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.
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With barely any volume. I see a failed system when it needed to work the most.
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Kraken doesn't provide liquidity. It's up to other traders. Sounds like you have an expectation that other traders will prop the price up when you want to sell. We'd have to ask the MMs why they didn't have liquidity in that range. Maybe they were already exhausted earlier.
What happened between 14:20:30 and 14:25:00 UTC?
Market volumes don't just "go to zero" because nobody wants to trade during a flash crash. That is a system interruption.
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Also Jessie, I'd like to point out that this is not being angry that I'm rekt from what happened. I traded exactly $0 during this event.
Something happened here and shit went really crazy. The more I dig into it the more I see systemic signs of a cascade of problems.
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That’s a screenshot from YOUR website where you clearly claim your big amount of liquidity. So who’s right ? You or your website ? Deep liquidity? Execution at the desired price? Kraken liquidated my DOT at 12,6€ and left me and other traders with negative balance.
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