1897 - Bitcoin Down - Coinbase Down

in #bitcoin7 years ago (edited)

Bitcoin price took a dive early this morning from it's new record high of $3015 to as low as $2200 on some exchanges. However the dive worsened when coinbase.com a major exchange took a dive with it.

chart.jpg

Coinbase website shut down for a few hours as we can see from the chart above, and this notice below is all you could get.

coinbase.jpg

This did not go easy on coinbase customers who went to the social media outlets to scream foul. This resembled pretty much what happened to Poloniex a few weeks ago.

Big exchanges going down at a time of heavy trading and big movement in price up or down, can cause a lot of damage.

As soon as coinbase re-opened the price went down a little and started on some recovery. This shows how much one big exchange blackout can influence Bitcoin price.

This happened before and will happen again, servers go down. So what would you do in a situation like this?

If you are a coinbase customer there is nothing you could do but wait, however, customers on other exchanges do not have to wait. They will go on trading the ups and downs like usual. You need to be careful though, some times having the ability to trade in such a volatile situation is not always great, if you are influenced by FUD you might make the big mistakes.

When your exchange is down, take a break and evaluate. Study what happens carefully, this might be a lesson for you to know what to do when it happens again, and it will. It does not have to be Coinbase or Poloniex, any exchange going down will influence the market and your trading.

Sort:  

@joseph is coinbase reliable?
I saw @stellabelle's last post about it
btw .. it's climbing up again - BTC is

Coinbase is now FDIC insured for your $US portion of your account. Not for the crypto portion. So as far as safety it is safe for your Dollars . Reliable, depends on what you compare it to, it's one of the biggest exchanges with the largest number of customers, that means downtime when there is heavy trading is possible, like today. & yes bitcoin will recover, but I am not giving any trading advice here, just my guess.

I only use it to buy BTC and cash it out. It's good practice to immediately shift it to a hard wallet if you plan on holding it for any amount of time.

no worries about the btc "advice"
I believe in taking my own responsibility
thanks for the info about it btw
a friend is using that
but I'll just share this to her

@englishtchrivy Coin base helped the crypsty CEO Paul Vernon launder millions of bitcoins from at the expense of cryptsy customers. More of the same of the TBTF, best to move your money into open source wallets like electrum. Otherwise you can lose like i did from Cryptsy. Lesson learnt.

Source here ->>>http://www.coindesk.com/coinbase-to-face-trial-over-possible-role-in-cryptsy-exchange-collapse/

tsk tsk tsk
that's like b***s

When your exchange is down, take a break and evaluate. Study what happens carefully, this might be a lesson for you to know what to do when it happens again, and it will. It does not have to be Coinbase or Poloniex, any exchange going down will influence the market and your trading.

-- Wisdom from a master people, that is a gold nugget right there, on any day but from a Crypto Yoda like @joseph -- definitely listen and learn from this guy.

Solid post as always. You are the big author now buddy, when is your first book coming out?

You can co write it with our epic book writer guy @ericvancewalton!!

(:

Barry I was watching "Silver Streak" last night on netflix and thought of you, I think we can make a team like Gene Wilder & Richard Pryor, I am not sure to do what yet, but we'll figure something out. :D

Edit: Maybe when Steem Communities is out ;)

I had to go watch the trailer to see what this was all about but I am down LOL. I can be Richard or Gene. I am easy (:

Did you see what Steve Wozniak said today about Bitcoin???? I wrote a post tonite on it, that kinda stuff with those kinda people and audience speaking openly at big conferences etc like this are key for mass onboarding and letting the regular audiences here about crypto!!

Absolutely right, some people act like an exchange hasnt gone down before. Emotional trading is never really a good thing. Relax and let the market do its thing and study the response.

study the response.

Such wisdom!

If any big trade online shopping company start to accept btc payments like Alibaba or Amazon, then the BTC price will be hit over 4000 USD or even more very easily. This proves the market ,

or once company's like fidelity (who is already trying to get into BTC) start buying it up!

I read something about that....Fidelity was even encouraging employees to mine on work computers.

Until market cap grows more i dont think it will be happening so easy, there is a lot of small steps until that direction yet.

Amazon DOES accept btc.

Directly? Link me to where it says that. AFAIK, you have to use Gyft or Purse to flip your BTC for something on Amazon. Those two options, particularly Purse, have been frowned upon because it is presumed that the majority of the activity on the sell/facilitation side is made possible by stolen credit card info.

Up vote from me pal the more that use btc the better I understand that amozon already accept btc you can buy amozon gift cards and then you just spend the card amount you purchased

Yeh really sharp fall but it just hardens your faith in cryptos as today yet again Bitcoin is recovering nicely.

This is just a pull back. It will continue to go up. This is because people are either cashing out or the establishment bankers are trying to stop or slow the value rising. They will fail.

Ethereum took a big hit too. It was on the way back up within the hour. No need for everyone to panic - like you said, just a few whales playing with the price.

Thanks for sharing your opinion. Luckily I have been using Cex.io., everything seems fine. I would suggest people to spread their risk, not only as in investing different cryptocurrencies, also storing it using different mediums. And definitely have some of them stored in your offline wallet. Much securer than putting all ur Bitcoin on one server

What a disaster. Had some btcs and just when I was about to exchange them the price started dropping so fast on Polo with website bugging so hard. 500$ total drop until I was able to convert them.

I moved from Poloniex to decentralized exchanges when Bitcoin peaked in the past and didn't let me trade until it had plummeted. Bitshares on Open Ledger was fine the entire time. I'm not sure why decentralized exchanges don't get more attention.

Unluckily, Polo is very laggy atm, with some wallets offline and endless seeming waiting times for transactions being made.

Best thing you can do is spread your trading funds around multiple exchanges. Try not to keep all of your eggs in one basket, so to speak.

HMMMMM, Coinbase you seem to always go down when bitcoin is dropping in price....Pretty weird if you ask me. I try not to buy or store my coins on Coinbase.

Exactly! People panic but i look at it like its " On Sale" . Buy More.

Yesss man, there's potential to make a lot of money here once the price bounces back.

I dont think i would buy until they resolve the forking issue... if it forks it will take a dive