OKCoin and Bitfinex have the same volume now!

[Slark]

Were people that naive to believe their fake volume? or maybe their own people really are naive, because no matter what it was obvious from miles away, now how funny that is even though they faked the volume network didn't have issues regarding transactions

It was well known fact that their volume is inflated, but no one really have idea how big real volume actually is.
Without margin trade bubble it will be more clear and we will have better comparison once and for all.
Network is having periodic problems with amount of data sent whether Chinese volume is big or not.

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[ethereumhunter]

i hope that volume is not fake, i think that both market is want to be top leader of bitcoin market, okcoin will represent with cny and bitfinex will represent with dollar usd. maybe the china market is downgrade because of china new year and many people which is doing trading in china market need to go holiday and spend their profit.

[royalfestus]

Were people that naive to believe their fake volume? or maybe their own people really are naive, because no matter what it was obvious from miles away, now how funny that is even though they faked the volume network didn't have issues regarding transactions

The idea of a fake volume is still being investigated and not yet verified, whereas the community is large enough to have such volume. They have quite enough crypto enthusiast, If they complain of the volume of Okcoin what of other china exchanges

[Killerpotleaf]

This has been their real volume all along. It is old news that their reported volume was seriously inflated.

altho i agree that now there volume data makes more sense
I cannot agree that "This has been their real volume all along"
they have removed leverage and more importantly added trading fees!
its no longer possible for traders to try and flip there 0.5BTC back and forth for 0.0002% profit each time 24/7
all these "scalping bots" are dead in the water.

IMO there "real volume" dropped 50% AND they turned off there own volume generation bot which might of accounted for 50% of there volume, hence the lack of volume seen today.

its unclear if they will remain the leaders by volume, i think a lot of chinese traders might start using other BTC/FIAT exchanges that offer leverage.

but IMO china's exchanges getting hit hard like this, is a net loss on BTC demand since not all of this volume lost was fake.

[aso118]

Were people that naive to believe their fake volume? or maybe their own people really are naive, because no matter what it was obvious from miles away, now how funny that is even though they faked the volume network didn't have issues regarding transactions

The idea of a fake volume is still being investigated and not yet verified, whereas the community is large enough to have such volume. They have quite enough crypto enthusiast, If they complain of the volume of Okcoin what of other china exchanges

There is absolutely no doubt that earlier volumes were fake. The only reason why those exchanges could put out such volumes is because of the zero transaction fees. Even bitcoin info sites like coinmarketcap.com use to ignore the volumes of those chinese exchanges.

[marcoman22]

The great fall in trade volume in chinese exchanges is a result of exchanges announcement that, No free trade policy is ended  and margin trading would be halted.Though analysts already speculated the situation , the situation is much worse than expected.OK coin trading volume followed a tragectory plunging more than 50% from roughly 26000 BTC during last hour of 23rd jan to approximately 13000 btc in the first hour of 24th jan.The downward trend continued until trade volume fell to below 500btc.These much days, the enormous amount of fake volume misleaded the traders. Since a fee is applied for every trade, auto trading bots can no mlonger function profitably.Price manipulation is less pervasive and volatility is expected to drop as well.Hope, Bitcoin would be traded hereafter in its original price in exchanges all over the world.

[TeeBone]

it'll fall further and maybe all or most of the chinese exchanges will close their doors.

you can have a bitstamp or gemini with fees and no margin when there's a little bit of actual usage and buyers with some long term vision. the chinese are degenerate gamblers with zero actual use for bitcoin.

Yep. They dont look at bitcoin like they do gold (generational wealth). They play with BTC like chips in a casino.

[thebatletbet]

okcoin and all china exchanger, volume transaction is big down
because china country is holyday , lunar year , happy new year, so china people not active in bitcoin trading

[metalbean]

this is an interesting turn of event from China to see how their ridiculously huge volume drop this much and go down to the level of the daily volume that western exchanges such Bitfinex have!

This is due to the fees those platform recently implemented and it also shows that what was the real trading volume of these chinese exchanges before. All those big number in trading volume were just result of fake orders made by them to lure more traders in their platform.

That's an interesting observation, if you look at the volume that they are registering before it's just crazy. For 30 day volume each of the top three exchanges in China had about 30 million BTCs traded and each have ~30% market share for trade volume, that leaves only ~10% for the rest. It will be interesting to see what happens after the fees are implemented

https://data.bitcoinity.org/markets/volume/30d?c=e&t=bar

[metalbean]

it'll fall further and maybe all or most of the chinese exchanges will close their doors.

you can have a bitstamp or gemini with fees and no margin when there's a little bit of actual usage and buyers with some long term vision. the chinese are degenerate gamblers with zero actual use for bitcoin.

Yep. They dont look at bitcoin like they do gold (generational wealth). They play with BTC like chips in a casino.

That's the best reasoning I've heard

[metalbean]

Best way to look at it is after the Chinese New Year when thing go back to normalcy in a week.

That's the reflection of the real trade.

[Herbert2020]

Best way to look at it is after the Chinese New Year when thing go back to normalcy in a week.

That's the reflection of the real trade.

things are the way they are and have always been normal, Chinese new year, Christmas, whatever other new years we have in the world has no effect on bitcoin "directly".
when you see a sudden rise and when you see a sudden drop back, it is all normal as it is normal now that price is stable, and stuck at 910ish dollar. these are different phases that we can see in any market, maybe in smaller scale there but they exist.

and the current volume of Chinese exchanges is now normal.

[MFahad]

i hope that volume is not fake, i think that both market is want to be top leader of bitcoin market, okcoin will represent with cny and bitfinex will represent with dollar usd. maybe the china market is downgrade because of china new year and many people which is doing trading in china market need to go holiday and spend their profit.

Good to see both OKcoin and Bitfinex side by side on volume. I hope it is nothing to do with bitfinex recent hack and OKCoin Chinese fake volume. Removing these two factors really makes thing interesting and good for bitcoin itself. Chinese exchanges normally accused of fake volume but then bitfinex same volume means no more fake volume in Chinese exchanges also.

[talkbitcoin]

Yep. They dont look at bitcoin like they do gold (generational wealth). They play with BTC like chips in a casino.

That's the best reasoning I've heard

not really!
it mostly comes from someone who has been shouting $725 and $655 prices for a while.
and also it comes from this belief that since bitcoin price is volatile it means it is a gamble. but there has always been clear patters but with a bit larger swings that you normally see.

... then bitfinex same volume means no more fake volume in Chinese exchanges also.

that may be. but you can never say there is no fake volume!
these exchanges have to compete with each other, for example if bitfinex wasn't on top, bitstamp could have gotten more volume, same goes for Chinese. that is why i believe they will always report some extra fake volume when they are sending out their results.

[European Central Bank]

and also it comes from this belief that since bitcoin price is volatile it means it is a gamble. but there has always been clear patters but with a bit larger swings that you normally see.

one of bitcoin's prime uses has been as a plaything for chinese gamblers. now that's effectively over it's gonna have some kind of effect in the short term.