Quote from: unclescrooge on February 10, 2014, 07:00:34 PM

Hey everyone,

I guess it'll be my last message here for today, sorry I can't answer to every individuals requests. Requests made to our email support will be treated in the next few days, including those who lost money because of our trading halt.

So my point will be these: the liquidations that happened and took the price to 100 were less than 25% of the total leveraged long positions. A lot of traders also have collaterals in BTC. Which means that nor Bitfinex nor Bitstamp had enough depth to absorb the cascading liquidations that would have occured and drag the price to near 0 as ALL long would have eventually be liquidated.

So yes, halting the trading engine saved 15+ millions of dollars. Yes, we will be fair to traders that got caught in a short during these time (again, on support email, not in the thread). If you think we should have let liquidity providers lose everything and close the margin trading for good, I understand. Maybe we halted the trading engine a bit too long. But we do not regret this decision and think this was the fairest decision to take.

One last thing: we are not impacted by the problem of Bitcoin withdrawals MtGox have. When a withdrawal seems to have failed, we use the bitcoin address to do a manual double check. So far this is not an issue.

Thank you all for your comprehension and have a good day
Raphael

Hello,

I sent a support ticket without reply about money lost. Hopefully I will get a reply sometimes. Of course, it may sound an idiot amount for you guys, but for a trader who doesn't make much and is hard working, it's pretty sad to lose money that should have been prevented if a system was regulated and following trading best practices.

Waiting for a reply and will report on how it went.

Thanks.