Binance is Faking Its Numbers, Claims Bitfinex Whale

shoreno

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Quote from: fortunecrypto on January 12, 2020, 05:18:26 AM

Like all the others who posted here nothing new to this, every exchanges are doing this, it's an open secret big or small exchanges are guilty of this practice, it just goes down to how profitable we are on the exchange we are trading and how good is the security, but volume is not an issue for mew in picking the right exchange.

for you yes but for some volume matters alot to them . binance was considered a high volume exchange but its true that this exchange were not different to others cause some of thier volumes are not correct.

people put the blame on cmc but infact cmc were only posting what they see on exchanges but the truth was exchange are the ones that are responsible for those manipulations .

fortunecrypto

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Like all the others who posted here nothing new to this, every exchanges are doing this, it's an open secret big or small exchanges are guilty of this practice, it just goes down to how profitable we are on the exchange we are trading and how good is the security, but volume is not an issue for mew in picking the right exchange.

arwin100

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Quote from: cheezcarls on January 09, 2020, 03:36:28 PM

A Bitcoin whale has come forward to claim that a few exchanges are faking their numbers. One of them is Binance.

It’s no secret that the cryptocurrency market is rife with wash trading. In fact, the vast majority of cryptocurrency trading is fake—by some estimates, around 95% according to a BitWise report, which came out last year. However, Binance was often considered the leader among exchanges with real volume. One Bitcoin whale, though, is disrupting that.

Click here to read the full news

Do you believe in such claims by the Bitfinex whale? Or is he just distracting CZ and the Binance community?

I know that everyone is entitled to their own opinion, analysis, research or so. However, I do wanna ask the community here.

Do you honestly think that the Bitfinex whale's claims about Binance's number faking is true? Or is he just creating this fake analysis and research to lure traders into Bitfinex?

I would like to hear more about your reactions, opinion or feedback about this. Thanks!

Why would binance fake their numbers? they are at the top already and not surprise to read that up since maybe this is an propaganda of the rival on the business. But if the claims is true then maybe binance should address that since for sure many of us don't want to see those manipulation coming especially with the exchange we trusted our assets with.

letyouearn

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I believe that exchanges can manipulate their trading volumes freely and they do affect the trading process when they think it's necessary. How can one control this constantly? It's almost impossible. You should count this in and use this in your trading strategy Wink

salad daging

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Quote from: JeffBrad12 on January 09, 2020, 06:16:20 PM

If there's no real obvious proof I only consider this kind of statement as nothing more than a rumour although I know it very well that exchanges is full of manipulation so, it does make sense of Binance also one of the exchanges that are manipulating the volumes data or other things considering how every coin listed there always have high volume although this is also weak reasoning aswell. These so called bitfinex whale should atleast give a solid proof.

if you read the article, then you will immediately try to check the trading volume of binance, okex, huobi, and bitfinex on coinmarketcap and bitwise, there is a difference of about 20% between the two. what @Joe007 is talking about also cannot erase his own favorite exchange track record. I consider this normal in the competition and opinions among CEX users / parties, and whether there is strong evidence or not, this is clearly related to how their business can continue to this day.

Aabcde

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Almost the average large exchange does fake volume. Yes, the goal is to attract traders to trade on their exchanges. If whale considers binance too fake volume, isn't it the same if most whales manipulate prices in order to make a profit. The real purpose I think is only to drop binance. But so far I think traders are fine at binance.

Lagduf

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That's true but binance is not faking a lot of percentage from its volume just like what already done by crap exchange site like p2pb2b. Some altcoins may get manipulated on its volume and as far as i can see if what happened with matic has already proven it. Not only binance but even bitfinex too. there is not a lot of transparency in the cryptocurrency exchange site.
It could be a competition between binance and bitfinex but that whale is not even 100% wrong about that as some people have already seen the suspicious things happened with binance.

I would like to see some people were starting to identify it right now.

JeffBrad12

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If there's no real obvious proof I only consider this kind of statement as nothing more than a rumour although I know it very well that exchanges is full of manipulation so, it does make sense of Binance also one of the exchanges that are manipulating the volumes data or other things considering how every coin listed there always have high volume although this is also weak reasoning aswell. These so called bitfinex whale should atleast give a solid proof.

outatime1

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I have heard similar rumors about other exchanges as well. The problem is that we don't know who to trust. This whale at Bitfinex could be lying, but we also can't trust exchanges either.

Just be safe and only use an exchange to make a transaction and them move the coins off to a paper wallet or hardware wallet.

Iluvkiki

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I have found that liquidity is quite poor for many alts even in the major centralized exchanges like Binance or Huobi. Many retail investors who got badly burned have left the market, and remaining investors are much more discerning and don't just throw their money at any hyped up alt. Right now, there are a plethora of DEXes, including those without order books where you can do atomic or trustless swaps, like Uniswap, and they have taken further market share away from the centralized exchanges.

So fudging the numbers by doing wash trading must be business as usual at many exchanges. And why should Binance be immune to propping up appearance? If you don't do anything and the liquidity dries up, all the high volume traders will move to another exchange or leave the crypto market.

I try to use a DEX whenever possible because it is much safer. I may not get the best price but I'm not a high frequency trader so overpaying a little is not a big deal to me.

CjMapope

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Quote from: cheezcarls on January 09, 2020, 03:36:28 PM

A Bitcoin whale has come forward to claim that a few exchanges are faking their numbers. One of them is Binance.

It’s no secret that the cryptocurrency market is rife with wash trading. In fact, the vast majority of cryptocurrency trading is fake—by some estimates, around 95% according to a BitWise report, which came out last year. However, Binance was often considered the leader among exchanges with real volume. One Bitcoin whale, though, is disrupting that.

Click here to read the full news

Do you believe in such claims by the Bitfinex whale? Or is he just distracting CZ and the Binance community?

I know that everyone is entitled to their own opinion, analysis, research or so. However, I do wanna ask the community here.

Do you honestly think that the Bitfinex whale's claims about Binance's number faking is true? Or is he just creating this fake analysis and research to lure traders into Bitfinex?

I would like to hear more about your reactions, opinion or feedback about this. Thanks!

Interesting! yes, this is common practise tho for i think ALL major exchanges Sad

wash trading mainly
the thing is, theres MASSIVE rules to normal global finance, what you can and cant do, and thats to regulate volatility mostly
these things are NOT on the books globally for the crypto markets, MEANING: Anything whales CAN do that's normally illegal in traditional markets, FLOURISHES in crypto markets Sad

wash trading, pump and dumps, shilling, betting against yourself, its free game really, and they Chinese, they dont care, w.e makes $$$$

jossiel

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Every exchange is doing that but when Binance starts to get on traction, they probably stopped it so that volume will come organically to their exchange. Call out an exchange that doesn't do or did it before.

Quote from: gensol on January 09, 2020, 03:57:18 PM

It's a common practice among cryptocurrency exchanges, most reported volumes are fake or bot traders. They stay relevant and all hyped up by so doing.

Yes, they have to do it so that traders would be confident trading there because of it.

samcrypto

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This is not new anymore, every exchanges are doing this and even Bitfinex, whales are also manipulating the market. Binance is a top exchange but it doesn’t mean that they are a perfect exchange. The market pump and dump again, it can be a manipulation but its ok as long as you know what to do, don’t put big money on any exchange because its not safe anymore.

gensol

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It's a common practice among cryptocurrency exchanges, most reported volumes are fake or bot traders. They stay relevant and all hyped up by so doing.

cheezcarls

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A Bitcoin whale has come forward to claim that a few exchanges are faking their numbers. One of them is Binance.

It’s no secret that the cryptocurrency market is rife with wash trading. In fact, the vast majority of cryptocurrency trading is fake—by some estimates, around 95% according to a BitWise report, which came out last year. However, Binance was often considered the leader among exchanges with real volume. One Bitcoin whale, though, is disrupting that.

Click here to read the full news

Do you believe in such claims by the Bitfinex whale? Or is he just distracting CZ and the Binance community?

I know that everyone is entitled to their own opinion, analysis, research or so. However, I do wanna ask the community here.

Do you honestly think that the Bitfinex whale's claims about Binance's number faking is true? Or is he just creating this fake analysis and research to lure traders into Bitfinex?

I would like to hear more about your reactions, opinion or feedback about this. Thanks!

Topic: Binance is Faking Its Numbers, Claims Bitfinex Whale (Read 207 times)