BTC100 CNY exchange reports 80,000btc 24hr volume

[derpinheimer]

Maybe its CNY volume that resets rather than continuous.

[1715230895]

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[ninjaboon]

Maybe its CNY volume that resets rather than continuous.

Hope to get to the bottom of this.
I want to submit stats of Bitcoin volume/users and get AirAsia to use BTC as a payment system.
https://bitcointalk.org/index.php?topic=299857.20

[jwzguy]

Google translate shows some garbled details about a rebate promotion. Someone may be exploiting a related bug. Hope the site op checks it out soon.

[el_rlee]

I would anyways be interested what's going on in the Chinese market - in times before the big crash the price was constantly 10-15% higher than on gox. This made sense, what's going on now doesn't (to me).

[klaus]

111.849,216 at the moment

[bernard75]

What is the normal volume of this exchange? I'm guessing it's something less than 1000BTC. So how could something that does a tiny volume suddenly do 80,000BTC volume? I would think it to be technically impossible. There simply wouldn't be the liquidity, deposit/withdraw processing, exchange engine, order book depth, etc to do it. I mean I could see it maybe GROWING to that amount over a month or so, but not overnight.

They were steady at 1000+, then this happened 3 days ago:
https://bitcointalk.org/index.php?topic=264812.msg3237296#msg3237296
Either they are manipulating their API stream or China has discovered the BTC.

[klaus]

I think - until i dont see the market depth (order book) - i dont believe this volume.

On the other side, its not really important  - in particular - until the price is the same as mtgox/bitstamp.

[jl2012]

I warned you guys: volume of many CNY markets are not trustworthy, especially those new markets.

Trading 100,000BTC without moving the price up or down at all? That's insane

Look at this site: http://btc008.com/ . Their volume is extremely stable: before 23 Sept, they always had ~5000 per day; after 24 Sept, they always had ~10000 per day. It's simply impossible

[bernard75]

btckan has market depth:
http://btckan.com/chart/btc100
the price would have moved several hundred yuan, if there is even that much there

and that rebate promotion is actually a sale of their shares, meaning the more you trade the more shares you get
in any case if its true, it must have been an arranged deal

[el_rlee]

Could it be back-and-forth arbitrage through a lot of 0%-fees promotions?

[dancupid]

btckan has market depth:
http://btckan.com/chart/btc100
the price would have moved several hundred yuan, if there is even that much there

and that rebate promotion is actually a sale of their shares, meaning the more you trade the more shares you get
in any case if its true, it must have been an arranged deal

Ignoring this exchange there still seems to have been about 25,000 bitcoins traded in the last 24 hours in China.
This is very close to the total usd figure.
I had no idea there were so many exchanges in China.

[jl2012]

btckan has market depth:
http://btckan.com/chart/btc100
the price would have moved several hundred yuan, if there is even that much there

and that rebate promotion is actually a sale of their shares, meaning the more you trade the more shares you get
in any case if its true, it must have been an arranged deal

Ignoring this exchange there still seems to have been about 25,000 bitcoins traded in the last 24 hours in China.
This is very close to the total usd figure.
I had no idea there were so many exchanges in China.

The last column is trading fee: http://btckan.com/price

As you can see many CNY exchanges have 0% fee now. This explains the high volume

[marcovaldo]

Could it be back-and-forth arbitrage through a lot of 0%-fees promotions?

It could be just some website that gives fake volumes traded ....

[el_rlee]

Could it be back-and-forth arbitrage through a lot of 0%-fees promotions?

It could be just some website that gives fake volumes traded ....

If you give fake volume, why such unrealistic? Doesn't this defeat the purpose?

[bernard75]

btckan has market depth:
http://btckan.com/chart/btc100
the price would have moved several hundred yuan, if there is even that much there

and that rebate promotion is actually a sale of their shares, meaning the more you trade the more shares you get
in any case if its true, it must have been an arranged deal

Ignoring this exchange there still seems to have been about 25,000 bitcoins traded in the last 24 hours in China.
This is very close to the total usd figure.
I had no idea there were so many exchanges in China.

Here you can see how it developed over the last month:
https://bitcointalk.org/index.php?topic=264812.0
They actually overtook the USD only a few days ago but there seem no end in sight.

[johnyj]

Trading platform can easily create a fictive volume with a trading bot, buy and sell a coin 80k times a day without charging any fee or spread

[jwzguy]

Trading platform can easily create a fictive volume with a trading bot, buy and sell a coin 80k times a day without charging any fee or spread

Yes, but it would be very harmful to them. Traders using their site would be able to see that something was going on very quickly. Also the fact that their volume literally went up 50000% in a day makes it unlikely that this was some kind of "clever ruse."

What seems most likely to me is that a combination of lowered trading fees and an incentive program they just launched allowed someone to trade for free or make a rebate on otherwise unprofitable trades, and they decided to exploit this until it was noticed.

We won't know until the site op posts an update.

[bernard75]

Volume is back to 1.5k and no news, so we will just have to keep guessing.

[LiteCoinGuy]

just a bug or scam. nothing more.

[bernard75]

Check the CNY volume compered to the USD, either they are all lying or BTC has finally arrived there:
https://bitcointalk.org/index.php?topic=264812.msg3290245#msg3290245