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Most merchants who accept Bitcoin do so through Coinbase, which sells on Bitstamp. Coinbase only holds a working float of Bitcoins. When Coinbase can't unload i
by FatalLogic 12y ago
Most merchants who accept Bitcoin do so through Coinbase, which sells on Bitstamp. Coinbase only holds a working float of Bitcoins. When Coinbase can't unload incoming Bitcoins, they start refusing transactions. So most Bitcoin e-commerce will stop within hours if this isn't fixed rapidly.
Most? Source? Bitpay seems to be bigger than Coinbase
And wouldn't Coinbase just sell somewhere else, instead of shutting down their entire business?
Your claim that most Bitcoin e-commerce will stop within hours seems implausible
- Animats 12y agohttp://www.coindesk.com/bitcoin-ecosystem-feels-far-reaching-effects-bitstamp-outage/ http://www.coindesk.com/bitcoin-ecosystem-feels-far-reaching... "From payment processors serving billion-dollar merchants to bitcoin ATMs and advanced trading platforms, Bitstamp's stoppage caused quoted prices in bitcoin to become inaccurate, some products to be suspended and select services to be retailored in light of the interruption." It turns out that BitPay got their pricing from Bitstamp. Robocoin also used mostly Bitstamp, and had to switch exchanges.
- FatalLogic 12y agoThis is tiresome. This event is obviously disastrous for Bitstamp and bad for Bitcoin, I was just politely calling you out for making a hasty and alarmist prediction that was full of poorly-founded conjecture and misinformation. If you had just said something like "I think this is probably going to cause a lot of problems for the Bitcoin eco-system..." that would have been a reasonable guess. The article you linked to actually shows that, but it does not show the effect that you predicted. It does not show "most Bitcoin e-commerce" stopping.