No more fake volume from China? | Bitcointalksearch.org

panju1

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Quote from: pawel7777 on January 22, 2017, 09:16:05 AM

https://twitter.com/cnLedger/status/823146829701259264

Apparently 3 major Chinese exchanges: OKCoin, Huobi and BTCC announced charging trading fees (0.2%), effective from 24th January.

This must be a result of the Government's probe that happened earlier this month, which also resulted in suspension of margin trading.

This is great news. We will now have a lot more reliable data coming from the Chinese exchanges.
Now we will know how much Chinese exchanges dominate the bitcoin world.

digaran

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Those exchanges are miners themselves and they were doing the transactions to have higher chances of finding blocks for their pools, and besides withdrawal fees compensated zero fee for trading and more bitcoins you have in your exchange wallets more credibility and popularity you gain.
However I don't understand the fake volume part, why would they try to provoke the government? it's like showing a middle finger to them and say hey look we have so much money but we wont pay any tax for them lol.

BrewMaster

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Quote from: pawel7777 on January 22, 2017, 09:16:05 AM

https://twitter.com/cnLedger/status/823146829701259264

Apparently 3 major Chinese exchanges: OKCoin, Huobi and BTCC announced charging trading fees (0.2%), effective from 24th January.

This must be a result of the Government's probe that happened earlier this month, which also resulted in suspension of margin trading.

i think this is because they removed their margin trading, lending and other things on the side and it was very profitable for them to do these things so they could continue the 0 fee policy but now that it is removed they have to stick to the normal ways of making money!

Quote from: leepfrog on January 22, 2017, 10:04:38 AM

Forgive my ignorance, so there was no fees to trade in China before?

i know for a fact that at least okcoin.cn didn't have any fees on their trades because i checked it myself, but the rest of them i have only heard they have 0 fees.

unamis76

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Indeed, this must have been the hand of the government forcing these things in order for these websites to keep operating. We'll see if this means the end of allegedly fake volumes... These exchanges can easily keep doing "inside trades" (as some say they do) and simply not charge fees for the accounts which do "inside trades"...

I guess the good side of this is no more ads (I assume websites with 0 trading fees had ads to help keep them afloat).

leepfrog

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Quote from: dothebeats on January 22, 2017, 10:10:30 AM

Quote from: leepfrog on January 22, 2017, 10:04:38 AM

Quote from: pawel7777 on January 22, 2017, 09:16:05 AM

https://twitter.com/cnLedger/status/823146829701259264

Apparently 3 major Chinese exchanges: OKCoin, Huobi and BTCC announced charging trading fees (0.2%), effective from 24th January.

This must be a result of the Government's probe that happened earlier this month, which also resulted in suspension of margin trading.

Forgive my ignorance, so there was no fees to trade in China before?

Yep, it lasted a few years that's why there had been "serious trading activity" going on in China. Also one of the reason's why they fake volumes so as to entice other markets to do the same and that something's happening in the background. Been following how the Chinese work for quite a time now, and it's a good start that they begin to impose 0.2% trading fees at the least.

yeah it is good they're now imposing a fee. So I take it they made money from withdrawals and deposits as well as obviously some other shady shit.

dothebeats

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Quote from: leepfrog on January 22, 2017, 10:04:38 AM

Quote from: pawel7777 on January 22, 2017, 09:16:05 AM

https://twitter.com/cnLedger/status/823146829701259264

Apparently 3 major Chinese exchanges: OKCoin, Huobi and BTCC announced charging trading fees (0.2%), effective from 24th January.

This must be a result of the Government's probe that happened earlier this month, which also resulted in suspension of margin trading.

Forgive my ignorance, so there was no fees to trade in China before?

Yep, it lasted a few years that's why there had been "serious trading activity" going on in China. Also one of the reason's why they fake volumes so as to entice other markets to do the same and that something's happening in the background. Been following how the Chinese work for quite a time now, and it's a good start that they begin to impose 0.2% trading fees at the least.

daylox

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Yes, it is beneficial for bitcoin industry, Chinese fake volumes were very obvious, 3 million in huobi and okcoin, Chinese government ban their fake trading. I notice okcoin charges free for maker, and highest 0.2% for taker, decreased by monthly volume in USD.

For CNY trading, both 0.2% of trading taken.

leepfrog

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Quote from: pawel7777 on January 22, 2017, 09:16:05 AM

https://twitter.com/cnLedger/status/823146829701259264

Apparently 3 major Chinese exchanges: OKCoin, Huobi and BTCC announced charging trading fees (0.2%), effective from 24th January.

This must be a result of the Government's probe that happened earlier this month, which also resulted in suspension of margin trading.

Forgive my ignorance, so there was no fees to trade in China before?

Idrisu

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Quote from: pawel7777 on January 22, 2017, 09:16:05 AM

https://twitter.com/cnLedger/status/823146829701259264

Apparently 3 major Chinese exchanges: OKCoin, Huobi and BTCC announced charging trading fees (0.2%), effective from 24th January.

This must be a result of the Government's probe that happened earlier this month, which also resulted in suspension of margin trading.

It is a good development for cryptocurrencies as this will build trust from Chinese Government. The way things are going after this regulation the next step may be to legalize the cryptocurrencies. Wise people should begins to store bitcoin and others valuable altcoin now as this will make alot of people wealthy by said 2020. As for me am speculating that price may got to $2000 by the end of 2017.

pawel7777

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https://twitter.com/cnLedger/status/823146829701259264

Apparently 3 major Chinese exchanges: OKCoin, Huobi and BTCC announced charging trading fees (0.2%), effective from 24th January.

This must be a result of the Government's probe that happened earlier this month, which also resulted in suspension of margin trading.

Topic: No more fake volume from China? (Read 548 times)