For a project that relies on its (heavily circlejerked) credibility, the massively (99%) washtrading shit exchange Bitforex is a strange choice.
It's like selling a Lambo at Joe's Used Car Lot.
I disagree with you. More exchanges means more exposure to the market, more liquidity & more volume. Bitforex is widely used by the asian crypto traders so I wouldn't jump the gun on this one calling it a washtrading exchange...
I have to admit that I shared this information about GOLD token listing on Bitforex exchange in my local section and there were exactly the same comments about fake volumes, wash trading and very bad listing choice. I was surprised because I am from almost the beginning in crypto and know a lot about many things and I have never heard anything bad about Bitforex or read something. But I believe to my fellow local friends when they tell me that this exchange is involved in shady practices, like wash trading because somebody Iknow was trading there a lot and witnessed this happening live on the screen.
The good thing is that Digital Gold will be the liquidity provider on this exchange, so we can assume there will be no fake volumes for the GOLD token pairs on Bitforex.
To be honest. Every crypto exchange site have once fake there trading volume before making use of genuine volume after they gain better users rate even capital market was once guilty of fake volume either. I think these are the strategies used by most exchange site in other gain more traffic and also be on the top spot on capital market.
I have also seen things like that in other projects but will this not have a negative effect on future GOLD projects? Is nothing bad going to happen by making fake volume? And this kind of thing is called fake but the project needs this
No, it will never affect the future or present price of every coin listed on such exchange which fake volume but only make such exchange site up rank on the capital market listing.
Note: Volume is the total amount of activities (buy/sell) either in BTC or USD did on an exchange site.
ouh so if it does not affect it, I think it is good to do so that the order is not empty either sell or buy, so that price stability is guaranteed and does not experience unstable increases and decreases
I think you don't understand what I'm saying here because I'm talking about the whole cryptocurrency trading (BTC and all altcoin) done on an exchange site and the provision of the fake volume is an act of cheating which is the reason why most of the community are against it.
Check this
CMC exchange ranking for you to have more insight.
An interesting selection of opinions on a subject slightly off topic to this thread but hey, sig campaigns need posts.....
My original point still stands.
I know that "morality" for its own sake is highly unfashionable in our brave new libertarian world but, only for pragmatic reasons, I don't trust liars.
Exchanges that fake volume, fake their own popularity and deceive users about the liquidity of listed coins are liars.
Projects that choose to list on them, knowing this, are tainted by association.
I know the message slightly off-topic but I don't think there's something bad if I explained things in detail for the user who yet to understand volume issue of an exchange site.
With that been said, you're wrong about project owners associated with an exchange in the act of fake volume issue cause the exchange do it by themselves in other to get in the spotlight on CMC.
Being a stablecoin does not mean it will have a fixed value over time, but it won't be even close to the volatility you see on the other cryptocurrencies. GOLD is backed by physical real gold and is pegged to the spot price of Gold as Digital Gold is also providing liquidity for it aka doing market making and supporting the buying pressure to maintain a stable value. You can see the spot, purchase and redemption price through the Digital Gold gateway on their website:
https://gold.storage/en/marketOw I see the price of this AKA GOLD is the same as the price of the real gold in gram just saw this while checking the price of this gold from here
https://goldprice.org/It seems this project is good if ever this will be listed on big exchanges we can use this GOLD to buy real physical gold or sell this to have physical gold.
Since the price of gold is likely stable not so aggressive like altcoin we can use it as a stablecoin.
As you can presume the Gold token is a good cryptocurrency which allows people to own and hold physical anonymity. Per the exchange listing, the token is already listed on
4 exchange site and planning to be list on Bitforex.