2013-12-21: Chinese Bitcoin Exchange OKCoin Accused of Faking Trading Data

[eldentyrell]

http://www.coindesk.com/chinese-bitcoin-exchange-okcoin-accused-faking-trading-data

What, faked economic data coming out of china?  unpossible!

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[niothor]

I had my doubts about btcchina with their trade volume and this only adds more

http://mm.btc123.com/btcchina.php , zoom to 100%

What's wrong with it?

Do you see the amounts?  with a total of 4000 bitcoins for sale and bids for 10 000 (and this includes the ask and bids at 4x or 0.25 the value) , how can it even dream of a volume of 15k/day?

[Lethn]

lol! Bitcoin manipulation is incredibly easy to spot because everybody knows the maths behind it and if you guys think that the Chinese are the only ones going to try this then take a look at the Winklevoss' Bitcoin ETF when it comes out. Remember, if someone is claiming numbers like that, there are a total of 21 Million coins that can be created in Bitcoin and nothing more, so if other exchanges aren't responding in kind with their prices something is up.

[eldentyrell]

I had my doubts about btcchina with their trade volume and this only adds more

Nice call dude.

Honestly I pretty much ignore any and all news involving china.  I'm with Kyle Bass on this one: the data coming out of there is so unreliable (zomgwtf) that I might as well just buy powerball tickets or go to Vegas… at least then I'd get comped.

Besides, everybody knows that antarctica is going to invade and conquer china in 2016 anyways.

[niothor]

I'm so glad this China hype or more China nonsense is fading away.
China , who controls it's yuan and tries everything to keep it undervalue would adopt bitcoin !!! And people believed this !

Yeah , they will kill their economy based on exports to promote financial freedom. =))))

[Xiaoxiao]

Not surprising.

[bryant.coleman]

First we should congratulate the law enforcement authorities. This is not the first time that they are acting against those scammers who con Bitcoiners. Only a few weeks ago, they had arrested those criminals behind the GBL scam.

[niothor]

First we should congratulate the law enforcement authorities. This is not the first time that they are acting against those scammers who con Bitcoiners. Only a few weeks ago, they had arrested those criminals behind the GBL scam.

If they really start acting against scammers that lurk in the bitcoin community it's more likely that we will see this community getting decimated. Just check out the scam section and it's size.

[bryant.coleman]

If they really start acting against scammers that lurk in the bitcoin community it's more likely that we will see this community getting decimated. Just check out the scam section and it's size.

I really want the scammers to be removed from the Bitcoin scene. I don't care whether it will decimate the community or not. I don't want dishonest people here.

[Badonkadonk]

in this community, like all others, there will always be dishonest people.

[bryant.coleman]

in this community, like all others, there will always be dishonest people.

Agreed. But the problem is that in the Bitcoin community, the proportion of scammers is much higher than that in other fields. And this is preventing Bitcoin from becoming mainstream.

[black_swan]

in this community, like all others, there will always be dishonest people.

Agreed. But the problem is that in the Bitcoin community, the proportion of scammers is much higher than that in other fields. And this is preventing Bitcoin from becoming mainstream.

This doesn't mean that the whole Bitcoin community is made of scammers.
It's true, it's easier to steal with Bitcoin now and we really need a standard centralized escrow service which can "verify" vendors and buyers, something like paypal (I can't believe I said that!) Not for everyone to use but some will find it useful

[bryant.coleman]

This doesn't mean that the whole Bitcoin community is made of scammers.
It's true, it's easier to steal with Bitcoin now and we really need a standard centralized escrow service which can "verify" vendors and buyers, something like paypal (I can't believe I said that!) Not for everyone to use but some will find it useful

A few weeks ago, I posted here for a similar system. Suddenly some of the senior users got ballistic and shouted me down. It will never happen. And Bitcoins will never become mainstream, unless such a system comes in to existence.

[TraderTimm]

This doesn't mean that the whole Bitcoin community is made of scammers.
It's true, it's easier to steal with Bitcoin now and we really need a standard centralized escrow service which can "verify" vendors and buyers, something like paypal (I can't believe I said that!) Not for everyone to use but some will find it useful

A few weeks ago, I posted here for a similar system. Suddenly some of the senior users got ballistic and shouted me down. It will never happen. And Bitcoins will never become mainstream, unless such a system comes in to existence.

Trust comes from satisfied customers, but the only way to prove it is provide some kind of documentation - and in the process you'd have to trust the source of that data. Its a tricky subject, honestly - because at some point trust does enter the picture.

Not really sure how to tackle that other than someone you'd actually believe is an impartial intermediary.... but how do you vet that? Its like we need some kind of global karma/rating system that doesn't fall prey to vote-stuffing or other "gaming" behaviors. Periodic purchases that are published online with full information, to trap the scammers?

I don't know...