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Author Topic: Insane Bitcoin Futures volume at 796.com  (Read 3957 times)
LeChatNoir
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July 26, 2013, 04:45:22 PM
 #21

Ok so i read for VIP2 level: for each bitcoin futures trading when open a position cumulative to 8 BTC, Gift 1 share.

VIP2 level pays 0.5% in commission on each trade so you have to pay 8*0.005=0.04 BTC fee to get a free share right?
Same results for higher vip levels.

How can someone find it profitable since stocks until yesterday have always traded lower then 0.04BTC each ??



I think they explained: they dropped the rate after people trying to arbitrage. The rate shown is the current rate.

So my question is: what is the rate before adjustment?

Also an unanswered question: What about the price? Why didn't the volume spike move the price?

It is possible to exchange all that much without moving price with arranged trades. If best bid is 89.8$ and ask is 90.2$ you put a 10.000 BTC sell order at 90$ and buy it all at once with another account, result is 10K BTC traded and no price movement.
Remains the question who the hell is paying all that much for those stocks!

I edited the title of the thread.

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jl2012
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July 26, 2013, 05:04:27 PM
 #22


Remains the question who the hell is paying all that much for those stocks!


Answer is clear: arbitrageurs

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796
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August 01, 2013, 08:17:57 AM
 #23

Looking at the bitcoin futures chart at 796.com i can see volume for yesterday was more then 140.000 BTC while only 16.500 BTC have been traded on MtGox.
I don't know how is that possible, here you can see bitcoin futures chart with volumes https://796.com/futures/chart

Bitcoin Futures volume at 796.com is clearly fake volume, my conclusion is they are pumping up those volume just to give away a very high dividend to shareholders on August 1.

High dividend is what is driving high the price of fee shares that they are actually trying to sell to the public (they already sold 260K of those, 740K shares are still in their hands) so be aware of their scheme and stay away, those shares are worth no more then 1/10 of their current price.






Sorry to tell you that all the volume on our platform is real.
We provide BTC futures invest, that's two-way volume.
As for the volume 140.000 BTC on that day, it's all owe to our members' support and trust towards us.
They show great confidence in our platform.
And we sent a notice about our IPO plan, guess that's a boost to that day's volume spike.
Thanks for posing your doubt.
We clearly know what we're doing and what we want to bring to our users.
Thanks!
796
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August 01, 2013, 08:18:56 AM
 #24

Looking at the bitcoin futures chart at 796.com i can see volume for yesterday was more then 140.000 BTC while only 16.500 BTC have been traded on MtGox.

It must have been futures contracts (BTC derivatives) that were traded, not the underlying instrument (BTC).
yes,there's also leverage in it.
796
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August 01, 2013, 08:23:55 AM
 #25

1 future contract = 1 BTC

Either you do not understand how derivative markets work or you got this misleading info from the exchange. What the exchange may have informed you about is that the minimum contract size (lot) is 1 BTC.

For every BTC mined / issued there can be hundreds BTC futures contracts concluded / traded on derivative markets. In this sense 1 futures contract =/= 1 BTC.

I know how a futures market works. Have you checked the volumes on the chart i linked? Do you really think that's normal trading activity for a 2 months old exchange?
140.000 BTC equivalent of futures contract exchanged in 4 hours with absolutely no price movement and then 1.000 BTC traded in the following 12 hours?

We appreciate our members and had pointed out that Mr. Zhurong has quite a good reputation among Chinese investors.
That contributes a lot to our exchange.
After we announced our IPO plan, the volume has been increased a lot on that day.
So you have no need to question about the volume.
It's all real.
We provide leveraged BTC futures trading.
Thanks!
[Tycho]
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August 01, 2013, 08:56:54 AM
 #26

Maybe soon we will need something like bitcoincharts site, but for futures trading :)

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MPOE-PR
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August 02, 2013, 11:32:49 AM
 #27

Looking at the bitcoin futures chart at 796.com i can see volume for yesterday was more then 140.000 BTC while only 16.500 BTC have been traded on MtGox.
I don't know how is that possible,

The same exact way it's possible for all the other obscure scams.

Without any personal experience with 796 or even any knowledge of the exact terms of the futures contract you've mentioned, I can't offer any insights specific to this example.

Then why are you posting?

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DrGregMulhauser
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August 02, 2013, 11:41:58 AM
 #28

Without any personal experience with 796 or even any knowledge of the exact terms of the futures contract you've mentioned, I can't offer any insights specific to this example.
Then why are you posting?

Readers who take the time to read the remainder of what I posted will find that more general information which was not specific to the example was actually relevant. Why? Because there seemed to be a misunderstanding afoot about the relationship between derivatives and their underlying entity.

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August 05, 2013, 10:53:15 AM
 #29

So... Trying 796 for last few weeks:

No problems at all. Have no idea about where huge volumes come from but I get quick fills for orders and price is really really close to Mtgox.

So far I didn't notice any price manipulation from them or anything weird/unusual.
Seth Otterstad
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October 12, 2013, 05:10:36 PM
 #30

Can someone explain to me how the gold future trading work on 796?

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April 20, 2015, 05:32:06 AM
 #31

Do not use this site.  They used manipulated settlement prices for their futures. 

http://www.reddit.com/r/BitcoinMarkets/comments/32zp6j/796com_trading_halted_no_response_from/


The attacker probably sold a lot of BTC on 796.com. The whole week the price was a bit lower than usual.  During settlement time, the attacker manipulated the bravenewcoin index, so the settlement price was at least 5% lower than all major exchanges during the settlement period.    This could not have been done without the help of 796.com. The attacker probably cashed out big and 796.com did nothing to stop him. 
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