Earlier quoted context omitted.
This was very interesting analysis. Thank you for sharing. Did you look at Crypto.Com?
If I remember correctly, crypto.com launched late 2019/early 2020 so unlikely it's part of the report.
It launched in 2016
Crypto Wash Trading
291–300 of 306 posts
Re: Crypto Wash Trading
#292Earlier quoted context omitted.
This sounds like a much more interesting read than the TFA
If you want to see some examples of crypto scams go to /r/cryptomoonshots on Reddit. Almost everything posted there is some sort of rug pull scam with fake upvotes.
Thanks. So you're saying " FlokiVengers | New Heroes NFT Token Marketplace & NFT Launch Incoming Doxxed Dev | BUSD Rewards | join the Resistance! BSC Token" is a scam?
Re: Crypto Wash Trading
#293Earlier quoted context omitted.
Sure. Suppose there's 8 on the best bid and then you send a limit buy order of 1 quantity to the same price, making it 9 in total after your order arrives. Then after that, suppose a trade is shown with volume 9 at that price level. What this event implies is that someone sold into the best bid and took it out completely. If this trade volume is fake in any way, then your order won't get filled. But in reality, that…
There's some misunderstanding here. The paper is asserting that the volume is fraudulent, due to wash trading, not that the trades are fake. In your toy scenario, I put 8 on the best bid, you put in 1 more, then I go on another account and hit the bid for 9 volume. 1 of that is legitimate volume, and 8 is fraudulent because I'm trading with myself (aka wash trading). Sure you get your fill, but the paper asserts that…
No, there is no misunderstanding. The paper has falsely defined wash trading to mean fake trades.
Re: Crypto Wash Trading
#294Earlier quoted context omitted.
They're not open at night. They take egregious fees, often up to 20% on the exchange rate. You can't send more than $2,500 online. And who wants to stand in line, fill out paperwork, or walk around with large sums of cash? If that exploitative company is the best example you've got, I rest my case.
You wrote: > I find this hard to believe. Can you please demonstrate a single transaction with this fee?
Source: https://www.finder.com/western-union-international-money-tra...
I've never used Western Union personally, so don't listen to me. Listen to their customer reviews:
Re: Crypto Wash Trading
#295Earlier quoted context omitted.
> Automated trading strategies (e.g., "grid trading") are really popular Why? After buying and selling side fees, is it easy to make a profit in an automated way with crypto?
I don't know, but it seems to be. In general though, if there are easy profits to make it is because someone on the other side is willing to lose "a small amount of money" for a long time knowing that when things change they will make a ton of money fast, on the backs of all the people they lost to. For starters, if you can make money in automated trading, why would you not make all the possible money yourself instea…
I wrote a trading bot, it worked well for a while and made money until Mt Gox shut down. I open sourced it because I thought it might be interesting for others to see.
I updated it for Bittrex, but didn't have enough capital to actually make it work.
Now everything has gone up so much, and I'm bearish on crypto in general, so I don't want to have any money invested in it.
That's why mine is available, and I'm not currently trying to keep it running.
Re: Crypto Wash Trading
#296Earlier quoted context omitted.
FWIW, cryptocurrency settles in seconds.
https://coinmarketcap.com/alexandria/article/how-long-does-a... > On the Bitcoin network, the average confirmation time for a BTC payment is about 10 minutes. However, transaction times can vary wildly. This is because it is affected by factors such as the total network activity, hashrate and transaction fees. If the Bitcoin network is congested, there will be a backlog of transactions in the mempool. This would resu…
I'm familiar with cryptocurrencies. I did not say Bitcoin. One counterexample isn't representative of current options. There are plenty of coins which clear in seconds.
Re: Crypto Wash Trading
#297Earlier quoted context omitted.
Surely, that means it never happened. You must be some sort of oracle. https://www.techrepublic.com/article/pay-with-bitcoin-10-of-... https://money.cnn.com/2014/09/26/technology/paypal-bitcoin/ https://www.businessinsider.com/dell-becomes-biggest-company... https://money.cnn.com/2014/12/11/technology/microsoft-bitcoi...
What’s the threshold for “pay with Bitcoin almost anywhere”? 95%? 90%? Surely the fact that articles are written about individual retailers who are now (then) taking Bitcoin is evidence against the acceptance of BTC being pervasive as a payment instrument rather than evidence in support of it.
I searched for less than 5 minutes and found four examples pretty handily. Anyway, the point was that you could pay with BTC and high transaction fees killed that use case. Feel free to substitute "anywhere" as you please.
Re: Crypto Wash Trading
#298Earlier quoted context omitted.
> Benford's Law is a pretty established method of detecting fraud in forensic accounting Benford law never had to deal with exchanges where any customer can write a python bot and start trading at sub-second latencies via the exchange API's. I'd be very surprised if whatever statistical model they're relying on is in any way a match for what real (as in: legitimate orders from actual customers) trading goes on on cry…
Python ... Subsecond latencies Ok
"Subsecond" isn't much of a bar. A second is an eternity.
Re: Crypto Wash Trading
#299Earlier quoted context omitted.
Alright, now that you have laid out your argument we can see how silly it is. The fact that some people don't like a regulation, or that some people choose to contravene it, doesn't mean that such regulation is illegitimate. A regulation is legitimate as long as it is put in place by a legitimate (i.e. democratic) government. And since a democratic government represents the will of the people, it's clear that we the…
So "the government is legitimate, problem solved." All good then, I simply do not understand why there are social problems and resistance movements worldwide, it is childish! The governments are legitimate! If these governments actually represented the will of the people, the people would not be using bitcoin to send money home. Or smoking weed for that matter. There is a giant blind spot in your worldview IMO. There…
> If these governments actually represented the will of the people, the people would not be using bitcoin to send money home. Or smoking weed for that matter.
This is not how it works. If a significant number of people oppose a certain regulation, a public debate will ensue, and sometimes the general mindset with regards to the issue will shift and then the regulation will change accordingly. This is how democracy works. If you think that capital controls should not exist, feel free to make a case against such controls, but you will have to do a little better than "oh, look, it's a mess, let's get rid of capital controls". Nobody is going to take you seriously unless you present a convincing argument, and coming up with a convincing argument would require, for a start, an understanding of the reasons behind current regulations with regards to capital controls.
Re: Crypto Wash Trading
#300Earlier quoted context omitted.
You have a point in that neither bank accounts nor bitcoin wallets are wallets in any shape or form, the difference is bank accounts are not advertised as wallets, but bitcoin wallets are. Also interesting that the bitcoin imagery is all about gold coins, when in fact there are no coins at all, virtual or otherwise. Bitcoin is merely an abstract unit of count. The very name 'bitcoin' is misleading. Everything about c…
You really think people equate crypto wallets with physical wallets, more than they do bank accounts? Not sure I agree. I think it would be much better if they did equate it with a wallet. An account can be recovered if lost, a wallet cannot. Wallet encourages better behavior security wise IMO. I think you're grasping at straws with the coins thing..you really think there's an attempt to confuse people into thinking…
From my experience, most people are left in disbelief when you tell them that the bitcoins they own are not in their wallet. It reflects a deep lack of understanding of how bitcoin works. I don't think misunderstanding how a financial product works is a good thing. Whereas, again, from my experience, bank accounts are well understood. People are fully aware that their funds are not being kept in a box in the bank's vault, and no one tries to convince them of the contrary either.