Bitcoin Forum

Either they are lying or something massive just happened: https://btc100.org/

Can any Chinese speakers check out their site and see what's going on? Do they have a lot of market depth? This is a fairly fast change from 1-2K volume last week.

If they are reporting false volume, it should be obvious to people trading there.

Edit: 99,000

Where do you see it?
I do not speak chinese, but maybe they counted more exchangers this week

I'm not sure if this page is using their API, but this column of http://btckan.com/price: 24小时成交量 is 24hr BTC volume. That's also on their front page. Now ~90,000BTC.

Well its certainly not the correct 24hr BTC volume, but whether fake, an error, or we just dont know what it says... not sure.

Maybe it's actually CNY volume,  or some reporting of aggregate BTC volume accross all markets?

Just because it's an aberration doesn't mean it's not the correct volume. But it's definitely an aberration. Wish my Chinese friends were online.

mBTC?

It is deep night in China and someone is trading 100k BTC / hour  :-). Sounds  legit.

Well, I dont know what everything says, but it is "24 Hour Volume"
From left to right:
: Highest Bid
: Lowest Ask
: Daily High
: Daily Low
: 24 hour volume

Just in the time i've watched it the price has gone from 750 to 757... okay, thats not much :P

mBTC seems like a good idea as to what it might be.

Why would they suddenly switch from reporting BTC to mBTC?

How on earth would 90k BTC volume have no major impact on price? Its still ~$120 USD

Its nonsense. Interesting catch, but its very unlikely to be as it seems.

BTW, 9/26: Internal reform. I cant get it all translated but im trying. :P

What is the normal volume of this exchange? I'm guessing it's something less than 1000BTC. So how could something that does a tiny volume suddenly do 80,000BTC volume? I would think it to be technically impossible. There simply wouldn't be the liquidity, deposit/withdraw processing, exchange engine, order book depth, etc to do it. I mean I could see it maybe GROWING to that amount over a month or so, but not overnight.

I agree that it's extremely unlikely that it's legitimate volume. I would be surprised if that was the reason, though. Their volume is normally much higher than 80BTC. they were doing 2-3k pretty regularly.

Yesterday they were at 10k, but for the last few weeks, the average was about 2-3, sometimes 4k.

And I agree, it's extremely strange and the explanation probably isn't "normal growth." That's why I posted it.

Are there any charts for this marketplace?

http://btckan.com/price

What in the hell  :o

Pushing new daily highs as well. 

OK, looks more and more like a bug:

It says in the 24hr rows: High 764.5 Low 747.1 Last 760 RNM
http://btckan.com/price

It absolutely looks like a bug, that's why I posted. It's very strange. I wish I could see the depth chart for this market.

I PM'ed user BTC100 (pretty sure this is the official Bitcointalk account for BTC100, after browsing through the 中文 section of this site) on whether that volume number is real or not. Hopefully they reply back soon (it is like 8AM in the middle kingdom right now).

Maybe its CNY volume that resets rather than continuous.

Hope to get to the bottom of this.
I want to submit stats of Bitcoin volume/users and get AirAsia to use BTC as a payment system.
https://bitcointalk.org/index.php?topic=299857.20

Google translate shows some garbled details about a rebate promotion. Someone may be exploiting a related bug. Hope the site op checks it out soon.

I would anyways be interested what's going on in the Chinese market - in times before the big crash the price was constantly 10-15% higher than on gox. This made sense, what's going on now doesn't (to me).

111.849,216 at the moment

https://i.imgur.com/csmYWJ8.gif

They were steady at 1000+, then this happened 3 days ago:
https://bitcointalk.org/index.php?topic=264812.msg3237296#msg3237296
Either they are manipulating their API stream or China has discovered the BTC.

I think - until i dont see the market depth (order book) - i dont believe this volume.

On the other side, its not really important  - in particular - until the price is the same as mtgox/bitstamp.

I warned you guys: volume of many CNY markets are not trustworthy, especially those new markets.

Trading 100,000BTC without moving the price up or down at all? That's insane

Look at this site: http://btc008.com/ . Their volume is extremely stable: before 23 Sept, they always had ~5000 per day; after 24 Sept, they always had ~10000 per day. It's simply impossible

btckan has market depth:
http://btckan.com/chart/btc100
the price would have moved several hundred yuan, if there is even that much there

and that rebate promotion is actually a sale of their shares, meaning the more you trade the more shares you get
in any case if its true, it must have been an arranged deal

Could it be back-and-forth arbitrage through a lot of 0%-fees promotions?

Ignoring this exchange there still seems to have been about 25,000 bitcoins traded in the last 24 hours in China.
This is very close to the total usd figure.
I had no idea there were so many exchanges in China.

The last column is trading fee: http://btckan.com/price

As you can see many CNY exchanges have 0% fee now. This explains the high volume

It could be just some website that gives fake volumes traded ....

If you give fake volume, why such unrealistic? Doesn't this defeat the purpose?

Here you can see how it developed over the last month:
https://bitcointalk.org/index.php?topic=264812.0
They actually overtook the USD only a few days ago but there seem no end in sight.

Trading platform can easily create a fictive volume with a trading bot, buy and sell a coin 80k times a day without charging any fee or spread ;)

Yes, but it would be very harmful to them. Traders using their site would be able to see that something was going on very quickly. Also the fact that their volume literally went up 50000% in a day makes it unlikely that this was some kind of "clever ruse."

What seems most likely to me is that a combination of lowered trading fees and an incentive program they just launched allowed someone to trade for free or make a rebate on otherwise unprofitable trades, and they decided to exploit this until it was noticed.

We won't know until the site op posts an update.

Volume is back to 1.5k and no news, so we will just have to keep guessing.

just a bug or scam. nothing more.

Check the CNY volume compered to the USD, either they are all lying or BTC has finally arrived there:
https://bitcointalk.org/index.php?topic=264812.msg3290245#msg3290245

I check it about 5 times a day minimum.  ;)

Chinese volume is 72% of the market if you believe BTC100 did 20k of vol in the last 24 hours. But even if you exclude them, it's still over 55%.

This still represents only a tiny fraction of the adoption level per capita in the US. When it really arrives they will have over 99% of the volume.

Agreed, and no matter what is happening @ BTC100, the word is getting around there.

Here we go. It's 72,000 btc again.

Either it's a bug or the whales are secretly using this exchange as an escrow service to make giant trades on the downlow. ("hey if you put a 70,000btc ask on this unknown chinese exchange I'll buy it")

Trading 72,000BTC in 24 hours with only 2% price movement (855-875)? Really don't understand why people are so obsessed with such blatant fake volume.