So those traders who sold at $2000 and thought Christmas had come early get screwed. If Gemini had a safety mechanism the error wouldn't have happened, It should compensate the traders who lost out. Bter has a warning box when you place an order with an excessive price. If Bter can do it, Gemini should have done it.
It goes to show, there really is zero reason to ever sit fiat on an exchange.
I was negatively affected by this trade reversal decision, and I think that it is really bullshit and unprofessional for them to authorize a reversal based merely on user error.
If they were to authorize such reversal based on a technical glitch or a hacker, that would probably be a more justifiable reason.
I'm going to attempt to communicate with them about honoring my trade (even if they personally have to absorb the cost (mine had been filled and subsequently reversed at merely in the mid $370s... those fuckers), and if they do not side with me, then I am likely going to discontinue using their services and pull my bitcoins (and fiat) from their exchange.
Again, this is really bullshit, and goes to show really bad judgement in their lack of credibility building foresight.
In the past 12 hours, I communicated with Gemini regarding my assessment of their decision to reverse trades, and I requested that at minimum they make me whole for such reversal and that they commit to changing their policy in such a way that in the future they are not going to reverse trades based on "customer error."
I anticipate that most likely they will not comply with my request, and accordingly, absent some other materially relevant developments, I will need to remove all of my BTC from their exchange and to discontinue using their services.
I would prefer to keep my account active with them, but if they do not commit to some form of non-reversals in the future (except for maybe in very extreme circumstances), then it seems too unreliable to continue to use their services.
At this time, I have discontinued any attempted trades with them, except for a couple of real minor orders that had been outstanding still remain outstanding. and currently, I am thinking that I will give them a few days to respond to my earlier request before I take any further actions, such as removing my coins from their exchange.
By the way, I should also clarify that the notice that I received from Gemini had additional language as follows:
"The customer who placed the order notified us immediately afterwards, and our team moved as quickly as possible to resolve the issue. Unfortunately, due to trading you performed in the hours in the hours between the erroneous trade and the reversal, you now have a negative balance in either the USD or BTC portion of your account. You will need to reach a non-negative balance before you can withdraw funds from your account."
Accordingly, since my subsequent trading activities resulted in a negative account balance, as a result of Gemini's trade reversal, there seems to have been a little more impact on my account as compared with someone who had experienced the trade reversal but had not engaged in any subsequent trading activities.