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

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

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

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

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

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

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.

bigshoots/

@B1gShoots

I would like to see a change to use a market price based on the entire market instead of kraken only when triggering liquidations. The system worked far from expected as no one was able to place market orders to buy the dip on time like they did on other exchanges.

bigshoots/

@B1gShoots

1:28 AM · Feb 23, 2021Twitter Web App

Furthermore, who do you think we're the people on the other side of the trades? This seemed coordinated as only prexisting buy orders were really able to profit from this.

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and

The price bounced so fast that you wouldn't really have been able to react to it. Pretty much only orders that were there from before got filled. Just because the price touches a point doesn't mean that there's more for sale there when new buyers come in.

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and

The flash crash definitely happened in a blink of an eye. I literally took a sip of coffee and the price was nuked when I looked back up, but what happened after seemed like a stalled site with little to no orderes going through.

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I'm not so sure about that, I think 8-12 minutes is enough time.