I'm a noob crypto investor with a modest portfolio on Coinbase and I noticed that BTC, ETH and even Litecoin seem to move in lock-step. The graph ebbs/flows are nearly identical and that makes me wonder: 1. Are the dips correlated to Coinbase outages? There were a number of performance issues that we're fixed as a part of scheduled/unscheduled maintenance 2. Is coin diversification amongst the major ones even a thing? I mean what's the point of variety if they're all going to rise and fall together? I could be off about this but just wanted to see if this resonates with other ppls observations.
Highly unlikely that coinbase goes down and you lose your coins.
Not losing your coins. But coinbase goes down as in down time and you can’t trade
True
The dips aren’t related to coinbase outages. Like any market the various coins are interrelated so they can effect each other with bitcoin being the trendsetter. Much like during the auto industry meltdown a while ago were all auto manufacturers were impacted valuation wise even though they all weren’t in a financial crisis. However even the the overall trend follow bitcoin the other coins do have their own fluctuations that are independent. For example ETH was stalled at around $300 for a few days and only budged when BTC really took off last week. They can also be impacted if people sell of coin in order to invest in BTC (usually happens when it spikes quickly)
Stop shortening to "crypto". You're an engineer, you should know better.
Lol you just said that on my thread
Get used to it. It will be much more common.
It's currency speculation. The crypto part of the name is the least relevant.
The dip is just a correction. Diversification is good cause they don't always fall and rise together. Also do not keep your coins on an exchange like coinbase, get a crypto currency wallet and store in there.
Coinbase is a wallet though (u nay be referring to GDAX). My point is that I've witnessed them rise and fall at the same exact time (to the 5min window). Am I just taking crazy pills?
Is coinbase a real wallet? I think you don’t control the address that coinbase holds funds for you in. It may just be that you have a row in a database containing your balance. If they go down, you’re out of luck. (Though you’re protected from theft via insurance if it’s not your fault). They hold the funds. It’s a virtual wallet, because you have no control