Bitcoin Forum

As was published in last months Bitforex has become the biggest wash trading exchange in the world with 99% of the daily trading volume being fake. The exchange CEO will be speaking at the blockchain life event in Russia, what can he possibly have to offer the same crypto industry whom his exchange wash trading activities are harming the crypto market and tokens listed there? Why do we still patronize this deceitful exchange?

Sources:
https://www.reddit.com/r/CryptoCurrency/comments/aw7j4m/does_anyone_trade_on_bitforex/
https://www.reddit.com/r/TradeIOICO/comments/8vy30q/the_scum_which_is_bitforex_and_follow_up_actions/
https://www.slideshare.net/DanielDaniel307/bitforex-wash-trading-exposed
https://steemit.com/cryptocurrency/@resteemedbot/more-about-bitforex-one-of-the-biggest-wash-trading-exchanges-in-the-world
https://hedgemaven.maven-data.com/news/crypto/bitforex-the-biggest-wash-trading-crypto-exchange-in-the-world-ein-news
https://www.coindesk.com/for-15k-hell-fake-your-exchange-volume-youll-get-on-coinmarketcap
https://cryptodigestnews.com/is-making-fake-24-h-trading-volumes-the-best-marketing-strategy-for-crypto-exchanges-e7934ecb03e1
https://www.bloomberg.com/news/articles/2018-09-27/crypto-s-open-secret-its-multibillion-dollar-volume-is-suspect
https://modernconsensus.com/cryptocurrencies/tether/bitforex-coinmarket-cap-bitcoin-tether/

I believe if bitforex CEO will offer nothing and the possible thing to be offered is the IEO that runs on its own exchange site or feature that already available on exchange site. To speak at the blockchain live event in russia doesn't mean the CEO will mention what will be offered by bitforex. Usually, the CEO will speak about the potential of the blockchain industry.

For your second answer and the commission of the blockchain life event is the only party who knows the reason behind that.

Yeah, he might speak about it as you said, but however isn't this hypocrisy?. All I'm saying is that if we stop patronizing these guys, by events, or any other means, it will help save the whole blockchain industry from criticism. 

Honestly, this exchange is quite odd to me, never heard of em in 2018 but all of a sudden being on top 2 BTC volume. But I personally never use this exchange, so I don't know what the service, the support, and the trade are. I've seen some exchange with fake volume, but to be honest, I don't really care as long as people are not losing any coin.

I know that this exchange has a very high record of fake trading, but I am not sure that it is 99% which is more like us saying that the exchange never had activities because how can they make money from a volume that is completely zero. I am not supporting this exchange because I don’t know what the ceo even has to say.

I guess after building himself to the top with fake volume, now he wants to be making statement so that he can become popular and then start having some organic volumes too till the fake volume disappears. I am sure not many people will fall into their trap because we also have another great exchange for Russia people that has real volume and also big in the industry.

And to think that they even offer IEO services to new projects. I would not be surprised if someday we hear that they fake the token sale figures as well just like the accusations against IDAX before.

Actually, it has started. Projects are now lamenting on being defrauded by these wash trading exchanges.

I enjoyed trading on IDAX, I was worried about the issue that IDAX cheated the CMA and XCT projects a few months ago.
The team reported losing 10 BTC, and finally the CMA and XCT list were there and the problem was solved.
there is no problem with IDAX.

well, even until now, they still running that illegal business.
from obscurity to No. 1 in trading in months.
and i believe Vindax will be runner up of wash trading.
and I think this is the answer to why the SEC still hasn't legalized bitcoin etf.
the crypto market is getting more and more fucked up.
I don't have broad legal insight,but is there an institution that can close something like this ?
indeed in fact this does not harm anyone, but still this is like a virus that cannot be removed.

They are having a good business model. He just needs to make sure he tells some good lies to make it all seem normal. Bitforex is totally depended on coinmarketcap.com for their existence. If coinmarketcap unlisted bitforex from their reference exchanges, 90% of volume in the exchange would disappear. They are earning comissions while tokens are trading within themselves to get listed in CMC. So, its a win win for everyone. I hope CMC too gets it's cut from there.

If there is no problem with idax, these scam threads or accusations would not have surfaced in the first place  ::)

We don't know for sure but they (accusers) may have been offered something by idax that is too good to resist like free listing. It doesn't change the fact that there have been volume manipulation.

as long as there is no entity who will regulate them there will always be anomalys to these exchanges, too new to really have huge volume but i guess all exchanges are doing it to market their business. you wouldn't notice bitforex if they weren't doing it. they wouldn't go up beating the big exchanges that we regularly trade because if they don't make it appear that they have huge trading volume. CMC doesn't have the AI to monitor this but will just measure what is being traded and bitforex and all the likes sees this an opportunity. marketing strategy is making them look good