2 of the Biggest Cryptocurrency Exchanges are Experiencing Issues

DooKey

DooKey

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Coinbase and Gemini, two of the biggest cryptocurrency exchanges, both crashed this morning as the price of Bitcoin skyrocketed past the $11K mark. I'm sure this really ticked off a lot of people because they weren't able to login and sell as it peaked and now Bitcoin is back down to around $9K in value. I expect this to get worse as the bubble continues to expand. It's not going to end well for a lot of naive people.

Lock-outs were also reported on Coinbase's professional trading platform GDAX and the Luxembourg-based bitcoin exchange Bitstamp. Users of the digital exchanges saw slowed performance on the websites, and in some cases still cannot log into their accounts.
 
Google tells me it's $10,410 right now. More of a hiccup than a crash.

When is the pop scheduled for?
 
What Bubble? 21 million bitcoin period they cannot make any more. Its math. US dollar is a bubble they can print more of those.
 
- Cryptocurrency Exchanges are Experiencing Issues -

just wait until the IRS gets involved ...
 
Honest question: What happens when all 21million bitcoins are generated/found/mined.....etc?
 
BlueFireIce said:
I love how people can "see" bubbles in crypto so easy, but when it comes to inflation of the USD, cheap (free) credit, and sub prime loans....Nope, nothing to see here....
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In fairness, some of us can see it in both places. The difference for most people is simply the fact that they can go to a bank and get dollar bills for USD, they cannot get a physical BTC. Are they, really, both based on the concept that they're worth something rather than actually being worth something, for sure. But the confidence behind being able to physically touch and hold something is huge, which is why some don't think BTC/Crypto can really last beyond a bubble. That being said, I *really* wish I hadn't given up on it in 2011 and still had my wallet, could almost pay for my house with it :(
 
the-one1 said:
Honest question: What happens when all 21million bitcoins are generated/found/mined.....etc?
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That won't happen until 2130-2140 with the current rules, but miners get to keep the transactions fees when they find a block. Right now those are running about 1/3 of the reward value. If that keeps up, then in 20 years mining fees will be double the reward value (both because of drops in the reward and increases in fees).
 
half the people thought
'damn, there goes my next month's rent'
 
ryan_975 said:
That won't happen until 2130-2140 with the current rules, but miners get to keep the transactions fees when they find a block. Right now those are running about 1/3 of the reward value. If that keeps up, then in 20 years mining fees will be double the reward value (both because of drops in the reward and increases in fees).
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Non-Sense. This is ignoring the reality of quantum computing soon being a real thing. Once Quantum computing arrives (Which is maybe a decade away at this point) Bitcoin will be fully mined within a matter of days.

Everyone predicting this amazing future of bitcoin are completely ignoring the realities of quantum computing. Just go read the Bitcoin theory paper. Bitcoin/Bitcoin-like currency is 100% based on the averaging computing power of 'trusted' nodes to be greater then any 'bad' influence. As soon as China/DPRK/Russia/US/Whoever deploys a quantum computer and starts tearing through the cryptography of the cryptocurrency the trust is destroyed.

Sure - A quantum/q-bit based cryptocurrency will then likely take over - But that will mean that BTC and all the other digital based currencies will become irrelevant if cryptocurrency will last. This means that for your value in BTC to survive long term a major government would have to declare that they are backing BTC and will set the price and allow BTC to be converted to a set amount of the new quantum currency - But this will never happen.

You have two scenarios for BTC -

A.) The US and most other large powers don't collapse in the next ten years and this stability allows the continued development and eventual deployment of quantum computers. Quantum computer will tear through any current cryptography method which cryptocurrency relies on. The trust in BTC is lost - The value becomes zero.

B.) The global economy fails and we go into a modern dark age with no future technological development. If things got this bad the internet would largely no longer exist anyways and cryptocurrency like BTC which relies on the internet to exist become irrelevant.

Cryptocurrency is fine short term, but ya'll really aren't looking at this with any historical context or any eye to the future of technology/computing.
 
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According to most people on this forum it has popped and or crashed about 10+ times this year... Only to go up about $1-2k more each time the following g week.
 
nothing beats gold, ppl can fly up and dig down, and they will never find anything better than gold, or currency with a gold forensic value for trade.
when you have a curency where money changes value that's simply a scam, money doesn't make money by itself unless someone else loses what you won, theft pure and simple, and the thieves are in charge of regulating it :D
thsi bitcoin crap is going to push alot of ppl into suicide, just wait for it.
 
BlueFireIce said:
I love how people can "see" bubbles in crypto so easy, but when it comes to inflation of the USD, cheap (free) credit, and sub prime loans....Nope, nothing to see here....
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Because something is suddenly worth 5x as much as it was for no reason is the epitome of a stable investment.
 
alamox said:
nothing beats gold, ppl can fly up and dig down, and they will never find anything better than gold, or currency with a gold forensic value for trade.
when you have a curency where money changes value that's simply a scam, money doesn't make money by itself unless someone else loses what you won, theft pure and simple, and the thieves are in charge of regulating it :D
thsi bitcoin crap is going to push alot of ppl into suicide, just wait for it.
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Anything that shifts its value relative to goods in a large way has little use as a currency. Gold and bitcoin have become unusable as a national currency because of how wildly their value in terms of goods has changed.
 
Mchart said:
Non-Sense. This is ignoring the reality of quantum computing soon being a real thing. Once Quantum computing arrives (Which is maybe a decade away at this point) Bitcoin will be fully mined within a matter of days.

Everyone predicting this amazing future of bitcoin are completely ignoring the realities of quantum computing. Just go read the Bitcoin theory paper. Bitcoin/Bitcoin-like currency is 100% based on the averaging computing power of 'trusted' nodes to be greater then any 'bad' influence. As soon as China/DPRK/Russia/US/Whoever deploys a quantum computer and starts tearing through the cryptography of the cryptocurrency the trust is destroyed.

Sure - A quantum/q-bit based cryptocurrency will then likely take over - But that will mean that BTC and all the other digital based currencies will become irrelevant if cryptocurrency will last. This means that for your value in BTC to survive long term a major government would have to declare that they are backing BTC and will set the price and allow BTC to be converted to a set amount of the new quantum currency - But this will never happen.

You have two scenarios for BTC -

A.) The US and most other large powers don't collapse in the next ten years and this stability allows the continued development and eventual deployment of quantum computers. Quantum computer will tear through any current cryptography method which cryptocurrency relies on. The trust in BTC is lost - The value becomes zero.

B.) The global economy fails and we go into a modern dark age with no future technological development. If things got this bad the internet would largely no longer exist anyways and cryptocurrency like BTC which relies on the internet to exist become irrelevant.

Cryptocurrency is fine short term, but ya'll really aren't looking at this with any historical context or any eye to the future of technology/computing.
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You're right, I did ignore quantum computing.... but for good reason. There is no reason that SHA-2 HAS to be the hashing algorithm of choice for BTC. Look at Bitcoin Gold, same block chain up to the fork, but different algorithm for computing new blocks. The only reason it's BTG and not BTC is because nobody accepts it as such and has no reason to. When the Segwit2x fork was still going to happen, exchanges were stating that they would call whichever side of the fork had the most support BTC and the other side something else. If it comes to light that a viable quantum computer exists and is ripping through the blocks (which would be obvious), then go back to a point where the blockchain was still secure and switch to a quantum-safe algorithm. Everyone gets to keep the same coins they had before the breach.
 
It may be a bubble and it is just a matter of when the bubble will burst- could be soon or could be after a long time. Right now it going down a little is normal. It has happened quite a few times already and then recovered. Either way, I'll hold on to the coins I have long term since I don't think anyone knows what will truly happen and when.
 
And were back up over 10k making this thread useless. So many people upset they didnt get in early so they just talk shit about BTC.
 
ryan_975 said:
You're right, I did ignore quantum computing.... but for good reason. There is no reason that SHA-2 HAS to be the hashing algorithm of choice for BTC. Look at Bitcoin Gold, same block chain up to the fork, but different algorithm for computing new blocks. The only reason it's BTG and not BTC is because nobody accepts it as such and has no reason to. When the Segwit2x fork was still going to happen, exchanges were stating that they would call whichever side of the fork had the most support BTC and the other side something else. If it comes to light that a viable quantum computer exists and is ripping through the blocks (which would be obvious), then go back to a point where the blockchain was still secure and switch to a quantum-safe algorithm. Everyone gets to keep the same coins they had before the breach.
Click to expand...

There will be absolutely no trust at that point, and quantum computers will only be available to large nation states for a length of time before enough can be deployed across the internet to ensure you have trust in the cryptocurrency.

Your scenario just isn't realistic.
 
jpm100 said:
Anything that shifts its value relative to goods in a large way has little use as a currency. Gold and bitcoin have become unusable as a national currency because of how wildly their value in terms of goods has changed.
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gold is gold it doesn't change value, it's the currency that changes, because it's not tied to a fix gold value, let them make 50$ = 1 gram of gold you can exchange in any bank, and come back to me to see what is that 50$ value in 100years, it would still be 50$ not 5$ like it's the case right now.
 
alamox said:
gold is gold it doesn't change value, it's the currency that changes, because it's not tied to a fix gold value, let them make 50$ = 1 gram of gold you can exchange in any bank, and come back to me to see what is that 50$ value in 100years, it would still be 50$ not 5$ like it's the case right now.
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A government can do this - And they basically did back when we moved from the gold standard to fiat and the US government set a fixed price that they would pay on gold to exchange towards the new fiat standard USD.

The problem is that this wouldn't work for a long period of time across the world because we don't have a world government.
 
For everyone who thinks it's a bubble, riddle me this: what is roughly the true value of bitcoin? If you say "zero", then you're just being obtuse, the ability to do what a cryptocurrency does with the name recognition and establishment bitcoin has acquired has at least SOME value. If you sincerely believe zero, then you likely don't understand the nature of cryptocurrency very well. In order for it to be a bubble, it has to crash to the actual market price. So, bitcoin could be in a bubble, or it could be Amazon stock in the late 90s. That sure increased quite a bit, despite the dot com market as a whole being in a bubble.
 
tetris42 said:
For everyone who thinks it's a bubble, riddle me this: what is roughly the true value of bitcoin? If you say "zero", then you're just being obtuse, the ability to do what a cryptocurrency does with the name recognition and establishment bitcoin has acquired has at least SOME value. If you sincerely believe zero, then you likely don't understand the nature of cryptocurrency very well. In order for it to be a bubble, it has to crash to the actual market price. So, bitcoin could be in a bubble, or it could be Amazon stock in the late 90s. That sure increased quite a bit, despite the dot com market as a whole being in a bubble.
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The thing with Bitcoin that will probably continue to elevate it is to new heights is it's basically the reserve currency for all the other coins (with exception of maybe Bitcoin Cash and few others). That's why they all pretty much rise and fall together with Bitcoin and many times you see these huge drops in Bitcoin, you will see huge buys of other coins (when they have a low exchange rate), then a slow repump into Bitcoin again.
 
BlueFireIce said:
I love how people can "see" bubbles in crypto so easy, but when it comes to inflation of the USD, cheap (free) credit, and sub prime loans....Nope, nothing to see here....
Click to expand...
Huh? Plenty seen those bubbles, but that's didn't stop the people making out on the situation by wringing every last dollar they could out of it. I mean if it's legal it's game on right?

And yes it's most definitely a bubble. That doesn't mean I think it's going to pop tomorrow though or anytime soon for that matter. There's a lot of variables.

However, when a person can essentially consume electricity and the only thing produced is money - more money than a huge chunk of the world's population can, doing actual work - you're lying to yourself if you think that's sustainable. Someone's still gotta make the shit you're gonna buy with your new fortune, mow your mansions lawn, keep the electricity flowing, ect.

No, I don't mine, and no I'm not salty, I'm fine right where I'm at. I just find this interesting from a sociology viewpoint. Funny how people's perception of a situation changes depending on whether they're on the winning or losing side.

And sorry in advance for attempting to have a normal discussion from different viewpoints on a message forum, I know how that's unacceptable to quite a few these days.
 
IcePickFreak said:
However, when a person can essentially consume electricity and the only thing produced is money - more money than a huge chunk of the world's population can, doing actual work - you're lying to yourself if you think that's sustainable. Someone's still gotta make the shit you're gonna buy with your new fortune, mow your mansions lawn, keep the electricity flowing, ect..
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By that logic then Visa, MasterCard, American Express, PayPal and the entire banking and payments industry the world over arent sustainable either - after all, they're using electricity to facilitate transaction processing to produce ... Money. Or do you think transaction processing infrastructure cost these companies nothing?

You guys really owe it to yourselves to do the tiniest bit of googling to learn what Bitcoin, mining and blockchain tech are and how they work. Because going on and on whining "it's not real" just conveys lazy and uninformed

Mining is transaction processing on a global scale. The transaction fee goes to miners as a reward. Visa, MasterCard and everyone else in this space do this - a transaction fee that the merchant eats - and nobody bats an eye.

We're in another transition period of the digital age. Some people will only recognize the fact when considering this time in retrospect, just like when grandpa didn't want anything to do with Netscape navigator and this new internet thing in the mid 90s, because he already had AOL.
 
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DPI said:
By that logic then Visa, MasterCard, American Express, PayPal and the entire banking and payments industry the world over arent sustainable either - after all, they're using electricity to facilitate transaction processing to produce ... Money. Or do you think transaction processing infrastructure cost these companies nothing?

You guys really owe it to yourselves to do the tiniest bit of googling to learn what Bitcoin, mining and blockchain tech are and how they work. Because going on and on whining "it's not real" just conveys lazy and uninformed

Mining is transaction processing on a global scale. The transaction fee goes to miners as a reward. Visa, MasterCard and everyone else in this space do this - a transaction fee that the merchant eats - and nobody bats an eye.

We're in another transition period of the digital age. Some people will only recognize the fact when considering this time in retrospect, just like when grandpa didn't want anything to do with Netscape navigator and this new internet thing in the mid 90s, because he already had AOL.
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Bitcoin is stupid. But people are stupider and will justify their stupidity until they go broke.
 
Makes sense. The initial investors deposited money to launder it because it was useless otherwise anyway, which propped it up initially to the point where others felt safe enough to invest their hard earned money and it's snowballing from there.

I was wrong, seems sustainable and changing the world for the better.
 
i wouldn't be surpsised if coinbase sees more issues in the near future after handing over the private information of any account holder that made over $20k in transactions to the IRS. Typically cryptocurrency users like to be anonymous if possible and definitely not Reported straight to the IRS.
 
DPI said:
By that logic then Visa, MasterCard, American Express, PayPal and the entire banking and payments industry the world over arent sustainable either - after all, they're using electricity to facilitate transaction processing to produce ... Money. Or do you think transaction processing infrastructure cost these companies nothing?

You guys really owe it to yourselves to do the tiniest bit of googling to learn what Bitcoin, mining and blockchain tech are and how they work. Because going on and on whining "it's not real" just conveys lazy and uninformed

Mining is transaction processing on a global scale. The transaction fee goes to miners as a reward. Visa, MasterCard and everyone else in this space do this - a transaction fee that the merchant eats - and nobody bats an eye.

We're in another transition period of the digital age. Some people will only recognize the fact when considering this time in retrospect, just like when grandpa didn't want anything to do with Netscape navigator and this new internet thing in the mid 90s, because he already had AOL.
Click to expand...

Credit and Paypal are ultimately based off the dollar. They are not 'wasting' electricity - They are holding a consumers debt and that consumer needs to pay them back later. That's what a credit card is. Bitcoin is completely different.
 
Bittrex has been really slow to login lately, too. Coinbase always has "issues." I'm carelessly lazy about setting up another account and giving them all my identifying information, though.

Why American's don't start using P2P systems for trading, is beyond me, especially after the Mt. Gox fiasco. I'm all for an anonymous method for purchasing coins. ...and yes I know about localbitcoins, but that's an impractical solution that lacks convenience, speed and security.
 
Mchart said:
There will be absolutely no trust at that point, and quantum computers will only be available to large nation states for a length of time before enough can be deployed across the internet to ensure you have trust in the cryptocurrency.

Your scenario just isn't realistic.
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In theory, this could be possible. In practice, it's unlikely to happen. Taking control of the system to capture Bitcoins would effectively destroy their value. I saw a bunch of your other posts and it makes me think you don't fully understand the technology and the utility it provides.
 
EBound said:
In theory, this could be possible. In practice, it's unlikely to happen. Taking control of the system to capture Bitcoins would effectively destroy their value. I saw a bunch of your other posts and it makes me think you don't fully understand the technology and the utility it provides.
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It provides no utility to anyone when quantum computing destroys the cryptography. This isn't 'if' it's a matter of when.

I fully understand the utility of a currency that circumvents taxation and government control. At the end of the day the technology behind it is defeated when computing reaches the next phase, and there ain't shit you can do about it. Cryptocurrency only exists because people have trust in the cryptography and transactions. If you build a better computer (quantum computing) that is more powerful then every traditional computer node processing Bitcoin transactions the currency is defeated within a matter of hours as you out-compute the trusted nodes. Cryptocurrency is completely dependent on this. So unless a government steps forward and donates supercomputers/quantum computers to prop up and /guarantees/ trust in the currency you're fucked.

I could very well see cryptocurrency being the future - But that future is not Bitcoin or any current cryptocurrency. It'll be a cryptocurrency ran by a sovereign power who can guarantee the security of the transactions with their overwhelming dominance in the information domain with compute.

I find it mildly hilarious that anti-government folks think cryptocurrency is some solution to the 'problem' when cryptocurrency is 100% dependent on the internet/compute that is completely dominated by governmental influence.
 
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Mchart said:
It provides no utility to anyone when quantum computing destroys the cryptography. This isn't 'if' it's a matter of when.

I fully understand the utility of a currency that circumvents taxation and government control. At the end of the day the technology behind it is defeated when computing reaches the next phase, and there ain't shit you can do about it. Cryptocurrency only exists because people have trust in the cryptography and transactions. If you build a better computer (quantum computing) that is more powerful then every traditional computer node processing Bitcoin transactions the currency is defeated within a matter of hours as you out-compute the trusted nodes. Cryptocurrency is completely dependent on this. So unless a government steps forward and donates supercomputers/quantum computers to prop up and /guarantees/ trust in the currency you're fucked.

I could very well see cryptocurrency being the future - But that future is not Bitcoin or any current cryptocurrency. It'll be a cryptocurrency ran by a sovereign power who can guarantee the security of the transactions with their overwhelming dominance in the information domain with compute.

I find it mildly hilarious that anti-government folks think cryptocurrency is some solution to the 'problem' when cryptocurrency is 100% dependent on the internet/compute that is completely dominated by governmental influence.
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But you can see that happening. The block is updated every 10min and can catch abnormalities like that. Either way, it doesn't change the utility whether a computer today or tomorrow verify the transactions. Sure the mining aspect dies away, but now you still have the underlying technology that already has a number of useful applications. I think you're viewing this a little too simplistic. Stop focusing on the processing and focus on the utility to modern day transactions.
 
BlueFireIce said:
I love how people can "see" bubbles in crypto so easy, but when it comes to inflation of the USD, cheap (free) credit, and sub prime loans....Nope, nothing to see here....
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ScottSummers answered you well. Many people can and do see both and even know when (1913) and why (banksters) our present currency started its BS (maybe for its final time), but you just go ahead and keep regurgitating your tired line about us "people".

BlueFireIce said:
So.....Just like houses, sub prime loans etc etc?
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Yes, just like houses were in a bubble (history repeated), it popped, people lost equity, went broke, foreclosures happened, people walked out on loan obligations, taxpayers and banks (banks aka more people aka shareholders aka customers) paid for much of it. Most important fact to come out of it NOBOBY LEARNED A FUCKING THING AGAIN, the shit just reflated faster than ever before based on the BS that was pulled just to keep the so called economy going. Most economies (money) are nothing but bubble and burst now, separating the winners and losers even faster than ever. Work is not the driving force to wealth as it once was, unless you consider work to be scheming and/or luck in one or more of these bubbles.
 
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