Coinbase Crashes As Bitcoin, Ethereum Join FANG Stocks Meltdown

Tyler Durden's picture

Whether it is just a curious coincidence or not, cryptocurrencies are crashing along with FANG stocks this morning...

Earlier statements about the Ethereum network running slow due to extremely heavy activity appear to have taken their toll on one major exchange...

 

And Bitcoin is tracking FANG stocks lower (down around 13% this morning)... This is the biggest drop since January 2015

 

And Ethereum is down over 15%...after tagging $400 earlier last night

 

Some context however shows this 15% plunge merely drops Ether to 2-day lows...

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Osmium's picture

I'm sure everything is just fine.  Carry on.

IronSights on'um's picture

profit taking to put into the metals.  

BaBaBouy's picture

Run Run Run Beachez...?

Croesus's picture

Well, I hope the crypto guys don't get beat-up too badly...

BaBaBouy's picture

My highest fear is NSA HACK...?

Gotta believe they have major nerd on the TASK...

Haus-Targaryen's picture

This shouldn't surprise anyone.  Look at a 12 month chart, and know immediately anyone that tells you "this is a new paradigm" is running on hopium and should have taken money off the table.  

Much easier said than done, I know. 

Dutti's picture

Six days ago I shorted some GBTC and covered now - nice trading profit of about 35%. For the moment I just stand aside.

My post on ZH:
http://www.zerohedge.com/news/2017-06-06/its-not-etf-industry-expert-war...

tmosley's picture

Gap-filling, bitchez.

Can't wait to go all in.

Haus-Targaryen's picture

I wonder what happens when that reddit guy decides to take profits off the table and dump his 1900 BTC all at one time. 

 

a Smudge by any other name's picture

Coinbase's customer service more or less vaporized a few weeks ago.

If you can log into Coinbase, take your wallet offline ASAP.

Haus-Targaryen's picture

These guys are making more money than God at the moment, if I were them I'd quit giving a shit as well, take profits and go to sidelines and wait. 

You don't get into Cryptos, much less open your own exchange without knowing what is to come.  

They are being completely rational given their situation.  We'd all likely do the same. 

Manthong's picture

 

Aw shoot…

Those several Bitcoins cost me as much as one of the green boxes in the bunker.

I am going down there now to make sure the Eagles and the Bitcoins are still there.

 

You know, I do have the crypto in an off-line  wallet on a flash drive., backed up with a CD in a hermetically sealed envelope sitting under the .50 cal black and brown tip stuff.

Tsipras the Great's picture

This is what I don't get, as soon as all coins are mined, and given that they basically hodl, in 10 or 20 years most of them will be in some shoddy place somewhere in the ether, until someone grabs the pen drive and deletes all the content to store some MS Word 2037 docs for school and puff.

How many coins have already been lost forever?

Also, people only mention EMP issues, but is that the only way to corrupt data? What if USB-C?

Or if an Hacker already spent your coins and you just have no idea?

BaBaBouy's picture

Just Checked:

Coinbase.com Degraded Performance
Subscribe
Investigating - Coinbase is currently experiencing high traffic & customers have receive a "service unavailable" message when visiting Coinbase.com. We appreciate your patience while our team actively works to resolve this issue.
Jun 12, 11:08 PDT

So what would you do if your local JPM or GS were to post such Message ????????????????

shamus001's picture

You sit back, open a beer and laugh at all the people who laughed at you when you repeatedly warned them to take their FRNs "out of the bank and be your own banker at home."

Recall the tired saying "If you dont hold it, you dont own it"?

This is why PM investors dont heavily invest in cryptos, although taking wealth out of bankers hands....we have in common.

divingengineer's picture

I was locked out during the big price movements.
Coinbase let me down, bigly.

therover's picture

Is the off line wallet on Funk and Wagnalls porch ?

BaBaBouy's picture

Offline wallet, Leather Or Vinyl ???

thisandthat's picture

Hope that CD is an M-Disc at least, if you ever want to get the data back, when you need it... and that the flash doesn't get corrupted at the same time (easier than you think, apparently)...

tmosley's picture

Less than1% of the daily liquidity gets eaten up.

Or did you think you were making a good point?

Ramesees's picture

I thought about doing that but my balls were too tight.  Nice trade.  

Jim Sampson's picture

btc-e.com seems to be down as well.

Mr 9x19's picture

i shit deep in the throat of all making money buying void and selling it higher.

you create nothing, you make no physical build/creation/assembly. you are leechs.

you surf on the madness of a world  who refuse to work physically to create even a table and 4 chairs, i wish the time grid will crumble to come to see you to die like cockroaches you are.

 

labor value anihilators.

fucking vermine.

Haus-Targaryen's picture

While I appreciate the sentiment, and agree with you -- this kind of making money has been going on since the beginning of time. 

Wishing it away won't accomplish anything save make you miserable.  

 

Jim Sampson's picture

Completely agree.  I don't like it, it's a bubble, but it's not ready to pop yet.  I can still say the word Bitcoin in my office and I'm 100% sure no one will know what I am talking about...  when they do, get out.

Haus-Targaryen's picture

BTC is too slow to keep up with monster usage.  

It works now because its user-base when compared to the world is microscopic.  When 2% of the world gets onto the BTC blockchain -- you're talking weeks to clear a transaction.  

I am sure it will still exist, but not as a means to transact daily. 

el buitre's picture

As they said after 1929, when the shoeshine boy gives you a hot crypto tip, it's time to go to the sidelines.

thisandthat's picture

So have money changers and squid creatures, so what's all the fuss about banksters; what does it change from them to cryptards, if it all about profit?

Jealousy you're not a part of their club? Simply a matter of who's cashing in: fine if it's cryptos vs. evil if it's fiat?

Where's that proclaimed higher moral ground, now - thrown straight out the window as soon as you got laughing all the way to the bank, just like any other swamp dweller?

crazytechnician's picture

Another triggered cuck. Bitcoin is work you moron. It uses fuck loads of electricity. Personnally I use the surplus from solar panels instead of selling into the grid, So go fuck yourself

Justin Case's picture

At a boy Elmer, ya tell'em. Da moar fuck in da response the better, we take ya real serious Einstien. So how many dem dar killerwhats ja use fer 1 of them thar bittycoins? What's yer cost/killerwhat? Just figerin if it's werth it. What's AISC fer a bittycoin?

Mr 9x19's picture

you the pro BTC, check you BIO, "trade with dignity"...

when you buy a 0.10ct worth 15 years old tech to sell it @ 3000 usd, i think your dignity is way deeper than the shit i placed in your throat.

crazytechnician's picture

Wait until btc = 50k , retard. Then 100k +++ You placed nothing in my throat you just me give a grin on my face from your ignorance. I think your throat will be full of your own turd soon ,  all I will be smelling is a queue of fresh tequilas and waxxed pussy on my newest boat.

Jealousy is a hard turd to swallow motherfucker. You better get used to it on your non existant gold train.

AnarchistRex's picture

This is capitalism ... people who 'know' get in early at a high risk ... if the tech pans out and others get in later, then those that got in early are rewarded for their risk ... you can't dismantle this process as to do so, would stop better tech from being developed ...

So hate on their profits all you want, but know that in so doing you are supporting life in the stone age as being superior to life today.

open calender's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... http://bit.ly/2jdTzrM

thisandthat's picture

If barking at the wrong tree wasn't bad enough, doing it while proving how much you suck at investing is just priceless...

CJgipper's picture

I made 5k USD in 10 seconds.  I'm not too concerned about it.

knukles's picture

The Russians are Hacking!

Drimble Wedge's picture

The 3 people who own all the bitcoins must have sold about 1000 coins each just for yuks to make fonestar shit his pants.

 

Sorry fonestar ~ your year of free pizzas & hotpockets just got flushed down the toilet.

stitch-rock's picture

Fonestar was on it and buying when it was low hundreds, as did others like myself. (first BTC I bought was when it was at 70USD)
Resentment and bitter anger is not a good tool for either investing or critical thinking.

seek's picture

There are plenty of ZHers like myself that got in at $10-$15 or even less. I gave away something on the order of 1-2 BTC here a few years ago, which was just a few dollars then but close to 5K USD now.

Part of the value of this forum is getting advanced warning of unconventional investments -- it's here in the comments if people pay attention.

Drimble Wedge's picture

I'm sure ALL OF YOU reported all those capital gains taxes & 'ticked out' at the top.

 

<--- People who enjoy paying $5.99 plus tax & tip for a salad from GRUB HUB with bitcoins while pretending they're MASTERS OF THE UNIVERSE

 

No jealousy here whatsoever.

 

- I never owned bitcoin

- I never will

- I'll never cry EITHER WAY

 

Now excuse me, I have to go out and pick some lettuce & strawberries from my garden. Tonight, it's gonna be a romaine/strawberry salad with a dressing of milk/mayo/poppy seeds & goat cheese.

 

The Romaine lettuce 'seed' packet that I bought (like, 10 years ago, for 79 cents), has not only produced 10 years of generations of lettuce, but tens of thousands of seeds). IOW ~ I haven't spent a dime on lettuce in 10 years. (so what's that 79 cent investment compared to BITCOIN 'profits' multiplied by 10 years x 10,000 seeds not counting the ones that only lived their lives to bolt and become new ~ FREE ~ plants)? Whereby, NOW you spend your dumbass PROFITS, skirting the law, buying $6 salads, $10 pizzas, & cars that explode?

 

So ~ go ahead and cash in a fraction or so of a bitcoin to have fucking GRUB HUB deliver a Monsanto laced salad (@ what? $5.99 plus tip), to your doorstep tonight & toast your mastery of the universe... & oh yeah, by the way, the REASON that PAPA JOHNS's pizza you ordered tastes so good is because they 'candied' the sauce with sugar & the GARLIC BUTTER you're dipping it in isn't butter at all, it's MARGARINE... Might as well just order a saccharine TAB & a FRESCA to wash it all down

 

We who are about to (not) DIE of e-coli or cancer, the next EMP ~ salute you...

 

Frankly ~ If I were you, & before it's too late, I'd use some of those bitcoins to get yourself a DRIMBLE WEDGE cotton T-shirt, or, like, a Tesla or sumpin.

 

https://www.etsy.com/listing/270890950/drimble-wedge-the-vegetation-conc...

 

~~~

 

"Part of the value of this forum is getting advanced warning of unconventional investments"

 

Yeah ~ I'm still kinda miffed that I didn't get into that PYRAMID SCHEME investment back in the late 70's... Or like... WHY OH WHY didn't I 'get in on the ground floor' with Bernie Madoff?

 

STUPID ME

Starvation 2017's picture

The denial is strong with this one.

Drimble Wedge's picture

& whereby?

 

not extrapolating the aforementioned 'DENIAL'... (yet ~ quick on the 1 vote junk)

 

Here ~ I'll make it simple 4u...

 

- What did you pay for a packet of Romaine lettuce seeds in 2007?

- How many 'salads' have you eaten between then & now?

- What are you planning on eating for dinner tonight?

 

That should suffice 4 now?

 

t's clear to everyone, now, why your username is 'STARVATION'

thisandthat's picture

The irony of cryptos is that when you take profit on them you're doing it at the expense of other cryptards, not of "butthurt goldbugs"... how's that for cryptos as an autophagic squid organism?

FrozenGoodz's picture

Gold's right where they want it 1260 ... if we agree to BTFD on crypto, and nobody renigs, spoofs, or sells ... we can solidify another double

Raffie's picture

ETH was over $400.. so profit grabbing big time and now wait for the next surge.

I'll BTFD this time in ETH.