Bitcoin Forum

Well, thread title says it:

i am trying to cancel an order but the system don't let me do it, plus price is swinging a lot and i can't understand a thing.. it is a very mess right now, all because of this bitcoincash pump and dump

any other experienced the same? i don't know if the system has already take my actions in account and they are going to be executed anyway or not ...

terrible terrible situation..

Kraken has been unusable for months and months and that's common knowledge. Proper traders have long since abandoned it. The only thing it's good for is converting currencies.

Pull your money out, tell them why, and shop elsewhere.

I am also on kraken and trading is a hell.....
A lot of errors and orders not coming through.
Takes ages to execute orders
I am taking my coins to another exchange, cause serious trading is not possible on kraken

I know programming. Programming a trading engine is as simple as ABC, just simple accounting. An honest implementation (which it should be) is to allow immediate cancellation of order. This is very easy to accomplish.

You match orders from a pool of buyers and seller sequentially. Orders to cancel is monitored at another thread. As long as an order is not the orders in the current price matching - and order cancellation should be immediate. Our current processors are very powerful and there is not need to delay any order cancellation.

They lock your order in order to do sure-win arbitrage when they need time to confirm their arbitrage order.

I think there are a few complains about Kraken. Don't trust them.

^ thank you for your insight, i hope they are not making it by purpose but it is a fault in their management of system

Kraken is under heavy load.

They're supposed to be releasing a new engine, but so far it hasn't made it under testing.

My advice is don't use kraken during the daytime hours of Europe - that's when it seems to stall the most. Instead wait till evening or after midnight Europe and place limit orders that will execute the next day.

For Europeans, Bitstamp does offer a good usable alternative.

There was also a server breakdown when Facebook made its debut - Nasdaq was down for a period of hours, I think. The reason they gave was something like ...transactions were flooding their servers causing it to crash..

Dumb! Every system programmers know that you have queues for buy and sell orders, they are just files. I don't care a million users suddenly want to connect, they just won't get through. The platform just matches the orders already in their queues and keeps running.

Leave Kraken if you can.   

Another thing I forgot to mention. In a very honest implementation of a trading platform (as it should be):
   
This also is routine system programming. But I believe most stop loss orders may not be honored in this manner - never with Kraken from what is happening. Only with real stops can proper speculation be done in such volatile markets.

From what I know, all bitcoin exchanges allow program trading through bots - free of charge. This should be if I were to implement an exchange as it would be the best manner to have the smallest market spread.   

Why did you post this under Bitcoin Economy, Speculation thread?   There is part of forum designated for exchanges. Or services. I also bet Kraken have own thread here on this forum.

It's been like this for months, i suspect they will be bankrupt soon and will vanish in thin air, doing a little Mt. Gox there. Taking all our crypto with them.

LOL

You have to keep banging the cancel button and refreshing, eventually it goes through. Sometimes it seems like its not cancelled but it is so do a browser refresh. Its a nightmare though sometimes and impossible to use at peak times when the market is moving fast. I have to say they have been very trustworthy as regards money in and out though.

Yes! You are correct that I don't know how to implement a complete trading engine without help from others. I have zero knowledge about network programming - like TCP etc; but I know how to program the engine concerning matching orders, cut-loss orders,etc.. these are common sense accounting things which any programmer can do - you could do things honestly or dishonestly.

OK. There is such a thing call DDoS - denial-of-service attacks; so when many people want to log on at the same time, users cannot get through their orders.

1) I know engines can be programmed to cheat.
2) I know that if a person is logged on properly, if he can immediately get a market order done immediately, but cannot delete an order immediately, there is cheating (if the delay is unreasonable).
3) that you can implement stop loss orders where stops would be activated at the exact stop price - not a bit more nor less.

This is what I know.

I used kraken on the past and i can tell you that it is the worst exchange that i have ever used. Cryptopia is the same shit, it is full of bugs and sometimes it will dont let you withdraw your funds because they just want to, so the best thing that you can do is just to use bittrex or poloniex, they are the most safest exchanges and of course that you are going to be much more safer than in Kraken.
And kraken was a shit because they asked me for a lot of identifications about my identity, and this is not the reason of why some cryptos were created for..

Uh, isn't that impossible in a lot of cases? The exchange can't control when and where market makers decide to place - or cancel - a limit order. How could they possibly guarantee that a stop loss order will find someone else willing to buy, at exactly that price, in the middle of a crash?

Or are you suggesting that exchanges should be the counterparty themselves? That seems like a recipe for disaster.

I think I am correct. The trick is to consider what the next market quote would be if a match from the order book is confirmed. A stop order can nullify such a confirmation.

Let's examine only stop loss; there are:
1) sell order queue - now 7100, next order 7200.
2) buy order queue - now 7000; next order 6800.   
3) current highest sell limit - 6900, next 6800.
So the current quote is:
   7000/7100.
Say a sell order come in at 7000 (or lower!) replacing the best sell queue; it could be matched at 7000. Before we confirm the match, we see what the next market quote would be if it is matched; the next quote would be:
   6800/7100.
   
This quote would mean a seller may come to match the buy at 6800 and the market would drop below   the stop limit of 6900. Whenever such a situation occur, we do not confirm the trade at 7000. Instead we match the buy offer of 7000 from the queue with the stop limit sell of 6900. We confirm the trade at 6900, giving the buy 7000 a better deal at 6900. Trade would be done at 6900. The market quote now becomes:
   6800/7000

This is the trick that ensures a stop limit sell would be done at the exact stop limit price and never lower. In very volatile markets, the next best buy/sell orders may differ from the current by appreciable amounts. The trick here will still ensure a full exact execution of limit orders.      
   
I could be wrong missing some other considerations.

Kraken had a major update on it's trading engine in the beginning of January and trading has been running very smoothly. If you haven't visited our exchange lately I'd suggest dropping by. You can also check out our new trading interface at trade.kraken.com (http://trade.kraken.com).

Please drop by our Bitcointalk thread (https://bitcointalk.org/index.php?topic=290799.0) if you need anything else!