Ok, taking my seat again for the next round incoming.
Hey tok _ n
I was thinking about our recent interaction, and I am really thinking that if you were to consider a kind of weighted average to the trade volumes of exchanges, then that could be more satisfactory overall...
Of course, your perception of a fair weighted average in respect to trade volume and my sense of a fair weighted average would be different, and of course there are also some difficulties in employing such a weighted average but nonetheless, I think that a weighted average is much better than attempting to either (two sides of the same coin): 1) look at the trade volume of only a few exchanges or 2) refusing to give weight to some influential factors involving the trade volume of exchanges.
For example, at this particular time, I personally would weight exchange trade volume something like this:
Bitstamp (USD/BTC): 100%
Bitfinex (USD/BTC): 60%-80% (skeptical of some of it's practices including some of the margin/leverage trading)
Gemini (USD/BTC): 100%
BTC-e (USD/BTC): 100%
GDAX (USD/BTC): 95-100%
Krakenn (USD/BTC and Euro/BTC): 100%
World-wide LocalBitcoins: 70% to 100% (at this point, I'm not really sure about how much weight to give to trade volume here)
OKCoin (CNY/BTC): 10%-20% (I'm pessimistic about this trade volume but maybe it could be reasonably weighed somewhere in this range?)
Huobi (CNY/BTC): same as OkCoin
BTCC (CNY/BTC): same as OkCoin
There may be some others as well, but I think that my main criticism of your earlier analysis was that I thought that you were giving way too much weight to the trade volume of the chinese exchanges (that involve CNY/BTC pairs) and not enough weight to other exchanges (mostly having USD/BTC pairs)