Official: GDAX will refund loses to customers
At last we've got some good news from GDAX's Vice President Adam White, they will refund loses to customers. He wrote today:
We will establish a process to credit customer accounts which experienced a margin call or stop loss order executed on the GDAX ETH-USD order book as a direct result of the rapid price movement at 12.30pm PT on June 21, 2017. This process will allow affected customers to restore the value of their ETH-USD account to the equivalent value of their ETH-USD account at the moment prior to the rapid price movement. To clarify:
For customers who had buy orders filled — we are honoring all executed orders and no trades will be reversed.
For affected customers who had margin calls or stop loss orders executed — we are crediting you using company funds.
With this post they lift up their reputation and might lose less clients. As we know this story was very profitable for Poloniex and Bittrex.
By the way, first time i wrote a post by phone on Steemit. It is great experience. Give you 10, Steemit - more comfirtable than i expected.
Very smart move on Coinbase's part. It's always smarter to play the long game. Competition is stiff among crypto exchanges. The exchanges have commoditized themselves. No reason to stick with only one above another.