Coinbase（硬币）在市场集会期间不断丢球，现在该问为什么

在过去的十年中，很少有公司经历了与Coinbase（NASDAQ：COIN）相同的流离失所。它的市值为750亿美元，是北美的市场领导者，在每次公牛奔跑中，它都会变成一台收费机器。

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.

近年来，Coinbase（NASDAQ：COIN）经历了迅速增长，成为北美的市场领导者，市值为750亿美元。该公司的平台以在公牛运行期间产生大量费用收入而闻名。

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，尽管Coinbase的收入和利润大量，但仍面临批评，因为其不方便的中断和无法应付需求的冲浪。最新的例子发生在特朗普模因硬币的推出期间，当时美国总统唐纳德·特朗普（Donald Trump）和第一夫人梅拉尼亚·特朗普（Melania Trump）在Solana区块链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用户经历了最多48小时的等待，可以进行操作，许多交易停滞了20个小时以上。发射Frenzy崩溃后，首席执行官Brian Armstrong上了X（以前是Twitter），以解释发生了什么。他说，他的公司没有为用户的突然增长做好准备，并且将努力在Solana上进行比赛。

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.

我们的索拉纳积压三角列，交易应再次产生。如果您的交易被取消，您可以立即重试 - 对麻烦表示歉意。

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

很明显，我们需要在Solana上加强游戏，扩展基础架构，并为…提供本地支持。

Coinbase has a history of problems during bull runs

Coinbase在公牛跑期间有问题的历史

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崩溃并不是Coinbase在关键时刻首次将球丢掉。在2020/2021交易季节，它在多次以上的压力下弯曲了压力。以下是一些更令人难忘的实例：

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脱机，BTC飙升了6,000美元，这使想利用价格变动的交易者令人沮丧。

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

2020年5月9日 - 另一场中断发生在BTC减半之前的几天，这是市场兴趣增加的时间。

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飙升至10,000美元，Coinbase再次下降，阻止用户在关键集会期间买卖。

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 - 由于Wallstreetbets燃烧的零售疯狂，Dogecoin（Doge）飙升了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 - 数字货币历史上最大的撞车事故之一（BTC每天从43,000美元下降到3万美元），而Coinbase在停机时间挣扎，令人沮丧的交易者无法迅速做出反应。

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的延误表明了其反复出现的问题，并在Memecoin兴趣方面处理潮流。

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.

这些中断和冻结几乎总是在重大市场事件和波动率提高的情况下发生。无论是流行的硬币正在猛烈涌现还是崩溃，Coinbase挣扎，使用户沮丧地因为错过了这一行动而感到沮丧。

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

但是，在关键时刻的中断并不是困扰着coinbase的唯一事情。有一个同样令人关注的趋势正在发展。

Can Coinbase honor cashouts?

Coinbase可以兑现现金吗？

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.

在社交媒体上，关于Coinbase帐户冻结的广泛主张。据报道，许多用户在尝试大量兑现时经历了冻结，这导致一些人质疑Coinbase是否可以兑现现金量或时间是否停滞。

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.

有趣的事实：Coinbase突然限制和冻结您的帐户没有合理的理由，然后以合规性的目的神奇地将其神奇地解开。发送其他文档是一种停滞策略。

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

如果您的帐户确实有问题，那将是…

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?

那些参与数字货币和区块链行业十年或更长时间的人必须问：这种经济自由吗？如果像Coinbase这样的公司第三方能够冻结帐户，扣留资金并通过未能扩展来冻结​​交易，则区块链技术的重点是什么？

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的情况可能会使原始比特币协议的有效性削弱，因为它看到了自身充当两层两者两个守门员的机会，在此过程中获得了巨大的利润？如果是这样，这不是新瓶子里的旧葡萄酒吗？

How can this keep happening every cycle?

这如何保持每个周期？

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.

是时候面对真相了：没有真正的理由为什么Coinbase应该继续面对这些问题。当然，这不是资源短缺，因为它上次报告的收入为11.3亿美元，净利润率为6.69％，为基础设施投资了很多钱。

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.

那么，那是什么呢？也许Coinbase的优先事项是错误的。与其列出无尽的垃圾令牌来产生更多的交易费用，还应该专注于扩展其技术堆栈并为下一次激增做准备。

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.

我们离数字货币的大量采用还很远，但是每个周期都越来越近。越来越多的新用户遇到诸如Coinbase反复产生的问题，越长。

Watch: Bringing the Metanet to life with Teranode

观看：将元人带到teranode栩栩如生