makulat26 (OP)
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January 11, 2018, 08:49:09 AM |
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http://fortune.com/2018/01/08/coinmarketcap-removes-korean-exchange-prices/twitter quote: "This morning we excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity. We are working on better tools to provide users with the averages that are most relevant to them." i'm not entirely clear on this. so previously, the average is calculated by averaging the prices from all exchanges it lists (weighted by trading volume), correct? now the average is calculated by the same average method but by excluding some korean exchanges e.g. bithumb (doesn't say which). this means global market cap is also affected. correct? because global market cap is supposed to be calculated by sums of all coins' market caps. and the market cap of a coin is the coin's price average multiplied by total supply of said coin.
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Lemer
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January 11, 2018, 09:05:12 AM |
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Because South Korea's prices are too high, the price of encrypted money in South Korea is 10 to 20 percent higher than the average in other countries, which is clearly a speculative bubble.
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alani123
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January 11, 2018, 09:08:06 AM |
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Those exchanges are still tracked at cryptocoincharts. I recommend anyone who'll looking into statistics for cryptocurrencies to use that website, it's really useful and doesn't make exclusions to exchanges based on volumes. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2F88ciKhF.png&t=665&c=pqM-ulmksNl31g)
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soham
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January 11, 2018, 09:12:02 AM |
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Yes, that happened last week. It is due to the price disparity that was causing unnecessary inflation of bitcoin prices. In Korean exchanges, bitcoin was traded with almost 50% higher price so while calculating the average price, bitcoin price was showing higher average price which was causing a lot of confusion and it is also incorrect. That is the reason why coinmarketcap has excluded them from the equation. However, those exchanges are still operational and you can start trading with them if they are accepting new registrations.
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Nebell
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January 11, 2018, 09:33:19 AM |
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I keep wondering if CoinMarketCap actually did us a favor by removing Korean exchanges.
I mean, if Korean government does go through with their threats and bans Bitcoin, it won't have as much effect as it would if they were still included.
Or do you guys think I'm wrong?
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talkbitcoin
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January 11, 2018, 09:34:58 AM |
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the news is already too old and this is mostly drama and it is mainly caused by the media (news sites) that kept spreading it and made the connection between this removal and the big altcoin dump that was going on which was pretty normal i should add.
these Korean exchanges have been producing fake volume and fake pumping the price. i am actually surprised they didn't remove them sooner. and i am even more surprised seeing them back on coinmarketcap.com again!
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TimeTeller
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January 11, 2018, 09:39:40 AM |
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Though they are excluded in cmc calculations, for those who are using that exchanges to convert their fiat money - they will have no choice but use that exchanges. Especially koreans that wanted their cryptocurrencies converted to their local currency. But should really be excluded as they are the outliers, and at least we need real figures here without them.
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HeRetiK
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January 11, 2018, 09:43:48 AM |
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I keep wondering if CoinMarketCap actually did us a favor by removing Korean exchanges.
I mean, if Korean government does go through with their threats and bans Bitcoin, it won't have as much effect as it would if they were still included.
Or do you guys think I'm wrong?
I agree with you. It seems like coinmarketcap saw the writing on the wall and acted accordingly. However while I see some Korean exchanges being forced to close, I'm still doubtful about South Korea stopping crypto trade altogether.
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MrCrank
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January 11, 2018, 09:55:00 AM |
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the news is already too old and this is mostly drama and it is mainly caused by the media (news sites) that kept spreading it and made the connection between this removal and the big altcoin dump that was going on which was pretty normal i should add.
these Korean exchanges have been producing fake volume and fake pumping the price. i am actually surprised they didn't remove them sooner. and i am even more surprised seeing them back on coinmarketcap.com again!
Yes, agreed with you. I don't understand how can possible "Korean exchanges have been producing fake volume and fake pumping the price" ? Can you explain, please
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glaciercapital
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January 11, 2018, 10:07:29 AM |
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I keep wondering if CoinMarketCap actually did us a favor by removing Korean exchanges.
I mean, if Korean government does go through with their threats and bans Bitcoin, it won't have as much effect as it would if they were still included.
Or do you guys think I'm wrong?
I agree with you. It seems like coinmarketcap saw the writing on the wall and acted accordingly. However while I see some Korean exchanges being forced to close, I'm still doubtful about South Korea stopping crypto trade altogether. I really don't know how to feel about coinmarketcap excluding Korean numbers. I guess it makes sense, I highly doubt Korean's will stop trading crypto just because the government cracks down
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dhka
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January 11, 2018, 01:26:56 PM |
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I know the price difference is huge, but why do we blame them, it is the market that decide it As long as there are people who are willing to pay for it, nothing matters right. As I know that is how market work just finding the balance between supply and demand
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tomahawk9
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January 11, 2018, 01:58:09 PM |
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I keep wondering if CoinMarketCap actually did us a favor by removing Korean exchanges.
I mean, if Korean government does go through with their threats and bans Bitcoin, it won't have as much effect as it would if they were still included.
Or do you guys think I'm wrong?
I think they did the whole btc community a favor. The prices in korean exchanges are always higher and completely distorts the overall the price of bitcoin, makes you think if the the volume/price is being manipulated behind the scenes by some people with big pockets.Honestly, I'm glad they got rid of those exchanges. And I don't think the korea govt is against bitcoin, they just wante enforce heavy regulations on cryptocurrencies and exchanges given how things are getting out of control over there.
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penig
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January 11, 2018, 02:13:08 PM |
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I know the price difference is huge, but why do we blame them, it is the market that decide it As long as there are people who are willing to pay for it, nothing matters right. As I know that is how market work just finding the balance between supply and demand
It was not representative of supply and demand though. Firstly the Korean exchanges represent only the local supply/demand and as there's little to no arbitrage, that isn't dispersed to other markets. Its a distortion, 25-50% variation shouldn't happen in one market is there is a genuine, efficient market. Secondly, the cause of this is apparently 0 fees on exchanges that allow wash trades, buying and selling the same asset to create false price.
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HeRetiK
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January 11, 2018, 02:25:50 PM |
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It was not representative of supply and demand though. Firstly the Korean exchanges represent only the local supply/demand and as there's little to no arbitrage, that isn't dispersed to other markets. Its a distortion, 25-50% variation shouldn't happen in one market is there is a genuine, efficient market. Secondly, the cause of this is apparently 0 fees on exchanges that allow wash trades, buying and selling the same asset to create false price.
Lack of arbitrage options has indeed been a problem with Korean exchanges. I wasn't aware of them having 0 fees though, very reminiscent of China, if true. And worrying for the short- to mid-term future of crypto prices, as Korean exchanges seem to have become a driving factor during the last few months.
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miyaka26
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January 11, 2018, 02:29:09 PM |
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I keep wondering if CoinMarketCap actually did us a favor by removing Korean exchanges.
I mean, if Korean government does go through with their threats and bans Bitcoin, it won't have as much effect as it would if they were still included.
Or do you guys think I'm wrong?
I think they did the whole btc community a favor. The prices in korean exchanges are always higher and completely distorts the overall the price of bitcoin, makes you think if the the volume/price is being manipulated behind the scenes by some people with big pockets.Honestly, I'm glad they got rid of those exchanges. And I don't think the korea govt is against bitcoin, they just wante enforce heavy regulations on cryptocurrencies and exchanges given how things are getting out of control over there. Like what happened to BCH and other cryptocurrencies that made the price sudden increase and decreases, that's one of the reasons why there is a price surge and Fomo's among the newbies and the community good thing they've made a good step for representing the real market price of the crypto's a decision that is favorable to us.
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