- Margin positions will remain open
- Margin liquidations will be paused for at least 48 hours
So if bitcoin makes any big moves in the next 48 hours, there won't be any margin calls and the traders might end up with a giant debt to kraken because the positions won't automatically close? This sounds like extremely risky, and if I'm correct, might make Kraken go bankrupt if the moves are big enough, taking down with it everyone's assets still on Kraken.
> Withdrawals are now disabled and will remain disabled for a minimum of 12 hours
Can't even secure your assets for the next 12 hours if you wanted to.
Let's hope for Kraken that the coins trade sideways the next 48 hours.
That said, they've shown communication around this and the free trading is not something they HAD to do, but a gesture of apology.
in the end we'll remember this: kraken went down for 48 hours and offered free trading for 2 weeks. Of all the horrible things that exchanges have done or failed to do, there is some solace here and means kraken isn't AS bad as some of the others. so, yay for that i guess.
Great to see them back online.
I thought this kind of stuff is a solved issue, some kind of distributed queueing messaging engine with the trading logic at the collector of all these trading messages.
Jane Street Capital has a nice video presentation though: https://blog.janestreet.com/how-to-build-an-exchange/
Almost all of the exchanges still scream hobbyist; even (and perhaps notoriously) coinbase is crazily unprofessional given the ludicrously large fees they charge. They need to improve their game, or when Schwab / ETrade / Ameritrade finally wake up and smell the coffee they'll take the market.
Doesn't seem like there was any improvement despite this upgrade. Sadly there's really no alternatives for Canadians.
I'd say there was some improvement, I can now login again. Sadly indeed, reasonable alternatives are too hard to find.
A "deposit but can't withdraw" policy, however temporary, should be a huge red flag about their solvency.