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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Condescending towards your users. Who pay you. Great sounding tone.
Why I believe I was wrongfully liquidated.
1. Not able to close my order as system was unusable.
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If you got liquidated, you would not have been able to close your order after you were queued for liquidation. You would have had to close your position before the market moved to the point your liquidation triggered. There were no system issues prior to liquidations.
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Were there system issues that caused the bid\ask depth to evaporate during the event? Did those system issues cause further cascade problems? Surely a market maker would have loved to put up a $50m bid wall to get all the cheap coins.
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Not afaik. Could be market makers pulled their bids because of widespread volatility across many venues at the same time. We'd have to ask a MM who had the capital on exchange why they didn't leave it up or post it. Maybe they're not in the business of catching falling knives?
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Many market makers use automated systems that access your exchange through API no? Would you not be able to look into that? I imagine most of the bounce buying on other exchanges was done by API market orders being placed when price hit a certain level.
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You can see some tall candles over a time period, which without looking at the detailed report, appears to be new buy orders coming in to catch the sells.
With barely any volume. I see a failed system when it needed to work the most.
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I watched that for 3 minutes around $680 and it looked like no one was buying. You really telling me no one wanted to buy ether on Kraken today for $680?
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