Do you really believe Coinbase App crashed today? \ stacker news ~bitcoin

Do you really believe Coinbase App crashed today?

1008 sats \ 27 comments \ @Hermit 28 Feb bitcoin

For my understanding of the ETFs, people are just trading air during the session. After checking on the balance of buys and sells after market closes the emissor of the ETF needs to go to the real market and buy or sell the Bitcoin.

If that's true, what happens if Bitcoin starts to go parabolic? Today Blackrock (for mention a random ETF emissor)would have to go and buy thousands of Bitcoins at 65K, 70K or more. How convenient that the crash of the app stopped the run and now they can buy all that Bitcoin at only 60K.

Just saying

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168 sats \ 2 replies \ @siggy47 28 Feb

On the other hand, coinbase crashes whenever volume picks up.

279 sats \ 0 replies \ @WeAreAllSatoshi 28 Feb

There’s a reason engineers and architects are paid well - it’s hard to handle scale

147 sats \ 0 replies \ @TNStacker 29 Feb

Always

133 sats \ 1 reply \ @BitByBit21 28 Feb

21 sats \ 0 replies \ @Hermit OP 28 Feb

😂 this is weekly meme material😂

152 sats \ 2 replies \ @0b1CoinObi 28 Feb

Do you believe that the SEC twitter post was from a hacker? Do you believe today was s simple outage?

Price manipulation that's difficult to pin on any one. They'll just shrug there shoulders and go, oops how did that happen, we'll have a full investigation and find ourselves are not to blame.

10 sats \ 0 replies \ @wealthcrumb 28 Feb

blatant fed op

10 sats \ 0 replies \ @Hermit OP 28 Feb

You are right, going through the manipulation rabbit hole would be a never ending story. The best thing we can do is stack Sats and stay humble

21 sats \ 0 replies \ @justanumber 28 Feb

As soon as I saw that devil candle I thought: WTF just happened? Then later heard about the coincase "crash" and thought hmmmm... as well. Lots of shenanigans are to be expected when all those etf crooks are involved.

10 sats \ 3 replies \ @OriginalSize 28 Feb

Who's selling at a mere $62k? That's what I want to know.

10 sats \ 2 replies \ @premitive1 28 Feb

publicly traded bitcoin mining companies

0 sats \ 0 replies \ @OriginalSize 29 Feb

900 coins a day is not much. $54m at these prices.

0 sats \ 0 replies \ @PlebeiusG 29 Feb

This. Miners sell when they have to, in part.

10 sats \ 1 reply \ @SwearyDoctor 28 Feb

I mean, one of the open secrets of the market is that the spot market is for plebs. The institutions don't usually put orders in order bnooks like a peasant, they have OTC desks for that. The question is what happens when OTC supply runs dry, and pre-arranged deals top out. So yes, but: yes, in that it arrests the price, which shoud affect the OTC deals as wells, BUT it's not actuallz bought in the order book spot market

10 sats \ 0 replies \ @Hermit OP 28 Feb

They operate OTC and don't affect the markets directly, but if the price in the market is 70K nobody is going to sell anything for less than a 3% premium

0 sats \ 0 replies \ @Coinsreporter 29 Feb

Fucking Coinbase, the devil's deputy, always crashes whenever the prices go up. Left it years ago..

0 sats \ 1 reply \ @Atreus 29 Feb

I heard about this here on SN and was surprised there's people in this space still using Coinbase

10 sats \ 0 replies \ @Hermit OP 29 Feb

Nobody said anything about using Coinbase, but that the app crashed today and that affected the market is a fact. It creates room for fun conspiracy theories and we are all about them this space

0 sats \ 2 replies \ @Bell_curve 29 Feb

There have to be better options than Coinbase

10 sats \ 1 reply \ @Hermit OP 29 Feb

Plenty for plebs but not for institutions at the moment, that's why 9 out of the 12 ETFs are using them for custody

0 sats \ 0 replies \ @Bell_curve 29 Feb

That’s Coinbase enterprise OTC which used to be Xapo

0 sats \ 0 replies \ @senf 28 Feb

Yes

0 sats \ 0 replies \ @cypherspace 28 Feb

0 sats \ 2 replies \ @hodlpleb 28 Feb

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21 sats \ 1 reply \ @Hermit OP 28 Feb

The never sell thing, needs its own post. If selling a big portion of my Bitcoin provides me financial freedom, I will sell my Bitcoin. If you are keeping your Bitcoin in cold storage and working 9 to 5 for someone else. You are still a normie in slavery

0 sats \ 0 replies \ @hodlpleb 28 Feb

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0 sats \ 0 replies \ @BitcoinIsTheFuture 28 Feb