Chinese bitcoin spot exchanges OKCoin and Huobi are faking most trading volume

Kprawn

legendary

Activity: 1904

Merit: 1074

Quote from: bitbunnny on March 29, 2016, 09:13:53 AM

It seems like faking is part of their culture, that is not the only field where they are doing this. They don't even probably think this is wrong.

They know exactly what they doing, make no mistake about that. The competition between these exchanges are actually stupid and nobody believe in it's figures, apart from them. We have a saying, If

it is made in China, chose the other option. They are not known for making quality products and most of the time it is mass produced to maximize profits. Once you build a reputation for that kind of

behaviour, it is the end for your business. {Nobody takes you serious} Roll Eyes

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: bitbunnny on March 29, 2016, 09:13:53 AM

It seems like faking is part of their culture, that is not the only field where they are doing this. They don't even probably think this is wrong.

You're right, they probably don't think it's wrong. Most of the Chinese people I know hate the way Americans behave. They would probably like nothing more than to wipe us off the face of the earth. I think the only reason China doesn't bomb America is because they own most of it. That would be like bombing your own country.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

It seems like faking is part of their culture, that is not the only field where they are doing this. They don't even probably think this is wrong.

Wendigo

legendary

Activity: 2604

Merit: 1036

It's sad to see businesses conducting unethical tactics and relying on fake data to get more customers but this is not peculiar for the Chinese industry. Most of their businesses tend to plagiarize other companies' products or manufacture items with misleading specifications to defraud their customers. I think the Chinese government must step in and curb this kind of frivolous behavior because it's just preposterous. The OKCoin and Huobi exchanges must be sanctioned for what they are doing.

Jet Cash

legendary

Activity: 2814

Merit: 2472

https://JetCash.com

Quote from: mkc on March 29, 2016, 01:56:19 AM

If you have 1 coin, you can buy at 429, sell at 432. Then buy back 429, sell 432. I mean you can do this 5 times a day and counted as 10 coins traded.
I don't see much problem with it.

That's fine if you have customers. If you haven't, then you need the contra trades to buy at 432 and sell at 429.

mkc

hero member

Activity: 517

Merit: 501

If you have 1 coin, you can buy at 429, sell at 432. Then buy back 429, sell 432. I mean you can do this 5 times a day and counted as 10 coins traded.
I don't see much problem with it.

onlinedragon

hero member

Activity: 1036

Merit: 501

Ridiculous that a good exchange need false volumes to lure people. Good that someone made this info publicity maybe the good and honest exchanges need some more attention instead of the fake exchanges.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: DimensionZ on March 28, 2016, 08:14:21 PM

I don't completely understand why they are manipulating the Bitcoin trading volume. Aside from the bragging rights of having the most fake trades what kind of advantage will this bring to OkCoin or Huobi? Will they get more real customers that way for being on the top?

they can instigate an easy pump and dump, with fake trade, it's a form of manipulation

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

This is why sites like Preev.com excludes them from determining the average Bitcoin price. They use sources like, Bitfinex & Bitstamp & BTC-E. It is known that Chinese exchanges are manipulating the trade volumes and people do not take them seriously anymore, or should I rather say they are ignoring this on purpose. Things like this happens in countries where regulation is not in place to restrict these actions or to make it a criminal offense. Just do what the other people do, and write them off as a credible source for any exchange related statistics. ^smile^

SFR10

legendary

Activity: 2968

Merit: 3406

Crypto Swap Exchange

This is a disgusting move done by those exchanges and in a way is cheating to gain more attention, in order for more usage. It's an act of dishonesty and yet they still get to operate in the industry. It always starts from these types of problems that will give freedom for them to do other dishonest and criminal moves in the end. "When the root has been damage, don't expect it's outcome to be nice in the future".

NorrisK

legendary

Activity: 1946

Merit: 1007

Quite well known that this is going on on those exchanges. No trading fees and massive volume equals massive selling between peoples own hands.

The good thing though is that it does increase liquidity somehwhat, as there need to be orders on the books to be able to trade with yourself, however brief it may be. There is also probably a lower spread there as orders are crawling up to eachother to be able to bid to one self.

Just don't get drawn by massive trading volume as an indicator of a successful exchange in this case and you will be fine.

cazkooo

legendary

Activity: 1540

Merit: 1013

Quote from: QuestionAuthority on March 28, 2016, 08:03:02 PM

I'm confused, is this supposed to be new information?

No to some people while yes to the others

Quote from: DimensionZ on March 28, 2016, 08:14:21 PM

I don't completely understand why they are manipulating the Bitcoin trading volume. Aside from the bragging rights of having the most fake trades what kind of advantage will this bring to OkCoin or Huobi? Will they get more real customers that way for being on the top?

The fake high volume will encourage more people to trade at their platform because people might consider it as a high trading activity platform thus at the same time increasing their userbase as well as their statistic of the site , and of course to get more revenue from this activities

lumeire

legendary

Activity: 1848

Merit: 1009

Next-Gen Trade Racing Metaverse

Quote from: DimensionZ on March 28, 2016, 08:14:21 PM

I don't completely understand why they are manipulating the Bitcoin trading volume. Aside from the bragging rights of having the most fake trades what kind of advantage will this bring to OkCoin or Huobi? Will they get more real customers that way for being on the top?

If you and I are normal traders with little volume, we would want an exchange wherein there's constant fluid movement, because that's where opportunity is. Same goes here, they're trying to attract day traders.

@ontopic Even without this fiasco China still has the highest trade volumes, so yeah, It doesn't matter.

DimensionZ

sr. member

Activity: 350

Merit: 251

Shit, did I leave the stove on?

I don't completely understand why they are manipulating the Bitcoin trading volume. Aside from the bragging rights of having the most fake trades what kind of advantage will this bring to OkCoin or Huobi? Will they get more real customers that way for being on the top?

pumawolf

sr. member

Activity: 968

Merit: 250

Quote from: Jordan23 on March 28, 2016, 07:01:02 PM

Lots of fake shit comes from China. Half their rice is fake.

try some of their eggs , u crack an egg to make an breakfast omelette, water comes out.

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

I'm confused, is this supposed to be new information?

Jordan23

sr. member

Activity: 382

Merit: 311

Lots of fake shit comes from China. Half their rice is fake.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

He spoke of this long ago too. Is there any need to fake when your customer bots will happily fill the gap? I guess he's going to know better but the very way they're set up is going to foster silly and largely irrelevant non falsified volumes.

cazkooo

legendary

Activity: 1540

Merit: 1013

It is not really faking volume when there is no trading fee there. Anyone can just buy and sell everything there without having to worry about the fee therefore the volume in most chinese exchangers are generally higher than the other exchanger. However no one really can tell if they are responsible for that or generally it is done by their traders

Wapinter

legendary

Activity: 2688

Merit: 1026

Hire me for Bounty Management

Quote from: Zeke2345 on March 28, 2016, 04:25:26 PM

Quote from: LFC_Bitcoin on March 28, 2016, 01:04:14 PM

Exchanges faking volume isn't a new thing guys. They've been doing this kind of stuff for a long time.

If this is common knowledge to people, why would people trade in a fake market?
Its one thing to have whales moving the market, but the exchange too is murky.

It is definitely a bad business practice but since bitcoin is not regulated,it is easier for exchages to fake their trading volume.
On a different note I think it is good that these exchanges with their fake volume,doesn't let bitcoin price fall too much

Topic: Chinese bitcoin spot exchanges OKCoin and Huobi are faking most trading volume (Read 2097 times)