Can't really tell a difference, the site is still sluggish as before. Sure they didn't just revert to their old code because the new didn't work out in production?
They screwed up in a big way by not having processes and QA in place to catch these issues or gradually roll out the change or pull it if it goes south. That does not inspire confidence in their abilities to operate and secure an exchange in the long run. But we'll see what they do in reflection of this event and how/what they'll change.
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.
Any docs on designing trading engines? How to process trades efficiently and correctly? What kind of algorithms, datastructures to use to make the trading engine scale?
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.
- 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.
Still getting 522s and intermittent site under maintenance notices. The trading system being unavailable is one thing, but not being able to keep a web application up under a moderate amount of traffic really does not inspire confidence in the engineering behind their service.
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.
Site is as sluggish as ever. But my balance total shows me something above $7,000,000.00 when I only have a few hundred $ actually. Is this a new feature?
The founder made his start facilitating real money trading (sometimes against ToS) in online games via sites like lewt.com and d2legit.com: https://www.bitrated.com/jespow. I'd say his execution at Kraken is living up what you'd expect from someone with his background.
A "deposit but can't withdraw" policy, however temporary, should be a huge red flag about their solvency.
I interpreted the "deposit but can't withdraw" policy more as an attempt to avoid an immediate bank run. It could be a good business decision whether they're solvent or not.
The purpose is not to prevent bank run. People had plenty of time to run if they wanted. The purpose of stopping withdrawals is to make sure people don't take advantage of any bugs that are still present. Like the poster here who reports having $7M in his account, rather than the expected few hundred.
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[ 2.9 ms ] story [ 63.7 ms ] threadGreat to see them back online.
[1] https://status.kraken.com/incidents/nswthr1lyx72
https://blog.kraken.com/post/1449/
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.
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/
- 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.
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.
A "deposit but can't withdraw" policy, however temporary, should be a huge red flag about their solvency.
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.