Coinbase has been offline four times in the past three months as bitcoin prices have changed, and angry users who can't access their portfolio are demanding that they be held accountable. On June 1, when Bitcoin reached $ 10,380 in less than an hour from $ 9,600, Coinbase exchange users who were trying to access their shopping cart came across a message that "the site is temporarily unavailable." Many members of the cryptocurrency community on Twitter claim that the exchange deliberately makes its site unavailable during price volatility
Error message on Coinbase exchange website
On May 9, two days before the Hawking event, the price of bitcoin fell to nearly $ 2,000 in less than 24 hours, possibly due to widespread sales of whales and investors. Also on April 29, Bitcoin reached $ 8,600 with a 12 percent increase. In both cases, many Coinbase users were unable to exchange any passwords. This is a matter of concern, even after the bloody market for cryptocurrencies in mid-March, when some users of the exchange were unable to sell their bitcoins during the fall to $ 3,600.
Coinbase is unavailable when needed
Many users of the largest cryptocurrency exchange in the United States have reported an inability to trade at the height of bitcoin fluctuations. Unfortunately, this can happen when there is a huge drop in price or a sudden increase in the price that most traders want to buy or sell the most. Losses are easily eliminated when users are unable to access their accounts to sell cryptocurrencies, and profits are easily eliminated when users are unable to purchase currency.
What causes Coinbase to fail?
Coinbase's status announcement page includes updates related to the recent service outage, but nothing about "connection problems" for June 1, May 9 and April 29, and "network traffic" on March 12. Due to the lack of any official comments from Brian Armstrong (CEO of the Exchange) or other Coinbase representatives, members of the Twitter cryptocurrency community quickly expressed differing opinions about the exchange's availability when necessary. Twitter user CryptoWhale posted a chart to all its followers shortly after the exchange's release on June 1, claiming that Coinbase, based on an internal algorithm, automatically serviced the exchange at a price of more than $ 500. The dollar is out of reach.
Chart provided by CryptoWhale
Crypto Capital Venture co-founder Dan Gambardello posed the question: "How can an exchange with $ 8 billion drop bitcoin by 5% each time?" Ramzarz exchanges, even the most popular ones, such as BitMEX, have difficulty accessing users during sharp price fluctuations. However, Coinbase, which is developing and gaining popularity among the cryptographic community, became unavailable in June 2019, causing the Bitcoin price to fall to $ 1,400.