Topic: Markit manipulation in China or ... - page 2. (Read 1300 times)
There's no such thing as "markit" manipulation. If you don't believe me I'll have my bots chop your fucking head off.
Chinese interference into the Bitcoin market is affecting volatility. And Yes, The exchanges may have taken fees for withdrawal but 0.2% for every transaction is too much burden for small traders. But they have to "appease" the PBOC, there is no other solution for them. 
0.20% is standard trading fees in most of the other platform so may be this chinese platform are just following that same fee structure. Now it seems it will be hard for this platforms to create fake orders and pump the trading volume, which is good for price of bitcoin. This may also limit high pumps and dumps schemes created by some chinese whales.
It would be interesting to know how closely the Chinese Mining Pools are working with the Chinese Exchanges.
BTCC has its own mining pool. So what?
If BTC Price & Volume drop off in the next week or so,
you will know that the Chinese have been playing the whole world for fools, by falsely inflating the price, & hoarding the majority of BTC mined.
you will know that the Chinese have been playing the whole world for fools, by falsely inflating the price, & hoarding the majority of BTC mined.
It is widely believed that the Chinese exchanges pad their volume numbers, but a drop in volume won't prove it. Volume will drop because traders will now have to pay to trade when it used to be free.
Ask yourself , how do you run a business and never charge your clients a fee to pay your bills for years.
The answer , is you are doing something criminal to steal money from somewhere.
The answer , is you are doing something criminal to steal money from somewhere.
Though trading was free, the Chinese exchanges charged fees on money withdrawn from the exchange.
http://mobile.reuters.com/article/technologyNews/idUSKBN1570EZ
Exactly how does three independent exchange entities all pen on their respective websites Sunday night that ALL will be charging the same exact trader fee of 0.2%/transaction come Tuesday when formally ALL three formerly had a 0% fee in place sans communicating with one another?
TBC, I already have a reply at the ready if the answer is that they communicated with one another. Think about it!
Quote
BTCC, Huobi and OkCoin said in separate statements on their websites late on Sunday that they will charge traders a flat fee of 0.2 percent per transaction.
Exactly how does three independent exchange entities all pen on their respective websites Sunday night that ALL will be charging the same exact trader fee of 0.2%/transaction come Tuesday when formally ALL three formerly had a 0% fee in place sans communicating with one another?
TBC, I already have a reply at the ready if the answer is that they communicated with one another. Think about it!
It is not market manipulation, it is government manipulation. They've all been ordered by the PBOC to stop margin trading, stop making margin loans and to have fees of 0.2% on trading, and they have all complied in order, in Bobby Lee's words, to "appease" the PBOC.
The China thing is holding bitcoin back. We have mining centralisation, what appears to be trading centralisation combined with heavy handed government instructions on how to operate the exchanges. The sooner an alt comes up that solves the China problem, the better.
The Chinese are not bothered with all these Western opinions on anti-competitive regulations and so forth.. They navigate their way past all of
that, and allow people to charge a flat rate for exchange fees. If they gave them a fee range between 0.2 and 1 % ...most would opt for the
cheapest fees, because their traders was used to zero fees and people would just shift to the cheapest exchange.
http://mobile.reuters.com/article/technologyNews/idUSKBN1570EZ
Exactly how does three independent exchange entities all pen on their respective websites Sunday night that ALL will be charging the same exact trader fee of 0.2%/transaction come Tuesday when formally ALL three formerly had a 0% fee in place sans communicating with one another?
TBC, I already have a reply at the ready if the answer is that they communicated with one another. Think about it!
Quote
BTCC, Huobi and OkCoin said in separate statements on their websites late on Sunday that they will charge traders a flat fee of 0.2 percent per transaction.
Exactly how does three independent exchange entities all pen on their respective websites Sunday night that ALL will be charging the same exact trader fee of 0.2%/transaction come Tuesday when formally ALL three formerly had a 0% fee in place sans communicating with one another?
TBC, I already have a reply at the ready if the answer is that they communicated with one another. Think about it!
It is not market manipulation, it is government manipulation. They've all been ordered by the PBOC to stop margin trading, stop making margin loans and to have fees of 0.2% on trading, and they have all complied in order, in Bobby Lee's words, to "appease" the PBOC.
The China thing is holding bitcoin back. We have mining centralisation, what appears to be trading centralisation combined with heavy handed government instructions on how to operate the exchanges. The sooner an alt comes up that solves the China problem, the better.
Market manipulation is one of the suspected reasons why the sudden volatility has occurred a few weeks ago. It was being traced to Chinese exchangers wherein some suspected fake volumes were placed and then suddenly a huge dump occurred. The said increase in transaction fee was announced to the public as a measure to counter the market manipulation and sudden volatility.
It would be interesting to know how closely the Chinese Mining Pools are working with the Chinese Exchanges.
mining pools are mining pools, they don't have much power because they don't earn as much as you think they do. i think what you meant to say was mining farms. and even in that case i say it is conspiracy theory.
Quote
If BTC Price & Volume drop off in the next week or so,
you will know that the Chinese have been playing the whole world for fools, by falsely inflating the price, & hoarding the majority of BTC mined.
you will know that the Chinese have been playing the whole world for fools, by falsely inflating the price, & hoarding the majority of BTC mined.
yeap, it is conspiracy theory.
the volume is going to drop and it has already started because with a 0.2% fee you can no longer make as many trades as you were making before.
because they removed margin trading which made most of that volume.
and obviously some part of it was fake volume.
the price has nothing to do with this. although there may be some volatility because of the FUD in the near future.
and about hoarding i have to say, their bitcoin addresses are public anyone can see whether or not they are hoarding and who is holding lots of bitcoin easily.
Quote
Ask yourself , how do you run a business and never charge your clients a fee to pay your bills for years.
The answer , is you are doing something criminal to steal money from somewhere.
The answer , is you are doing something criminal to steal money from somewhere.
not necessarily, although i am not denying that it looked shady but "trading fees" is not the only way of making money as an exchange service.
It's clear that china is a strong force in dictating what the price of bitcoin is, but make no mistake, we are seeing a decentralization of bitcoin again, china is not going to be the power that it was, we will see a lot of chinese hashrate decentralized too. PBOC is not as effective anymore.
The Exchanges are being investigated for Price Manipulation.
(Which is how they all made their money by manipulating the Price.)
Now they all switch to fees, because profit from manipulation will end.
It would be interesting to know how closely the Chinese Mining Pools are working with the Chinese Exchanges.
If BTC Price & Volume drop off in the next week or so,
you will know that the Chinese have been playing the whole world for fools, by falsely inflating the price, & hoarding the majority of BTC mined.
Ask yourself , how do you run a business and never charge your clients a fee to pay your bills for years.
The answer , is you are doing something criminal to steal money from somewhere.
(Which is how they all made their money by manipulating the Price.)
Now they all switch to fees, because profit from manipulation will end.
It would be interesting to know how closely the Chinese Mining Pools are working with the Chinese Exchanges.
If BTC Price & Volume drop off in the next week or so,
you will know that the Chinese have been playing the whole world for fools, by falsely inflating the price, & hoarding the majority of BTC mined.
Ask yourself , how do you run a business and never charge your clients a fee to pay your bills for years.
The answer , is you are doing something criminal to steal money from somewhere.
What do you think guys? Will those charging fees discourage or even drive out Chinese investors in bitcoin?
It is pretty clear that they had to make arrangements if they were going to introduce fees at all. If even one would not join, it would leave the others at a severe competitive disadvantage.
I disagree.
now that they are under the strict observation of PBoC and things have become much harder for them, in the sense of manipulation and fake volumes, and also they removed their margin trading,... they can no longer function with 0 fees. that 0.2% fee becomes almost all their profit.
it is like a shop that was giving away free samples to bring in new customers and profit from them buying his goods and now nobody buys their goods and they only take the free samples and go away. they go bankrupt if they continue giving away free stuff.
It is pretty clear that they had to make arrangements if they were going to introduce fees at all. If even one would not join, it would leave the others at a severe competitive disadvantage.
It will be interesting to see what remains of the volumes and how much of the accusations of fake volume are true now.
It will be interesting to see what remains of the volumes and how much of the accusations of fake volume are true now.
Quote
BTCC, Huobi and OkCoin said in separate statements on their websites late on Sunday that they will charge traders a flat fee of 0.2 percent per transaction.
Exactly how does three independent exchange entities all pen on their respective websites Sunday night that ALL will be charging the same exact trader fee of 0.2%/transaction come Tuesday when formally ALL three formerly had a 0% fee in place sans communicating with one another?
I don't get which part of it was strange to you.
- they all reside in the same country with the same rules.
- these rules changed one day so they changed their rules too at the same time.
- PBoC didn't go to them individually, they launched investigation on all of them at the same time, and released a statement at the same time for all of them again at the same time.
- they all were forced to stop a big part of their operation which was making them money at the same time, so they have to make money in other ways (adding fees) again at the same time.
or am I missing something?!!
It's pretty obvious that they reached an agreement, maybe motivated by pressure from the PBOC. Whie cartels are anti-competitive, I don't consider such an agreement to be market manipulation.
US AIR: Hello, United, what are you fares going to be next week, and don't tell the regulators that I called.
United: US AIR, you're so funny! Log into the backend of our website for the answer as we do to check out your next week fares.
US AIR: HEHEHE! You said backend.
I guess the joke would've made more sense if I stated the cost of carry-on luggage fees oppose to fares.
It's pretty obvious that they reached an agreement, maybe motivated by pressure from the PBOC. Whie cartels are anti-competitive, I don't consider such an agreement to be market manipulation.
http://mobile.reuters.com/article/technologyNews/idUSKBN1570EZ
Exactly how does three independent exchange entities all pen on their respective websites Sunday night that ALL will be charging the same exact trader fee of 0.2%/transaction come Tuesday when formally ALL three formerly had a 0% fee in place sans communicating with one another?
TBC, I already have a reply at the ready if the answer is that they communicated with one another. Think about it!
"Then by the power of ESP I got all three Chinese exchanges to start charging a 0.2% transaction fee unbeknownst to them individually that the other two legacy exchanges were going to do the same exact thing at the exact very same time, all under the watchful eye of Chinese regulators investigating if there's any market manipulation afoot."
Quote
BTCC, Huobi and OkCoin said in separate statements on their websites late on Sunday that they will charge traders a flat fee of 0.2 percent per transaction.
Exactly how does three independent exchange entities all pen on their respective websites Sunday night that ALL will be charging the same exact trader fee of 0.2%/transaction come Tuesday when formally ALL three formerly had a 0% fee in place sans communicating with one another?
TBC, I already have a reply at the ready if the answer is that they communicated with one another. Think about it!
"Then by the power of ESP I got all three Chinese exchanges to start charging a 0.2% transaction fee unbeknownst to them individually that the other two legacy exchanges were going to do the same exact thing at the exact very same time, all under the watchful eye of Chinese regulators investigating if there's any market manipulation afoot."
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