Bitcoin's real exchange volume has now surpassed global gold exchange volume

Micerker

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Quote from: undertheradar47 on May 27, 2019, 03:06:29 PM

The Bitcoin exchanges listed below have all been confirmed to have no wash-trading or fake order books. Seriously amazing progress from the $200M daily volumes in February.

https://twitter.com/kerooke/status/1133092807411982336

It is proving that the scenario has been predicted to happen. People believe that Cryptocurrency is the currency of the future, choosing gold as a long-term portfolio is no longer a preferred option. Cryptocurrency may be the choice of asset reserve, or it is a long-term saving with more profit than gold.

XinXan

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Quote from: magneto on May 30, 2019, 12:01:43 AM

It's not surprising at all. The fact that bitcoin is so much easier to transact and trade with on a global scale simply means that people are going to be exchanging it more actively, as opposed to hoarding it which is common to gold.

This doesn't really say much about the market capitalisation nor the institutional adoption, though. Also, wash trading can't really be proven/disproven.

Precious metals is still symbolically and culturally significant, which will mean that it's probably going to remain a global reserve asset for years to come. Though I can certainly see it being displaced at least somewhat by BTC in the future.

I wouldnt really say its easier at all. First of all you have to find an exchange or a place to buy bitcoin with your credit card, then you can finally start trading your coins, however not all exchanges offer the same coins, they also offer basically 0 insurance in case your coins are lost/stolen/hacked unlike traditional brokers.

Kakmakr

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Quote from: undertheradar47 on May 27, 2019, 03:06:29 PM

The Bitcoin exchanges listed below have all been confirmed to have no wash-trading or fake order books. Seriously amazing progress from the $200M daily volumes in February.

https://twitter.com/kerooke/status/1133092807411982336

Was these findings independently audited by someone that are not directly linked to these services? How do you actually know what fake volume are, if millions of Satoshi's are moving in between these exchanges every day. Roll Eyes

Gold will always be the default investment choice with most investors, because of it's reputation and history as being a stable and less volatile commodity in the market. Volume is not necessarily indicative of being a better investment option. Roll Eyes

magneto

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It's not surprising at all. The fact that bitcoin is so much easier to transact and trade with on a global scale simply means that people are going to be exchanging it more actively, as opposed to hoarding it which is common to gold.

This doesn't really say much about the market capitalisation nor the institutional adoption, though. Also, wash trading can't really be proven/disproven.

Precious metals is still symbolically and culturally significant, which will mean that it's probably going to remain a global reserve asset for years to come. Though I can certainly see it being displaced at least somewhat by BTC in the future.

XinXan

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Quote from: BQ on May 27, 2019, 04:35:21 PM

Would Tether volume calc into this?
BTC 24h vol: $28b
Tether 24h vol: $27b..

Yes, why not? What matters here is that trades are genuine and not simple back and forth trades. Bots trading should also be considered real, even if its a bot doing the orders for you, its still real trading. Wash trading simply refers to someone who sells and buys its own orders.

rdbase

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It is not surprising it has surpassed the gold exchange volume across all world markets.
Cryptocurrency is a fast way to move value around while gold is an old standard where you need to see if it actually exists before hitting that button to make a transaction.

uray

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Quote from: Ailmand on May 28, 2019, 01:04:16 AM

Fake volumes are manipulated and even exchanges couldn't do something about it so it's hard to believe that every trading volume that we see now isn't fake.
However, fake volume isn't a big deal because our focus is on Bitcoin's volume which I believe is true as well as its value.

The fake volumes are created by the exchange to be in the top list of the most traded volumes and i do not think that some people will create these fake volumes to help the exchanges, majority of the hyped volume cannot be determined by looking at the exchange, but you can analyze these things by understanding the amount of unique visitors a particular site is getting and the amount of trade that is going on at a particular time and if we can have those then we can have an approximate volume rather than believing what the exchange is providing.

bloodyvio

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not sure if that really happened
because what i know, there are a lot big exchanges are currently faking their trading volumes
to attract new users to use their platform

Ailmand

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Fake volumes are manipulated and even exchanges couldn't do something about it so it's hard to believe that every trading volume that we see now isn't fake.
However, fake volume isn't a big deal because our focus is on Bitcoin's volume which I believe is true as well as its value.

dothebeats

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Hard to imagine if they are really telling the truth. Most exchanges nowadays are kinda propping up the numbers for volumes in order to attract traders and customers for liquidity, and it doesn't matter even if the market as a whole is really active at a given time. Also, if this is indeed true, gold doesn't really move that much AFAIK, and the disparity in trading volume is understandable. But if you look in their total market cap, that's where things get really interesting.

BitBustah

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I'm not buying it, most of that volume is faked and heavily manipulated. Gold and other traditional assets are very regulated and much more difficult to manipulate even though those things still happen in those markets.

CryptoBry

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Quote from: pushups44 on May 27, 2019, 03:42:12 PM

Quote from: undertheradar47 on May 27, 2019, 03:06:29 PM

The Bitcoin exchanges listed below have all been confirmed to have no wash-trading or fake order books. Seriously amazing progress from the $200M daily volumes in February.

https://twitter.com/kerooke/status/1133092807411982336

I believe Mike Novogratz has pointed out that at a $150 billion market cap compared to gold's $8 trillion, bitcoin has a long way to go to reach fair value. This is fascinating, and the growing legitimacy of bitcoin is supporting this view. The rush to bitcoin in countries ravaged by hyperinflation is affirming that bitcoin is a store of value.

I am not wondering why bitcoin and gold are always compared...can be because bitcoin is considered as digital gold and both investment vehicles share many similarities (though some variance also). The gold market is huge but bitcoin is catching up and has the potential to one day be equal literally and figuratively. Bitcoin is now considered as another safe haven which can function well during times of crisis and problems...the same function that gold is doing. Seriously speaking, bitcoin has a long way to go to catch up with gold but since this is still relatively young this is quite understandable.

pooya87

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something that some random dude said on Twitter is hardly a reliable source to quote here as a legitimate statement. most of them don't have any idea what they are talking about including this one. Wash trading and a lot of other shenanigans exist in this market like any other market and many exchanges report fake volumes but first of all the numbers are nowhere near what are claimed and secondly we have no way of measuring the true values and know the real volume versus fake one.

undertheradar47

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Quote from: TimeTeller on May 27, 2019, 04:27:15 PM

Quote from: XinXan on May 27, 2019, 03:12:33 PM

To be honest its kind of hard to really determine exactly which volume is real and which is not even for classic assets and stocks. I wouldnt be so sure about the article

Even those top 5 exchanges mentioned in the tweet is not free from wash trading.
But if we consider that everything is real and genuine with the published volume, we can say that bitcoin is really doing great in the market.
It only shows to those people who are still hesitant to acknowledge bitcoin, that there's real money involved in here.
A lot of people are still skeptical when it comes to bitcoin, but the numbers can tell something to them. Wink

Bitwise has done perhaps the most rigorous exchange analysis in the last few years to cut out all the wash-trading exchanges. The ones listed are free of fake trades. Highly recommend reading their full report.

BigBrother

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It's amazing. Bitcoin is becoming more and more valuable every day. It really can be compared to gold.

BQ

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Would Tether volume calc into this?
BTC 24h vol: $28b
Tether 24h vol: $27b..

Genemind

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It's still hard to rely on that article because they didn't mention how they determined which has fake and real volume knowing the fact that there are different coins listed there.
Fake volume has a big impact on trading because it can cause confusion and it could make non-potential coins appealing which is deceiving for most traders.

TimeTeller

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Quote from: XinXan on May 27, 2019, 03:12:33 PM

To be honest its kind of hard to really determine exactly which volume is real and which is not even for classic assets and stocks. I wouldnt be so sure about the article

Even those top 5 exchanges mentioned in the tweet is not free from wash trading.
But if we consider that everything is real and genuine with the published volume, we can say that bitcoin is really doing great in the market.
It only shows to those people who are still hesitant to acknowledge bitcoin, that there's real money involved in here.
A lot of people are still skeptical when it comes to bitcoin, but the numbers can tell something to them. Wink

pushups44

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Quote from: undertheradar47 on May 27, 2019, 03:06:29 PM

The Bitcoin exchanges listed below have all been confirmed to have no wash-trading or fake order books. Seriously amazing progress from the $200M daily volumes in February.

https://twitter.com/kerooke/status/1133092807411982336

I believe Mike Novogratz has pointed out that at a $150 billion market cap compared to gold's $8 trillion, bitcoin has a long way to go to reach fair value. This is fascinating, and the growing legitimacy of bitcoin is supporting this view. The rush to bitcoin in countries ravaged by hyperinflation is affirming that bitcoin is a store of value.

XinXan

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To be honest its kind of hard to really determine exactly which volume is real and which is not even for classic assets and stocks. I wouldnt be so sure about the article

Topic: Bitcoin's real exchange volume has now surpassed global gold exchange volume (Read 285 times)