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.
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.
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.
@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
-- 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.
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.
GOOD TIME TO BUY!
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
I'm new to Steemit. I sincerely would like to know how it works that this post earns $930 in 49 minutes :)
Good post. This goes to explain human nature : greed. Without considering that a website can go down or have technical problems people started screaming foul on #coinbase who were doing everything possible toresolve the issue. People only think of their gains or loss of money and nothing more. Thanks goodness all is ok. Great post @joseph
Time to buy every time down. But cannot buy at coinbase
use mobile app you can!
thank you
Many coins are coming down!!!! including the Steem
That's one scary part of this whole cryptocurrency world. These exchanges are making tons of money in transaction fees, and they are completely unreliable. Coinbase is worse, price of Bitcoin at coincap.io is $ 2696, on Bittrex is $ 2649, and on Coinbase is $ 2705. but If I proceede to buy a Bitcoin on Coinbase than the price is $ 2719, plus the 1.99% fees if from bank accout and 3.99% fees if credit card that they charge on top of it. I appreciate the idea of decentralization but I think there needs to be one reliable datafeed source, if its possible.
Thanks a lot for all this information!
The drop seems to have brought Steem down a bit too, but it sure stabilized since then. This is so good to see and really look forward to see the crowds coming to this realization, building the trust in our platform here in the meantime.
All for one and one for all! Namaste :)
Just relax! https://steemit.com/bitcoin/@longnshort/stop-panicking-btc-eth-and-xrp-price-action-updates-and-ongoing-thoughts-8
Ok, governments around the world cannot touch the blockchain that is clear, BBBUUUUUTTTT after today it is not needed. The way you crash this market is hit about 10 sites at the same time. Coinbase Poloniex Kracken Bittrex BTC-E and the other top 5. Keep them down for 2 days, you would be able to buy bitcoin for under $50 when everything came back up. People panic very quickly!
How would the price drop if the exchanges are all down? A shift to alt coins?
Panic would ensue everything would plummet! When the exchanges were brought back up there would be no bids, only asks.
This is why decentralized exchanges are the future.
I use Coinbase only as a way to but BTC ETH or LTC.
once bought i try to move the currency or to an exchange of to my cold storage wallet.
mostly because of those issues that coinbase is suddenly is unavaileble in moments you need it and when market is moving
...I would almost say that it is better to keep your USD in Poloniex and use them when you want to buy cryptos
Coinbase really needs to get their act together. In fact, I find all of the exchanges very buggy. Unacceptable.
Congratulations @joseph!
Your post was mentioned in my hit parade in the following categories:
It's frustrating when that happens on coinbase. It's been a common thing at least once a month.
Might be wise to keep Bitcoin in a wallet that is not on an exchange and have several exchange accounts, so there are more options available if you want to sell and an exchange is down. Then send from your wallet to an open exchange.
These are BUYING OPPORTUNITIES. However, I would take a closer look at Ethrereum!
coinbase mobile app still operational
Wasn't for me!
pls do not worry about it, now korean buy big volme of ETH BTC, ETC, RIPPLE
only we have severl coins we can buy in KRW.
yesterday, the trading volume only in korea, coin/krw , $1,239,700,918 + SOME not calculated( one exhanges did not send the list of sales to coinmarketcap.com
i checked this amount is only 93% of what we buying.
this volume is not including coin to coin base trading.
if the system has a problem the biggest looser is korean.
korean always ready to take a risk for any new era.
the crypto world is new, even there is some problem, in the end i think
there is prblem
now many koreans has some money to invest to make a profit
and now here, we have a perfect internet system, any place you can use wifi
with free of charge all day long sit coffer shop doing steemit,
i hope it will happen more often in the future, because the system is small
but many people looking for what is cryptocurrency
Very good post. Personally I learn a lot about my own psychology strength during up and down movements...
Good advise to take a deep breath and not panic sell. I personally prefer to buy and hold crypto although that strategy cost me a few years back with the fall of CRYPTSY.
Poloniex seems to be having a few issues dealing with the massive increase in trade volume over the last few months. From their site lagging to their recent decision to remove the troll box and ask moderators to help with support tickets. I currently have 2 outstanding missing deposit tickets that are PENDING. Hope they sort things out soon, i am a fan.
Quite an interesting post here @joseph . Keep up the good work man, I really like that you're keeping us, the community, informed.
Since I only work with Poloniex myself, I had no clue whatsoever what happened to Coinbase today.
I look forward to seeing more content from you soon - followed.
Best regards,
Life with Crypto
follow ...
So that explains why I could get a good price on Bitcoin... Let us ride the upturn hey?
like a roller coaster... oh man
but do you think it will take an impact on buying orders
its still not the real hype we're waiting for. i GUESS ^^
The unpredictability life of Blockcnain and the Curious case of Bitcoins......Nice movie title there!
I am very concerned... when there is a future sell out, coinbase and most exchanges will be down to stop the bleeding. This is something to think about, if blood are in the streets, most people will be there starting at they mayhem. IJS.
Reminds me when their was a major sell of on the N. Y. Stock exchange a few years ago. They shut down the trading for the day. I just hope these company's don't pull a bank holiday. A few nations closed all the banks and you could not pull any money out. Back in 2013 Cyprus banks closed for 2 weeks due to a financial crisis. That is why people have gone to block-chains and precious metals to have funds available elsewhere as a safety net. It maybe a great buying time once the correction stops.
Nothing to worry if you are just holding your bitcoin.
I think everything has its downs but when it recovers, it skyrock the prices. And we can prove it by ourselves just by looking at the graphs.
Coinbase is so slow at the moment.. Customer support seems to be dead:/
Thanks for sharing this data with us.l really look forward to see what is going to happen
Market Correction, happens everytime any asset rises too quickly.
Coinbase is not reliable anymore please sign up and use https://blockchain.info/ I am currently using this wallet to store my BTC.
very nice article :)
please check my intro too ,
https://steemit.com/introduceyourself/@mahdiyari/bitcoin-price-forecast-daily-update-for-traders
Bitcoin will hit its the highest value by the end of 2017. experts say
Excellent work
You are a good researcher
Coinbase drive me crazy. Not reliable. No worries about bitcoin. It is my longterm coin.
Always a buy tbh
Seems to be going up now!! :)
See Tips & Tricks blog of BTC's
thank you very much for the information @jaseph
It's very dangerous to trade during explosive volatility with anything you can't afford to lose. It's always good to keep in mind your orders might fail to execute, right when you need them most, even if you predict all the price movements correctly.
Everything's going down
Just a red day for coins... I'm Buying all the Majors... Litecoin, ETH, ETC, BTC, Monero, and a few others.... It's gonna go back up.. Just the newbies afraid of a lil pullback... People that really dont understand how currencies work.. They just brought Bitcoin cause of the Sponsored ad on Facebook
Curious, What app/program is your favorite for trading currencies in the US?
@seymourbucks, do you use Coinbase, Poloniex or something else?