btc china fake volumes

[topesis]

The problem here is greed, fake volume and transaction so as to lure traders in and collect transaction fee from them, I can still smell the fresh paint of Mtgox again.

[Herbert2020]

everybody knows that China has been reporting fake volumes and ridiculous numbers for that matter. but what i don't get is why people still think China controls the bitcoin price an allow other whales to use that false information to their advantage when they want to buy cheap coins.

[Kakmakr]

everybody knows that China has been reporting fake volumes and ridiculous numbers for that matter. but what i don't get is why people still think China controls the bitcoin price an allow other whales to use that false information to their advantage when they want to buy cheap coins.

Yes, and for that reason we did not take them into account when we determined the price in the Western countries. Preev.com for instance use data retrieved from Bitfinex, Bitstamp, BTC-E and LocalBitcoins as a default option. How many people, other than the Chinese actually trade on these Chinese exchanges? Roger Ver? I would not be too worried about this, because we have a relative huge variety of other sources to determine the price accurately. ^smile^

I am curious to know, what will happen when other exchanges take the same route as China and scrap all trading fees on their exchanges. ^Wooooooo^ 

[Herbert2020]

everybody knows that China has been reporting fake volumes and ridiculous numbers for that matter. but what i don't get is why people still think China controls the bitcoin price an allow other whales to use that false information to their advantage when they want to buy cheap coins.

Yes, and for that reason we did not take them into account when we determined the price in the Western countries. Preev.com for instance use data retrieved from Bitfinex, Bitstamp, BTC-E and LocalBitcoins as a default option. How many people, other than the Chinese actually trade on these Chinese exchanges? Roger Ver? I would not be too worried about this, because we have a relative huge variety of other sources to determine the price accurately. ^smile^

I am curious to know, what will happen when other exchanges take the same route as China and scrap all trading fees on their exchanges. ^Wooooooo^ 

it doesn't matter where you get the price and what the western exchanges say their price is, traders these days are looking at China and see what they are doing to follow them like a sheep.

the Chinese government wants to inspect and regulate bitcoin (just a normal routine thing) and all the English resources such as news sites and media are saying China is banning bitcoin. then they look at the CNY price and see it has gone down so they panic and dump on USD markets.

and about your last statement i have to say, Chinese exchanges have 0 fees because they earn money from other fake things and shenanigans they do in the background. which means other exchanges have to do the same shenanigans if they want to do 0 fees.

[nydiacaskey01]

If China can fake its economic growth figures (check Forbes article dated Dec 15, 2015) they can also do this with BTC trading. It seem's like China want to show to the world that they are above and beyond every ones economic growth but in this case of BTC volumes, it's not pretty clear to me what they are trying to accomplish since BTC is non-regulated and not recognized by other Countries.

[piloder]

The problem here is greed, fake volume and transaction so as to lure traders in and collect transaction fee from them, I can still smell the fresh paint of Mtgox again.

Yeah me too they just boost their daily transaction volume to attract new traders and as they offer no fee on trades, at one point they may try to steal user's fund to cover their running cost and claim that their platform get hacked.

The recent investigation on Chinese exchanger may force them to add some fee in trades.

[bitjoin]

The problem here is greed, fake volume and transaction so as to lure traders in and collect transaction fee from them, I can still smell the fresh paint of Mtgox again.

Yeah me too they just boost their daily transaction volume to attract new traders and as they offer no fee on trades, at one point they may try to steal user's fund and claim that there platform get hacked.

The recent investigation on Chinese exchanger pay force them to add some fee in trades.

Those big 3 exchanges have now started with the fake volume as standard there is no way to compete in china as an exchange if you dont bump up the numbers.  Its a shame and glad western sites aren't doing it.

[Xester]

We cannot deny the fact that there are really fake volumes over the CHinese exchangers, the recent news that is on the spotlight is that the PBOC of CHina is now currently looking and investigating the transactions of these exchangers. We still dont know when the price will be back since many people panic due to the recent issue in China. Hope it will go back up soon, it is really a big loss to us merchants.

[RealBitcoin]

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.

It's because the coins can change hands multiple times a day, and every trade is counted it.

So when you see a volume of 24 million BTC / day for example, that can be 1 million BTC changing hands every hour for 24 hours. It's not 24 million bitcoin, but it counts as if it were.

It's the speed of money and how frequently it changes hands.

[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.

It's because the coins can change hands multiple times a day, and every trade is counted it.

So when you see a volume of 24 million BTC / day for example, that can be 1 million BTC changing hands every hour for 24 hours. It's not 24 million bitcoin, but it counts as if it were.

It's the speed of money and how frequently it changes hands.

True, but it is still silly and distorts the real picture of who owns and trades BTC in a real-world sense.

[QuestionAuthority]

All you dumbasses thought it was just me. Wrong again.

Thanks for all the moneys by the way. hehe

[RealBitcoin]

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.

It's because the coins can change hands multiple times a day, and every trade is counted it.

So when you see a volume of 24 million BTC / day for example, that can be 1 million BTC changing hands every hour for 24 hours. It's not 24 million bitcoin, but it counts as if it were.

It's the speed of money and how frequently it changes hands.

True, but it is still silly and distorts the real picture of who owns and trades BTC in a real-world sense.

No, that is just how it is measured. The trade volume measures how much volume is going through, just like your gas meter measures how much gas you use for heating.

The difference is that while gas is a commodity and it is destroyed after use, bitcoin is a currency, that is just recycled and changes hands.

The unit of bitcoin still remains there, even if the price drops to 0$, it cant be destroyed until there is at least 1 node online.

That is the difference.

All you dumbasses thought it was just me. Wrong again.

Thanks for all the moneys by the way. hehe

Ok but the last price growth was exponential, this was more linear. So people are less fooled this time, even if the volume is fake,  who cares, it's the  longterm picture that couts.

And if you do care, then you should use Bitsquare, and not central exchanges.

[just_Alice]

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

I didn't know they charge no fees, thanks for the info. Then I think they are doing this by themselves to boost the trading volume on their exchange. Investors and traders in general are more attracted to places with bigger volumes.

[Edraket31]

They just did it for one reason to attract more person to invest. That's it. We all know what China capable of in doing something in any aspect. There is no impossible with them nowadays as you can see. So, be very vigilant in any  trading site you might have been a victim if you don't do research well.  

[romero121]

They have mentioned fake volumes for better popularity. At the same they have the highest users to use bitcoin and the only country which has been planning to regulate their own digital currencies. Now too as a start they made a inspection around every exchange which is into bitcoin business, which has led to the major decrease after a peak rise. Soon this price movements will get stable within limited price range.

[alyssa85]

everybody knows that China has been reporting fake volumes and ridiculous numbers for that matter. but what i don't get is why people still think China controls the bitcoin price an allow other whales to use that false information to their advantage when they want to buy cheap coins.

It is because the press report "90% of bitcoin trading is done by the Chinese", and the general public then think, "do I want to invest in something controlled by China"

So the fake volume thing is a problem, because it is controlling perceptions and indirectly holding back bitcoin.

[cryptoGsus]

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.

I think this sums it up perfectly

[QuestionAuthority]

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.

I think this sums it up perfectly

Yes it does, if Snoop Doggy Jew was the one presenting the idea.

[Mometaskers]

0% fee! How do those exchanges earn money then? I'm still kinda new to this (haven't traded yet), should I be wary of Chinese exchanges? Are there reputable exchanges outside China?

[ebliever]

0% fee! How do those exchanges earn money then? I'm still kinda new to this (haven't traded yet), should I be wary of Chinese exchanges? Are there reputable exchanges outside China?

Of course there are reputable exchanges outside China.  Check out Coinbase, Gemini, Kraken, BTCE, etc.

I would be wary of Chinese exchanges, but not excessively so. There has been a lot of improvement the last few years so that operations like Mt. Gox are long gone, at least among major exchanges. Chinese exchanges have faced some level of scrutiny from the PBOC for years, so they are rash if they have been doing anything too blatantly illegal and expected to keep getting away with it. But then, sometimes people are rash, so who knows?