Conversation

BTCVIX
@BTCVIX
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
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BTCVIX
@BTCVIX
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 ?
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BTCVIX
@BTCVIX
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 ?
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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.
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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.
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bigshoots/
@B1gShoots
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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bigshoots/
@B1gShoots
Ideally if parity between the price on kraken and other exchanges ranges this wildly it would be smart to put in some temporary trading halts that stop all orders from processing including your liquidation engine. It appears, over the years whales have been gaming your exchange.
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