Exchanges and fake volume

[XZERO1]

This is really getting out of hand, Now every exchange that comes out of nowhere is faking their volume to show better liquidity in order to gain some users and the worst part is that it is getting quite common as if it's nothing serious happening here and now that market cap is plummeting it's getting worse and worse.

And i'm not talking about small amounts here, I'm talking about faking more than 95% percent of volume in almost every pair, The newer the exchange, the more bogus the volume.

An example to better understand the situation, You want to buy some tokens on said exchanges, the exchange shows the last trade on that specific pair was at 0.00001255 price and it was a sell , Let's say you put your buy order on orderbook on exactly that price so the order maybe can go through quicker, You wait for a while and you will notice that your order didn't get filled but at the same time you notice there are  same or lower bid prices than yours that are going through on trade history even tough these orders are nowhere to be seen on orderbooks before execution, Then you put a higher bid than that and again nothing will happen, This will continue until you decide to just take an existing sell order from the order book and get done with it.

It was just about two weeks ago that Upbit exchange got caught frauding trillions KRW on fake orders, Before this news this exchange claimed to have more than 90% of the total volume on a token(not going to mention the name for shilling reasons), It means this exchange stood higher in volume than other top exchanges that said token was listed on, They were simple minded enough to push their volume higher than old known exchanges by a huge difference.

The problem with all of this is mainly the trust issue that it causes, Cryptocurrencies are already struggling enough to adopt by consensus, Literally the first thing that someone wants to enter cryptocurrency trading or investing does is to buy from exchanges, And what happens if the first thing you encounter isn't something you would consider reliable and trustworthy ?

 

[1715363406]

1715363406

[European Central Bank]

yes. it's really getting out of hand now and places like coinmarketcap don't seem to care. ideally places like coinmarketcap wouldn't have the power they seem to have ended up with.

take a look at this market on exrates which is identical to most of their others. the buy orders amount to less than $20 in total yet trades worth way more are happening every few minutes.



i'd say that volume was 100% fake. if there was a buy or sell placed by a real person for starters that market is so thin you couldn't sell $1 worth without destroying it completely. second of all their bots will simply ignore it and carry on trading around it.

i can only guess they're hoping to fool real people into joining and gradually turning down their fakery, but exrates has incredibly high withdrawal fees so maybe pocketing that when people leave in disgust is their prime income.

it's the same with the zero fee chinese exchanges. places like BTCC would immediately go silent when their bot turned off. Okcoin employees said they operated bots.

if i were running coinmarketcap and any similar site i'd delist anywhere like this after observing for a few days. they're worthless.

[KingScorpio]

yes. it's really getting out of hand now and places like coinmarketcap don't seem to care. ideally places like coinmarketcap wouldn't have the power they seem to have ended up with.

take a look at this market on exrates which is identical to most of their others. the buy orders amount to less than $20 in total yet trades worth way more are happening every few minutes.



i'd say that volume was 100% fake. if there was a buy or sell placed by a real person for starters that market is so thin you couldn't sell $1 worth without destroying it completely. second of all their bots will simply ignore it and carry on trading around it.

i can only guess they're hoping to fool real people into joining and gradually turning down their fakery, but exrates has incredibly high withdrawal fees so maybe pocketing that when people leave in disgust is their prime income.

it's the same with the zero fee chinese exchanges. places like BTCC would immediately go silent when their bot turned off. Okcoin employees said they operated bots.

if i were running coinmarketcap and any similar site i'd delist anywhere like this after observing for a few days. they're worthless.

jes its always getting out of hand especially for the established capitalists that want the others to fall in line and submit under the established reality that makes them the billionaires. accept their proposed reality, their cryptocurrency as dominating one, or their cryptocurrencyindex as the ultimately counting one.

thats whats going on, so they all are lieing. struggeling to establish them selves as dominating capitalists.

coinmarketcap is extremly corrupt btw. they simply run a bitcoincentristic index and prevent at all costs that someone lists a bigger cryptocurrency with higher marketcapitalisation.

regards

[XZERO1]

yes. it's really getting out of hand now and places like coinmarketcap don't seem to care. ideally places like coinmarketcap wouldn't have the power they seem to have ended up with.

take a look at this market on exrates which is identical to most of their others. the buy orders amount to less than $20 in total yet trades worth way more are happening every few minutes.



i'd say that volume was 100% fake. if there was a buy or sell placed by a real person for starters that market is so thin you couldn't sell $1 worth without destroying it completely. second of all their bots will simply ignore it and carry on trading around it.

i can only guess they're hoping to fool real people into joining and gradually turning down their fakery, but exrates has incredibly high withdrawal fees so maybe pocketing that when people leave in disgust is their prime income.

it's the same with the zero fee chinese exchanges. places like BTCC would immediately go silent when their bot turned off. Okcoin employees said they operated bots.

if i were running coinmarketcap and any similar site i'd delist anywhere like this after observing for a few days. they're worthless.

Yeah, Exrates is another trash exchange with total bogus volume, Take a look at where they stand in volume on CMC for NEO, They claim to have 8.2% of the total volume in this case, There's no sign of known reputable exchanges in top 8




And the 3rd exchange in volume is Bit-z, I did use this exchange before, You can't possibly be a market maker there in most of their pairs

You can see how many orders going through without any of them being in the orderbook whatsoever, Heck their bots are faking more than 5k usdt trades in just 1 second, Look at the trades on 02:22:40

[tmfp]

This is worth a read on this subject.

If you look at the proliferation (!= decentralization) of exchanges, the ICO excesses of last year and the re-definition of "adoption" as increasing levels of derivative speculative tools, it's no wonder that crypto idealists are (inevitably?) becoming disillusioned with the 'development' of crypto.
Have the lunatics taken over the asylum?

[duongdaiduong]

The fake volume to deceive us. They did that to attract people to buy and sell.

[mikeywith]

This is one main reason why you shouldn't care about volume when making a trading decision, it should be the least of your concern, it's funny to see that many people say "volume is increasing on x coin, good time to buy" or "volume is decreasing this looks bad for the coin, sell it" . crypto market is very small, especially those small market cap coins, they can be manipulated very easily by a single player.

[kenzawak]

You guys probably read this already :

https://www.longhash.com/news/report-most-of-the-top-exchanges-are-faking-their-volume

[tmfp]

Coinmarketcap are adopting a Facebook style approach to criticism on this

Even though we try our best to verify the data with the exchanges on our site, we are not in the practice of censoring or policing others.

https://blog.coinmarketcap.com/2018/07/19/coinmarketcap-stands-for-data-transparency-and-clarity/

[BestSSS]

Yes, you are right fake volumes now prevail on almost all exchanges, even on those on which quite large daily volumes of money are already traded.
Earlier when exchanges were not as many new exchanges have wound themselves volumes to be in the TOP 20-40 rating of CMC. Even such Giants today as Binns, HUOBI, OKEX, trading bots and wind the volume token of the second echelon of millions of dollars. For what it is I don't understand but it's too conspicuous...
Just go to any pair of BTC/... and with the history of trading can be seen immediately that the history of operations consists of a dozen or even hundreds of orders bought or sold for example 543 LOOM...
Exchange https://switcheo.network / trading on both neo and Ethereum has recently been noticed by me on trading bots...
The result of Bots everywhere and from them you can not get away.

[RivAngE]

...

An example to better understand the situation, You want to buy some tokens on said exchanges, the exchange shows the last trade on that specific pair was at 0.00001255 price and it was a sell , Let's say you put your buy order on orderbook on exactly that price so the order maybe can go through quicker, You wait for a while and you will notice that your order didn't get filled but at the same time you notice there are  same or lower bid prices than yours that are going through on trade history even tough these orders are nowhere to be seen on orderbooks before execution, Then you put a higher bid than that and again nothing will happen, This will continue until you decide to just take an existing sell order from the order book and get done with it.

...

My problem with Cryptopia as well! Unfortunately there's no way to know until you try use an exchange for a long time. Even if there was a way to know if a trade has happened for real, it could be trades between fake accounts owned by the exchange trading between themselves.

My only solution to this problem is checking the site traffic, google searches etc.
For example that's how I'd check your claim about Upbit,

Upbit (#26) vs KuCoin (#79) (KuCoin has about 2.6 times more traffic)
https://www.similarweb.com/website/kucoin.com?competitors=upbit.com

Upbit (#26) vs Kraken (#39) (Kraken has about 2.4 times more traffic)
https://www.similarweb.com/website/kraken.com?competitors=upbit.com

KuCoin (#79) vs Kraken (#39) (Similar traffic)
https://www.similarweb.com/website/kraken.com?competitors=kucoin.com

From my interactions and experience with Kraken, I'm 90% sure they're not faking their volume or doing anything shady at all. But I can't know.
It's obvious though that Upbit is likely faking a hell ton of volume.


PS: The rankings are taken from CMC: https://coinmarketcap.com/rankings/exchanges/

[shitcoinoffering]

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https://shitcoinoffering.com/hitbtc-exchange-mcafee-tolls/