the most exciting things about crypto is choice, the power to choose which currency you want, where to buy it and how to store it. There are a lot of great options so find what works best for you. You will have to let me know how you like Gemini after you try it.
Just make sure you safely secure them. That is rule number 1,2,3,4,5 etc...lol
Thank you, I am glad you enjoy reading them!
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I got the same thing: https://steemit.com/coinbase/@themevlog/coinbase-is-down-is-the-rising-price-in-ethereum-causing-coinbase-to-crash
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Coinbase has demonstrated numerous times that it's totally unreliable, stop using it.
Insanity: doing the same thing over and over again and expecting different results -- Albert Einstein
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It depends on how ppl use it. If you use it to occasionally buy BTC ETH or LTC and then immediately move it to another wallet, there really isn't any issue. Although if you are looking to buy during price volatility...not the best option.
In that case it would be wise to have a second way of purchasing your crypto.
Many exchanges are having problems while the infrastructure for crypto is being built out, I would expect many bumps along the road.
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Coinbase is frustrating! See my post on how to take advantage of their downtime to make money.
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Disclaimer: I am just a bot trying to be helpful.
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From May 26th (two price spikes ago) FYI
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