Bitcoin exchanges have their own blockchain?

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: randy8777 on June 18, 2016, 07:06:39 AM

bitcoins that you see being traded on exchanges and the coins in their orderbooks don't exist. it's just you depositing real coins to the exchange, and the exchange simply adds the numbers to your account. it has nothing to do with block chains and miners. these coins you see are just numbers in their data base. that's all. and to answer your question whether or not exchanges get manipulated; the answer is yes.

TRUE !

Exchangers are manipulating the market with their bots and the orderbooks are just numbers on screen. You will see the real BTC trade market when the exchangers will provide the IN and OUT exchanges(via bank wires)

randy8777

legendary

Activity: 896

Merit: 1000

bitcoins that you see being traded on exchanges and the coins in their orderbooks don't exist. it's just you depositing real coins to the exchange, and the exchange simply adds the numbers to your account. it has nothing to do with block chains and miners. these coins you see are just numbers in their data base. that's all. and to answer your question whether or not exchanges get manipulated; the answer is yes.

tibitzone

newbie

Activity: 5

Merit: 0

Quote from: pooya87 on June 17, 2016, 11:01:55 PM

this is not how bitcoin works.
if some group of people have their own blockchian that blockchain is an orphan blocks (or Stale Block not sure what it is called), it means nobody else outside of that group of people recognizes the transactions (they are not of the main blockchain which is the longest) in those blocks and eventually they become their own network so you will never see any bitcoin that you withdraw in your wallet.
also if you deposit and they include it in their own blockchain you didn't really spend it because of the same reason, they are their own fork
https://en.bitcoin.it/w/images/en/d/df/Blockchain.png
they are those grey blocks who nobody cares about
https://en.bitcoin.it/wiki/Block_chain

I understand the basics of how the bitcoin blockchain works. What I think is that the bitcoin(fake) that we see being traded are not real consumers they are bots within a different blockchain so when we view the trades on the exchange it looks like they are trading within the same currency but they aren't. The bots could either inflate the price or deflate it if they have more trading bots then the consumers. The consumers however are trading real bitcoin, so when they see the bitcoin price go up it's not actually the real value of bitcoin but an artificial one, so then they buy because they've been tricked into thinking it's the real price of bitcoin, when they trade bitcoin they are purchasing it from the real blockchain. I think the bots have taken over the market share 51% and they are manipulating the bitcoin price!

pooya87

legendary

Activity: 3472

Merit: 10611

this is not how bitcoin works.
if some group of people have their own blockchian that blockchain is an orphan blocks (or Stale Block not sure what it is called), it means nobody else outside of that group of people recognizes the transactions (they are not of the main blockchain which is the longest) in those blocks and eventually they become their own network so you will never see any bitcoin that you withdraw in your wallet.
also if you deposit and they include it in their own blockchain you didn't really spend it because of the same reason, they are their own fork

they are those grey blocks who nobody cares about
https://en.bitcoin.it/wiki/Block_chain

tibitzone

newbie

Activity: 5

Merit: 0

Hi, I know this is probably the wrong place to discuss this because I'm a skeptic but I'm curious to the possibility of the exchanges manipulating the price of bitcoin by using their own bitcoin blockchain.

My thought is the exchanges have created their own bitcoin blockchain (lower difficulty and no halving) with their own miners. If a user buy or sell the real bitcoin the transaction gets processed to the real blockchain if the exchange allows it but if it doesn't the trade goes to their own blockchain. Also they could automate it by using bots instead of legit consumers doing proper trading.

Also I feel like it's not just one exchange it's a group or organization of people manipulating the prices.

So my question is what do you think about the exchanges do you think there is some manipulation going on and what are your theories?

Thanks.

Topic: Bitcoin exchanges have their own blockchain? (Read 348 times)