Crunch Time for Cryptocurrency Exchanges – Time to Build Trust & Faith and Smash FUD
The main Binance website – www.binance.com – is offline for nearly 24 hours as other iterations of their website (us.binance.com, for example) are operating. Japan’s Coincheck faced a major hack to the tune of hundreds of millions of dollars in cryptocoin gone. And right before THAT the Kraken cryptocoin exchange was offline far longer than expected. In each of these cases the entire cryptocoin community was wracked with FUD – Fear, Uncertainty and Doubt. And for good reason. Is the money gone? Recoverable? Did my trades go through? Did I make money? Did I lose money? That’s why it’s crunch time for cryptocurrency exchanges to grow up and start living in the real world.
What if E*Trade or TD Ameritrade or Morgan Stanley or other major trading platforms reported online access trouble like this? The talking heads on CNBC, Bloomberg, Fox Business News, etc. would have a field day and stock markets would plunge. FUD effects ALL of the financial markets. Part of the reason why the cryptocoin markets aren’t being taken seriously in some financial sectors are due to failures like these. That’s why it’s crunch time for cryptocurrency exchanges; it’s time for cryptocoin to come of age.
Simply speaking, there is no reason for downtime like this. Cryptocapers.com founder and benevolent dictator Howard Sherman was an IT executive in a past life and told me all about server staging and upgrades, data migration, etc. to the point where I was bordering between information overload and sheer boredom. But I got the point; any organization can scale up without downtime. That’s what the big banks and trading platforms do. Clients never see even a MINUTE of downtime day or night 24×7 and that’s the way it’s supposed to be. That’s why it’s crunch time for cryptocurrency exchanges. They need to have the same level of performance coupled with the same sense of security any customer of any bank or any other online trading platform.
The downtime has to stop, the scaling must continue as positive outcomes are delivered without fail any time and every time.