Coinbase（硬幣）在市場集會期間不斷丟球，現在該問為什麼

在過去的十年中，很少有公司經歷了與Coinbase（NASDAQ：COIN）相同的流離失所。它的市值為750億美元，是北美的市場領導者，在每次公牛奔跑中，它都會變成一台收費機器。

Coinbase (NASDAQ: COIN) has experienced a meteoric rise in recent years, becoming the market leader in North America with a market cap of $75 billion. The company's platform is known for generating massive fee revenue during bull runs.

近年來，Coinbase（NASDAQ：COIN）經歷了迅速增長，成為北美的市場領導者，市值為750億美元。該公司的平台以在公牛運行期間產生大量費用收入而聞名。

However, despite its large revenues and profits, Coinbase has faced criticism for its inconvenient outages and inability to handle surges in demand. The latest example occurred during the launch of the Trump meme coins, when U.S. President Donald Trump and First First Lady Melania Trump launched back-to-back tokens on the Solana blockchain.

然而，儘管Coinbase的收入和利潤大量，但仍面臨批評，因為其不方便的中斷和無法應付需求的衝浪。最新的例子發生在特朗普模因硬幣的推出期間，當時美國總統唐納德·特朗普（Donald Trump）和第一夫人梅拉尼亞·特朗普（Melania Trump）在Solana區塊鏈上推出了背靠背的令牌。

Coinbase users experienced waits of up to 48 hours to get in on the action, and many transactions were stalled for 20+ hours. After the launch frenzy had died down, CEO Brian Armstrong took to X (formerly Twitter) to explain what happened. He said his company wasn’t prepared for the sudden surge in users and would be working to up its game on Solana.

Coinbase用戶經歷了最多48小時的等待，可以進行操作，許多交易停滯了20個小時以上。發射Frenzy崩潰後，首席執行官Brian Armstrong上了X（以前是Twitter），以解釋發生了什麼。他說，他的公司沒有為用戶的突然增長做好準備，並且將努力在Solana上進行比賽。

We have the Solana backlog triaged, and transactions should generate quickly again. If your transaction got canceled you can retry it now – apologies for the trouble.

我們的索拉納積壓三角列，交易應再次產生。如果您的交易被取消，您可以立即重試 - 對麻煩表示歉意。

It’s clear we need to step up our game on Solana, scale our infrastructure, and provide native support for…

很明顯，我們需要在Solana上加強遊戲，擴展基礎架構，並為…提供本地支持。

Coinbase has a history of problems during bull runs

Coinbase在公牛跑期間有問題的歷史

This recent Solana debacle isn’t the first time Coinbase has dropped the ball at a critical moment. During the 2020/2021 trading season, it buckled under pressure on more than a few occasions. Here are some of the more memorable instances:

最近的Solana崩潰並不是Coinbase在關鍵時刻首次將球丟掉。在2020/2021交易季節，它在多次以上的壓力下彎曲了壓力。以下是一些更令人難忘的實例：

April 29, 2020 – Coinbase went offline as BTC surged past $6,000, frustrating traders who wanted to capitalize on the price movement.

2020年4月29日 - Coinbase脫機，BTC飆升了6,000美元，這使想利用價格變動的交易者令人沮喪。

May 9, 2020 – Another outage occurred just days before the BTC halving, a time of heightened market interest.

2020年5月9日 - 另一場中斷發生在BTC減半之前的幾天，這是市場興趣增加的時間。

June 1, 2020 – Coinbase went down again as BTC spiked to $10,000, preventing users from buying or selling during a key rally.

2020年6月1日 - BTC飆升至10,000美元，Coinbase再次下降，阻止用戶在關鍵集會期間買賣。

January 29, 2021 – A massive outage occurred as Dogecoin (DOGE) spiked 300% due to the retail frenzy fueled by WallStreetBets.

2021年1月29日 - 由於Wallstreetbets燃燒的零售瘋狂，Dogecoin（Doge）飆升了300％。

May 19, 2021 – One of the biggest crashes in digital currency history (BTC dropped from $43K to $30K in a day) and Coinbase struggled with downtime, frustrating traders who couldn’t react quickly.

2021年5月19日 - 數字貨幣歷史上最大的撞車事故之一（BTC每天從43,000美元下降到3萬美元），而Coinbase在停機時間掙扎，令人沮喪的交易者無法迅速做出反應。

October 27, 2021 – Shiba Inu (SHIB) skyrocketed, and Coinbase had delays, showing its recurring issues with handling surges in memecoin interest.

2021年10月27日 - Shiba Inu（Shib）猛增，Coinbase的延誤表明了其反復出現的問題，並在Memecoin興趣方面處理潮流。

These outages and freeze-ups almost always occur during significant market events and heightened volatility. Whether a popular coin is surging or crashing, Coinbase struggles, leaving users frustrated that they’ve missed out on the action.

這些中斷和凍結幾乎總是在重大市場事件和波動率提高的情況下發生。無論是流行的硬幣正在猛烈湧現還是崩潰，Coinbase掙扎，使用戶沮喪地因為錯過了這一行動而感到沮喪。

Yet, outages during key moments aren’t the only thing plaguing Coinbase. There’s an equally concerning trend that has been unfolding.

但是，在關鍵時刻的中斷並不是困擾著coinbase的唯一事情。有一個同樣令人關注的趨勢正在發展。

Can Coinbase honor cashouts?

Coinbase可以兌現現金嗎？

There have been widespread claims on social media about Coinbase account freezes. Many users have reportedly experienced account freezes when trying to cash out large amounts, leading some to question whether Coinbase can honor cashouts or whether it’s stalling for time.

在社交媒體上，關於Coinbase帳戶凍結的廣泛主張。據報導，許多用戶在嘗試大量兌現時經歷了凍結，這導致一些人質疑Coinbase是否可以兌現現金量或時間是否停滯。

Fun Fact: There’s no legitimate reason for Coinbase to suddenly restrict and freeze your account, and then later magically unfreeze it for compliance purposes. Sending in additional documentation is a stalling tactic.

有趣的事實：Coinbase突然限制和凍結您的帳戶沒有合理的理由，然後以合規性的目的神奇地將其神奇地解開。發送其他文檔是一種停滯策略。

If there was truly a problem with your account, it would…

如果您的帳戶確實有問題，那將是…

Those who have been involved in the digital currency and blockchain industries for a decade or more have to ask: is this economic freedom? What is the point of blockchain tech if corporate third parties like Coinbase can freeze accounts, withhold funds, and hold up transactions by failing to scale?

那些參與數字貨幣和區塊鏈行業十年或更長時間的人必須問：這種經濟自由嗎？如果像Coinbase這樣的公司第三方能夠凍結帳戶，扣留資金並通過未能擴展來凍結​​交易，則區塊鏈技術的重點是什麼？

Is it perhaps the case that Coinbase backed small block BTC, crippling the effectiveness of the original Bitcoin protocol, because it saw an opportunity for itself to act as a layer-two gatekeeper, making vast profits in the process? And isn’t this just old wine in new bottles if so?

Coinbase支持小型BTC的情況可能會使原始比特幣協議的有效性削弱，因為它看到了自身充當兩層兩者兩個守門員的機會，在此過程中獲得了巨大的利潤？如果是這樣，這不是新瓶子裡的舊葡萄酒嗎？

How can this keep happening every cycle?

這如何保持每個週期？

It’s time to face the truth: there’s no practical reason why Coinbase should continue to face these issues. It’s certainly not a resource shortage because its last reported revenue of $1.13 billion and net profit margin of 6.69% leaves plenty of money to invest in infrastructure.

是時候面對真相了：沒有真正的理由為什麼Coinbase應該繼續面對這些問題。當然，這不是資源短缺，因為它上次報告的收入為11.3億美元，淨利潤率為6.69％，為基礎設施投資了很多錢。

So, what is it then? Perhaps Coinbase’s priorities are wrong. Instead of listing endless garbage tokens to generate more trading fees, maybe it should focus on scaling its tech stack and preparing for the next surge.

那麼，那是什麼呢？也許Coinbase的優先事項是錯誤的。與其列出無盡的垃圾令牌來產生更多的交易費用，還應該專注於擴展其技術堆棧並為下一次激增做準備。

We’re still far from mass adoption of digital currencies, but we’re getting closer with every cycle. The more new users encounter problems like Coinbase repeatedly creates, the longer that will take.

我們離數字貨幣的大量採用還很遠，但是每個週期都越來越近。越來越多的新用戶遇到諸如Coinbase反復產生的問題，越長。

Watch: Bringing the Metanet to life with Teranode

觀看：將元人帶到teranode栩栩如生