daily reminder that cuckbase is insolvent and if you don't move your coins out you'll lose it all
Daily reminder that cuckbase is insolvent and if you don't move your coins out you'll lose it all
Nicholas Green
Nolan Clark
explain
i also cahsed out around 10kUSD but keep it on coibase until i can clear my bank account a bit so that i don't exceed 10k USD in my bank account so that the IRS doesn't know about me
Landon Nguyen
Bump, please elaborate
Bentley Myers
Are you implying that Coinbase is unable to pay its debts, and by debts i'm guessing requested payouts?
Josiah Anderson
there is just no way that coinbase is losing money
they did $670 million in trading volume today on GDAX
Assuming that they received .25% fees on every order, they made 1.675 million dollars today. This is probably a bit high since the top volume traders are actually charged less than .25%, so lets use a more conservative number, say .15%
that is still over a million dollars TODAY
coinbase is fuckin swimming in money right now
David Price
Could you repeat that, mommy?
Jackson Campbell
>customer buys bitcoins
>don't have any more
>add balance to their account anyway hope a shitload of people don't start trying to send them off site
>shitcoin goldrush
>normies join and transfer to exchanges to buy ripple and tron
>call it "network congestion" while you wait to have enough coins to actually send out
>wait time approach 2 days
i tested. sure, ETH networks are slow as shit right now but LTC and BTC? working just fine, nobody has a problem but the ones who are obviously insolvent.
USD might be fine. i believe your USD balance is FDIC insured. your coins are certainly not, and should be transfered off of cuckbase ASAP. if you do it now you will probably get your shit in a couple of day, but the shoe could drop in a week, a month...
Leo Morris
do you understand how buying and selling on an exchange works?
you are not buying from coinbase. they are not the ones putting the sell orders on the BTC/USD market. it is other traders...
Jaxon Mitchell
Doubtful. Think of all the money they have to spend to pay their engineer, server costs, banking/regulation fees, crypto fees just to name a few.
Christopher Williams
the million $ is revenue before costs obviously
Adrian Rodriguez
they have USD for sure, but i don't believe nearly CLOSE to what should cover customer balances in BTC.
this is what happened to mt.gox. everybody figured out they were insolvent, so started mass withdrawing. eventually gox froze withdraws because they didn't have the coins reflected in everyone's balance.
except it's happening at coinbase because of the shitcoin goldrush, everybody wants to send to an exchange.
Easton Perez
doesnt make sense
>trader A transfers 1 BTC from some other exchange to coinbase
>coinbase's BTC wallet grows by 1 BTC
>trader A lists 1 BTC for sale
>trader B buys 1 BTC and transfers out of coinbase
>coinbase BTC wallet shrinks by 1 BTC
how do you think the BTC gets on coinbase in the first place
do you have any proof at all that coinbase's BTC wallet does not reflect the sum of all BTC in users accounts
Colton Ward
mt gox went insolvent because they were hacked and bitcoin was stolen from their wallet
Dylan Evans
gox was insolvent LONG before they were hacked. before the exit CEO even bought it.
educate yourself here
youtube.com
Easton Lee
How on Earth is that possible. They've had an immense amount of money poured in this year thanks to the first wave of normies getting on board.
Nathan Flores
Youdon't know what you are talking about. The reason cb can't keep up with demand during a crash is because 80% of their holdings are kept air-gapped and manually transferred to supply demand. Both their hot and cold wallets are insured in full on top of that. You are literally safer holding 10M on coinbase than you are with any tinfoil plan you can come up with.
Asher Smith
they have a shitload of USD no doubt.
but if you took everyones BTC balance and matched it against how much BTC is in coinbase's wallets they won't match. that is what i am saying. can they cover the cost? MAYBE. BIG maybe.
Gavin Johnson
>wallets insured
they are not. your USD balance is insured only. no entity exists that insures BTC. FDIC sure as fuck doesn't. it's what the finance world calls a non registered asset
Owen Martin
The main problem is you got all these yahoos making Bitcoins elsewhere, then bringing them to Coinbase like they are some magic money machine and all try to cash out at once regardless if there is actually enough USD in demand to fulfill them all. If someone came along with 100k Bitcoins or some insane amount I doubt there would be enough liquidity to ever cash them out.
Bentley Walker
The USD wallet is FDIC insured because cb is a bank, technically. CB as a company is insured against loss to it's full crypto worth by Lloyd’s.
Noah Moore
>he doesnt remember the ETH flash crash of last summer
this literally happened and basically the entire ETH orderbook was wiped out in one moment
coinbase actually reimbursed people who got rekt that day
techcrunch.com
Carson Anderson
also this is the reason GDAX doesnt allow regular users to margin trade any more
Julian Long
twitter.com
1 POINT FOUR SIX MILLION UTXOS THAT CANNOT BE SPENT BY COINBASE BECAUSE THEY ARE NOW TOO SMALL.
We know for certain coinbase has lost at least $4M to incompetent management of their UTXO set, and this is just for some addresses we know about.
Hunter Flores
lmao this thread.
Veeky Forums gets more and more retarded by day. no wonder i'm making more and more gains
Eli Wood
How are banks any different?