End of FAKE volume reporting - page 2.

Delilonia1

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Quote from: matej451 on April 30, 2019, 03:03:03 AM

There are many exchanges that are faking volume. Some reports show that there is up to 90% wrong volume reports. With market developing i am sure there will be more strict rules and penalties.

I think this is the next step in crypto for further development.

There should be some index be issued based on volume to track real volume of top 10 or top 20 exchanges who should be then monitored by some external company.

I hope also CoinMaketCap will take this issue into consideration soon enough to get some real data on smaller exchanges as well.

It is a very bad practice to upload wrong or fake volumes just to attract investors. These are some of the things that get people discouraged when they eventually find out that all their labour has been for nothing. It is sincerely very bad and I think I penalties should be attached on case of anyone found defaulting in this regard. Truth should be the watchword any day anytime. That will afford cryptocurrency a beauty beyond our description

ganeshramk

full member

Activity: 868

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Quote from: matej451 on April 30, 2019, 03:03:03 AM

There are many exchanges that are faking volume. Some reports show that there is up to 90% wrong volume reports. With market developing i am sure there will be more strict rules and penalties.

I think this is the next step in crypto for further development.

There should be some index be issued based on volume to track real volume of top 10 or top 20 exchanges who should be then monitored by some external company.

I hope also CoinMaketCap will take this issue into consideration soon enough to get some real data on smaller exchanges as well.

It needs some regularization. When that happens, everything will be fine. But not sure how long it will take.

bettercrypto

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Quote from: matej451 on April 30, 2019, 03:03:03 AM

There are many exchanges that are faking volume. Some reports show that there is up to 90% wrong volume reports. With market developing i am sure there will be more strict rules and penalties.

I think this is the next step in crypto for further development.

There should be some index be issued based on volume to track real volume of top 10 or top 20 exchanges who should be then monitored by some external company.

I hope also CoinMaketCap will take this issue into consideration soon enough to get some real data on smaller exchanges as well.

I agree with your statement! Its rather be good to the community if the will not make fake volumes. Many exchanges specially the smaller one have been trying to fool traders by making a fake volume to the coin. We need a real data. This is actually one of the primary goal of cryptocurrency. People have to be acknowledge by simply telling the right information. Blockchain goals is to have transparency. I hope exchange does so.

waynechong1995

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Activity: 644

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swing!

Not sure about the metrics though about the so called real volume, automating trade is still legit as user defined system but washing was more about doing the same minimal trade but they can be tweak to be more realistic, it's a existing problem but I believe it's only happening on centralised exchanges, we might mitigate these issue soon when DEX were more stable

rachman mahesa

full member

Activity: 966

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Quote from: Genkotsu on June 29, 2019, 04:46:17 AM

yeah this is will must true, fake volume trading in CMC is making people think if that coin is really worth to buy but not get like same volume trade when people buy it.
this is must stop and we must report it to get better and real volume trading.

Most volumes are in fake Coinmarketcap or even late for each update. Indeed this must be stopped, because most people are fixated on coinmarketcap to buy altcoins and see volume.

mammoniter

full member

Activity: 574

Merit: 100

Quote from: matej451 on April 30, 2019, 03:03:03 AM

There are many exchanges that are faking volume. Some reports show that there is up to 90% wrong volume reports. With market developing i am sure there will be more strict rules and penalties.

I think this is the next step in crypto for further development.

There should be some index be issued based on volume to track real volume of top 10 or top 20 exchanges who should be then monitored by some external company.

I hope also CoinMaketCap will take this issue into consideration soon enough to get some real data on smaller exchanges as well.

Its true that reporting fake volume is one of the biggest problem in cryptocurrency. In fact some ICOs are actually the one who reported the fake volume. I think there should be a third party involved in monitoring the volume reported by ICOs. In that case, independent and unbiased volume will be reflected. In addition, exchanges that accepts reported volume without verifying it should be shut down.

Genkotsu

member

Activity: 308

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yeah this is will must true, fake volume trading in CMC is making people think if that coin is really worth to buy but not get like same volume trade when people buy it.
this is must stop and we must report it to get better and real volume trading.

Bttzed03

legendary

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https://bitcoincleanup.com/

There are websites now that are doing better than coinmarketcap in dealing with these fake volumes in my opinion. I personally prefer Nomics but you can take your pick on this list of Sites for Crypto Market Watch

Distinctin

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Quote from: slashz9 on June 29, 2019, 02:04:39 AM

well, yeah i think some exchange use fake volume to attract more poeple to trade on their exchange.
or its just only 1-10 people just do trading all day for get big volume on their exchange,

10 people? I don't think so, even if they are faking the volume, how can they survive with that numbers.
They have a number of exchanges, what only separates them from big exchanges like Binance is that whales are not usually using their trading sites.

herurist

sr. member

Activity: 1680

Merit: 259

This must be immediately followed up so that everyone is not fooled by counterfeiting trading volumes, so I think that all altcoin prices will be linked to Coinmarketcap to be accurate.

puremage111

hero member

Activity: 1568

Merit: 511

Exactly
I think Coinmarketcap actually initiated this transparency API thing which these exchange needed to attached to their exchange so the volume is transparent and reported directed

Not sure if it really void out all the fake volume but yea, we definitely need something true so we can know the true sentiment of the market
Volume is kinda important when we comes to Financial instruments

slashz9

full member

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well, yeah i think some exchange use fake volume to attract more poeple to trade on their exchange.
or its just only 1-10 people just do trading all day for get big volume on their exchange,

Jpti

member

Activity: 560

Merit: 10

The issue should be seriously taken into account by concerned authorities. There are many exchanges reportedly showing fake volume so as to attract new projects and traders. In some cases, such exchanges scam traders. So the issue should be taken seriously and a prompt action should be taken to discourage this trend.

Emmy92

jr. member

Activity: 837

Merit: 1

This is no longer a joking matter as it is getting out of hand. Most exchanges are even proud to display such fake volume without thinking about what their users will say. To be candid there is a great need to adopt strict policies which will govern exchanges so that they abide and make the right choice while not misleading anyone.

Classica35

jr. member

Activity: 518

Merit: 3

The problem with coinmarketcap, which I have personally seen too, is that they do not take cognisance of coins that are no more trading, most especially when it cones to active trading.
Those coins most of the times, add fake volume to to the total marketcap, which in the real sense of it, it is not.

Flezy

jr. member

Activity: 707

Merit: 1

I think this issue of fake volume will cease when Coinmarketcap starts taking disciplinary actions towards these exchanges. Yes most exchanges can't last as they have no true volume, but at least it will to a great extent make most exchanges to be up and running.
As an industry growing tremendously this issue needs to be tackled as soon as possible as it is not encouraging.

Ranly123

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Quote from: matej451 on April 30, 2019, 03:03:03 AM

There are many exchanges that are faking volume. Some reports show that there is up to 90% wrong volume reports. With market developing i am sure there will be more strict rules and penalties.

I think this is the next step in crypto for further development.

There should be some index be issued based on volume to track real volume of top 10 or top 20 exchanges who should be then monitored by some external company.

I hope also CoinMaketCap will take this issue into consideration soon enough to get some real data on smaller exchanges as well.

I don't really get why some exchanges fake the volume of a coin. Maybe they are paid or so to make high volume and increase the hype for investor to consider buying the coin. Anyways, your right, cmc should consider looking at this issue seriously.

bitc0000

full member

Activity: 420

Merit: 101

Whether big or small exchnage, it is really disheartening to carry out such. Exchanges participating in such only shows how desperate they are. In addition, I think urgent solution needs to be taken as this space is on the verge of gaining huge attention from the world at large and things like this shouldn't be welcomed. Therefore in all, it all depends on Coinmarketcap and the decision they will Implement.

fallensky7

member

Activity: 350

Merit: 12

It’s time to finish this! If I’m not mistaken, CMC, at the beginning of the year they promised to change the method of calculating the rating of exchanges, because most exchanges falsify trading volumes, as a result of which many lose money.

BestAltcoinHunter

newbie

Activity: 60

Merit: 0

Coingecko actually has a pretty good report. It takes into consideration number of monthly visits on the website and then re-calculates a normalized volume. Although it isn't 100% accurate. For example I noticed that COSS has monthly visits of almost 200k users but coingecko lists it as like 40 users or something.

Topic: End of FAKE volume reporting - page 2. (Read 13667 times)