Quote from: Trebor123 on December 16, 2024, 04:35:05 AM

Quote from: pooya87 on December 15, 2024, 02:09:00 PM

Quote from: Juxoz on December 15, 2024, 05:04:47 AM

Coinbase, which I'm not a big fan of, goes down, it'll be because of something like what FTX was doing. And if so, whatever deity you pray you, help us all.

Why?

Coinbase may look big but it is not big enough to have as significant an effect as MtGox had on the price.
Checking https://coinmarketcap.com/rankings/exchanges/ we can see that out of the total $127.58 billion daily volume only 2% of it or $2.6 is coming from coinbase! Only 2%. MtGox back in 2013 had more than 85% of the total daily volume.

If a CEX with 2% of the total daily volume goes down, it will have a small impact like FTX. A temporary hiccup... not the end of the world Wink

If Coinbase collapses the effect will be catastrophic! The knock on effect would be huge. Those without their crypto in a wallet trying to get off all exchanges would cause a run. If Coinbase one of largest, if not the largest, could go down which would be safe?
Plus the repetitional damage to the crypto industry as a whole would take years if not decades to recover from.

I don't think it's going to happen...

It will cause a panic sell but that's it. Collapse of coinbase exchange is not big enough to be considered catastrophic. Keep in mind that bitcoin does not rely on some centralized exchange, it is a decentralized money working fine without them; and nobody cares about altcoins (they just pump and dump regardless of what happens to exchanges).

As I said, if it happened, it wouldn't be the first major exchange to go down. None of the previous ones damaged "crypto industry" and that won't change in the future.

I wouldn't predict its demise but I'm also not sure about it not-happening...