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If you want an idea of how freaking massive the market is right now
... Cloudflare has had multiple exchanges contact us asking for diagnosis and investigation into sustained DDoS attacks.
There were no DDoS attacks, this is all real traffic and the volume has just increased that much.
We've had some of our best people dedicate a lot of time sampling traffic and diving into details, and concluded these sites are just gaining a global mainstream audience when they were only really architected for a niche geolocal audience.
Everything is breaking, and so everyone is staying online by reducing load, slowing onboarding, and creating queues for transactions.
Note: If it does turn out to be a bubble, few of these sites are going to manage to stay online when the masses try to pull out.
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Velocio
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As is Bittrex for that matter.
If you want an idea of how freaking massive the market is right now, Bittrex regularly have 500,000 active users trading at the same time.