Friday, April 12, 2024

Recent Glitch on Coinbase Made People Millions

Recent Glitch on Coinbase Made People Millions

They made millions for a moment, anyway. Coinbase recently had a hiccup in its system that made it appear to many users that they’d won big time. Screenshots were being posted to my crypto groups on Facebook of people’s insane account balances, some in the seven figures. Of course, Coinbase fixed the issue and everyone went back to having their measly coins, but that glitch got me thinking. 

About the Coinbase Glitch 

Coinbase and CoinMarketCap.com went a little crazy yesterday when the two trading platforms glitched. Neither company provided an explanation as to what happened but they both tweeted letting traders know systems were back up and running. Coinbase said trading on the platform was not impacted in any way but they are investigating some continued difficulties with Coinbase Wallet.

Crypto Still Isn’t Stable 

The glitch is a big deal because seeing numbers like that can lead people to make important investment decisions based on false data. If enough people do that, there will be a huge financial crash. That being said, this isn’t the first glitch we’ve seen in the crypto community. 

At the end of the day, any investment you make into cryptocurrency is like playing with Monopoly money. The only difference is you actually stand to lose something if Bitcoin or Ethereum tank tomorrow. At least if you were playing with Monopoly money you wouldn’t lose your life’s savings when the market drops. 

Those who have been able to make a substantial amount of money playing the crypto market have my respect. I applaud them for taking that leap but, readers, you need to be able to afford to take it. Crypto can be a great way to diversify your portfolio, but it shouldn’t be your entire portfolio. Play around with cryptocurrency investments but make sure you can stand to lose what you put in.

What Are Millionaires Actually Saying About Digital Tokens?

That’s just my two cents though. When I think about financial decisions like this, I try to take a look at what some of the wealthiest people in the world are saying. In America, 68% of millionaires hold some type of cryptocurrency investment. 

A large number of millionaires in the states believe crypto will generate big returns over the next five years. Many of them don’t see it as a volatile investment either. Of course, they are typically invested in bigger tokens like Bitcoin and Ethereum. One Bitcoin can be traded for nearly $47,000. This type of investment isn’t feasible for small traders like myself. If I lost $47K, it would cripple me.

They can afford to though. If they lose the chump change they’ve put into cryptocurrency, it won’t hurt them. They’ll shift around a few more investments and move forward. For the everyday man, losses like this can be devastating. 

What the latest glitch reminded me of is that you need to be careful with all of your investments. Do your research, get to know the market, and make your decisions based on that information.

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