Seeing 3 of the biggest exchanges experiencing...."difficulties" at the same time, is kinda ridiculous...

in LeoFinance3 months ago

About ten hours ago we witnessed probably the biggest candle in BTC's long history. What makes it so special isn't the fact that it broke a previous ATH or something but the fact that there needs to be a massive buying pressure in order to achieve something like that in approximately 60 minutes.

Now whether this was a result of Elon's tweet or because of some random institution decided to pull the trigger or because of WallStreetBets or even because of the fiasco with Robinhood remains to be seen...

The thing is that whenever something like this happens traffic on the exchanges is insane. And they usually experience difficulties...aka they can't handle it. Or simply they don't give a shit if you were about to make a trade or if you were about to cash out. Who knows...They simply turn off the switch and let you high and dry...This is exactly what happened on 3 of the biggest exchanges out there.

Coinbase:

20210129 19_42_40Coinbase Support on Twitter_ _Due to a technical issue, we are experiencing degr.png

In oher words: (Be patient you suckers...there will be a correction soon till then just watch from the sidelines)

Bittrex:

20210129 19_39_09Bittrex on Twitter_ _Due to an increased amount of traffic, we're experiencing s.png

In other words: (We are doing exactly what Coinbase is doing and you can't do shit about it.)

Binance:

20210129 19_40_26CZ 🔶 Binance on Twitter_ _Some system issues earlier, on both binance and Bin.png

In other words: We don't intend to let you know what kind of difficulties we were experiencing but trust us...everything is fine now that BTC is consolidating)

Really now? This isn't the first time...

Ok this pump was huge and volume went beast mode but you are not rookies nor some random shit exchanges...

These are massive exchanges and their systems should handle any traffic. If you can't handle it upgrade your damn system and buy new servers. So seeing them all three making announcements about technical difficulties all at the same time is at least embarrassing...not to say shady...

So what happens when the real bull market is here? Because at the moment BTC along with ETH and a handful of other coins are the only projects that are going up.

What happens when the alt season arrives and traffic goes 100x what it is now because trust me when hundreds of coins start pumping like crazy traffic will go 100x. What then? You'll shut down and go on holidays maybe?

Nobody is here for the cause and everyone expects to make some profits. One single trade could make all the difference in the world and timing is the most important factor. And the best timing is usually after a big dip or during a big pump for those who try to ride the wave.

Is this the way we encourage people to start taking crypto seriously?

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Well, everything is going to hell and back and no one really cares 👍.

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You're absolutely right! This is outrageus, and I say this even if I haven't experienced their simoultaneous 'issues'.

Go Khal go with that LeoFi, I can't afford Eth-based Defi due to gas fees.

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Ha! That!

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I fucking hate middlemen. DeFi seems the answer but again they are in some way middlemen, too. Hopefully there will be a time, if not yet (here in my ignorance) where we can exchange different assets without any middlemen, exchange or the alikes, just directly, a real free market and possibly the ultimate ownership.

Pure decentralization....until then we just have to watch this shitshow...

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Is this the way we encourage people to start taking crypto seriously?

Us no, they don't care though. Now although they might not realize DEXs are gradually gonna take their user base. Next this shit happens people will start looking for alternatives.

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It has happened more than once but there are not many alternatives atm...soon though

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CZ has millions of tokens of those DEX DEFI projects, so much that he can centralize the governance of any of those DEX

You're right. Would he do that?

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I guess so, time will tell

All exchanges experience difficulties anytime a token spikes rapidly.

But of course...now imagine 150 different tokens pumping rapidly during a possible alt season...we should expect announcements like "Check back in a week till we fix the mess"

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They would see themselves loosing customers if this happens during altseason. It kinda looks like they were all paid to froze the system for some reason, that sucks.

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No surprises there...

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