I was at work all day when this happened and my phone has been blowing up from friends asking what the hell happened to ethereum!
I believe from what I read, the status ico was so hyped and huge that it flooded the exchange orders and caused it to create a huge lag. When the lag finally got through a bunch of sell orders were accidently processed on gdax causing a huge spike in sell (including panic sells) to $13.
What we should be doing is finding new servers for Coinbase or limiting the amount of traffic that goes into Coinbase. Ethereum has so much traffic now that these huge exchanges cannot handle the insanity. Hopefully they fix it because it's not the technology of ethereum that is bad, but it's the exchange servers that cannot maintain themselves.
I agree. Seems a lot of these places actually don't hire very competent systems admins. If they would increase their IT budget maybe things could go a bit smoother.
Followed btw, will be keeping up with you
Honestly they're probably good and smart people but they're probably understaffed like crazy. If you look at the growth of crypto it has been growing insanely exponentially. They probably weren't at all prepared for the amount of staff they would really need or the changes they would need to make. Again, hopefully we learn from this and are more prepared when the time comes!
Thanks I appreciate it. I'll be following eth and hopefully some other coins closely these next couple of days.