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.
Conversation
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?
5
5
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.
5
1
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?
4
2
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.
2
2
You'd have to ask them. You could compare order books at the time, compare volume at the time and see how they'd have performed with the same volume. Different traders, different liquidity, different venues.
So to conclude, you are saying this is everyday thing at Kraken and Kraken won't do anything. In these day and age, buiness are built on trust; You certainly has lost a lot of that today.
1
1
Sorry, I think we can all agree that the order matching appears to have operated as expected. What you're saying is that you didn't know what you were doing so it's somehow the exchange's fault. It's not an everyday thing but it is a predictable thing that happens everywhere.
3
2
Show replies