Today's market crash is brought to you by Kraken's malfunctioning trade matching engine.
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Hi Kevin, I'm a fan of but don't you think it's irresponsible to make misleading, disparaging and libelous statements on the basis of your own speculation, without any direct information? I'm sure you can think of a plausible alternative. Hope you issue a correction.
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Wooow calm down, you are the boss who really should stop defending but instead helping out. There was no other exchange with these insane non-market prices. Eth going down to USD 700 !!!!!!! Please repair, you can’t rewind.
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Every price is a market price.
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Except it wasn’t, because the market broke. Clearly liquidation and stop loss orders triggered the event, however, Krakens API seized up under the lid. I personally tried to place supporting bids in ADA at 50/40/30 cents, but the API returned “unknown errors”.
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Additionally those new orders that did go through happened with 1+ minute delays. When the liquidation orders happen from within the system, but external market participants can’t place bids to stabilize or arbitrage market, serious problems happen. (Ada at .15)
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The system can queue orders and execute them over time. There should be no expectation that one can insert new orders in to the middle of this process. It's a reason to keep maker orders on the book, to absorb movements before they happen.
Are you serious? That should definitely be the expectation. At least for a serious exchange it should. We’re not talking a few milliseconds of queuing, or a few seconds, we’re talking minutes. Just my opinion, but this type of issue shouldn’t just be accepted.
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Ha this really is absurd.
You can't place bids that would stop cascading liquidations until all the liquidations in the 'queue' are done.
Their trading system is prehistoric.
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Taking an example of long position in ETH,
If my liquidation limit is $800 and one of my order placed day before yesterday was @ $850.
Today when I see price dropping to below $900 and decide to place order @ $800.50 while removing earlier order of @ $850, will system allow?