Monero's 24h fake volume peaked to ridiculous 84$ billion in september 11th

[cryptoperkele]

Can someone explain what an exchange is trying to achieve with wash trading ridicilous sums like this?
What tactic they are playing out? It's not like anyone is believing that's real.
For example in comparison, Finnish national budget for this year was 57.6 billion euros




Here's a full timeline in comparison on how much more that actually was compared to the rest of time ->

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[slackovic]

Where did you get that information from? CoinMarketCap? Because on CoinGecko I see a spike on September 10th, but it says $4 billion was traded, not $84 billion. I don't see how two websites that should show the same data can be that different.

[Bttzed03]

Can someone explain what an exchange is trying to achieve with wash trading ridicilous sums like this?

You took those screenshots from Coinmarketcap correct?

Check the top exchange contributing to Monero's 24-hour volume:
https://coinmarketcap.com/currencies/monero/markets/


^ I assume it's also CITEX that reported the most volume last Sep. 11, 2020. Although CMC rated CITEX with "Low Confidence" meaning they don't believe the reported volume from that exchange is that accurate. It still misleads a lot of people.

It's one reason why Coingecko is more reputable than CMC as a data aggregator.

~ What tactic they are playing out? It's not like anyone is believing that's real.

By reporting the highest volume, they want to lure more XMR traders there and profit from trading/withdrawal fees.

[cryptoperkele]

You took those screenshots from Coinmarketcap correct?

Correct. And i have taken a look at coingecko now and that Citex too, but i couldn't see that spike on Citex charts making me think it was just a api error.

By reporting the highest volume, they want to lure more XMR traders there and profit from trading/withdrawal fees.

Yeah but 84 billion in 24h would be quite an overkill don't you think?

Anyway, what ever the error was, i am moving completely to coingecko now.

[ryzaadit]

Yeah but 84 billion in 24h would be quite an overkill don't you think?

Anyway, what ever the error was, i am moving completely to coingecko now.

You can't get an exact answer to this.

Almost coin provider data was taken data of the coins from API Exchange, so when some exchange doing a wash trading to make the coins have a volume. The reason off course to gain more customer because make everyone things the exchange has some volume for the trading.

When some exchange using a bot to created wash trading, nothing we can do for this the coin provider will be taken the data because of their API Exchange. If you comparing between coin provider each of them will not have the same data, so you cannot guarantee the data 100% was real will always have some wash or fake volume.

[Kemarit]

Yeah but 84 billion in 24h would be quite an overkill don't you think?

Anyway, what ever the error was, i am moving completely to coingecko now.

I agree it was really a overkill if your numbers are right. But then again we can't do anything about it, it could be a bug on their API pull or they are really doing some shady things behind that's why the number are really that ridiculous and a number that we can only imagine of.

Mid to Low tier exchanges has this kind of uncanny practice, that's why we don't recommend them or at least experienced crypto traders knows something is not right and then move on. So I would say that if there are exchanges that is doing manipulation, then definitely it is being used by such pump and dump group, or probably the people behind that exchanges are the one orchestrating this wash trading. So the best thing to do is stay away from them and look for better exchange.

[Febo]

Can someone explain what an exchange is trying to achieve with wash trading ridicilous sums like this?

They try to get more legit volume by faking volume. Coinmarketcap is monitoring a lot of bad exchanges with fake volume. I would suggest you to start using coingecko that is way more reliabe source of crypto information's. 90% and more volume on coinmarketcap is fake. 

[Hippocrypto]

Can someone explain what an exchange is trying to achieve with wash trading ridicilous sums like this?

They try to get more legit volume by faking volume. Coinmarketcap is monitoring a lot of bad exchanges with fake volume. I would suggest you to start using coingecko that is way more reliabe source of crypto information's. 90% and more volume on coinmarketcap is fake.  

Coinmarketcap was having shady moves right now, and I couldn't trust any of it's information because of that reason. Maybe the site has no fact checking on their side before publishing such price realtime updates, on every price fluctuations at the exchanges. This is really important to determine whether the current price really coincides with the live trading to avoid any sorts of loss, once you deposit your funds at a trusted trading sites.

[TravelMug]

Can someone explain what an exchange is trying to achieve with wash trading ridicilous sums like this?

It's pretty obvious, they wanted to look that their exchange has so much volume thus more traders and more liquidity. And then they can charge higher fees from projects like ICO, IEO and altcoins. So they definitely will have a big boost if this happens. And then if they become popular, more crypto related websites are going to feature them, so more traffic and more new accounts registering to their platforms.

CMC supposedly rolled out, Liquidity Metric To Combat “Volume Inflation” Problem.

But for unknown reason, it's not working on my end., https://coinmarketcap.com/rankings/exchanges/liquidity/

Liquidity by CoinMarketCap

First, we introduced a new metric called Liquidity.

In the past year, with increasing volume inflation, the volume metric started to lose its purpose as a reliable way to gauge real trading interest. Other solutions, such as handpicking only a few “trusted” exchanges or using unrelated metrics like web traffic, were non-comprehensive and did not address the root cause of the issue.

Our new metric will focus on what matters most to investors and traders: liquidity. With our Liquidity metric, we hope to provide public good to the crypto markets by encouraging the provision of liquidity instead of the inflation of volumes.

With this metric, our users will be able to find the most liquid market for more than 3000 cryptoassets, so that they can trade even more efficiently, with the least slippage.

The Liquidity metric by CoinMarketCap is designed to eventually replace volume as the default metric when ranking market pairs and exchanges.

[bustabitsboy]

Coinmarketcap tracks many different bad exchanges with fake volume.  I advise you to start using coingecko, it is a good source of crypto information.  95% or more of the volume on coinmarketcap is not real.  They want more volume

[Febo]

Coinmarketcap was having shady moves right now,

It is not coinmarketap being shady. Exchanges are doing fake volume for years. There are few legit exchanges like Bittrex and Kraken. They have 1% of volume of some exchanges most people never heard of. There they make fake volume for coins that people have no interest in so that fake volume makes people look at them and in the same time that fake volume also helps the exchange to attract new people start trading there.  This is happening for 7 years and probably even before.

Go register on some of these exchanges and then try to sell some unimportant token that they show volume of millions of USD. You will realise whole volume is totally fake and you will not be able to sell not even a coin.   

[masterrex]

Thats too big for a 24-hour trading volume only? I think there was an error while publishing that post because if we compared to other data providers like CoinGecko the results are not even closer and why only Monero Is there any motive to shill this coin? So I hope it was just an error or else CoinMarketCap might be losing its credibility because It happens already in the past.