btc china fake volumes

[longshort3301]

I know this isnt a new thing for you guys but really.. there is a clear evidence of a fake volume on btcchina, someone who watches the orderflow can see it. there are times when the tape shows transactions with huge volumes ~200 btc sold ~300btc bought in matter of seconds or so, but there were no orders of such sizes in the orderbook.. the orderbook was thin as hell, in case of such big transactions there would be massive swings up and down in a matter of second. dont believe them or am i missing something?

[ebliever]

Anyone who looks at the volumes on Coinmarketcap (click on Bitcoin, then the Markets tab) can see the Chinese volume claims are ludicrous. Often they report a higher _daily_ volume than the number of bitcoins in existence.

[longshort3301]

the same bitcoin can be sold and bought multiple times a day, hence there is a possibility of having turnover greater than the number of bitcoins in existence. but the tape and orderbook shows everyting clearly, only one thing apart from fake volume can explain this paradox - dark pools on btcchina?))

[alyssa85]

There arn't any fees on the chinese exchanges, so coins can be sold back and forth endlessly to paint the tape.

[kassadin5]

i was looking at the volume among the exchanges for the first time in a long time and it seemed preposterous, literally a week later this happens.. how can this affect the market long term? outside of this sudden sell-shock, what could be the consequences for the western exchanges and their relative price?

[iTradeChips]

There arn't any fees on the chinese exchanges, so coins can be sold back and forth endlessly to paint the tape.

i didnt hear about this since a few days ago. why would they not charge fees? how would these exchanges make money? i would love to trade there lol

[digaran]

There arn't any fees on the chinese exchanges, so coins can be sold back and forth endlessly to paint the tape.

i didnt hear about this since a few days ago. why would they not charge fees? how would these exchanges make money? i would love to trade there lol

I believe they are doing this in order to attract more and more traders and as much money as they can to run away when the funds are considerably worth the hassle . I wouldn't trust a satoshi to non well established exchanges and only trust small amounts with the legit services.
Any exchange site can fake their volumes as they are already doing so anyways.

[kassadin5]

There arn't any fees on the chinese exchanges, so coins can be sold back and forth endlessly to paint the tape.

i didnt hear about this since a few days ago. why would they not charge fees? how would these exchanges make money? i would love to trade there lol

lets presume you're asking a bank for a loan

what looks better, having 1 000 000 BTC traffic or 56 978 252 BTC like OKCoin claims they had in the past 30 days?

and once somebody figures out, and alerts the authorities, and they make a raid, looking for proof of payments..
and let's presume you're a Chinese miner just heard about it, have about 100-200 BTC
you start fearing tomorrow they will be closed and not operating.. guess what do you do..
hence the price drop, i believe at least..

[NorrisK]

i was looking at the volume among the exchanges for the first time in a long time and it seemed preposterous, literally a week later this happens.. how can this affect the market long term? outside of this sudden sell-shock, what could be the consequences for the western exchanges and their relative price?

How this affects the price? Just take a look at what happened in the last few years.

It is not like this is something new.. it's been going on since the Chinese exchanges have been around..

[shinratensei_]

Anyone who looks at the volumes on Coinmarketcap (click on Bitcoin, then the Markets tab) can see the Chinese volume claims are ludicrous. Often they report a higher _daily_ volume than the number of bitcoins in existence.

This? Nope, but I think there is no the ridiculous thing from there. The total market capitalization is same. can you bring me into the ludicrous thing?
http://coinmarketcap.com/currencies/bitcoin/#markets

Code:

79	OKCoin.cn	BTC/CNY *	$2,957,260,000	$756.16	0.00%	Recently
80	BTCC	BTC/CNY *	$1,744,090,000	$754.64	0.00%	Recently
81	Huobi	BTC/CNY *	$1,569,640,000	$758.38	0.00%	Recently

[Shiroslullaby]

Its pretty widely known that most of the Chinese exchanges are faking volumes to make it look like they move more coins than they actually do.
I guess they are trying to increase the value of their business by manipulating the books to make their profits look larger.

[tbonetony]

I want to clarify a few things:

1. Not every transaction is viewable, or at least to normal users, on order book. There are private block trades that can take place anywhere. This is not new in btc trading. Stock exchanges have these implemented long time ago. Yes, you may think this is not transparent and could be fishy. I agree but this is how market works. When you are a billionaire you don't want the public / hackers to notice you have bought 10k btc today, do you?

2. Fees: All major Chinese btc exchanges impose 0% fees on trading. This, again, is not new. That's how they attract users to sign up and trade. How do they make money? By withdrawal on fiats. Or on people who are so addicted to trading and lose their minds to go on leveraging (borrowing from the exchange). Zero fee scheme promotes incentives for high frequency automatic trading, yes, BOTS! It will creates much volatility in the short term, but long term it should not have much impact on btc fundamentals.

3. Market rigging, fake volumes, etc: Now it turns to the dark pages. Yes they exist and some of Big Three exchanges admitted to that in recent interview with the central bank of China. They are being audited now and we will see what gets digged out soon.

[mrnswtcy]

There arn't any fees on the chinese exchanges, so coins can be sold back and forth endlessly to paint the tape.

i didnt hear about this since a few days ago. why would they not charge fees? how would these exchanges make money? i would love to trade there lol

I dont think they ever charged a fee. You cant go on forever like that.

[TKeenan]

Its pretty widely known that most of the Chinese exchanges are faking volumes

Chinese fake everything.  They even fake baby formula and killed 6 babies.  They used fake melamine to trick the tests into looking like a quality product.  Not to worry that kids are dying, in China too many kids make it seem like a few lost won't be so bad.  

In China, faking shit is just normal.

[Velkro]

the same bitcoin can be sold and bought multiple times a day, hence there is a possibility of having turnover greater than the number of bitcoins in existence. but the tape and orderbook shows everyting clearly, only one thing apart from fake volume can explain this paradox - dark pools on btcchina?))

This and this is often explained as bots fighting together, one selling massive one automatically massive buying and volume is from that.
Fake or not, china is very important in bitcoin world.

[Wind_FURY]

They are all clearly manipulated and fake. That is one of the reasons why the PBOC has decided to step in and check what is going on behind the Chinese exchanges. Soon they might intervene and make strict regulations making it harder for ordinary people to own Bitcoins. I believe what will happen is they will require exchanges not to accept people who are below a certain salary range. They will allow only rich people to buy and sell Bitcoin because it is very risky.

[mobnepal]

Almost all of the chinese trading platform have 0% fee so they try to pump their daily volume just by selling and buying bitcoin at same price using bots/scripts. So even there is no real buy/sell orders in orderbook, there will be instant buy/sell in order history.

[bsb22]

I'm glad  you guys are noticing this and saying something about it.

Now what I want to ask is, do you think it has something to do with what I posted about here?:

https://bitcointalk.org/index.php?topic=1747889.0

These are steep-assed rises and subsequent falls in Chinese trades that look really off to me. Either these are massive, instantaneous buy-outs of all the cheapest bitcoin offers or else some weird stuff is going on.

[Huge Black Woman]

Dam, China fakin' stuff?  I'm SHOCKED.  Don't use nonea them exchanges, they all wack as fuck.  Betta call up KRS1 ta come rap at ya barf mitzvah.

[pooya87]

I want to clarify a few things:

1. Not every transaction is viewable, or at least to normal users, on order book. There are private block trades that can take place anywhere. This is not new in btc trading. Stock exchanges have these implemented long time ago. Yes, you may think this is not transparent and could be fishy. I agree but this is how market works. When you are a billionaire you don't want the public / hackers to notice you have bought 10k btc today, do you?
~

i agree with your 2 and 3 but this one sounds to be fake to me or at least if it is real it is irrelevant here. because if there is such feature on exchanges to trade invisibly then you should buy or sell from the bids and asks that are currently available your trade may be hidden from the eyes but the bid and ask on the orderbook to which you sell or buy from is not invisible!!