[China's fakeness] Before and after

[pooya87]

for years on the social media regarding bitcoin, we have been hearing these words "China is controlling bitcoin" i have always shook my head in disappointment after seeing how many people fall for the manipulative words.

you can even see a topic with this exact title here and half of people voting "Yes" for it!

here is how fake Chinese trading volumes were:

source of the charts: https://data.bitcoinity.org

and although i have always been saying having the mining power has nothing to do with any of all this, since not long ago ghash.io had 51+% of the hashrate in one place and nothing happened, but i would like to share this image here also because i find it relevant:

source: Reddit (it looks like the same above site was used)

[1715293050]

1715293050

[1715293050]

1715293050

[Dude.Lebowski]

for years on the social media regarding bitcoin, we have been hearing these words "China is controlling bitcoin" i have always shook my head in disappointment after seeing how many people fall for the manipulative words.

you can even see a topic with this exact title here and half of people voting "Yes" for it!

here is how fake Chinese trading volumes were:



and although i have always been saying having the mining power has nothing to do with any of all this, since not long ago ghash.io had 51+% of the hashrate in one place and nothing happened, but i would like to share this image here also because i find it relevant:

Source please of the data used to build these charts.  Thanks, man.

[davis196]

China is not controlling bitcoin.Chinese exchanges,users and miners have a huge influence over the bitcoin price.The last speculation bubble,when btc price reached $1160 is a proof for this.
But ,off course, China doesn`t have total control over btc.

[Xester]

I will give thanks for PBOC for doing an inspection. Also with your post my theory on market manipulation and fake volumes coming from the exchangers in China was made clear. With this I can finally see the normal market movement of bitcoin and avoid sudden volatility that cause me to lose hundreds of dollars due to market manipulation. Let us rejoice, today bitcoin will be a much better coin.

[Catmony]

After chinese trading platforms started to have trading fees there is no way for manipulators to make fake orders and buy/sell on their own orders to pump the volume. This is good for bitcoin market and this may also make people aware of the fact that china is not the only one behind every pump/dump.

[ebliever]

Thanks for posting this. I was just looking over the Markets tab for Bitcoin on Coinmarketcap and came to a similar conclusion about the scope of Chinese bitcoin trading. Someone a few weeks ago was saying the real China volume was around 50% of the total, and now it looks like they were about right.

[shinratensei_]

That's why the total number in coinmarketcap by the chinese exchanges are so redundant.

Exactly it's no sense.

[Velkro]

Both graphs looks EXTREMELY good for bitcoin.
More decentralization around the world, that was all there but hidden under fake volumes of china.

[Amph]

After chinese trading platforms started to have trading fees there is no way for manipulators to make fake orders and buy/sell on their own orders to pump the volume. This is good for bitcoin market and this may also make people aware of the fact that china is not the only one behind every pump/dump.

They can still manipulate, but it will cost them money, before it was free to do it this is the only difference, you can't stop market manipulation no matter what you do it is present everywhere not only in bitcoin

[Pursuer]

Both graphs looks EXTREMELY good for bitcoin.
More decentralization around the world, that was all there but hidden under fake volumes of china.

this was the reason why websites like coinmarketcap.com never listed the Chinese exchanges in their market list. if you look there, it is still excluded and they are at the bottom of the list, greyed out. the volume used to be unreal.

After chinese trading platforms started to have trading fees there is no way for manipulators to make fake orders and buy/sell on their own orders to pump the volume. This is good for bitcoin market and this may also make people aware of the fact that china is not the only one behind every pump/dump.

They can still manipulate, but it will cost them money, before it was free to do it this is the only difference, you can't stop market manipulation no matter what you do it is present everywhere not only in bitcoin

yeah but right now they are being investigated and under pressure. it is like when IRS is investigating a business, they cant continue doing their shady operation while on the radar.

[NorrisK]

I don't think you should write fake volume in those graphs. That is a conclusion you are drawing, not a fact.

What is a fact though, was that everybody could simply trade at enormous volumes for tiny profits at a time because there were no trading fees. Ofcourse this inflated the trading volumes, but this does not make this volume fake.

[ASHLIUSZ]

Whether its fake or real, now after the inspection over most of the exchange websites by peoples bank of china several changes have been made in the fee structure and trading process. Popular exchange websites have quoted a transaction fee of about 0.2% of the trading or transaction amount.

[pawel7777]

The way I see it, previous volumes from China weren't exactly 'fake'.

- if you trade with yourself just to artificially pump your volume in order to get lower-tier withdrawal fees - then it's certainly fake.
- if you take advantage of zero trading fees to day-trade (or run a bot) with very low profit margin and capitalise on even tiny price movements (no longer possible with 0.2% fees) - then I don't see how it's fake. Such activities made it very hard to get a clear picture of geographical volume breakdown, but there was nothing 'fake' about that.

[BillyBobZorton]

it's clear that the chinese volumes were fake, but don't get too excited, bitcoin is still mostly chinese based, hashrate is still mostly chinese, that is the real problem, exchanges come and go, its good that the volume is not all chinese now, but its clear that the hashrate is still a problem, too centralized.

Let's just hope things start taking a 180 turn in the future, I don't like that china is so superior in the mining game than the rest, but i dont see a solution as long as the electricity is so cheap there.

[Oggy1987]

The way I see it, previous volumes from China weren't exactly 'fake'.

- if you trade with yourself just to artificially pump your volume in order to get lower-tier withdrawal fees - then it's certainly fake.
- if you take advantage of zero trading fees to day-trade (or run a bot) with very low profit margin and capitalise on even tiny price movements (no longer possible with 0.2% fees) - then I don't see how it's fake. Such activities made it very hard to get a clear picture of geographical volume breakdown, but there was nothing 'fake' about that.

It's both.
As I understood they were doing just what you said, trading with themself so they would get a decrease on fees when they were to withdraw money. But in order to withdraw money (profit) you had to made some real trades, basic buy low/sell higher.
And I'm happy how things go after PBOC, plus if its true that big investors are looking at bitcoin at the moment, it will significantly increase bitcoin price, but first they need time to "stack up".

[BTCLovingDude]

- if you trade with yourself just to artificially pump your volume in order to get lower-tier withdrawal fees - then it's certainly fake.

that is one definition for fake

whether the exchanges were doing it themselves, or was it users, or anything else for the reason, the important thing is that NO MORE the FUDs can use Chinese massive volume to their own advantage and spread lies.

now i wonder what the spam bot of speculation board is going to copy paste from now on

[mobnepal]

it's clear that the chinese volumes were fake, but don't get too excited, bitcoin is still mostly chinese based, hashrate is still mostly chinese, that is the real problem, exchanges come and go, its good that the volume is not all chinese now, but its clear that the hashrate is still a problem, too centralized.

There are many big mining farm in china and not all of them are operated by same company/person so they can't co-operate with each other to attack bitcoin network owning 51% of total mining power. And i even doubt that in total china based mining farm have more than 51% of total hashrate. There will be no any danger for bitcoin network if they can't conduct coordinated attack like blockchain roll back.

[pawel7777]

- if you trade with yourself just to artificially pump your volume in order to get lower-tier withdrawal fees - then it's certainly fake.

that is one definition for fake

whether the exchanges were doing it themselves, or was it users, or anything else for the reason, the important thing is that NO MORE the FUDs can use Chinese massive volume to their own advantage and spread lies.

now i wonder what the spam bot of speculation board is going to copy paste from now on

FUDsters gonna FUD either way, they'll just focus on something else.
The problem is the PBOC's action took away the 'fake' trade but also huge part of genuine trade activity (high-volume-low-profit bots and margin trading). This has rather negative short-term impact on Bitcoin. Higher volume makes the value more stable and makes it harder to manipulate the price.

Hopefully in the longer run, Chinese traders will accept the fees and no margin trading (or they'll find their way to western exchanges) and the volume will pick up.

[traderethereum]

it's clear that the chinese volumes were fake, but don't get too excited, bitcoin is still mostly chinese based, hashrate is still mostly chinese, that is the real problem, exchanges come and go, its good that the volume is not all chinese now, but its clear that the hashrate is still a problem, too centralized.

somehow i am agree with you, i don't know why because maybe i see that in china, the have large mining farm than any other places and they have newest technology than other country and maybe because of this, my feeling keep saying that china is still controlling bitcoin.

[kaijialex]

Even with the raised fee, people are still trading at OkCoin and BTCC with huge volume compared to other exchanges.

I don't find huobi in your second pie chart, is there any reason for that?

[d5000]

Even with the raised fee, people are still trading at OkCoin and BTCC with huge volume compared to other exchanges.

It's not exactly "huge" anymore, but still BTCC and OkCoin are among the market leaders.

The reason is easy: There should be plenty of whales that are not from China and were trading at Chinese exchanges benefitting from the zero-fee policy. According to the theory of the path dependence (one can call it simply "inertia") most of them will stay there for a while, but at some moment they may decide to change back to "western" exchanges.

I expect the volume going down slowly in the near future at the Chinese exchanges, because for non-Chinese traders there should be more advantages to use exchanges near the country of residence (e.g. easier fiat deposits and withdrawals) and the regulatory environment in China is still somewhat "unstable".

I don't find huobi in your second pie chart, is there any reason for that?

Huobi seems to have had API problems (they didn't show up at Bitcoinwisdom and Bitcoinity the last few days). Perhaps someone has more exact information, but their website seems to be working.

[pooya87]

Even with the raised fee, people are still trading at OkCoin and BTCC with huge volume compared to other exchanges.

I don't find huobi in your second pie chart, is there any reason for that?

the Chinese have always been good "traders", no matter what they trade. in different things. and when bitcoin was introduced they rushed to exchanges to make more money and when altcoins came they gladly added the top couple of them to their exchanges to make more money. and because of this, they will always have higher volume. and besides the population of China alone gives them higher volume compared to other countries.

unlike d5000 above i don't expect volume go much lower than this in long term, since it is about the same as bitfinex,... volume now.

and d5000 is correct about the API problem.

[shapeshiftscam]

After chinese trading platforms started to have trading fees there is no way for manipulators to make fake orders and buy/sell on their own orders to pump the volume. This is good for bitcoin market and this may also make people aware of the fact that china is not the only one behind every pump/dump.

They can still manipulate, but it will cost them money, before it was free to do it this is the only difference, you can't stop market manipulation no matter what you do it is present everywhere not only in bitcoin

You are right, if exchanges have their own accounts to buy and sell, this can fake the volume too, additionally they don't lose money because the accounts are theirs. They use this trick to hype more volumes in order to get more venture capital funds.

[Xester]

After chinese trading platforms started to have trading fees there is no way for manipulators to make fake orders and buy/sell on their own orders to pump the volume. This is good for bitcoin market and this may also make people aware of the fact that china is not the only one behind every pump/dump.

They can still manipulate, but it will cost them money, before it was free to do it this is the only difference, you can't stop market manipulation no matter what you do it is present everywhere not only in bitcoin

You are right, if exchanges have their own accounts to buy and sell, this can fake the volume too, additionally they don't lose money because the accounts are theirs. They use this trick to hype more volumes in order to get more venture capital funds.

As of this moment the Chinese Exchangers can no longer do this things, such as market manipulation and fake volumes. The PBOC has made strict rules and regulations on all CHinese Exchangers that they should follow the prescribed requirements and conditions and if they fail to follow those policies they will be out of business.

[HarringtonStark]

China is always expanding. It is territory hungry and even in the Internet, it is expanding!

[megynacuna]

That's why the total number in coinmarketcap by the chinese exchanges are so redundant.

Exactly it's no sense.

Yes these Chinese are faking everything and it's about time we have a global standardization of everything because the chimes seem to be at variance with global standardization

[calkob]

Bitcoin needs to prove that it isnt controlled by China by dealing with these crashes..... everytime the PBOC speaks the market falls.  If china wasnt an influence then this wouldnt happen, i do think that it is getting more resistant to china tho.

[serjent05]

That's why the total number in coinmarketcap by the chinese exchanges are so redundant.

Exactly it's no sense.

Yes these Chinese are faking everything and it's about time we have a global standardization of everything because the chimes seem to be at variance with global standardization

As i see the chart with and without the fee implemented, trader become conservative after a fee was implemented, I don't think that the exchanges intentionally fake the transaction, they are just broadcasting them, I think the one faking the trades them is/are some whales that took advantage of 0 fee, now that fee is implemented, seems these whales stop the fake trades.  

With regards to the mining power, it is established that China does not own more than half of those hashes, it is just some people who want to spread fear who keep on pushing this Idea.

[szpalata]

That's why the total number in coinmarketcap by the chinese exchanges are so redundant.

Exactly it's no sense.

I never knew those flakes could take it to this level of fakeness. They just hype the market for no reason and all Bitcoin population should search for credible information from competent sources and not what the Chinese are telling us.

[densuj]

That's why the total number in coinmarketcap by the chinese exchanges are so redundant.

Exactly it's no sense.

I never knew those flakes could take it to this level of fakeness. They just hype the market for no reason and all Bitcoin population should search for credible information from competent sources and not what the Chinese are telling us.

Yes must there are valid data from China about user's bitcoin on there
due to we are still speculation about it,
the opinions without valid proof will gives wrong information
we are depend on opinions without valid data.

[Rahar02]

for years on the social media regarding bitcoin, we have been hearing these words "China is controlling bitcoin" i have always shook my head in disappointment after seeing how many people fall for the manipulative words.

you can even see a topic with this exact title here and half of people voting "Yes" for it!

here is how fake Chinese trading volumes were:

source of the charts: https://data.bitcoinity.org

and although i have always been saying having the mining power has nothing to do with any of all this, since not long ago ghash.io had 51+% of the hashrate in one place and nothing happened, but i would like to share this image here also because i find it relevant:

source: Reddit (it looks like the same above site was used)

Fake volume? The truth has revealed now. But, they trading volume seems still leading the market price.
At least, we know that bitcoin spread widely and there's no country that really control bitcoin.
But, I don't think bitcoin market will free from price manipulation as the market cap isn't big enough, the manipulation is real.

[Mometaskers]

I'm not into trading yet but I think this is good news. There was another meeting and this time the price didn't plunge so I think that's a good start.

[mining1]

for years on the social media regarding bitcoin, we have been hearing these words "China is controlling bitcoin" i have always shook my head in disappointment after seeing how many people fall for the manipulative words.

And apparently they were right. Bitcoin exchanges paused the trading for one month, while insiders benefited from this information while the average joe lost alot of money. Bitcoin is centralized from all points of views: mining, development, political centralization at both government level and development level. Not only they control the mining, but they easily about 50% of the bitcoin aswell, given the trading volume in china. And don't tell me they "bought" it because china is a poor country. They mined it.

[allthingsluxury]

It cannot be denied that Chinese authorities dislike BTC and do not want it to get out of hand in their country. This is also true in many Western societies, politicians control the source of "money", it is their source of power and they know this. They will protect it at all cost if there is a great enough threat.

[jaberwock]

Or maybe people moved the coins out of Chinese exchanges in the fear that something like all crypto withdraws be disabled would happen, like in fact just happened?

I would not leave any coin sitting in the chinese exchanges while the Bank of China inspected them, also when they come back they may freeze people's funds with or without reason, or demand new documents and charge higher withdraw fees

[MFahad]

Even with the raised fee, people are still trading at OkCoin and BTCC with huge volume compared to other exchanges.

I don't find huobi in your second pie chart, is there any reason for that?

Well, China is the World leader in most of the things and bitcoin is one of them. They have enjoyed lots of trading without fee in Chinese exchanges and now with fee wont let them back away. They are indirectly manipulating the bitcoin prices to their best interest.

[faysher]

Price of bitcoin have dropped ~10$ from 1050 to 948 at. The season is Two of China's most widely used bitcoin exchanges have announced that they will suspend bitcoin and litecoin withdrawals for one month effective immediately

[gentlemand]

I don't buy the mining chart. All a miner has to do is start a second pool and point towards that. They know perfectly well how sweaty people get when the proportions get too high. You wouldn't stop mining, you'd disguise it as someone else. They don't care enough about decentralisation to sacrifice profit. They'll assume that they know best as long as no one else does.

I get the feeling that if we had a glimpse of who's really in charge of mining and how they can all fit on the back seat of a family car we might all cream our knickers in horror.

[Pab]

China controling bitcoin is fake news,with current price westerness mining comanys can work in full.Trading volume yes biggest is from China but there is well over 1 bln chinise.With new reguation established for chinise exchanges trading will be more real and less speculative what will be good for bitcoin

[Kprawn]

That's why the total number in coinmarketcap by the chinese exchanges are so redundant.

Exactly it's no sense.

Yes these Chinese are faking everything and it's about time we have a global standardization of everything because the chimes seem to be at variance with global standardization

If we shift all blame to the Chinese, we neglect to look at our own mistakes.... The west did not invest in Bitcoin farms and now they want to

blame the Chinese for everything. I just shake my head when I look at all the fud being spread about the Chinese, and it makes me wonder if

there are not a little bit of jealousy involved here.  

[pooya87]

for years on the social media regarding bitcoin, we have been hearing these words "China is controlling bitcoin" i have always shook my head in disappointment after seeing how many people fall for the manipulative words.

And apparently they were right. Bitcoin exchanges paused the trading for one month, while insiders benefited from this information while the average joe lost alot of money. Bitcoin is centralized from all points of views: mining, development, political centralization at both government level and development level. Not only they control the mining, but they easily about 50% of the bitcoin aswell, given the trading volume in china. And don't tell me they "bought" it because china is a poor country. They mined it.

nonsense.
average Joe shouldn't even be "trading" bitcoin to lose lots of money in the first place. they either have to be a trader or invest long term.

also there are two more things if the average Joe had bought bitcoin 2+ weeks ago he is still in profit!
also if he continues holding price will go back up after this shitstorm of manipulation passes.

50% haha that is 8 million bitcoin aka nearly 8 billion dollar. and besides trading volume is trading volume not how much Chinese hold. if you buy 10BTC now and sell 10BTC when price goes up 6 hours later the trading volume will be 20BTC and you see this 20BTC and think China is holding 20BTC whereas they hold nothing except fiat!

[Herbet Fry]

People need to do their own research before blindly believing in something or just saying things because they think they right but dont know they right. China has a massive portion but its nowhere near the amount the sensationalize in the media. I'm not really sure why social media keeps saying these things. What advantage is there ? Or is it to just blame the price shifts on China ?

[maydna]

People need to do their own research before blindly believing in something or just saying things because they think they right but dont know they right. China has a massive portion but its nowhere near the amount the sensationalize in the media. I'm not really sure why social media keeps saying these things. What advantage is there ? Or is it to just blame the price shifts on China ?

i am agree with this, and yes we need to make our analyze before we make a step after we read many news about bitcoin especially with china's fake with bitcoin. we need to make decision what we are gonna do after we know the real thing in the news and i think we don't have to hear about the news in outside because as long as the bitcoin itself is not giving much of affect in the price then the news will not stay for long times and maybe it is just for making panic shocks in the market.