I came across a recent update by VP of GDAX Adam White stating that GDAX will be crediting their customers that had their ETH Stop Loss triggered or their Margin called in light of the June 21 rapid price movement that happened. The good thing is all those who were able to scoop cheap ETH gets to keep theirs.
I find this act very noble. This is basically them giving free ETH to those people who were speculating and got their asses handed over to them by someone or something that tried manipulating the market. By showing they care about their customers warrants them a pat on the back. Does the users who were affected deserve getting liquidated or margin called? Of course! It's the price you pay for taking the risk and I doubt if this happened in Poloniex everyone would just say "that sucks bro" then move on which makes GDAX decision more admirable.
Now, from what I understand from what happened it should take Millions of dollars to make that event happen. In the ballpark of around $4 Million worh of ETH which does make it look like Market Manipulation. Which makes GDAX's action to this surprising and again admired. They showed commitment to their customers and I expect influx of people using their platform because of this wise decision.
I normally don't use GDAX (only used them once when I wanted to buy IOTA) but will take a look at doing more business with them from now on.
Reference :
https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6?gi=19a59c6e0fa8
PS: Obviously I'm not a paid Shill as you can see from my newbie form of writing. I just wanted to give my hats off to them and wanted to write my story off of them as I wanted to post some good news in this Wild Wild West of this Cryptocurrency space we have.
It would be nice to see a reference to the story. A press release or something.
Hi Funkit, that was a grave sin on my part. I'll be updating it now. Thank you very much for the feedback. Please take my upvote :)
Good. I will read it again then.
I think its good that they did what they did but its mostly marketing in my opinion. If they look to be the more friendly exchange compared to Polo , Bittrex etc etc then naturally they will get more users resulting in more money for them. Good that they do that but lets not say it was just because they want to but because they stand to gain more by doing so. Cheers!
yeah, good point. It's all business after all. Let's give them the benefit of the doubt. But I'd still be keen on looking at the positive side of their action as what Frost04 is saying in this article. Cheers!
I agree with what you said. Keep it up!
It's good to see GDAX valuting their customers and paying for something that was their fault in the first place, Poloniex REALLY needs to learn from GDAX lol :)
Damn right. My first exchange is Polo and moved on to Bittrex. Polo sucks. One of the owners has major connection to ETC as well. Big Conflict of Interest right there.
totally agree.
Glad to see someone sharing my point of view. Follow me as I try to put more relevant Crypto topics as I learn to improve my writing. English is not my native language. Have a good day. Have my upvote :)
Lets keep it going!!
https://steemit.com/@marshall117