Hi Friends,
Like many of you, I use Coinbase as one the custodians of my crypto. I am not here to debate the merit of keeping coins on exchanges as we all know the risks of doing so (or the flipside risk of cold storage) but I wanted to discuss the prevalence of the service crashes during crypto runs.
It seems every time Bitcoin starts the next leg up, the exchanges go down. In the latest case, both Coinbase and Kraken had outages as Bitcoin was crossing $40,000. This begs the question - are these red flags or are the outages explainable as heavy user activity during the run?
It is worth nothing that I had plenty of opportunities to sell while Bitcoin was $41k+ so it was only temporary but it does seem like the exchanges are causing you not to be able to trade during the movement - are they front running and getting the available volume because they know it is going up based on order volumes and sizes?
Would love to hear some opinions on the matter from the many of you with more expertise than myself.
Thanks for coming by,
Brian
It does look a little shady, though I think as closely as they are being watched right now with their IPO on the way it is most likely related to user activity. It's just odd that they haven't figured out how to manage the explosion of user activity for 4 plus years now...
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