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.
Yes, and for that reason we did not take them into account when we determined the price in the Western countries. Preev.com for instance use data retrieved from Bitfinex, Bitstamp, BTC-E and LocalBitcoins as a default option. How many people, other than the Chinese actually trade on these Chinese exchanges? Roger Ver? I would not be too worried about this, because we have a relative huge variety of other sources to determine the price accurately. ^smile^
I am curious to know, what will happen when other exchanges take the same route as China and scrap all trading fees on their exchanges. ^Wooooooo^
it doesn't matter where you get the price and what the western exchanges say their price is, traders these days are looking at China and see what they are doing to follow them like a sheep.
the Chinese government wants to inspect and regulate bitcoin (just a normal routine thing) and all the English resources such as news sites and media are saying China is banning bitcoin. then they look at the CNY price and see it has gone down so they panic and dump on USD markets.
and about your last statement i have to say, Chinese exchanges have 0 fees because they earn money from other fake things and shenanigans they do in the background. which means other exchanges have to do the same shenanigans if they want to do 0 fees.
