Hey guys, so i've read a new report on how much of the exchanges volumes are just wash trading and the numbers are way too high for what real users do>.
This is pretty concerning, since the market might not be nearly as stable and mature as we think, it might all be manipulated.
What do you think of the current state of big exchanges and price manipulations that we experience?
my source:
https://www.blockchaintransparency.org/reports/I don't think this brings up too much concern. If you look at the list, most of the US based (and all of the major US based) exchanges appear not to be overstating their trading at all according to this. I highly doubt that any amount of fraud by the Chinese exchanges could inflate the price to the point where they are bringing up the rest of the world. Everyone knows not to trust China to begin with, and when you add crypto on top of a general culture of fraud and theft, you have even less reason to trust any of the Chinese exchanges. But boy, look at the suspected over-statements:
- Huobi: 12.5x inflated
- Okex: 19.2x inflated
- HitBTC: 5.3x inflated
- Upbit: 11.0x inflated
- Bitbay: 3.1x inflated
- Coinex: 68.6x inflated
If I had an account with any of these, I'd immediately close it and withdraw all coins. They cannot be trusted
at all. But ultimately, I wouldn't be concerned that fraud by these exchanges could tank the whole system. There's enough other major exchanges operating trustfully to conclude that there is a baseline demand for crypto that is sufficiently robust to prevent too much of a collapse.