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交易所的刷单与对冲
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NeverArgueWithWF
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交易所的刷单与对冲
May 07, 2018, 03:50:34 AM
#1
目前全球数字货币交易所好几百家,这与全球股票市场明显不同,股票交易所都是中心化垄断的,如上交所、港交所、纳斯达克等等,而数字货币交易所本身其实已经分散去中心化。现在几乎每天都有人想加入交易所这个行业参与竞争,原因很简单,整个全球数字货币市场还是个婴儿,目前不足5000亿美金流动市值,不到一个美股大型科技公司的市值,而据行业内专家预测,未来三年这个行业的总流动市值可能达到10万亿美金,行业整体年均成长率高达200%,因此整个行业的成长空间都是巨大的,而交易所又是比较容易想清楚和辨认的商业模式,交易所行业必然整体能够享受到这个增长速度,甚至要高于这个速度,另外交易所技术手段并不复杂,通证经济设计简单,拿牌照费用也不算高。正因为如此,这个行当目前竞争非常激烈,小交易所生存不易,在本身行业用户规模不大的情况下,流量获取难度非常大,因此他们必须练就某些生存本领,今天钢铁侠来讲讲小交易所的生存之道——刷单和对冲。
想看懂如下内容,需要先明白一个概念。交易所只是一个中心化的记账单位,每个用户在交易所都有一份实时的资产负债表,每交易一次,用户的资产负债表都会进行实时调整。只有当你把币从交易所转到另外一个交易所或者钱包的时候,交易才会通过链上进行广播。
交易所刷单是极其正常的现象,不刷单才是不正常的现象,刷单一般有如下两个方面的需要:
一方面是自己的交易深度不足,找不到对手盘,通常表现为盘口挂单量很小,买一卖一差价太大等等,真实用户在主动进行交易所的时候,很容易把盘面砸一个大坑或者拉起来一个大阳线,让用户感觉非常崩溃,为了让交易深度显得好看一点,币价波动小一点,必然会设置一些机器人单,买单卖单都会有,让用户能够顺畅交易。请注意,如果是机器人单接了真实用户的单子,那么交易所本身就成为了用户的对手盘,相当于交易所在对赌,这风险很大,必须对冲掉,这个对冲后面再讲。
另外一方面刷单是为了排名,能在非小号等网站排名靠前,就是相当于在给交易所做广告,在给交易所引流,因此,小交易所必须刷单,机器人和机器人进行对敲,而且要稳定的增长的刷量,这是个技术活。大交易所当然也会刷单,也是为了排名。由于交易所刷单几乎没有成本,因此目前市场上的成交量泡沫非常大,真正有交易所深度的币种也就是那么几十个。
上述两种刷单不同的是,第一种是机器人和真实用户之间进行交易,是为了深度,第二种是机器人和机器人之间进行交易,是为了排名,第二种完全是虚假的。
讲完刷单再讲讲交易所更技术的活——对冲。
这和对冲基金的对冲不是一个意思。这里的对冲用一句话解释,就是借用别的交易所的深度。因此完全不用对冲的交易所目前恐怕只有币安一家,因为他的深度最厚,他找不到能帮他对冲掉的交易所了。
在刷单的第一种类型中,交易所的机器人真正被动吃了真实客户的单子,交易所本身又不能参与对赌,怎么办,只能在比他更大的交易所事先开一些账户,把吃来单子同时给处理掉。
举个例子,用户小王在某小交易所A出货10个BTC,这是一个相当大的单子了,交易所A本身深度不足,但是模拟了大交易所深度,用的都是机器人挂单来模拟,交易所A的机器买单被迫吃掉了这10个BTC,同时交易所A会自动在币安或者火币把这10个BTC再卖掉,这一个过程,就相当于交易所A借用了币安或者火币的交易深度。基本就是这个玩法,交易所A在长期的对冲过程中,能够保持不亏损,那么这个业务就做的很漂亮。
至此,刷单和对冲都已经讲完,钢铁侠并没有批判这种行为的意思,相反,如果这两个业务都能做的好,真实的成交量也会慢慢起来,最终会形成正反馈,再遇到一些大的机遇,小交易所有一天也会变成大交易所。
Erica Wheeler
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Activity: 3
Merit: 0
Re: 交易所的刷单与对冲
May 08, 2018, 10:51:49 AM
#2
不刷单交易量就上不去,论坛就没人玩,刷单才能表示热闹
现在哪里都一样,特别是市场行情不好的时候更是如此。
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