[China's fakeness] Before and after

[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.

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[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.