Conversation

What's hard to understand? Any super whale can move any market any time they want.

Feb 23, 2021

I can dig through the archives this happens a bit more on Kraken for some reason Jesse also a 50% discount from the rest of the market on a major pair tells me some one of risk management over there at Kraken is sleeping.

Jesse Powell

@jespow

Feb 23, 2021

What would be the risk that is being managed? Traders on Kraken are users. We're not market making.

BTCVIX

@BTCVIX

Feb 23, 2021

I know you are smarter than this Jesse- how about a market order that wipes the books to a point of generating a liquidation cascade ? You can't with a straight face tell me what occurred today on Kraken was orderly market function, more levered up exchanges didn't move that much

Hoodie

@iwearahoodie

Feb 23, 2021

Genuine question, What are they supposed to do if a fat fingered whale hits market sell?

BTCVIX

@BTCVIX

Feb 23, 2021

OKex limits the size of market orders and forces multiple orders and/or limit orders based on the thickness of the book, some of these things have been honed and polished up for years I am more turned off by the lack of concern from Jesse, I guess to him it isn't an issue ?

Jesse Powell

@jespow

Feb 23, 2021

We do the same but if you jump through the hoops and want to dump anyway, we don't stop you. Should we?

BTCVIX

@BTCVIX

Feb 23, 2021

let me start at the root aspect with some honest questions: Do you think this event improves your image to current and prospective customers ? Do you think overall customers feel this was event is fair ? Do you even consider this an "event" worth handling ?

Jesse Powell

@jespow

Feb 23, 2021

1. No, 2. Yes (someone took the other side of every trade) but I'm sure people who sold at a price lower than the current best bid would prefer a do-over, 3. what would "handling" it be? Everything appears to have operated as expected. The event was entirely predictable.

BTCVIX

@BTCVIX

Feb 23, 2021

maybe I am crazy but I guess when a market dislocation happens on the magnitude of 50% difference in price on a very major pair to the rest of the market that it at the very least leaves a bad taste for many customers -- this wasn't some random shitcoin pair

Replying to

and

Most people don't use stop market orders, and most people don't trade with margin, and those who trade with margin aren't usually collateralizing their long position with the same asset they're long, setting themselves up for a double whammy when the price dips.

12:57 AM · Feb 23, 2021Twitter Web App

Replying to

and

Good to know how your users are valued on a case by case basis. Looking forward to exiting.

Rattler

@RaddlerSnake

Feb 23, 2021

I wasn't even impacted by this, but the fact that your defense of the circumstances is based on the percent of users in x leveraged position vs not, is telling.

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Replying to

and

For someone who is looking to trade leverage with stop losses. How would I trade on

@krakenfx

without getting affected?

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Replying to

and

Can you release the numbers of how many leveraged buy-limit orders went unfilled because Kraken didn't have sufficient margin funds available at the time to fill them? Is there somewhere we can go to track the size of your margin pools on a real-time basis?