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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People understand the market but your internal liquidity issues are not market issues and they are completely within your ability to regulate.
If Kraken were a Wall Street clearinghouse you would have had to put your orders on the market once the price dropped below fair market.
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The order books are completely transparent for all to see. There is no "internal liquidity", there is only liquidity, which is posted by clients/traders on both sides. We don't manage it.
any level of margin trade would have been recked today. Why offer margin trades if this is the end result of it on your platform. With more power(aka offering more choices comes more responsibility -- running a tighter ship)
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When you have a price decoupling of over 40% from the "outside market" you have an "internal issue". Transparent or not. That issue cost me thousands.
I hope you can make this right for the thousands of users who lost money.
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This is where the issue lies. $ETH is way too big to have this much of an arbitage op on any exchange let alone a top tier exhange like Kraken.
Why are you offering margin and not doing any kind of market making on your own exchange? Most other exchanges are very serious about having good liquidity and tight spreads. Also your API trading limits are ridiculous, it’s not even possible to do decent market making on kraken
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