[2016-07-01] Data shows Chinese exchanges accounted for 42% of all tx's this yr

[BitcoinXio]

In the New York Times, writer Nathaniel Popper has covered a story about how China has become center stage during a time in bitcoin that some are referencing as a ‘civil war’. In the article are new statistics unveiled by Chainalysis which shows a staggering amount of bitcoin transaction volume originating from China this year.

Read more: http://bitcoinx.io/news/articles/new-data-shows-chinese-exchanges-have-accounted-for-42-of-all-bitcoin-transactions-this-year/

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[TraderTimm]

Considering that about 80% of Chinese volume is spoofed fakery, I certainly hope he isn't doing anything important with that data...

[BitcoinXio]

Considering that about 80% of Chinese volume is spoofed fakery, I certainly hope he isn't doing anything important with that data...

Right! Take a look at this and tell me Huobi isn't faking their volume: http://markets.bitcoinx.io/volume-chart

[CIYAM]

As western exchanges aren't audited all of their trading can be spoofed "fakery" as well (so these constant accusations about Chinese exchanges comes across as being basically racist).

Why don't western exchanges simply offer zero percent trading fees like the Chinese ones?

(instead of getting shills to post whiny comments about "fake" trading everywhere)

Oh - I know why - too dumb/lazy to work out another way to make money.

[European Central Bank]

Considering that about 80% of Chinese volume is spoofed fakery, I certainly hope he isn't doing anything important with that data...

i'm unclear about what this article is nominating as a transaction. if it's coming from a chain analysis company doesn't that mean they can only figure out on chain transactions?

if they're including the wash trading, and i've zero idea how they'd do that, then i would've expected it to be way higher than 42%.

[Kprawn]

As western exchanges aren't audited all of their trading can be spoofed "fakery" as well (so these constant accusations about Chinese exchanges comes across as being basically racist).

Why don't western exchanges simply offer zero percent trading fees like the Chinese ones?

(instead of getting shills to post whiny comments about "fake" trading everywhere)

Oh - I know why - too dumb/lazy to work out another way to make money.

I guess we will never know the truth, because both of these areas manipulate volumes and until these exchanges are not properly audited... we would have speculation about this. CIYAM {Ian} do you

still live in China or have any kind of inside information on this? I would like someone to interview one of these CEO's to lay this out in the open, so that we can concentrate on what matters more and

not debate the small things that does not matter... Thanks for the zero percent trading fees info, I did not know that. 

[CIYAM]

Thanks for the zero percent trading fees info, I did not know that.  

Am surprised you didn't know this (as this is the reason why the Chinese exchanges are "bashed" all the time about "fakery").

I don't have any inside information but what I can say for sure is that I know someone that had "Asks" on BTCC a couple of days ago when it very briefly hit over 5K RMB (maybe only for some minutes with the Asks having been set up many hours before).

If the exchange was not legit then how would someone I know manage to have got the "top selling price" of the day (or near enough to) without being part of the scam (and no - they are not working for the exchange)?

[TraderTimm]

CIYAM - Stuff it about the "racist" comments.

Its been WIDELY acknowledged by the Chinese exchanges themselves that they are highly competitive and resort to such tricks to lure in customers. Bobby Lee from BTCC has a quote regarding that, I'll let you do the actual legwork to find it.

The bottom line is, during the long listless period before Bitcoin began to rally again, every exchange across the board had average volumes that were ORDERS of magnitude LOWER than a few specific chinese exchanges -- it was painfully obvious the Huobi and OKCoin, among others, were ping-ponging trades between their own bots in their order books to inflate volume figures.

If you can't grasp that, I really can't help you -- and falling back on calling people "racist" just because there are few inconvenient truths paints you as a rather ignorant participant in the Bitcoin trading arena.

[CIYAM]

If you can't grasp that, I really can't help you -- and falling back on calling people "racist" just because there are few inconvenient truths paints you as a rather ignorant participant in the Bitcoin trading arena.

Not sure why on earth you are talking about an "inconvient truth" - you do realise that I am a white Australian don't you?

Charging fees to yourself is identical to having no fees in terms of bot trading (and if you can't grasp that then I can't help you).

Because of bot trading and lack of any credible oversight pretty much *all* Bitcoin exchange volume figures should be taken with a grain of salt (perhaps the Winklevoss one being an exception).

No serious trader (professional or otherwise) would put much faith in any of the figures coming out of such exchanges (whatever country they are being hosted in).

[TraderTimm]

Clarke and Dawe were right, Aussies aren't good at grasping subtleties.

Onward with the parade of willful ignorance, then.

[CIYAM]

Clarke and Dawe were right, Aussies aren't good at grasping subtleties.

Yup - a racist bigot as I thought.

(now have we have finished "trading" insults?)