Is OKex trading volume fake? | Bitcointalksearch.org

CoinsGazer

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Quote from: 1Referee on June 22, 2018, 07:10:16 AM

Quote from: European Central Bank on June 22, 2018, 04:54:12 AM

it's really strange that no one was jailed for playing with other peoples' money.

These exchanges very likely have high ranked government officials in their board, which grants them the freedom to do as they please.

Back in the days when they were leading with millions of Bitcoins in daily trading volumes they almost terminated every retail trader by not only front running their orders, which is what high frequency traders depend on and are willing to pay big money for, but playing with the market in such a way that retailers will end up losing on the majority of their trades due to the manipulation. How can it be that these exchanges have never been punished for that? It's only possible when authorative figures close their eyes on purposely.

Any other exchange, especially in China, would have been raided and wiped out already.

No doubt administrative organization interferes the marketplace. As long as I know, FBI holds 160,000 pieces bitcoin, and Chinese government obviously gets NEO's (Litecoin seemly) back. One point I think you missed is that many foreign traders are not covered by the law which the exchanges are.

milewilda

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Quote from: magneto on June 21, 2018, 04:09:46 PM

Is it really worth it to use OKex, when they have allegations that they are faking volume since they were initially called OKCoin? I think that the fact that there are allegations alone is enough for individuals to not use them, imo.

All of the things that are mentioned in that article and other accusations of fake volume are all still speculation. We don't know exactly what's going on.

But as I said, why take the risk? If they are faking volumes then it essentially means that they can't get customers otherwise, and that's definitely not good if it's true (even though it's unconfirmed) Just use another exchange, unless a particular coin is only listed on their site.

Once rumors been there then theres always a possibility for that thing to be true if speculations would be there when it comes to faking out volume then as a user i would really have any doubts. Rebranding might be done to remove those impressions or views on their previous names but people arent too dumb enough to to remember those accusations which it would really stay up on minds.It cant really changed the fact that people who are aware on the history will really always have the doubts unless for first time users then they arent really aware.

1Referee

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Quote from: European Central Bank on June 22, 2018, 04:54:12 AM

it's really strange that no one was jailed for playing with other peoples' money.

These exchanges very likely have high ranked government officials in their board, which grants them the freedom to do as they please.

Back in the days when they were leading with millions of Bitcoins in daily trading volumes they almost terminated every retail trader by not only front running their orders, which is what high frequency traders depend on and are willing to pay big money for, but playing with the market in such a way that retailers will end up losing on the majority of their trades due to the manipulation. How can it be that these exchanges have never been punished for that? It's only possible when authorative figures close their eyes on purposely.

Any other exchange, especially in China, would have been raided and wiped out already.

European Central Bank

legendary

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Quote from: CoinsGazer on June 21, 2018, 08:45:20 PM

I did some search on google and they did hire bots to progress fake tradings but I didn't find what they've done to customers assets. So basically, they put customers assets into investment and, is this how they profit since it's zero-fee?

https://qz.com/1059179/huobi-and-okcoin-chinas-two-biggest-bitcoin-btc-exchanges-were-themselves-to-150-million-in-idle-client-funds/

i would guess apart from helping themselves to customer money and risking it elsewhere, their prime source of income was front running customer trades. that's a potentially vast way to make money.

it's really strange that no one was jailed for playing with other peoples' money.

CoinsGazer

jr. member

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Quote from: magneto on June 21, 2018, 04:09:46 PM

Is it really worth it to use OKex, when they have allegations that they are faking volume since they were initially called OKCoin? I think that the fact that there are allegations alone is enough for individuals to not use them, imo.

All of the things that are mentioned in that article and other accusations of fake volume are all still speculation. We don't know exactly what's going on.

But as I said, why take the risk? If they are faking volumes then it essentially means that they can't get customers otherwise, and that's definitely not good if it's true (even though it's unconfirmed) Just use another exchange, unless a particular coin is only listed on their site.

That I feel risky to use OKex suddenly after read the article. But I will try selling very small piece to see if anyone gonna chase.

CoinsGazer

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Quote from: European Central Bank on June 20, 2018, 09:20:51 PM

Okex used to be okcoin, one of the prime zero fee casinos back in the day, all of whom were faking volume massively to outcompete each other.

Also it turned out the CEO of okex was ordering employees to deploy trading bots plus they were putting customer funds into risky investment schemes eleswhere plus the chief kept the private keys in his girlfriend's grandmothers closet.

Maybe they've cleaned up their act with the rebrand. I doubt it.

I did some search on google and they did hire bots to progress fake tradings but I didn't find what they've done to customers assets. So basically, they put customers assets into investment and, is this how they profit since it's zero-fee?

magneto

hero member

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Is it really worth it to use OKex, when they have allegations that they are faking volume since they were initially called OKCoin? I think that the fact that there are allegations alone is enough for individuals to not use them, imo.

All of the things that are mentioned in that article and other accusations of fake volume are all still speculation. We don't know exactly what's going on.

But as I said, why take the risk? If they are faking volumes then it essentially means that they can't get customers otherwise, and that's definitely not good if it's true (even though it's unconfirmed) Just use another exchange, unless a particular coin is only listed on their site.

European Central Bank

legendary

Activity: 1288

Merit: 1087

Okex used to be okcoin, one of the prime zero fee casinos back in the day, all of whom were faking volume massively to outcompete each other.

Also it turned out the CEO of okex was ordering employees to deploy trading bots plus they were putting customer funds into risky investment schemes eleswhere plus the chief kept the private keys in his girlfriend's grandmothers closet.

Maybe they've cleaned up their act with the rebrand. I doubt it.

metribitcoin

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I dont see any proof if the trading volume of Okex is fake, i used this exchange and they has good customer support and also all deposit, withdraw and trading activity is running good.They also listed many new potential coin. Currently Okex is second top exchange according to daily trading volume, and i think this is not fake because Okex a few years already in the market.

CoinsGazer

jr. member

Activity: 104

Merit: 1

No any others but this article Chasing fake volume: a crypto-plague delivers a deep analysis and sounds reasonable to me. Does anyone can catch up any point that he missed, or ignored in the article? I was about to shift to OKex but now I stopped. Huh

Topic: Is OKex trading volume fake? (Read 129 times)