Topic: Why is bitcoinaverage ignoring Chinese excnanges? (Read 963 times)
There are currency controls in China that restrict the price of the Chinese currency and that restrict movement of currency coming into and out of the country. This distorts prices.
Some of the Chinese exchanges are suspected of faking volume.
This is very much true and as such they try to play the market price swings too.
Some of the Chinese exchanges are suspected of faking volume.
I don't know what bitcoinaverage has to earn from this but as a stats providing website accuracy should be something importand to them.
We don't earn anything from ignoring an exchange, in fact we earn next to nothing by maintaining this service
As Newar has kindly quoted out comments on this already, there isn't much i can add. We would welcome a solution to this problem, and of course the code is open source so anyone willing can email us with a discussion on implementing something
Oh well, thanks for the swift reply. I've nothing to add either. I'm sure that you know better than me. Wish for the best.
I don't know what bitcoinaverage has to earn from this but as a stats providing website accuracy should be something importand to them.
We don't earn anything from ignoring an exchange, in fact we earn next to nothing by maintaining this service
As Newar has kindly quoted out comments on this already, there isn't much i can add. We would welcome a solution to this problem, and of course the code is open source so anyone willing can email us with a discussion on implementing something
Have important update - we've made a decision on chinese exchanges suspected in faking trading volume figures.
fxbtc integration changed to calculate actual trades and now it shows a much lower and probably real volume.
okcoin does not provide trading history data, so we can't go that route. So okcoin has been removed, it's put to ignored exchanges list now.
btctrade - removed also, for same reasons.
As a result of this CNY market trading volume shrank by around ten times, and now has much lower influence on global average price.
If someone has any information relevant to the case - we're happy to listen. We will probably review this decision once this situation will remedy itself.
Alex at BitcoinAverage.
fxbtc integration changed to calculate actual trades and now it shows a much lower and probably real volume.
okcoin does not provide trading history data, so we can't go that route. So okcoin has been removed, it's put to ignored exchanges list now.
btctrade - removed also, for same reasons.
As a result of this CNY market trading volume shrank by around ten times, and now has much lower influence on global average price.
If someone has any information relevant to the case - we're happy to listen. We will probably review this decision once this situation will remedy itself.
Alex at BitcoinAverage.
Why huobi isn't there?
Huobi is currently ignored due to its extremely high trading volume (which has now been confirmed as being due to their 0% trading fees)
We are seeking a solution so that we can integrate exchanges of this nature without it significantly distorting the price. If anyone has ideas on this feel free to contact us
Regards
Shaun at BitcoinAverage
The price is not really relevant in China if people can't move their money out freely.
RMB is more than 30% undervalued, so it is hard to determine the fair value of bitcoin using price alone.
RMB is more than 30% undervalued, so it is hard to determine the fair value of bitcoin using price alone.
Maybe they used to, but with all the ups and downs the Chinese market has drug us through for the last 6 months they got tired of considering them.
Today I took a look at https://bitcoinaverage.com
Overall it's a great website. But the fact that they ignore the major Chinese exchanges for their stats bothers me.
Let me break that down for you
huobi's volume as of posting this:฿67955
okcoin's 24 hr volume as of posting this:฿75148.96
Btctrade's volume as of posting this:฿7492.35
And what's the total volume bitcoinaverage showed for btc/cny trades today? ฿8476.24 Why is that? See below.
Exchanges bitcoinaverage is ignoring:
Many people trust bitcoinaverage for it's information and many other bebsite's use it's api to inform their user's as well. Because of it ignoring those sxchanged BTC/USD shows to be having a lead in trading every day wich is obviusly not true. I don't know what bitcoinaverage has to earn from this but as a stats providing website accuracy should be something importand to them.
Overall it's a great website. But the fact that they ignore the major Chinese exchanges for their stats bothers me.
Let me break that down for you
huobi's volume as of posting this:฿67955
okcoin's 24 hr volume as of posting this:฿75148.96
Btctrade's volume as of posting this:฿7492.35
And what's the total volume bitcoinaverage showed for btc/cny trades today? ฿8476.24 Why is that? See below.
Exchanges bitcoinaverage is ignoring:
Quote
btctrade
coinbase
huobi
okcoin
coinbase
huobi
okcoin
Many people trust bitcoinaverage for it's information and many other bebsite's use it's api to inform their user's as well. Because of it ignoring those sxchanged BTC/USD shows to be having a lead in trading every day wich is obviusly not true. I don't know what bitcoinaverage has to earn from this but as a stats providing website accuracy should be something importand to them.
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