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.
Conversation
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.
3
2
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.
2
2
I'm not so sure about that, I think 8-12 minutes is enough time.
3
11
tall candles means bids were getting in to absorb the selling over that period.
1
1
Jessie... you had a cascading flash crash on your platform because of margin. Your customers deserve better than this.
My inbox is open if you\your team doesn't know what happened. Because if I'm honest, the way you're approaching this I'm not sure if you do know what happened.
1
1
9
Certainly looks like that. By "deserve better", do you mean that Kraken should review every order before it's placed, make sure the trader understands how markets work and what they're doing?
5
3
Clearing houses are required to place trades on the market when internal prices go below market value to prevent this exact event. I imagine most investors would expect an exchange to do the same.
1
And is Kraken a clearing house?
An exchange is its own market.
1
If Kraken were regulated they would have to follow basic fiduciary responsibilities like every other financial institution.
No double dealing and no selling internally at a loss without putting the trade on the market.
1
Kraken is regulated and all trades go to the market.
Show more replies