Topic: btc china fake volumes (Read 2443 times)
It look like they're trying to bring in more users. With out fees, they're able to fake the volume as high as they want it. When they start attracting a large user base, that's when they'll add the trading fees.
It's as if this news isn't already a known fact. 
Chinese exchanges have been known to fake volumes primarily to attract traders and to show other parts of the world that something big is happening in their exchanges. and because of those, the Western exchanges tend to follow suit most of the time. Also, 0 fees on trades? It's definitely a profit most of the time.
Chinese exchanges have been known to fake volumes primarily to attract traders and to show other parts of the world that something big is happening in their exchanges. and because of those, the Western exchanges tend to follow suit most of the time. Also, 0 fees on trades? It's definitely a profit most of the time.
Trading in China isn't free. I don't know who started that bullshit but it's not true.
https://www.btcc.com/fees This means trading "交易". Look under this category to find the cost of trades and other services. It's very reasonable but it's not free. All other service costs are there too. With the volume they have they are making plenty of money.
If the volume is fake it's not far off. All you need to do to know the volume is close to accurate is look at the estimated USD transaction value for all exchanges combined, the current USD exchange rate, daily number of transactions, the market cap and the exchange volume distribution.
It's as if this news isn't already a known fact.
Chinese exchanges have been known to fake volumes primarily to attract traders and to show other parts of the world that something big is happening in their exchanges. and because of those, the Western exchanges tend to follow suit most of the time. Also, 0 fees on trades? It's definitely a profit most of the time.
Chinese exchanges have been known to fake volumes primarily to attract traders and to show other parts of the world that something big is happening in their exchanges. and because of those, the Western exchanges tend to follow suit most of the time. Also, 0 fees on trades? It's definitely a profit most of the time.
I'd love to learn what the real Chinese market volume is.
it certainly is more than western exchange's volume but not by the current amount they are reporting.
it is more only because of a couple of reasons. the most important reason is that they have 0 fee for trades which makes any kind of trade profitable.
also the other reason is that Chinese are known to be traders, and there are lots of them who are trading and that makes a bigger volume.
with that said i say it is only 20% more!
I think "only 20%" may be a little off. Take a look at the "volume" column.
http://bitcoincharts.com/markets/
The a lost of faking is going on. Maybe with chines government watching closer is will become normal. Or maybe they are not faking at all?
https://www.worldcoinindex.com/exchange
I'd love to learn what the real Chinese market volume is.
it certainly is more than western exchange's volume but not by the current amount they are reporting.
it is more only because of a couple of reasons. the most important reason is that they have 0 fee for trades which makes any kind of trade profitable.
also the other reason is that Chinese are known to be traders, and there are lots of them who are trading and that makes a bigger volume.
with that said i say it is only 20% more!
I think "only 20%" may be a little off. Take a look at the "volume" column.
http://bitcoincharts.com/markets/
These cunning Chinese trying to hide real volume so nobody knows what is brewing
No, you wrong. They have 0 trading fees, so they can go wild. People from other countries have to work in small percentages into their
trading calculations to make sure that they are actually making a profit. The Chinese can sell a few 1000 Satoshi's without having to worry
about these trading fees. Just imagine what the trading volume would be, if people could do the same in other countries.
The west is profit driven, so we would always see trading fees on these exchanges.
I'd love to learn what the real Chinese market volume is.
it certainly is more than western exchange's volume but not by the current amount they are reporting.
it is more only because of a couple of reasons. the most important reason is that they have 0 fee for trades which makes any kind of trade profitable.
also the other reason is that Chinese are known to be traders, and there are lots of them who are trading and that makes a bigger volume.
with that said i say it is only 20% more!
These cunning Chinese trying to hide real volume so nobody knows what is brewing
I'd love to learn what the real Chinese market volume is.
Its pretty widely known that most of the Chinese exchanges are faking volumes
Chinese fake everything. They even fake baby formula and killed 6 babies. They used fake melamine to trick the tests into looking like a quality product. Not to worry that kids are dying, in China too many kids make it seem like a few lost won't be so bad.
In China, faking shit is just normal.
The fake rice from plastic, That's the latest Chinese hot case in my environment.
Although the 0 fees will be supporting the rise of the fake volumes.
everything is fake.
0% fee! How do those exchanges earn money then? I'm still kinda new to this (haven't traded yet), should I be wary of Chinese exchanges? Are there reputable exchanges outside China?
Of course there are reputable exchanges outside China. Check out Coinbase, Gemini, Kraken, BTCE, etc.
I would be wary of Chinese exchanges, but not excessively so. There has been a lot of improvement the last few years so that operations like Mt. Gox are long gone, at least among major exchanges. Chinese exchanges have faced some level of scrutiny from the PBOC for years, so they are rash if they have been doing anything too blatantly illegal and expected to keep getting away with it. But then, sometimes people are rash, so who knows?
0% fee! How do those exchanges earn money then? I'm still kinda new to this (haven't traded yet), should I be wary of Chinese exchanges? Are there reputable exchanges outside China?
Dam, China fakin' stuff? I'm SHOCKED. Don't use nonea them exchanges, they all wack as fuck. Betta call up KRS1 ta come rap at ya barf mitzvah.
I think this sums it up perfectly
Yes it does, if Snoop Doggy Jew was the one presenting the idea.
Dam, China fakin' stuff? I'm SHOCKED. Don't use nonea them exchanges, they all wack as fuck. Betta call up KRS1 ta come rap at ya barf mitzvah.
I think this sums it up perfectly
everybody knows that China has been reporting fake volumes and ridiculous numbers for that matter. but what i don't get is why people still think China controls the bitcoin price an allow other whales to use that false information to their advantage when they want to buy cheap coins.
It is because the press report "90% of bitcoin trading is done by the Chinese", and the general public then think, "do I want to invest in something controlled by China"
So the fake volume thing is a problem, because it is controlling perceptions and indirectly holding back bitcoin.
They have mentioned fake volumes for better popularity. At the same they have the highest users to use bitcoin and the only country which has been planning to regulate their own digital currencies. Now too as a start they made a inspection around every exchange which is into bitcoin business, which has led to the major decrease after a peak rise. Soon this price movements will get stable within limited price range.
They just did it for one reason to attract more person to invest. That's it. We all know what China capable of in doing something in any aspect. There is no impossible with them nowadays as you can see. So, be very vigilant in any trading site you might have been a victim if you don't do research well.
There arn't any fees on the chinese exchanges, so coins can be sold back and forth endlessly to paint the tape.
I didn't know they charge no fees, thanks for the info. Then I think they are doing this by themselves to boost the trading volume on their exchange. Investors and traders in general are more attracted to places with bigger volumes.
Anyone who looks at the volumes on Coinmarketcap (click on Bitcoin, then the Markets tab) can see the Chinese volume claims are ludicrous. Often they report a higher _daily_ volume than the number of bitcoins in existence.
It's because the coins can change hands multiple times a day, and every trade is counted it.
So when you see a volume of 24 million BTC / day for example, that can be 1 million BTC changing hands every hour for 24 hours. It's not 24 million bitcoin, but it counts as if it were.
It's the speed of money and how frequently it changes hands.
True, but it is still silly and distorts the real picture of who owns and trades BTC in a real-world sense.
No, that is just how it is measured. The trade volume measures how much volume is going through, just like your gas meter measures how much gas you use for heating.
The difference is that while gas is a commodity and it is destroyed after use, bitcoin is a currency, that is just recycled and changes hands.
The unit of bitcoin still remains there, even if the price drops to 0$, it cant be destroyed until there is at least 1 node online.
That is the difference.
All you dumbasses thought it was just me. Wrong again.
Thanks for all the moneys by the way. hehe
Ok but the last price growth was exponential, this was more linear. So people are less fooled this time, even if the volume is fake, who cares, it's the longterm picture that couts.
And if you do care, then you should use Bitsquare, and not central exchanges.
All you dumbasses thought it was just me. Wrong again.
Thanks for all the moneys by the way. hehe
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