We do the same but if you jump through the hoops and want to dump anyway, we don't stop you. Should we?
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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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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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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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To add to this, the couple people that got to buy today at these prices are the people you will keep around. The thousands of users like myself who were wrongfully liquidated will not be using or promoting Kraken ever again.
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Well, it's not "wrongfully" liquidated. It's liquidated according to the Terms. The movement was entirely predictable and just because the other exchanges didn't follow, it doesn't mean that it was impossible that they could have. Did you honestly not understand how it works?
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To be fair, I'm on the defense :) I do have an open mind about the issue. What I'm hearing though is people saying they just didn't understand how markets work at the time they placed their orders.
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Is it an issue? Does it happen on Kraken more than it happens elsewhere? What would making people "whole" entail? Covering your trading losses out of our own pockets even though you knew the risks you were taking?
I think there is some room for a middle ground -- but I guess you don't like customers... middle of a bull market minting money and you aren't going to try retain customers with some monetary solution ? you could even give them free shitcoins at a minimum
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I didn't say we weren't going to try to retain clients. I also don't want to create moral hazard, where people feel like they can get super levered, blow themselves up and get bailed out. Some clients aren't worth having.
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Ofcourse it's an issue. If you guys have liquidity issue, why not act as a market maker or have MM firms to reduce spreads? If this happened in equities, they would have been discussing about it in the senate.
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Everybody has a liquidity issue at some size. So, how much liquidity is enough? Should you be able to market sell $1m with < 0.1% price impact? $10m? $10b? It's not equities and we don't have a monopoly on trading crypto assets like stock exchanges have.
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Do you really not know this happens on Kraken more than other exchanges? Honestly all large caps were swept today on kraken by 2-3x more than other exchanges.
Uhhh it happens on kraken much much more than other exchanges. Not to mention constant outages even after your “upgrades”
😬 gotta call where em where I see em
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