Coinbase is one of the largest and most popular exchanges in the world. But after you had to face only a few violent criticism because of the failure, you are now again causing excitement. On Twitter, users use the hashtag #DeleteCoinbase to get the latest information that the stock exchange wants to resell user data to government institutions.
Coinbase provides data to government agencies
The crypto community is not pleased with the latest news from Coinbase. With the hashtag #DeleteCoinbase, users of the exchange express their displeasure and increasingly share screenshots of the confirmation of the deletion of their Coinbase account.
The cause is reports that Coinbase intends to provide and sell data for the government agencies IRS, the federal tax authority of the USA and the DEA, the Drug Enforcement Administration. The data is provided via the cloud-based Coinbase Analytics platform. The authorities want to use it to better track money movements and uncover crimes. Of course, crypto users who value their data are anything but happy.
That's why many users on Twitter are currently asking to use the hashtag #DeleteCoinbase to draw attention to this message. Some even request that the account be deleted entirely or that Coinbase employees should look for a new job. @Mat_Odell summed up the outrage in one Tweet together, he tweeted:
If you use Coinbase, you should delete your account.
If you work at Coinbase, you should look for a new job.
If your name is Brian Armstrong, you can be forgiven.
Cooperation with the DEA and the IRS is expected to last one year. It is speculated that Coinbase will receive $ 250,000 from the IRS for providing the data. Financially a smart move, but in the long term this will certainly have a negative impact. Because the crypto community doesn't forget quickly.
Criticism of Coinbase for server failures
The criticism of working with government agencies is the second time that Coinbase has caused a stir in the past few days. Because it did not happen that Coinbase could not be reached due to extreme volatility of the Bitcoin price and that only an error message was visible to the users of the exchange. This was the case on June 1, when Bitcoin broke the magical $ 10,000 USD mark for the first time in a long time. Coinbase tried to justify the failures with a huge increase in traffic. According to the stock exchange, an increase of 500% was recorded in just 5 minutes.
The following graphic from Coinbase shows how the traffic took place at the same time as the Bitcoin price rose:
The tremendous increase in traffic within a very short time affected internal services, which increased latency times between services. This in turn led to a process saturation of the web servers responsible for the API, where the number of incoming requests was greater than the number of interception processes. The result was an error rate of up to 50%.
Markus from Kryptokumpel.de
Photo credit: pixabay.com | CC0