Topic: Kraken Credited Bitcoin Gold? (Read 7450 times)

Yeah, thank you, Kraken for embezzling our forked digital assets to yourself. Even bittrex credited us for that bitcoin gold, which is sold around 300 dollars at the moment.

What's happening right now on Kraken is beyond crap. Massive dip, and.. you can't even BUY. So it looks like no one is buying, causing an even worse dip. I know it's a general BTC dip but an average-sized exchange like Kraken being down doesn't help.
I think I've placed an order 30x in a row so far, lol.

Meanwhile on GDAX, where the BTC is constantly +100 because no one is scared of a fall because their free B2X will compensate for it.. it's very active.

Placing an order on kraken can be an utter nightmare, but whats even worse is their margin trading.  Their margin pool is too small, so often trades dont execute.  You'll stick an order on the books and wait for price to move to fill it, and then it will simply cancel.   I've had it say via cryptowatch that orders don't go through, and therefore place them again, only to then have multiple orders execute. It can be impossible to price average because the margin pool is insufficient and complex orders are outright disabled because their platform is so rickety.

Really, their platform blows.  It simply can't handle the load and fails in more ways than I'd have thought possible.  After using bitfinex going back onto Kraken is like stepping off a bullet train onto a coal fired steam train from the 1800's.  Their crappy system has cost me thousands in profits on orders that didn't execute.  They've been saying for quite a while that they're working on, and maybe they are, but to this point I see no evidence of it.

But none of that is criminal, imo.  What they're doing here is flat out stealing, imo, and there's no way in hell I'm sitting for it.

I have heard of that flash crash. Quite frankly, in the favor of Kraken, it's not a bug, just a side effect of poor implementation/lack of safety. And oh boy Kraken really lacks safety.

But it's really worse than that - when you place an order, the platform tells you that it didn't pass because the "engine wasn't available error 809 whatever", and yet half of the time they passed you behind you back - I consider that fraudulous.
You & I know that Kraken's engine is broken as hell, but they aren't telling ANYONE about this, there is no official statement, no warning, nothing. Get into Kraken for the first time, try to buy a BTC, and you will end up with at least 3, GARANTEED.
2 months ago I told them to AT LEAST just replace their error code numbers by "Hello, the engine wasn't responding, please refresh your order list in 10 seconds. If after 20 seconds your order still has not appeared, you may place another".
This is something that would take 1 minute to change. But we can all understand why they aren't doing it. And if it's, as they pretend, because "the team is too small", well that says a lot about the risks of leaving money there.

Hi, when will that be?
I mean, only 10 days left, and I really hope you will make things clear at least 5 days before.

(and, I seriously hope that your upcoming "new engine" will WORK...)


Reading the above, they are right that you're taking big risks considering not giving out BTG's (I personally don't care, I sold before) or B2X's. Imagine a lawsuit resulting in you not having to give out BTG's, but the *value* of BTG's at the time of release. You would lose big money here.
Btw I've contacted Kraken's support quite a lot already, your broken engine has often made me angry. Keep pretending that you're not liable for anything, but one day someone will lose big money on a large order, and you'll see if you really aren't liable for anything.
VERY OFTEN I have placed an order that resulted in an error, that eventually got acknowledged. You wanna buy 1 BTC? You end up buying 3, after 5 attempts spitting out cryptical error codes. And now you have 2 BTC's that you have to sell quickly, of course Kraken now being rewarded of 0.25% for his broken engine. It wouldn't be far stretched to think that you aren't fixing your engine for months because it's bringing you money.
But consider it's gonna happen to someone not for 1 BTC, but 100's. And then convince the judge that you are not liable.

maybe these guys.

they're already suing your asses, apparently.  want to keep racking up those legal bills, keep on keepin' on.

I'll give it one week and will then contact these people.  no question, no doubt.    make the right call, Kraken.


https://www.silvermillerlaw.com/uncategorized/2017/10/31/kraken-well-see-you-in-arbitration/

no way these guys should simply be allowed to keep possession of this stuff.

Let's look at it like the lawyers will

Amount of damages = # of BTC on deposit * market price

according to the block explorer that is currently 21,000+ BTC * 139 = $2,919,000




sorry, guys, but you can't just snatch $2 million from people and not expect a serious blowback which, in the US, means a lawsuit.

lawyers WILL be interested with numbers that look like this ^^^^^

Are you sure you actually received those money for bitcoin gold from Kraken? I will trying to contact my friend that has account with them to find out either such things happen. I will be happy for you if such things happen as I am also await my own share of bitcoin gold since I live my bitcoin in my wallet. I have also been trying to find out if such things has happened by sending Email to kraken customers care line. Though currently, we are having arguments about what will happen to bitcoin gold in future and what will be it pricing.

You have no right to keep digital assets generated by coins that belong to others. That is theft, imo.

You guys are going to be looking at a class action if you don't reverse on this and give people what rightfully belongs to them.

Thanks for your understanding.

I don't understand.

You handled BCH so well. Why can't you just do the same for other forks and let customers decide?

Why is it so difficult now?

[/quote]

Hi Nightstalker84. The Bitcoin Gold fork has already happened at block 491,407 and as explained in the ticket you opened, it may have been advisable to withdraw affected digital assets in the event of a fork. What this means is if you hold your own private keys, no one else is in control of your forked Bitcoin and you are free to make your own choices. That's one of the best parts of cryptocurrency. If you hold your Bitcoin on any exchange you will be subject to their decisions.

In the next coming weeks we will see another hard fork off of the Bitcoin main chain and we will let you know what our decision will be with that fork. As always, you are free to withdraw your funds and hold them in your own wallet.

Thanks for understanding.
[/quote]

Thanks for ascribing understanding where there isn't any, its very disingenuous of you. You seem to forget that though I am free to withdraw my funds, it is not free for me to do this - as Kraken will charge me for it. Unless you guys are willing to refund that cost to and from my wallet every time you decide to keep the forks to yourself. Are you just pretending you don't understand what a hassle this is? Bottom line, you are suggesting that you are not a good fit for those of us who want our fork product and that we should go to a more customer friendly exchange. As I said before, strange business model, but OK, I'll move my Bitcoin.

Hi Nightstalker84. The Bitcoin Gold fork has already happened at block 491,407 and as explained in the ticket you opened, it may have been advisable to withdraw affected digital assets in the event of a fork. What this means is if you hold your own private keys, no one else is in control of your forked Bitcoin and you are free to make your own choices. That's one of the best parts of cryptocurrency. If you hold your Bitcoin on any exchange you will be subject to their decisions.

In the next coming weeks we will see another hard fork off of the Bitcoin main chain and we will let you know what our decision will be with that fork. As always, you are free to withdraw your funds and hold them in your own wallet.

Thanks for understanding.

I have an address where I can send the BTG I am entitled to if Kraken does not wish to support it, Otherwise I think you are right that they are enriching themselves if they don't give their customers the right to withdraw it. Kraken customer support gave the following message on their site:
"Kraken makes no promises/guarantees/warranties on the outcome of potential or proposed forks, but we will make our best effort to handle things in a way that benefits the most clients. In general, clients should manage their own digital assets if they want to ensure that they have access to funds on all forks. It may therefore be advisable to withdraw affected digital assets in the event of a fork."
So their advice is that you can't trust us with the forks, so move your Bitcoin to a customer friendly exchange if you want to benefit. It seems like a strange business model - but OK, I will be moving my Bitcoin, tomorrow. Thanks for the 'heads-up', Kraken.

why not?  someone gets it. 

Kraken just gets the forked coins then?  kraken doesn't have to support trading to give people what rightfully belongs to them instead of keeping these assets for themselves.

quite frankly it's theft. 

The kraken exchange site are not making any statement regarding the hardfork or the kraken's effort to distribute all of the bitcoin gold into the bitcoin  holders in the exchange site.
For the more information and you can try to talking with the kraken customer service by try to send an email to the cs. You will get a better answer from there.
You can do that now or later.

The release of Coinbase concerning  Bitcoin Gold has been straight forward and even a link to that is on the official BTG website and there it was stated that they won't be supporting at this time until things stabilizes which they could interpret to mean anytime. On the issue of kraken, I don't think Kraken is a platform that would support BTG and even go to the extent of crediting their clients without making it so obvious and even releasing a statement towards that.

For those who are scared if they have lost their opportunity to claim, the moment you coins is not on exchange site, then you can still claim it and if you are doubtful, the best is to move them out before the November 16/ 25/upcoming fork to avoid stories.

I am not talking about Bitcoin Gold. This is what Coinbase said:
"The Bitcoin Segwit2x fork is projected to take place on November 16th and will result in two bitcoin blockchains. Following the fork, Coinbase will continue referring to the current bitcoin blockchain as Bitcoin and the forked blockchain as Bitcoin2x. Any customer with a Bitcoin balance on Coinbase at the time of the fork will be credited with an equal amount of the Bitcoin2x asset on the Bitcoin2x blockchain. "

So its pretty clear that if I have Bitcoin with Coinbase ON November 16th, I will get Bitcoin2x. It is not clear that Kraken will do the same. My question remains do I move my Bitcoin to Coinbase or do I leave it with Kraken? Does it matter if Kraken supports Bitcoin2x, because at some future date if I move my bitcoin out of Kraken it will magically appear in a Bitcoin2x supported environment?   

No, it's too late to move it to Coinbase now. Kraken will probably do the same though based on what you had at Kraken at the time of the fork.

Will Kraken be crediting us with the Bitcoin fork on November 16? I just got a note from Coinbase saying they will. Do I have to move my Bitcoin to coinbase in order to get this?

It is not possible to claim any BTG for Bitcoin (XBT) which was held on our exchange at the time of the fork. However, if we do choose to support BTG at any time in the future, this situation could change and you may be able to claim the BTG at that time. If you would like to find out what this EUR transaction was for, I would suggest opening a support ticket here but if you're happy with some extra money that you weren't expecting there may not be a need!