I’ve been digging into the GWEN/POWR Coinbase scenario. It appears a glitch induced Coinbase to situation/promote thousands and thousands (probably Billions) of cash they do not even have. They froze each holder’s account, and now are desperately making an attempt to repair each transaction. It seems they’re deep within the gap.

Admitted crypto skeptic and /r/Buttcoin -er right here. I've been monitoring the problem with Coinbase GYEN/POWR scenario you in all probability caught wind of, and I figured folks right here may respect some goal information with out calling it FUD.

What occurred?

On 11/15 & 11/16, Coinbase issued 2 new coin buying and selling pairs, GYEN/USD and POWR/USD.

What is GYEN? GYEN was alleged to be a "regulated" stablecoin , pegged to the Japanese Yen. As a stablecoin, the value ought to by no means actually gone above $0.0087 (the conversion price from a Yen to USD)

But as quickly as they listed the coin, folks began actively buying and selling it (due to course folks attempt to commerce a stablecoin). For no matter cause the "stablecoin"'s stability perform didn’t work accurately, inflicting the value to instantly skyrocket. Of course, this induced extra folks to swarm in and purchase up GYEN, capturing it up 10x, earlier than instantly crashing.

Then the larger screw up. At some level, it appears that evidently a technical glitch induced COINBASE to place a 100x-1000x multiplier on the entire quantity of GYEN in lots of customers wallets. np.reddit.com/r/CoinBase/comments/qzkffi/comment/hlnaw7i/ . This person reported he paid $50, and was given 50 Million GYEN, fairly than the 5000 he shouldve had. Many different customers in /r/GYEN and Twitter are reporting comparable scenario.

On 11/19, Coinbase mysteriously locked out all person accounts who held any POWR or GYEN. They additionally manually cancelled each pending order. Since then, the person accounts have remained locked, and Coinbase has given no actual replace… aside from tweeting "To Th3 Moon" on the principle Twitter account, and "There was a technical glitch, we're working on it" on Coinbase PRO Twitter.

What seems to be occurring now’s Coinbase goes by means of making an attempt to manually right each account to regulate the 100x error. Thing is, it appears some customers might have offered or moved their cash earlier than the error was fastened.

At this level (presumably) 1000’s of customers are stilled locked out of buying and selling and tremendous pissed off, and Coinbase isn't giving actually any information. If the above situation panned out, Coinbase might be on the hook for tens (or tons of) of thousands and thousands of over-alloted cash.

As perhaps some proof of the dimensions, should you have a look at the CMC quantity chart for GYEN, it exhibits just some million $ in commerce quantity on these days. But should you have a look at the Tradingview chart for Coinbase GYEN/USD pair, it exhibits Billions in GYEN commerce quantity (Tens of thousands and thousands of $USD)

Interestingly, person /u/swag-er warned and predicted this precise scenario would occur a day earlier than, as just about the very same factor occurred on Binance 6 months in the past once they listed GYEN. np.reddit.com/r/CryptoCurrency/comments/qvpvvy/gyen_is_a_stablecoin_dont_get_finessed/

Unfortunately, the highest posts of this sub have been crammed with crap about memecoins mooning and El Salvador doing sketchy stuff with Bitfinex, so his put up wasn't seen by many.

As far as POWR, I do not know on that one. I'm assuming they have been additionally affected by the x100 bonus coin glitch or it was frozen as a precaution.

Tl;dr – Coinbase screwed up massive time. Now they're deep within the gap and desperately making an attempt to dig themselves out.

Anyway, thats your buttcoin information of the day.