you don’t understand how an order book works, and you want me to read 7 paragraphs about fake volume, but you don’t understand how an order book works.
Whatever you want, continue to take faked volume numbers as real and be happy with them as long as they last … Actually these faked volume numbers are that obvious that it even doesn’t need to read the 7 paragraphs.
About me not understanding an order book: I understand enough to see that the ZEC order book shows more sell pressure than buy pressure. Possible that you have better and deeper understanding of it, but than again, what is it worth based on faked volume anyway!?
I’am not going to argue with you this one any further. I’am well aware that a more pessemistic view on ZEC price, volume, order book imbalances isn’t a popular thought in this topic. This said, everybody is free to have it’s own opinion, be it that ZEC volume is 200million plus, price going to 1,000$ or a massive buy pressure… Whatever you want …
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you’re saying 2/3rds of ZEC volume is fake with nothing to back up your statement. sure there’s some volume fudging going on, but 2/3rds would be very difficult to fake in a non-obvious way.
“About me not understanding an order book: I understand enough to see that the ZEC order book shows more sell pressure than buy pressure. Possible that you have better and deeper understanding of it, but than again, what is it worth based on faked volume anyway!?”
you look at the book, but you cannot read it. just explained to you how it works. noticed you hearted my wager; make sure you keep my $5,000 warm for me. have a feeling i’m not going to need to wait until november 2019. good chance you’ll need to pay-up in february.
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Actually that’s the interesting point. It’s that obvious that it even doesn’t need anything than common sense. After you anyway don’t want to read anything that backups up this obvous fake claim, does it makes even sense to post more articles (beside common sense)?
Ever checked the Lbank pairs? ZEC has 2-3x more volume than BTC on Lbank? Not enough? Read a bit into Lbank, it’s the worst case fake exchange ever…
Just in case (or some others are interested in fake volume researches especially for Lbank, here some interesting articles:
Interesting parts: Released this week, research compiled by the Blockchain Transparency Institute (BTI) gives clearer insight into how massively overstated the daily volume numbers actually are. Tallying up the volume numbers of the top 130 exchanges, the report found that over $6 billion in daily trade volume is being faked, comprising over two-thirds of the total 24-hour trade volume.
The largest offenders in the top 10 include Bibox, which appears to be wash trading their volume over 85x, Bit-Z to over 469x, ZB over 391x, LBank 4400x. The worst of the bunch is BCEX at over 22,000x
Accordingly, BTI extrapolated that exchanges like ZB and LBank comprised some of the worst offenders:
“The accurate exchanges outside of the big money exchanges typically have a volume/user to unique visitor ratio of around between 2% and 5% (3.5% average). The suspect exchanges ratio ranged wildly from 10% up to over 655,000%. For example, LBank and ZB exchanges which both claim to be in the top 10 of all exchanges, are also claiming to have volume/unique visitor numbers over $214,000 and $74,000 per day, respectively. This is outlandish considering known high liquid markets Bitfinex, Binance, and Coinbase fall between $5,000 and $8,500 per visitor per day.”
https://bitsonline.com/fake-crypto-volume-flawed/
http://toptokensales.com/news/exchange-lbank-sells-fake-token-telegram/
https://www.finder.com.au/lbank-cryptocurrency-exchange-accused-of-trying-to-sell-fake-kodak-coins
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I think fake volume is possible. Probable even!
-but-
Looking at incomplete information and determining “The only explanation is X” is a failure of imagination.
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It is possible its not fake volume, but criminals laundering money.
Think about it. Payments needs to be done privately, buy Zcash, wash it around in private transactions and sell it right away. Perfect crime.
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Where is the deal in laundering money to use ZEC to ETH as that is where the whole fake volume on Lbank comes from. 116 million ZEC to ETH on Lbank?
The Lbank ZEC/ETH pair has more volume than any other exchanges and all other pairs together. Seriously someone really believing it’s possible? And all money laundering on exactly this exchange, exactly to ETH, exactly with all the KYC needed on Lbank? No way, actully double and triple no way…
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I fail to see how this could/should work out in this scenario.
First of ALL we have nowhere that much bought Zcash on all other exchanges together. The Lbank pairs are ZEC/ETH ~55%, ZEC, ZEC/BTC ~10%, ZEC/USDT ~6%, daily on Lbank alone. Makes together ~71% of ZEC daily volume.
Lbank ZEC adresses are t-adresses. The highest trading pair is ZEC/ETH with some whopping ~130M daily on Lbank. Than we have the KYC on Lbank. Than it’s a china exchange. I absolutly fail to see how these known factors lead to a perfect crime.
You say buy ZCash, but they are not bought there, actually such amount is bought nowhere or we would see it again on some exchange as high volume…
Than the next factor. Let’s say someone on Lbank buys indeed ZEC for 130 million day by day. Where are these coming from daily? Lbank doesn’t mint them, right?
There are a lot more things that doesn’t fit with the money laundering scenario, leave alone the perfect crime, but too tiered to write more…
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Lbank ZCash addresses might be t-addresses, but buy Zcash, shuffle it through z-address and return it to exchange to different account owner, and you have anonymous money clean of any tracking.
Why speculate about some elaborate (but actually it would be entirely traceable) money laundering operation, when fake volume is just a much more plausible explanation?
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Because if that money is traceable as you say, then I dont see the point of privacy in Zcash. It doesnt matter what its used for and why, if the transactions are private, Zcash should protect its users.
Because it makes it a better conspiracy theory.
Fake volume is bad enough. No need to add fake news to the list.
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There is no privacy (transactions) on a KYC exchange to begin with …
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imo, the inflated volume (having a hard time with the term “fake volume”) is probably wash trading. wash trading is how a market maker paints the tape.
is zcash officially trading on coinbase? coinbase pairs don’t seem to be listed on CMC yet Zcash price today, ZEC to USD live, marketcap and chart | CoinMarketCap
also, is ZEC/USDC the only ZEC trading pair offered on coinbase? no ZEC/USD, ZEC/BTC, ZEC/ETH?
Although the legal framework for the regulation of cryptocurrencies is not yet set in stone, there are some basic trading activities that are understood to be illegal and constitute a crime. One example is [ insider trading ]. Another example is known as wash trading.
==> one of the reasons we won’t see such inflated/faked volume on exchanges that are based in the USA/EU …
What is Wash Trading?
Wash trading is a process whereby a trader sells and buys a financial instrument for the purpose of creating misleading and artificial activity in the marketplace. In this case, the “financial instrument” is a crypto coin or token.
==> In the case of Lbank and some other of these chinese exchanges they are doing it themself, mostly to get into a higher/bettr ranking as an exchange and to attract traders for their exchange. At least that seems most plausible…
The idea is to sell at a loss and re-buy to give the impression that there is actual trading activity — when actually value does not exchange hands, but rather stays in the same hand through the transaction. This is considered illegal because it falsifies the trade volume.
==> Even you don’t like the term “fake volume” it perfectly fits. Falsified trade volume is just that, fake volume.
Wash trading was declared [ illegal in the USA ] in 1936 when the Commodities Exchange Act was passed.
==> just as a side note backing up it’s illegal…
Wash Trading in Cryptocurrencies
In the cryptocurrency market, there are signs that imply that some exchanges engage in wash trading to inflate their trade volume numbers. The methods used by Coinmarketcap to determine the trade volume …What could fuel the motive for wash trading? The BTI research noted that up to 90% of referral volume from new and aspiring exchanges comes from ranking websites, with about 83% coming from Coinmarketcap alone. This provides a motive for exchanges to overstate their daily trading volume through wash trading.
==> Again, taking a closer look at the coinmarket cap volume numbers it’s obvious that a lot of numbers are fake, unreal and inflated. They just don’t fit into the whole picture, it’s indeed easy and simple as that if we use common sense and forget for a moment that we are ZEC fans and lovers and take aside our wish thinking and pink dreams. It just doesn’t help if we rely on fake numbers, it actually hurts us all if we use and take faked numbers as real.
I even found just now the Lbank ZEC fake volume researched…
Seriously, even this is (obviously) an unpopular approach, everybody should do himself a favour not taking into account fake volume, it just doesn’t help us in any way…
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Of course there are no privacy transactions on exchange. I am talking about sending a transparent transaction to your wallet address, then sending it to z address, then splitting it up in different amounts, then sending it back to transparent addresses, and then to couple of other accounts to that same exchange.
What do you achieve with this? As soon as the transactions hit/come to/from a KYC exchange there is no more privacy, it’s really as simple as that. Not even talking about the ZEC/ETH issue…
Why does this thread once a week get derailed in funky arguments that should be address somewhere else?
I’m preparing myself for a longer bear market and put orders for ZEC @70 then double the ammount @60 and so on till 20$.
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