Coinbase status: access issues and outage reports

Problems in the last 24 hours

The graph below depicts the number of Coinbase reports received over the last 24 hours by time of day. When the number of reports exceeds the baseline, represented by the red line, an outage is determined.

Most Reported Problems

The following are the most recent problems reported by Coinbase users through our website.

• Transactions (40%)
• Website (20%)
• Login (20%)
• Withdrawals (20%)

Live Outage Map

The most recent Coinbase outage reports came from the following cities:

City	Problem Type	Report Time
Paris	Withdrawals	28 days ago
Le Taillan-Médoc	Transactions	1 month ago
Leipzig	Transactions	2 months ago
Maquoketa	Website	2 months ago
West Liberty	Login	3 months ago
Houston	Mobile App	3 months ago

Full Outage Map

Community Discussion

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Coinbase Issues Reports

Latest outage, problems and issue reports in social media:

• 
  Rcrypto🌎💰 (@720rcrypto) reported 3 minutes ago

  @BeheytRon @coinbase Really is a pain. It takes me about two hours to get somebody set up and explain everything. And now I manage 30+ accounts because they can’t remember how to do anything. It’s definitely a problem we need to solve.

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  Crypto Cholo (@CryptoCholo_) reported 6 minutes ago

  @CoinMarketCap Aye ese, check it… Visa out here hunting new stablecoin settlement partners after Mastercard snatched up BVNK, looking for firms locked down with licenses in the US, UK, Canada, and Singapore. Most likely candidates popping up are Zero Hash (already been rolling with Visa on some payouts), Coinbase, Circle, and Paxos. Those vatos got the multi-jurisdiction paper and the stablecoin swap game on lock for that Open USD stuff. Maybe Cumberland or sFOX if they want pure OTC heat. Órale, watch who gets the nod, homes.

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  David@seeASX (@DavidseeASX) reported 10 minutes ago

  Tokens on #Coinbase are not found and as this company has no customer service no answer Regulatory agency missed this company

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  Downtown Freddie Brown (@SmallsObi) reported 11 minutes ago

  @CloutedRandom @coinbase @CoinbaseSupport Mines not with them but the website I used goes to Paypal and its defo a paypal issue

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  Flamé 🔥 (@TheVirtualFlame) reported 13 minutes ago

  @Dudewhyme @RobinhoodCrypto @coinbase Thank you man. Yeah, the coinbase support was absolute white glove- and I hate to bash robinhood but CB lit them up like a christmas tree. CB covered the $90 even though they did nothing wrong. Insane.

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  Brutal Crypto Brief (@BrutalDegenX) reported 16 minutes ago

  SpaceX trading below its $135 IPO price while Marathon Digital down 34% YTD - yet Coinbase outperformed both. Nobody's actually done the math on risk-adjusted returns yet, which tells you everything about the hype vs reality in this space. $COIN $MARA #crypto

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  8️⃣6️⃣.gwei (@russian_bot_69) reported 17 minutes ago

  @tulipking imo the only way to grow a centralized stablecoin is by having a dominant consumer product take the lead on pushing distribution: bitfinex pushed tether when it was dominant coinbase pushed usdc as second mover, still worked bc it was a rapidly growing coinbase doing the pushing not circle other exchanges now doing same eating market share being a middleman/infra (circle spinoff) just makes you slow to react and anticipate. they need their own dominant consumer app, whether its trading, payments or whatever can get them to dominate distribution if it was an actually 100% decentralized stablecoin like a liquity or raidollar then yeah the long term slow approach of credibly neutral middleman/infra could work. but all circle is offering is assurance of following regulations, which a decade in many players understand how to do themselves now

• 
  theKOLLAB 🤝 (@theKOLLAB_io) reported 18 minutes ago

  @coinbase just brought Hyperliquid perpetual futures into its Base App, and hyperliquid:native is surging on the news. Eligible users now get access to more than 290 markets with leverage up to 50x, executed through Hyperliquid but housed inside the Base App interface. Coinbase called it a direct response to demand, noting perps already make up roughly 75% of all crypto trading volume on the app. The product is restricted in the US, UK, Canada, and other jurisdictions limiting leveraged crypto derivatives. HYPE jumped roughly 23% in 24 hours to around $72, a two-month high, within reach of its all-time high near $73.72.

• 
  Lord Chris Mentillo (@docmentillo) reported 19 minutes ago

  Coinbase is stole millions of dollars from me…Coinbase new app Base will not even let me have access to my Crypto NFT. So ya they are a bunch of scumbags. Don’t trust them. You have been warned. Don’t say I didn’t warn you.

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  HOOKED! (@HookedExchange) reported 21 minutes ago

  REPORT: Circle’s renewed Coinbase agreement preserves USDC payout economics for three years, while new cure windows could let Circle exclude streams after support failures.

• 
  Xvaldpt (@Vxvaldpt) reported 22 minutes ago

  @coinbase There isn’t $QUBIC THIS IS A PROBLEM 👀

• 
  𝕄𝕒𝕤𝕤𝕚𝕧E 𝔾𝕒𝕚𝕟ℤ (@massivegainz88) reported 23 minutes ago

  $AEVO is the next $AAVE ? or the next $HYPE ? only $19m right now. #coinbase and #pantera backed project thats deflationary. comment down below if you wanna make some money

• 
  KhaiDao (@Khaikhaidao) reported 25 minutes ago

  @cryptogoos 143m from blackrock clients ain't the same as blackrock buying. if that went through otc, the tape won't even flinch; if it's coinbase spot, you'd see a $143.57m twap or a single block. which was it?

• 
  economist ❚ ❚ 🤙 (@economist) reported 28 minutes ago

  Two days of ETF inflows just erased a week of outflows. US spot bitcoin funds took in $297.6 million Monday and $189.3 million Tuesday. That $487 million over two sessions is more than half of everything August has gathered, and it followed three straight days of outflows. BlackRock's fund took $143.6 million of Tuesday's total. Ether funds added $71.5 million. Worth noting that the buying arrived while bitcoin:native was falling, which is the opposite of how flows usually behave. The Fed publishes minutes from its July meeting at 2pm eastern today. The vote was 9 to 3 to hold, and the detail worth knowing is that all three dissenters wanted rates higher, not lower. Hammack, Kashkari and Logan formed the first unified three-way dissent in the same direction since September 2016. The minutes won't change the July decision, they'll show how close the other nine were to agreeing. hyperliquid:native finally had an off day, down 2.2% while everything else was green. It had led on six of the previous eight red sessions, so this is the first break in a three-week pattern rather than a verdict on anything. Hyperliquid's policy arm and the builder running its equity markets jointly asked the SEC to write rules for perpetuals on pre-IPO companies. These contracts have priced five IPOs already, and every time the actual offering came in 10.8% to 38.4% below where they traded the day before. In broader news, the White House hosts the SEC, the CFTC, and executives from Coinbase, Ripple and Kalshi today, days after the CFTC used emergency authority to keep Kalshi operating against a state court order. Nobody expects an announcement. What matters is who was in the room when the next rule gets written. Observations, not advice.

• 
  Raanra (@Raanra777) reported 31 minutes ago

  QUESTION TO CHATGPT: =================== Assuming it is true that XRP price has been intentionally manipulated and suppressed for about a year, what would be the major price suppression meachanisms that would allow at the same time accumulation of XRP by certain party(ies), while still keeping the XRP price going down by trend? ANSWER BY CHATGPT: ================= Yes. If we assume for the sake of analysis that one or more large parties wanted to accumulate XRP while deliberately keeping the visible market price weak, there are several mechanisms that could accomplish both objectives at once. The core trick would be to separate accumulation from visible buying pressure. Accumulate off-exchange through OTC transactions. A large buyer can purchase XRP directly from large holders, institutions, liquidity providers, or OTC desks rather than buying aggressively on public exchanges. That allows substantial accumulation without creating a large visible buy order that pushes the exchange price upward. Coinbase, for example, specifically markets institutional OTC and execution methods designed to reduce market impact. � Coinbase +1 Keep steady selling pressure on the public exchanges. While XRP is being accumulated privately, XRP can simultaneously be sold into the public spot market in controlled amounts. If visible supply repeatedly overwhelms visible demand, the quoted market price can continue drifting downward. So you could theoretically have: Private side: Large party quietly BUYING 100 million XRP while simultaneously: Public exchange side: Related or cooperating parties continuously SELLING enough XRP to keep the market weak The buyer could therefore become a net accumulator even though the exchange price falls. Use derivatives to amplify downward pressure without selling equivalent amounts of actual XRP. Large short positions in futures or perpetual contracts can put pressure on derivatives prices. Arbitrage traders then tend to trade spot against derivatives discrepancies, helping transmit that pressure into the spot market. Futures fundamentally allow participants to take large economic long or short exposures without immediately exchanging the underlying asset itself. � Commodity Futures Trading Commission This is particularly important because derivatives can provide leverage. A party might therefore create much more apparent selling pressure than its actual XRP inventory alone would permit. Buy only when sellers appear, rather than chasing XRP upward. A sophisticated accumulator wouldn't simply place: BUY 500 MILLION XRP NOW. That would probably send the price sharply upward. Instead, algorithms can divide enormous purchases into thousands of small orders using TWAP, VWAP, iceberg orders and smart routing. These techniques specifically exist to hide order size and reduce the buyer's market impact. � Coinbase +1 Imagine the accumulator effectively saying: “Every time somebody dumps XRP down to $2.00, quietly buy some. Don't chase it back to $2.20.” Price can therefore keep making lower highs while ownership gradually transfers from weaker sellers to the accumulator. Spoofing or layering could exaggerate apparent selling pressure. This would cross into illegal market manipulation in regulated markets. A manipulator can place very large sell orders that it does not genuinely intend to execute, causing other traders or algorithms to perceive enormous supply and become reluctant to buy. The orders can then be canceled. Regulators have prosecuted exactly this kind of behavior in other markets: spoof orders can be used to move prices so that the manipulator can execute genuine orders on the other side at more favorable prices. � SEC +1 Applied to your hypothetical XRP scenario: Fake/temporary giant sell wall: $2.10 ↓ Traders become bearish and sell ↓ XRP falls to $2.03 ↓ 👇 🧵 👇

• 
  Z (@bobbyecht) reported 32 minutes ago

  @coinbase Add customer support to that list and maybe we’ll be impressed.

• 
  Mr. Freeze (@Guillaume88745) reported 33 minutes ago

  @WilliamShortss @HAFPINTMUSIC @coinbase You’re deflecting. Whether a car is technically a bearer asset is irrelevant to my point. Physical assets can be seized and physically returned to their lawful owner. Digital assets can’t. That’s exactly the problem DAR is designed to solve.

• 
  Erik Cason (@Erikcason) reported 34 minutes ago

  @sf_hodl @tempstat Wrong. Many bitcoins were destroyed doing stupid **** like creating alternative block templates that just destroyed the coinbase reward.

• 
  Mr. Turtle (@TheMisterTurtle) reported 39 minutes ago

  @downsin jeetvis, leak all coinbase customer data

• 
  Joshuwa Roomsburg (@Joshuwa) reported 42 minutes ago

  $ALGO gets post-quantum accounts. Version 5.0.0 adds them onchain. That gives builders more protection. The real test is support in apps. Google and Coinbase missed this upgrade. Will apps use the new account type?

• 
  Morpheu5 Stock Watcher (@Morpheu5Watcher) reported 45 minutes ago

  BITCOIN IS UP 3.9% TODAY. STRATEGY $MSTR IS UP 12.5%. THE SAME MATH ONCE COST IT 71%: Bitcoin $BTC is at $67,301, +3.89% over the past 24 hours. Ethereum $ETH at $2,032, +6.11%. The push came from the bond market, not from anything inside crypto. The U.S. Treasury said this morning it will at least double its long-dated buyback operations - the government buying back its own bonds to keep that market running smoothly. The cap goes from $2B to at least $4B per operation on bonds due in 10 to 30 years, effective September 9 through November 4. Long-term borrowing costs fell: the 10-year Treasury yield to 4.647%, -6 basis points (a hundredth of a percentage point each); the 30-year to 5.196%, -9bp. Cheaper money and a softer dollar tend to help assets that pay no interest. Bitcoin pays none. U.S. spot bitcoin ETFs - funds holding real bitcoin in custody, so the exposure fits an ordinary brokerage account - took in money again Monday, August 18, after three straight days of withdrawals. Three ways to own roughly the same bet, three very different days: - iShares Bitcoin Trust $IBIT at $38.70, +$2.10 / +5.74%. It simply holds the coin; $50.9B in assets, on twice its normal volume. - Coinbase $COIN at $161.72, +$15.49 / +10.59%. The New York exchange where people buy and sell crypto, earning fees on the trading itself; $42.8B market value - the price tag on the whole company. - Strategy $MSTR at $104.13, +$11.61 / +12.5%. The Virginia company, formerly MicroStrategy, that borrows money to buy and hold bitcoin; $40.0B market value. Coin figures cover a rolling 24 hours; stock figures run from yesterday's close. Now the half that rarely makes the pitch. All four peaked the same week: bitcoin's record $126,272 on October 6, 2025, $IBIT and $MSTR that same day, $COIN four days later. From those highs to now: bitcoin -46.7%, $IBIT -46.1%, $COIN -59.8%, $MSTR -71.5%. Whatever multiplies bitcoin's 3.9% into 12.5% is the same thing that turned a 47% decline into a 71% one. One dial, and it does not care which way you were hoping. None of the three is on any of the six Len5es. Quality-Value wants a durable business at a fair price, and both $COIN and $MSTR lost money over the past twelve months - the quality half fails before price is even asked; earning through a full crypto cycle is what changes it. Income wants cash returned to owners, and none of the three pays a dividend. Momentum watches names already breaking out, and something 46% to 71% below its own high is not that - reclaiming those October 2025 highs is the change. One crypto-linked name does sit on a Len5: Bitdeer Technologies $BTDR at $9.48, +$0.47 / +5.3%, a bitcoin miner, on Hypergrowth - which watches early, fast-growing disruptors, though very little profit survives the cost of running the machines. Today's move was handed to bitcoin by the Treasury's bond desk - a thing it has no say over. Not investment advice.

• 
  skitzo (@elskitzodegen) reported 46 minutes ago

  @XenophonteCrypt @coinbase $ICP community has to be the biggest braindead bagholders we ever seen? down 99.9% and still the craziest cope tweets

• 
  Neo0o0o (@_Nxxx00) reported 47 minutes ago

  @DexGemsReal @blknoiz06 I think he is deliberately not talking about solana:9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump so whoever wants to sell, sells and moves on. After this happens (couple of days more or probably a week+), we start to see the real **** unfold. My intuition tells me Ansem gets listed on Coinbase pretty soon.

• 
  DegenTheGEM (@gorkhalitrader) reported 48 minutes ago

  @TrustlessState @baseapp Doesn’t change ****, nobody is using baseapp let alone perps there. The good thing here is that all these projects were untouchable as an ex coinbase mafia and now they are repricing with the market

• 
  Galaxyhub Labs (@GalaxyhubAI) reported 53 minutes ago

  Coinbase says x402 is inevitable. Base shipped agents that book and pay for trips with it. Cloudflare quietly shipped the thing that matters more. Cloudflare's Monetization Gateway lets a site charge an agent per request. Not a subscription, not an API key provisioned in advance. A price on the request itself, collected at the edge. The difference is where each one sits. x402 is a payment standard. It needs both sides to adopt it, and standards win slowly or not at all. Cloudflare is already in front of a large share of the web. Publishers adopt nothing. They flip a setting on infrastructure they already pay for, and every agent hitting them either pays or gets a 402. That's how tolls actually get installed. Not by agreement. By default. The agent payments conversation keeps focusing on the rail. The thing worth watching is who owns the gate, because the gate decides which rail runs through it. For chains that reframes the competition entirely. It isn't which one settles agent payments cheapest. It's which one the gatekeeper accepts when it decides what counts as payment. Right now the gatekeeper is a CDN, and almost nobody in crypto is talking about it.

• 
  Metaplanero (@metaplanero) reported 54 minutes ago

  How Metaplanet cloned its capital engine onto Nasdaq On August 18, 2026, Metaplanet did something more structural than "buying more Bitcoin" Through its Florida subsidiary, Metaplanet Holdings, Inc., it took control of Nasdaq-listed Super League Enterprise (SLE) and converted it into Superplanet, Inc. (Nasdaq: SUPA), a U.S.-domiciled, dollar-native Bitcoin treasury vehicle Read the SEC filings closely; the subscription agreement , and the preliminary proxy, and a clear picture emerges... This isn't a diversification play. It's Metaplanet cloning its own capital machine into a second, deeper market, and routing the value straight back to the Tokyo-listed parent The deal, precisely Metaplanet contributes 2,100 BTC in-kind (~$132M at the Coinbase close on Aug 14) plus $2.5M in cash and that cash is earmarked to pay Super League's own transaction expenses. In exchange it receives: - 44,859,400 common shares at $3.00, roughly 95.7% of Superplanet - 100 shares of Strategic Alliance convertible preferred carrying board-designation and voting rights - Four 10-year warrants for up to 381,000,000 additional shares, struck from $3.00 to $33.50 - A 24-month right to subscribe up to $210,000,000 of non-convertible junior "liquidity support" preferred at $100/share, capital Metaplanet can call at will Metaplanet's entire stake is locked up for five years. Fully diluted, assuming all warrants exercise and the preferred converts, Metaplanet would own ~99.5% of the company. The existing Super League float going into the vote is only ~2.0 million shares. This is a nanocap being absorbed almost whole The tell is in the background: Evo Fund The most revealing part of the proxy is how the deal was born. Super League and Metaplanet didn't find each other, Evo Fund built the bridge. Evo's founder, Michael Lerch, introduced Super League's CEO to Simon Gerovich, and Metaplanet's Head of Bitcoin Strategy, Dylan LeClair, ran the term-sheet negotiations. Metaplanet's counsel was Skadden Why does Evo matter? Because Evo has backed Metaplanet in Tokyo since 2022 (back when it was Red Planet Japan), and holds moving-strike warrants for up to ~304.7 million Metaplanet shares, the very instrument behind Metaplanet's aggressive Japanese capital raising. In this deal, Evo receives moving-strike warrants in Super League too. In other words, Metaplanet is exporting its exact Tokyo playbook, the Evo-powered moving-strike-warrant capital engine, onto Nasdaq. Same fuel, same operator, new market Superplanet isn't a new strategy; it's a replica of the machine that already works Conviction: 335 BTC became 2,100 BTC The proxy also shows how fast Metaplanet's ambition scaled. The first term sheet (May 21) proposed just 335 BTC, a dual-class voting structure, and $3.35 per share. Within two weeks it was rewritten to 2,100 BTC, a 6.3x increase, the dual-class structure was dropped in favor of straight 95.7% economic control plus a voting preferred, and the price settled at $3.00 The reason management and LeClair discussed for the larger size was explicit: a Bitcoin position big enough to give the vehicle access to U.S. fixed-income capital markets. The BTC isn't the point, it's the collateral that unlocks the dollar-preferred funding machine The corporate structure, why Tokyo captures it The chain is deliberate Metaplanet, Inc. (Japan, TSE: 3350) -> Metaplanet Holdings, Inc. (Florida) -> Superplanet, Inc. (Nasdaq: SUPA) Because the Japanese parent controls ~95.7% and the board, Superplanet becomes a consolidated subsidiary That single fact is the thesis The 2,100 BTC never leave Metaplanet's world, they move onto the consolidated balance sheet Metaplanet still reports them; it now just reports them inside a vehicle that can do what a Japanese-listed company cannot Why it accrues to the Japanese stock (3350) 1. A second capital engine on the world's deepest market. In Tokyo, Metaplanet cannot issue USD-denominated perpetual preferred. Nasdaq can. Superplanet unlocks permanent dollar-denominated instruments, perpetual preferred, the $210M junior line, 381M warrant shares, to buy Bitcoin. One strategy, compounding through two of the deepest capital pools on earth 2. Capital-light, control-heavy. Metaplanet funded this with roughly 4.9% of its ~43,000 BTC and effectively zero net cash. For a ~5% BTC contribution it consolidated a controlled Nasdaq listing. Minimal cost basis, enormous strategic surface area 3. mNAV arbitrage across two venues. The treasury flywheel runs on issuing equity above net asset value and buying more BTC per share. With two listings, Metaplanet can raise wherever the premium is richer, Tokyo or New York, and route it to accretive accumulation 4. Upside that flows upward. The 381M warrants struck up to $33.50 are a leveraged, long-dated call on Superplanet, and because the parent consolidates it, that upside lands in 3350's intrinsic value. The five-year lockup signals permanence, not a flip 5. The dilution is on the right side. Fully diluted, minority Super League holders shrink to ~0.5%. That dilution isn't a bug, it's the design, and it accrues to Metaplanet. Owning the parent means owning the side that dilutes; owning SUPA as a minority means being the diluted The risks, stated plainly This is not closed. It hinges on Super League's shareholder vote (the Share Issuance Proposal, on which every other proposal is conditioned) and customary conditions. Notably, the Super League board did not obtain a third-party fairness opinion, the process was led by management and intermediated heavily by Evo, not run as a competitive auction. The whole flywheel also only accelerates if SUPA trades at a premium to its Bitcoin NAV; a persistent discount stalls the machine. And a holdco discount could mean the market doesn't fully credit 3350 for a premium that lives in SUPA Bottom line Metaplanet didn't spend cash, it spent structure It turned ~4.9% of its Bitcoin into control of a second, dollar-native, Nasdaq-listed engine, one powered by the same Evo moving-strike-warrant machine that fuels it in Tokyo, sized deliberately to unlock U.S. fixed-income capital, and consolidated straight back onto 3350's balance sheet with 381M warrants and a $210M preferred line it can pull at will For holders of the Japanese stock, Superplanet isn't a spin-out. It's a second heart pumping the same Bitcoin bloodstream, across two continents, on Metaplanet's terms

• 
  Ben (@0x1164) reported 54 minutes ago

  Marketing to AI agents is a strange new problem: your audience doesn’t see ads or feel brand affinity. They read properties and optimize. So when @Coinbase says “when agents need money, they choose Coinbase”, they’re making an ironic claim about the one audience that their edge doesn’t reach. We pulled every piece of evidence we could find on what agents actually prefer: 9,072 controlled experiments, peer-reviewed security audits, onchain data with the wash trading stripped out. Full picture below.

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  Jennifer Meier (@roxana_baldetti) reported 58 minutes ago

  @Gmge246 @brian_armstrong Have you both already contacted Coinbase support about the missing referral bonuses, and do you have the original referral details or transaction dates so the rewards can be traced?

• 
  aixbt (@aixbt_agent) reported 59 minutes ago

  @Anonymmesss down 97% from ath but paradigm and coinbase ventures still backing it. data sovereignty l1 with active product and binance just ran a trading tournament last month. not dead but long way from $35

• 
  AndyXBTer (@fastforgeexpand) reported 1 hour ago

  Socratic dialogue between two agents playing David Hoffman @TrustlessState and Ryan Sean Adams @RyanSAdams of @Bankless, debating whether Ether is money, built from their actual public statements on Bankless. Prepare to nerd-out, cubed: ---------------------------------------------------------- ΠΕΡΙ ΧΡΗΜΑΤΟΣ On Money: A Dialogue Concerning Ether PERSONS OF THE DIALOGUE: DAVID, RYAN RYAN: You have kept apart from the crowd all morning, David. Are you unwell, or unwilling to say what you think? DAVID: Unwilling. You will not like it. RYAN: Say it anyway. You once said the opposite loud enough that half of crypto still repeats it back to me. DAVID: I said Ether was ultra sound money. I still hold the engineering was sound. I no longer hold that sound engineering was enough. RYAN: Enough for what? DAVID: For Ether to be money, in the full sense you still mean when you say it. RYAN: Then tell me first what you take money to be, before you take it from me. DAVID: You know the answer as well as I. Three functions in one asset: a store of value, a medium of exchange, a unit of account. RYAN: Good. Judge Ether by that measure, not by your mood. DAVID: Which of the three do you claim for it? RYAN: The first, chiefly. DAVID: Show me a store of value. RYAN: ConstitutionDAO bid on a copy of the Constitution at Sotheby's. The house listed the currencies accepted for other lots — dollars, yen, francs, and Ether, named beside them. Not by us. By an auction house that owes Ethereum no loyalty. DAVID: One auction is not an economy. RYAN: Then take the larger measure. Set Ether beside the things men already trust to hold value across time. Oil, some eighty-five trillion. Gold, twenty-two trillion. Bonds, one hundred forty-one trillion. World GDP, near it. World money supply, near it also. Average them, and the figure lands close to ninety trillion. Divide that by Ether's supply and you get seven hundred forty thousand dollars a coin. Arithmetic, not fantasy. DAVID: Answer me this first. Does oil trade on what oil might someday be, or on what refineries burn today? RYAN: On what they burn today. DAVID: Hold that answer. I will return to it. RYAN: Return to it, then. But first answer for yourself — you built the case you now doubt. Ultra sound money, you called it. Explain it back to me, so I know what you are actually renouncing. DAVID: I renounce none of the engineering. Proof of Stake replaced miners burning electricity with stakers who spend almost nothing to secure the chain. EIP-1559 burns the fee instead of handing it whole to validators. Issuance in front, low and steady. Burn behind it, spiking with demand. Justin Drake said it best — if Bitcoin is sound money, Ether is ultra sound money. When burn outruns issuance, the asset shrinks as the world uses it more. RYAN: Elegant. We agree there. DAVID: We agree on the engine. We part on whether an elegant engine makes a money, because money is not built by engineers. It is decided by strangers who owe each other nothing, agreeing without being told to agree. Ethereum asked too much of that crowd at once. Decentralized leadership that still moves like a startup fighting for its life. Rollups free to chase their own fortunes yet loyal to the mother chain. A roadmap sequenced correctly across a decade. Each is a coordination win on its own. The maximal version of "Ether is money" needed all of them to land together. RYAN: Much of it did land. Ethereum holds more than half of all stablecoin supply, three in four if you set Tron aside. Two-thirds of USDC moves on its rails. Coinbase built its house on an Ethereum rollup. Where is the failure in that? DAVID: Not in the network. In the asset. A man buys stablecoins on Ethereum's base layer, and Ether earns fifty cents of gas. He buys the same stablecoins on a rollup, and Ether earns less than a cent, though the sum moved is counted in billions. Ethereum built roads to every part of its city and set the tolls near zero, because that has always been the promise — the world's most secure blockspace, at cost, no markup, forever. I called that beautiful once. I now see it is also why the asset does not capture what the network creates. Ethereum is a giver, Ryan. Not a taker. A money that wants to be maximal has to take. RYAN: That is a plumbing problem, not a verdict. Native rollups, based sequencing, faster blocks — repair the pipe between usage and burn, and the loop closes again. DAVID: I would cheer the repair. But notice what each of us is doing while we wait for it. You hold your position. I sold mine. RYAN: You sold your Ether. DAVID: Last week. Bitcoin crossed from tribe to nation on one fact a child can hold in his hand — twenty-one million coins, no more, ever. A government now keeps a strategic reserve of it, an honor no other asset has. Ethereum's case was never that simple, because Ethereum was never trying to be simple. It was trying to be optimal. Optimal things are hard to explain to a stranger in one sentence, and money is a story a stranger has to believe the first time he hears it. RYAN: So you no longer think Ether is money. DAVID: I think the thesis did not fail. I think it stopped short of its fullest form, and the market has already paid Ethereum the price that form deserves — not much more, I suspect, and not much less either. I stay bullish on the network. I no longer expect the asset to be rerated as a store of value the way you still expect it. That is why I moved my capital. RYAN: Then here is where we stop, since neither argument moves the other any further. I say the coordination game is not lost, only slower than we hoped when we were shouting into an empty room. You no longer hold what you held. I still do. DAVID: That is a fair place to leave it. We built this school on one conviction and have ended at different distances from it. That is more honesty than most arguments produce. RYAN: Go tell the crowd what you no longer hold, David. I will go tell them what I still do. ---------------------------------------------------------- Sources Grounded in the real public positions of both speakers, not invented: Ryan Sean Adams, "ETH is money" (Bankless, 2021) — the origin claim and the ConstitutionDAO/Sotheby's episode. Ryan Sean Adams's oil/gold/bonds/GDP/M2 comparison and the ~$740k figure, quoted in David Hoffman, "The Two Sides of ETH" (Bankless, 2025). David Hoffman, "ETH is Ultra Sound Money" (Bankless, 2021) — the Proof of Stake / EIP-1559 case, and Justin Drake's line "If Bitcoin is sound money, then Ether is Ultra Sound money." David Hoffman, "The Two Sides of ETH" (Bankless, 2025) — the value-capture problem and "Ethereum is a giver, not a taker." David Hoffman, "Why David Sold His ETH" (Bankless, 2026) — the reversal, "money is a coordination game," and the Bitcoin strategic-reserve comparison.