[HN Gopher] Kraken Is Down
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Kraken Is Down
Author : frabjoused
Score : 66 points
Date : 2021-01-07 18:58 UTC (4 hours ago)
(HTM) web link (status.kraken.com)
(TXT) w3m dump (status.kraken.com)
| frabjoused wrote:
| As trades are frozen, there is now a 10+% price difference
| between the last trade and the current market. It's going to be
| interesting when it comes back online.
| pjc50 wrote:
| .. wow, I wasn't expecting this to be zooming upwards. I
| suppose chaos is good news for the price.
| Duckton wrote:
| Coinbase is also down, but that's hardly a surprise
| massaman wrote:
| What's Kraken?
| thebean11 wrote:
| Cryptocurrency exchange, first result on Google
| acdha wrote:
| Don't forget that Google personalizes your search rankings.
| Not everyone will see the same results you see.
| thebean11 wrote:
| DuckDuckGo gives me the same thing (I think that avoids
| personalization right?)
| varajelle wrote:
| Google might also personalize his results.
| acdha wrote:
| I'm sure they and the rum vendor spend a lot of money on
| SEO, too, so it'll fluctuate over time. My point was
| mostly that the snark wasn't helpful and if you wanted to
| contribute something of value you could have suggested
| searching for the domain name which is more accurate.
| thebean11 wrote:
| I figured the original comment was snark, since it seems
| so trivial to answer the question oneself..
| twentydollars wrote:
| It was a joke, like "What's cracking?"
| genera1 wrote:
| I'd wager that DDG results are skewed towards tech, since
| it's mostly tech people who use it.
| lackbeard wrote:
| That's interesting because I use DDG by default but I
| find it terrible for tech searches. I wind up using it
| for everything _except_ tech stuff.
| dxdm wrote:
| I like it when somebody asked in comments here and there is
| an answer already, saving me and probably a bunch more people
| the some seconds of time.
| exolymph wrote:
| I like it when instead of asking, someone Googles on their
| own behalf, and then shares the answer because they realize
| that others may also be curious.
|
| The requests for spoonfeeding are always irritating.
| twentydollars wrote:
| It was a pun on "What's cracking?"
| jcranmer wrote:
| I've been the following the election litigation stuff so much
| my first thought was that this was about the frivolous suits
| being filed to overturn Biden's elections. Although I was
| completely at a loss to think what it might be talking about in
| that regard, since every Kraken lawsuit has been lost at this
| point and there's no likelihood that any of the pending appeals
| will go anywhere.
| choeger wrote:
| I have no idea. But I heard it would be released this winter.
| myth_drannon wrote:
| Quadriga still up?
| andy_ppp wrote:
| Hmmm - where are the scaling issues with building a Bitcoin
| exchange!? Am I mad to think it's trivially scalable?
| martinko wrote:
| Yes, you are mad to think that. You literally have 400k users
| trying to execute trades in parallel (some many per second) on
| a common order book. Add leverage, a liquidation engine, etc.
| andy_ppp wrote:
| I think my conceptual problem here is what is done on the
| Bitcoin part and what is done at the exchange level. I
| thought the Bitcoin network handled that part and obviously
| I'm wrong about that.
| flyingfences wrote:
| Scaling with satisfactory security is never trivial.
| darth_avocado wrote:
| At what point does this border a scam? You can't sell when it
| matters the most. This isn't the first time. And this isn't the
| only one down.
| mandelbrotwurst wrote:
| There have similar issues with Merrill Lynch recently.
| thebean11 wrote:
| I've had issues accessing Schwab too on days the market
| tanks.
| superfrank wrote:
| Aren't they a crypto exchange and, similar to Coinbase, make
| their money on fees? If so, being down, especially when prices
| are soaring, hurts. If people cannot trade on their platform,
| they're not getting any fees.
|
| It sounds like a pretty dumb scam if you as me.
| qeternity wrote:
| You're missing the forest for the trees. If crypto crashes,
| and retail goes away permanently, they lose their entire
| business. These are 100% planned circuit breakers by the
| exchanges to halt panic selling.
| varajelle wrote:
| In the past, Mtgox being offline caused crashes, not
| prevented them. And that was at the time when it was the
| major bitcoin exchange.
| gruez wrote:
| This only works if _all_ the major exchanges go down. Is
| there any evidence of this conspiracy?
| ur-whale wrote:
| You're assuming their not trading themselves.
|
| And before you mention it: yes, that'd likely be illegal
| under US law, but still, it's a scenario.
| [deleted]
| traskjd wrote:
| I'd guess at the same time we accept the stock market is a scam
| when it shuts down when trading goes full crazy? Helps prevent
| runs on them?
| juniperplant wrote:
| > Helps prevent runs on them?
|
| Sorry for my ignorance, but what do you mean by this? I have
| zero knowledge about the stock market.
| rstupek wrote:
| He's likely talking about trading circuit breakers which
| trigger when the market is down a substantial percentage in
| a short time. Trading is suspended for a period
| mirekrusin wrote:
| With COVID it happened twice iirc - the stock market has
| been automatically stopped to prevent panic runs.
| wyck wrote:
| Online trading platforms also go down...just like crypto
| exchanges. The tech stack has to be incredibly resilient
| and fast, several steps above most software in terms of
| performance and reliability.
| gruez wrote:
| How is this a scam? Kraken makes money on trading fees. How is
| it in their interest to shut down when volume is high?
| qeternity wrote:
| See my above comment. They are playing the long game.
| abhiminator wrote:
| Posted this last time and posting this again as a PSA:
|
| A bit of a side-note, but this needs to be said: articles like
| these should be a good wake-up call for crypto users that are
| still using web-based wallets (and their accompanying apps for
| mobile platforms) especially for storing LARGE amounts of
| cryptocurrency -- you're essentially trusting a third-party
| exchange (with many of them using opaque ToS and PP) with your
| private keys and as a result your funds (especially those
| platforms that don't use multi-sig architecture). And crypto
| exchanges' data breaches/hacks is getting more common by the day.
| [0] Even Bitcoin.org has stopped recommending web-based wallets,
| like they were doing just a couple of years ago.
|
| The best alternative is hardware wallets, but a good middle-
| ground is using self-managed, 'semi-cold' software wallets like
| Electrum, Armory, etc. [1][2]
|
| [0] https://selfkey.org/list-of-cryptocurrency-exchange-hacks/
|
| [1] https://www.buybitcoinworldwide.com/wallets/online/
|
| [2] https://bitcointalk.org/index.php?topic=1741339.0
| bombcar wrote:
| Of course managing your own wallet leads to other risks,
| potentially more likely ones - the cries of those who forgot
| passwords or lost their bitcoin drive have been heard far and
| wide.
| qertoip wrote:
| Hence, all modern advice pushes towards easy hardware wallets
| with an UX-enforced physical paper backup.
| bondarchuk wrote:
| You make an argument against trusting exchanges but your
| proposed alternative is trusting the hardware wallet company.
| sawmurai wrote:
| Yeah I lost quite some coins on bitgrail :) gone ... with the
| wind ...
| RealityVoid wrote:
| This is a common claim in crypto circles, but my experience
| rings the other way. Sure, some crypto exchanges have fallen,
| but there have been many many people that stored their funds on
| their own, improperly, and lost them. I had a friend that kept
| the keys in plaintext in google drive and lost them.
|
| IMO, the average user has weak opsec and is safer to keep
| crypto on exchanges. Get a good reliable one and use 2FA and
| you should be fine.
|
| I did pretty much all options. Kept the cryptocurrency on paper
| wallets, multiple exchanges and now on a HW wallet( I use a
| Trezor) but I don't advise this for all.
| qertoip wrote:
| You are 100% incorrect. Not your keys, not your coins. Any
| meaningful amount of Bitcoin out to be stored on a hardware
| wallet.
|
| If user can't be bothered to learn anything or read anything
| or accept months-pending Windows update, he should __not
| __touch cryptocurrency.
|
| So, for the "average user", the answer is __not __storing on
| an online exchange, but to never touch cryptocurrency in the
| first place.
| [deleted]
| Spivak wrote:
| I really don't see why crypto will end up different than
| the banking sector in the long run when it comes to this.
| They're still my dollars even if Bank of America
| technically has possession of them.
|
| Nobody argues that the only safe place to keep your money
| is in a safe in your basement, what's up with the crypto
| world where the advice is reversed?
| RealityVoid wrote:
| IMO, this comes from the origins of bitcoin, they were
| used and developed by a bunch of cypherpunks and privacy
| enthusiasts. For them, key handing is paramount! They
| then created this mythos and sets of advice that were
| handed down.
|
| But it can be used wither way. What matters is the
| freedom to chose.
| RealityVoid wrote:
| > You are 100% incorrect. Not your keys, not your coins.
|
| Yes, I know the theory but saying this 10000x times does
| not change the fact that for some use cases, it might be
| the wrong decision. I feel the crypto community is WAY too
| dogmatic about this.
|
| The beauty of the way cripto is working is that it can be
| both ways. You can control your keys as much or as little
| as you want.
|
| If things were the way you say, crypto would not be what it
| is today. Simply wishing that things were this way or say
| that they're "using it wrong" feels silly to me.
| nesky wrote:
| Do you have any preference towards a Ledger, Trezor or
| other?
| thebean11 wrote:
| I believe Trezor is fully open source, while Ledger is
| not. Both obviously have a good track record though, and
| have been around for a while. Personally I feel safer
| with the Trezor, I think the biggest risk to these things
| is that the key generating algo or hardware is flawed and
| the key is guessable, which seems less likely for an open
| source device with many eyes on it.
| SilasX wrote:
| Define "large". What's a good rule of thumb for "too much to
| have on an exchange" and why that figure?
| seibelj wrote:
| Poloniex still running strong!
| flyGuyOnTheSly wrote:
| The local highschool running track was fine when the Boston
| Marathon was bombed, too.
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(page generated 2021-01-07 23:02 UTC)