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????????????Yesterday's Coinbase Outage was a Covert Robinhood Buy Button Moment!????????????

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by COINS NEWS 192 Views

Background:

For those of you who are otherwise unaware; the largest crypto exchange in the united states went down yesterday from Oct 27, 12:40 PDT to 14:54 PDT According to their own statistics on status.coinbase.com The cause of the outage was blamed on "Connection Issues" according to a Yahoo Finance article entitled "Crypto wallet Coinbase goes offline, leaving customers unable to trade"

They lied; here's why!

As some of you are aware and possibly even profited from! there was a $0.0001 price discrepancy with Shiba and Tether yesterday. Meaning coinbase users could purchase SHIBUSD and roll their investment over to SHIBUSDT and instantly increase the value of their position. Then repeat the process as many times as their hearts desired generating exponentially more profit with each transaction. If any of you have heard a rumor about an infinite money glitch with SHIB yesterday. This is exactly what I was talking about!

$0.0001? that's it?

This may seem small, but lets do some math. At the start of the outage, shib was trading around $0.00006630. Therefore $100 USD could purchase roughly 1.5 Million SHIB. When a coinbase user rolls their SHIB USD into SHIBUSDT you multiply the number of tokens by the price discrepancy and the number equated is profit.

1.5 Million SHIB x $0.0001 = $15.00

Can you see how repeating this process could generate exponentially more profits given enough trades?

Coinbase lost money from every transaction exploiting the glitch.

Because they were losing money, they naturally restricted access to their platform.

Further it is worth noting that I do not fault Coinbase for restricting access!

What upsets me is the complete lack of transparency as to WHY they restricted access in the first place. Keep in mind Coinbase is a publicly traded company; so they have a financial incentive not to report an event like this where they incurred a potentially heavy loss.

Obviously, this story would adversely affect their share price. So best to sweep it under the rug and blame the outage on technical issues, right?

I for one; don't intend to let this fly under the radar! Coinbase is North America's largest crypto exchange. They have an obligation toward transparency. As even briefly restricting access to their platform could cause a broader market disruption!

submitted by /u/HELL_FIRE93
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