Exchangers - Fake Volumes- FRAUD

[mayax]

As I said since years ago, ALL the exchangers have fake volumes and it's resulting price manipulations; ones have a "decent" rate, others have a huge rate of fake transactions. That means FRAUD !

I would say that there are 5-6 big exchangers who are giving the trend and they form a cartel: Bitfinex, Okcoin, Huobi, Bitstamp, BTC-e, Kraken then Coinbase and others.

Many BTC fanatics are saying that BTC is free that it's a free market without monopoly. I say otherwise. All the BTC trades is manipulated by these exchangers and "you" accept it even you lose alot

Of couse, many of you forgot MTgox's bot (called Willy) who raised the price by doing fake transactions

Now, someone from inside is admitting this thing:

https://forum.bitcoin.com/bitcoin-discussion/reminder-chinese-bitcoin-spot-exchanges-okcoin-and-huobi-are-faking-a-majority-of-their-trading-volume-t6701.html

[2c0de]

Why shouldn't they? Volume means nothing, who decided a trade happened one time, 3 times, 5 times?

Who got robbed by a meaningless number that never meant anything?

[alani123]

Even the most trusted exchanges are suspected for manipulating volumes. However, high volume ≠ price manipulation. Orderbooks might be thinner than what some exchanges try to make them seem like but manipulating the price is significantly harder than doing it with the volume, which after all is just a statistic other than anything else. Even Chinese exchanges that have outlandish volumes are rarely accused of price manipulation.

[eneilwex]

The Centralized Bitcoin exchanges seem to coordinate their prices across continental divides. One goes down – they all go down. The question is why the public tolerates their scam. If they were useful or desirable, they’d consider the very people who sustain the Bitcoin network, namely Bitcoin miners. Exchange clients and miners get whatever is happening in the busiest exchange. The exchanges’ arbitrage bots equalize prices between one another. Miners – you’re the backbone of this innovation. Cryptomonkeys – you think you’re trading – but your centralized exchange rides you bare-back.

[alyssa85]

Bitfinex, Kraken, Coinbase, Bitstamp all charge fees. It is too expensive to manipulate volume on those exchanges as every trade will cost you money.

The only exchanges where the volume may be suspect are the ones that don't charge fees - Huobi and the other Chinese ones. But some of their trade is definitely real.

[Wendigo]

But mate we aren't tied to using only the Bitcoin exchanges right? If you are not satisfied with the fake price manipulation and the fake trade volume you can always find a private seller where you will get a transparent offer and can haggle about the price yourself. Bitcoin may be a free market but people could play dirty tricks to ensure a bigger profit that's completely normal. If you feel you are being led by the nose by one of these exchanges just leave and find a suitable private seller or buyer problem solved.

[mindrust]

I am %100 with you. There is no way bitcoin would rise that much in a few days. There is clearly a scam going on and it will end very bad for the holders. I am a supporter of bitcoin but this volatility is definitely wrong.

[RawDog]

Even the most trusted exchanges are suspected for manipulating volumes.

Bitcoin - the whole damn thing is just filthy

[CIYAM]

Bitfinex, Kraken, Coinbase, Bitstamp all charge fees. It is too expensive to manipulate volume on those exchanges as every trade will cost you money.

The only exchanges where the volume may be suspect are the ones that don't charge fees - Huobi and the other Chinese ones. But some of their trade is definitely real.

This is nonsense - if the bots are run by the exchange then the fees "cost nothing" (as it is coming from their own profits).

You can't trust *any* exchanges volume in Bitcoin (and never have been able to).

People seem to confuse Bitcoin exchanges with things like regulated stock exchanges - a very naive thing to be doing.

[bitcoineverything]

If an exchange's transaction volume is sugnificantly higher that the others then that exchange could affect the price in general.Fake volumes are just fake statistics, unless they are real.

[familiaverde]

This is why https://bitsquare.io is a good project , decentralized bitcoin exchange , and localbitcoin.com is also good.

Other upcoming decentralized exchanges are: http://mercuryex.com  ,  http://www.coincer.org  ,  http://www.supernet.org  ,  https://etherex.org ,
                                                                    https://bcexchange.org

[7788bitcoin]

I think we are definitely seeing an exaggerated price increase in such a short period of time. I won't be surprise if there is another "Willy bot" behind this.

However, I do think the current price is reflecting the current value of each coin. Perhaps a slow increase between now an halving is reasonable. If we ever get pass $1000 in the next few weeks, I am sure it is a bubble.

[Joel_Jantsen]

The Centralized Bitcoin exchanges seem to coordinate their prices across continental divides. One goes down – they all go down.

How ? Do you even have a idea how a exchange works or how the prices are hiked ? I don't think so.The prices cannot me manipulated as you have put it,if that was the case,the market would go down in seconds,one cannot control the aspects of the market to an extent where they have the potential to destroy it's functioning.

The question is why the public tolerates their scam.

How are you planning to distribute bitcoins ? Home to Home selling ? I don't think that's a good idea.Very few peer to peer exchanges ,filled with scammers I may add.Not everyone is technically sound and hence their primary source of buying bitcoin are the exchanges.

If they were useful or desirable, they’d consider the very people who sustain the Bitcoin network, namely Bitcoin miners. Exchange clients and miners get whatever is happening in the busiest exchange.

I believe they pay a good amount of fee,more than bitcoiners who set-up custom fees using Core.They're rightfully supporting the miners exactly by the way they should.You can't expect them to hand out individual trophies to every miner for their work.

The exchanges’ arbitrage bots equalize prices between one another. Miners – you’re the backbone of this innovation. Cryptomonkeys – you think you’re trading – but your centralized exchange rides you bare-back.

That is wrong,you cannot manipulate the prices to an extent where it causes a scarcity of the commodity in the market unless of course the situation is worse.

[Herbert2020]

this happens everywhere, what you gonna do about it!
and manipulation is not only restricted to bitcoin but also it is available in all the markets, the form of it might be different but it always exists.
if you can notice it and make a profit from it then good, and if you can't just stay away from trading!

besides i should add that there is a totally different time than the time of willy bot of mtgox!

[alani123]

Even the most trusted exchanges are suspected for manipulating volumes.

Bitcoin - the whole damn thing is just filthy

Well that's a funny approach, but it might not be that far off. The biggest and most compliant bitcoin company has an orderbook so thin and disproportionate to the volume on their exchange^[1] that manipulation even for them doesn't sound that far off. And yes, I'm talking about Coinbase. Perhaps volume manipulation is an industry standard.

[1]

Also, what happened to your videos?

[onlinedragon]

People running bots  on exchanges only to make bigger volumes. Take a look at Yobit exchange and you understand what I mean. Many scam coins around where bots buy there own coins to lure people. It's gigantic market and some people earn big money with it. Who are this persons behind it I think they operate not only on Yobit but also on other exchanges.

[X-ray]

People running bots  on exchanges only to make bigger volumes. Take a look at Yobit exchange and you understand what I mean. Many scam coins around where bots buy there own coins to lure people. It's gigantic market and some people earn big money with it. Who are this persons behind it I think they operate not only on Yobit but also on other exchanges.

I don't think so because all of the bitcoin users is feel the advantages from this way, Make a manipulate with their volume, It's just assume... Not flaming or another. Maybe, I was an impressed hypocrite but this is fact.

[rickadone]

I am not really surprised. I knew this was bound to happen sooner or later, but it seems that it actually is happening.
And of course, if there's an opportunity to monopolize, many will seize it, just like those of the big exchangers you mentioned.

[European Central Bank]

I think it's very possible. When you look at the exchanges that are subject to some type of regulation, though I dunno whether it covers stuff like front running, like Gemini, Itbit and I guess Bitstamp they all have some weedy volumes compared to others. Lack of margin stuff could be a factor too.

[alyssa85]

Bitfinex, Kraken, Coinbase, Bitstamp all charge fees. It is too expensive to manipulate volume on those exchanges as every trade will cost you money.

The only exchanges where the volume may be suspect are the ones that don't charge fees - Huobi and the other Chinese ones. But some of their trade is definitely real.

This is nonsense - if the bots are run by the exchange then the fees "cost nothing" (as it is coming from their own profits).

You can't trust *any* exchanges volume in Bitcoin (and never have been able to).

People seem to confuse Bitcoin exchanges with things like regulated stock exchanges - a very naive thing to be doing.

It depends on where they are based. In the western world, an exchange with that kind of volume and which is charging fees on every trade, is expected to show revenue in line with that and pay tax on the profits generated. There is no benefit in pretending you are making more than you really are because you only attract the attention of the taxman who wants his share. Tax authorities: keeping business from over stating revenue since the dawn of time.