Seeing a lot of bad takes about Coinbase going down.
Coinbase isn’t going down because they forgot to increase technical capacity.
Nor is it because they got a secret call to dump it from Wall Street.
It’s likely because they ran out of bitcoin to sell.
Oof
Is this in reference to yesterday, or is this a new instance of being a horribly run enterprise?
Could it also be all the trading in and out of shitcoins? Bogging down their system.
Balances were very low last week
They are going to cause the next big crash. It is probably going to be a disaster.
Microstrategy is gonna be pissed when they find out they have 0 BTC.
Or got a phone call from Janet.
Regardless of why, aren’t they doing custody for like most of the ETFs corn? When shitcoinbase does go down, that’ll have quite the impact 🤔
That's why they never crash when the market is correcting, gives them a chance to cover their shortfall.
This is what I was thinking.
Bullseye
They actually released a statement saying that they were not expecting the volume so they had not turned on all of the capacity. After the crash they turned in 10X the bandwidth they needed and claimed they were going to leave it that high for the foreseeable future. We'll see.
Is that where the 15k Bitcoin from the usg was transferred to?
Or was it to their homies at black rock?
would it be a bull market without coinbase going down?
https://www.coinglass.com/Balance
Yeah, sure... 🤦♂️
You know there’s a partition between their custody and exchange business right?
Or maybe they want to protect ethbtc from getting absolutely hammered.
They've even been sending mails updating people about Eth's price appreciation. Add to this their staking service, their own Eth L2, design choices of their wallet, team members having cartoon profile pictures, one of them claiming that Bitcoin doesn't have smart contract capabilities and promotion of stablecoins.
It's very clear where their priorities lie.
was it only the corn that went down? Or all the shitcoinery too?
