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

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

Jesse Powell

@jespow

Feb 23, 2021

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.

Rattler

@RaddlerSnake

Feb 23, 2021

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.

BTCVIX

@BTCVIX

Feb 23, 2021

yeah I don't even use Kraken, some friends of mine are smart enough to park some capital there for these kind of fuck ups

Replying to

and

Some see problems, others see opportunities. On the up side, it does seem like these movements bring more liquidity to the exchange.

1:05 AM · Feb 23, 2021Twitter Web App

Replying to

and

Jessie, every pair that has margin trading on your platform had a 30-90% flash crash today and you're denying that there was a problem?

Jesse Powell

@jespow

Feb 23, 2021

That's not true but what's the hypothesis? We can test it. Markets moved across all the exchanges.

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Replying to

and

What a BS answer I did not lose $ yesterday and been using kraken for year bit after reading this from there CEO I’m done. Thx Jesse 🤯🙈

Replying to

and

Actually absurd you would call it an opportunity given the amount of individuals who couldn't even access their account. A routine issue that goes unacknowledged here.

Replying to

and

Must say I’m very disappointed Jessie. I’m not saying kraken must 100% fully compensate for what happens yesterday’s bit your response to these valid questions my god 😓

Replying to

and

I got liquidated also on kraken.I was using margin also on binance with about the same amount of collateral and had no liquidation, ended with a profit after the dip. It is clearly a system default prices went for eth up and down from 800 to 1200 multiple times in a few minutes

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