So unfortunately for many of us, leading crypto currency exchange Coinbase began its downward slide earlier this week by crashing during pivotal times, not once but TWICE. The second period of downtime came earlier today as Bitcoin, Ethereum and Litecoin all fell by 20% or more.
Bulls make money, Bears make money but pigs get slaughtered so like many of you, I opted to buy buy buy during this recent downturn. I'm holding for the long haul...very few reasons not to unless you feel the bubble is already upon us. The sad part was, this last period of down time and "Service Currently Unavailable" errors came only days after we had to stomach some bs media jargon release from the Coinbase CEO about all they were doing to fix the problems...apparently its not even close to being enough.
Coinbase confirmed that it was completely offline by 9:35 a.m., though the outage appears to have begun several hours earlier, with investors like me reporting problems on Twitter.. Blaming "sustained heavy traffic," caused by intense Bitcoin and Ethereum trading, for crashing the Coinbase website and mobile app, which remained completely down for at least four hours.
On the heels of the hacking news, these recent crashed undoubtedly helped feed the downturn further. Customers will leave, people will complain and Coinbase will take some slack. Unfortunately for us cowboys and cowgirls investing in cryptos...this is the wild wild west and we need to take the good with the bad. The last thing we want at this stage... is a sheriff.