You should realize that by using BTC as a collateral for a long position you effectively had more leverage than intended [...]
You can't be serious! What you're implicitly saying is that the BFX team wasn't smart enough to notice this earlier!? I think they are doing a very good job and they're fully capable of understanding the consequences of previously allowing this. I assume they know why they're taking this decision now (and that they were fully aware of the previous leverage), which still doesn't mean I like it for my trading profile.
If you want to get into insane leverage you should check btc.sx. They offer 10 X leverage and from what I have read so far are guarranted to rip you off through large gaps, unfair stops and high slippage.
I don't want insane leverage, especially not on a platform with that large a spread. But with a proper risk management you can safely handle the bfx leverage as it currently is, and even the 4:1 they used to have (even in parts of the November bubble bull run, believe it or not!), if you tread cautiously. It isn't my fault that some traders don't practice a proper risk management and don't stop bad trades early. I understand that BFX wants/has to play safe, but I personally would prefer more leverage.