Clearing the orderbook helps to eliminate the surprise trades, but it does not solve the risk (on the contrary this risk exponentially rises) of double spend attack after the massive hash rate drop due to the announcement.
Good call. Tho you'd have to be pretty messed in the head to waste time doing a 51% attack on a dying currency at that point, no? And if the order book is clear, there's no orders to fill during the attack?
Guess it's a no-win scenario.
We disussed the process for quite a long time, yes one of the options on the table was to clear the orderbook but ultimately we decided against it for (summary of our discussions)
- 51% attack
- trading bots, there are a few active and they'ld be immediately trading again
- how to deal with the fact that we (the Exchange) modify/delete orders of people without their consent. That's quite a different fact from just stop offering the service of trading. Users (especially those users who had bought Put-Options) could argue that they lost out a whole deal of money due to the order cancellation by the service provider.
All-in-all decommissioning a chain will always be an upleasant task, some users will prefer the orderbook reset, others will prefer the immediate termination, etc.
It's not much different from real live (or Cryptostocks, question what's your suggested process on delisting securities on your exchanges? We might need to align ourself here not to generate too much confusion or misunderstandings in the community) , when a security gets delisted on an exchange, the exchange doesn't delete the orderbook and then reopens it for a short time to let some of the shareholders do a last moment transaction.
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