Recent rally correlated with exponential increase of fake volume on BTC China

[TERA]

I'm not saying there is necessarily causation, but there seems to be correlation. Any thoughts on this?



Forget OKCoin. Forget Huobi. This is the show to watch.

[amacar2]

Volume was high during dumps thats why dumps was bigger than expected but those volume can be either real one or just fake one to create more panic on market.

I think this whole fud was created just to dump the market for few hours and it have successfully make it happen. Amazed to see weak hands being completely foolish and shorten their bags.  

[BitHodler]

I noticed that as well. Out of nothing BTCC seems to be exploding in their daily volumes.

Look at the current volumes in the last 24 hours, it's quite funny.

BTCC 3,024,480BTC
OKCoin 1,542,150BTC
Huobi 1,100,600BTC
lakeBTC 38,700BTC
Bitfinex 12,240BTC

I think it's mainly due to the fact that BTCC is looking to take over the nr1 spot from OKCoin and Huobi.

It's just an attempt to attract traders as their intention is to show traders that they can lead the market as well.

[Torque]

As long as these two things below remain true, I will never believe that China has an order of magnitude more Bitcoin trading than the rest of the world.

1. Whale accounts on Chinese exchanges are definitely owned and operated by the SAME whales on other exchanges elsewhere in the world, so that these whales can coordinate/dominate price action across all major exchanges.

2. If you watch the market's price movements and where prices settle for long periods, they almost always settle just below, at, or bounce off of ROUND/EVEN NUMBER DOLLAR DENOMINATED PRICES. Such round numbers as $500, $510, $600, $680, etc. The point here is, if CHINESE traders were responsible for these price actions, they SURELY WOULDN'T GIVE TWO SHITS ABOUT EVEN NUMBER DOLLAR PRICES from a psychological standpoint, because the Yuan exchange rate is different than the dollar. They would only care about Yuan psychological numbers to affect the Chinese market and other Chinese users/traders.

Conclusion then? The whales are all *American* traders (posing as Chinese ones), and are price setting across all exchanges according to what affects the American market and psyche. Bitcoin is no bigger in China than it is anywhere else, and they are definitely not *leading* anything.  If a big market move happens and it starts on a Chinese exchange, that says and means nothing, because an American whale trader likely owns that Chinese account and initiated the move.

[equator]

As long as these two things below remain true, I will never believe that China has an order of magnitude more Bitcoin trading than the rest of the world.

1. Whale accounts on Chinese exchanges are definitely owned and operated by the SAME whales on other exchanges elsewhere in the world, so that these whales can coordinate/dominate price action across all major exchanges.

2. If you watch the market's price movements and where prices settle for long periods, they almost always settle just below, at, or bounce off of ROUND/EVEN NUMBER DOLLAR DENOMINATED PRICES. Such round numbers as $500, $510, $600, $680, etc. The point here is, if CHINESE traders were responsible for these price actions, they SURELY WOULDN'T GIVE TWO SHITS ABOUT EVEN NUMBER DOLLAR PRICES from a psychological standpoint, because the Yuan exchange rate is different than the dollar. They would only care about Yuan psychological numbers to affect the Chinese market and other Chinese users/traders.

Conclusion then? The whales are all *American* traders (posing as Chinese ones), and are price setting across all exchanges according to what affects the American market and psyche. Bitcoin is no bigger in China than it is anywhere else, and they are definitely not *leading* anything.  If a big market move happens and it starts on a Chinese exchange, that says and means nothing, because an American whale trader likely owns that Chinese account and initiated the move.

wow man you have really given a very good study in the market and i agree with you, as china electricity is low cost so most of the miner which are in china are holded by america or europe market. So while all traders in the world see that chinese market is creating the bitcoin price fluctuation but the reality is someone else is doing it instead of chinese market

[Ibian]

As long as these two things below remain true, I will never believe that China has an order of magnitude more Bitcoin trading than the rest of the world.

1. Whale accounts on Chinese exchanges are definitely owned and operated by the SAME whales on other exchanges elsewhere in the world, so that these whales can coordinate/dominate price action across all major exchanges.

2. If you watch the market's price movements and where prices settle for long periods, they almost always settle just below, at, or bounce off of ROUND/EVEN NUMBER DOLLAR DENOMINATED PRICES. Such round numbers as $500, $510, $600, $680, etc. The point here is, if CHINESE traders were responsible for these price actions, they SURELY WOULDN'T GIVE TWO SHITS ABOUT EVEN NUMBER DOLLAR PRICES from a psychological standpoint, because the Yuan exchange rate is different than the dollar. They would only care about Yuan psychological numbers to affect the Chinese market and other Chinese users/traders.

Conclusion then? The whales are all *American* traders (posing as Chinese ones), and are price setting across all exchanges according to what affects the American market and psyche. Bitcoin is no bigger in China than it is anywhere else, and they are definitely not *leading* anything.  If a big market move happens and it starts on a Chinese exchange, that says and means nothing, because an American whale trader likely owns that Chinese account and initiated the move.

#2 Unless that's what they WANT you to think!

[jondeen707]

As long as these two things below remain true, I will never believe that China has an order of magnitude more Bitcoin trading than the rest of the world.

1. Whale accounts on Chinese exchanges are definitely owned and operated by the SAME whales on other exchanges elsewhere in the world, so that these whales can coordinate/dominate price action across all major exchanges.

2. If you watch the market's price movements and where prices settle for long periods, they almost always settle just below, at, or bounce off of ROUND/EVEN NUMBER DOLLAR DENOMINATED PRICES. Such round numbers as $500, $510, $600, $680, etc. The point here is, if CHINESE traders were responsible for these price actions, they SURELY WOULDN'T GIVE TWO SHITS ABOUT EVEN NUMBER DOLLAR PRICES from a psychological standpoint, because the Yuan exchange rate is different than the dollar. They would only care about Yuan psychological numbers to affect the Chinese market and other Chinese users/traders.

Conclusion then? The whales are all *American* traders (posing as Chinese ones), and are price setting across all exchanges according to what affects the American market and psyche. Bitcoin is no bigger in China than it is anywhere else, and they are definitely not *leading* anything.  If a big market move happens and it starts on a Chinese exchange, that says and means nothing, because an American whale trader likely owns that Chinese account and initiated the move.

That's one curious conspiracy theory 

[European Central Bank]

Bitcoin is no bigger in China than it is anywhere else, and they are definitely not *leading* anything.  

this is what i believe too. most markets are illusions but bitcoin is a flat out fabrication. i don't really care but with no regulation, no central authority and the rampant greed and fear of the amateurs they prey on this is an inevitability.

[maokoto]

It is hard to believe that traders are so naive to not recognize fake volume. Or perharps there are too many newbie traders in this world?

[Ibian]

It is hard to believe that traders are so naive to not recognize fake volume. Or perharps there are too many newbie traders in this world?

There will always be newbies. At least until your local grocer accepts bitcoin. Then we may have hit saturation point.

[zby]

Are there still no fees at Chinese exchanges?

[European Central Bank]

Are there still no fees at Chinese exchanges?

nope. and it's a little too late now to implement them. whoever did would lose all their business in a second as everyone ran to somewhere else.

[BillyBobZorton]

IT's impossible to know how much of the volume is fake volume. At the end of the day people is buying and selling bitcoin at 700 dollars right now and it seems to be the new floor, the recovery of the last crash has been remarkable.

[Mia Wallace]

It is hard to believe that traders are so naive to not recognize fake volume. Or perharps there are too many newbie traders in this world?

There will always be newbies. At least until your local grocer accepts bitcoin. Then we may have hit saturation point.

it is a fact that newbies does not necessarily recognize fake volume in bitcoin trading ,how can you really identify fake volumes ,a tutor regarding that would be great .There is always a first time in whatever you do.

[maku]

Are there still no fees at Chinese exchanges?

nope. and it's a little too late now to implement them. whoever did would lose all their business in a second as everyone ran to somewhere else.

If there is completely zero fee there so how Chinese exchanges are gaining profits then from their activity?
I mean there need to be some kind of fee - maybe withdrawal fee or something, right?

[European Central Bank]

If there is completely zero fee there so how Chinese exchanges are gaining profits then from their activity?
I mean there need to be some kind of fee - maybe withdrawal fee or something, right?

front running their customers? you could make unlimited amounts of money doing that. i do remember something about withdrawal fees but most of the money they make is gonna be from fees for futures contracts and that type of thing. that stuff adds up rapidly.

i think there's also okcoin.com and okcoin.cn. the .cn one is the feeless one.