Why though? Any known history of nefarious blockchain activity originating from Tencent?
Just a reminder that a year ago, Zclassic (a total shitcoin in my book) was worth $104 which is more than Zcash is worth now
Crazy fact isn’t it ?
Just adding, ZCL is now “worth” $1.19 …
I know that of course, but its a matter of perspective, what one year later can do.
+1. I don’t know why the networking code even allows multiple connections from the same IP. Granted, NATs and Tor exits are a thing, but ideally you want diverse connections, and to a first approximation, connections from the same IP are not going to be diverse. I’ve opened a ticket (https://github.com/zcash/zcash/issues/3757) suggesting to disallow this.
Hopefully this link works… its the truth behind ‘the vomiting camel formation’
An interesting article on fake/inflated volume and how things work together. It seems to be a membership article on medium so i will quote the most interesting parts in case some can’t read the full article:
In this post, I’ll investigate the key drivers of the unrelenting cryptocurrency/crypto asset markets, and explain why they aren’t likely to go away soon. In particular, I will focus on the incentives that cause ranking sites to uncritically include junk exchange volume in their data.
… Coinbase and Gemini are the archetypes. This piece is not about those exchanges — they generally play by the rules and are in the midst of a pivot towards regulator friendliness…
… Yes, this is the same CoinMarketCap that millions of users and dozens of funds trust with their exchange data. The wrinkle goes further. The BitConnect ponzi relied on exchanges like CoinMarketCap uncritically posting exchange data showing massive appreciation in the BCC token. Of course this was illusory, and there was nothing behind the curtain. The vast majority (95%+) of BCC volume derived from a single “exchange,” which was hosted on bitconnect.co. By uncritically listing this volume with no caveats, CoinMarketCap directly enabled the BitConnect scam,…
…Aside from enabling and directly profiting from scams, CoinMarketCap is a largely amateur operation (https://www.wsj.com/articles/the-programmer-at-the-center-of-a-100-billion-crypto-storm-1516708800) run from an apartment in Long Island City, and has proven itself generally unable to make sophisticated judgments about exchange liquidity…
…The con, So what’s the issue here? The chief problem has to do with the interplay between rankings sites, exchanges, and issuers, especially as it relates to exchange volume. It goes like this:
- Issuers want to list on liquid markets and exit or pump their positions
- Exchanges want to advertise themselves as liquid, so issuers will be more amenable to paying listing fees
- The “altcoin casino” exchanges are mostly unregulated and unmonitored, and can thus get away with virtually anything
- Many exchanges thus engage in wash trading to make their volumes appear greater and improve their perceived liquidity profile
- Rankings sites monetize through reflinks and ads, and lack the resources to monitor each exchange, and hence uncritically publish exchange data
- Wash trading exchanges gain in the rankings on the rankings sites, successfully marketing themselves
- Exchanges profit, rankings sites profit, issuers profit, all at the expense of investors (who may win in the short term)
The negligence of the coin rankings sites is the primary reason I’m writing this post. The other aspects are well documented. While fiat-onramps are professionalizing and working to assure regulators of their integrity, markets at the altcoin casinos are widely understood to be deficient. While arbitrary changes to the ranking sites’ methodology is known to be a risk, especially after the Korea debacle, the sheer amateurish nature of these rankings sites is under-reported. LPs for crypto hedge funds might be horrified to find that many funds were marking their positions against CoinMarketCap data, which aggregates deliberately fudged data from the altcoin casinos. The primary issue is the uncritical presentation of data derived from exchanges that is clearly fictitious — Sylvain Ribes has covered the fake volume plague well. CryptoExchangeRanks used an innovative methodology — comparing claimed exchange volume to their relative web traffic — to find particularly egregious offenders.
Investors looking for reliable data are left with few options. They can either selectively trust exchanges, aggregate data themselves, or use a more discriminating source like the Blockstream/ICE datafeed. The market is professionalizing, and hopefully operations like CoinMarketCap will be a creature of the past.
The future of this market
The problem with the [ altcoin casino | altcoin issuer | rankings site ] troika is how neatly intertwined all their incentives are, and how poorly-educated users are about each. In many cases, “exchanges” is a misnomer. These things are more akin to the bucket shops of the 20s, the boiler rooms of the 80s, or the unregulated poker sites of the early 2000s, which ran fractional reserves or granted insiders special access to the hole cards of unwitting players.
Quite simply, most of the crypto-to-crypto exchanges have nothing in common with exchanges like the NYSE or the NASDAQ. While some investors are aware of this, many mistakenly believe them to have integrity, even storing their coins on those exchanges for extended periods. The exchanges, in turn, market themselves with rampant, and indeed obvious, wash trading. But they are difficult to shut down or regulate — after all, clearing and settlement occurs on the uncensorable Bitcoin and Ethereum networks.
There is still demand for global, 24/7 casinos to gamble on altcoins, so these shady exchanges will still exist. And while investors use the amateurish rankings sites for information on trading venues, exchanges will be incentivized to market themselves by posturing as more liquid than they actually are. And if these exchanges continue to list hype projects and give issuers their exit, issuers will continue to be incentivized to play the marketing game and generate spurious roadmaps to dupe investors. Investors should be wary of these entities and make informed decisions before diving in.
I like Coinlib’s currency support - nice to see how far out of whack our local exchange gets with average prices, almost US $400 right now for BTC, easy money…
ZEC/BTC new low reached. Now trading under 0.015. Miners just mine to get BTC or ETH or anything else but ZEC.
2019, the year we shall short Zcash!
Happy new year!
I have noticed this also, lots of alts are gaining in BTC value and USD. ZEC would gain in USD and almost no BTC value at the same time.
It possibly means that Zcash is still overvalued to the eyes of those who mine it, and that they have little hope for now to sell it at a higher price. As a miner I would actually feel the same: either cash out to USD or place my profit in coins that have very low liquidity (prone to P&D) and already dumped hard or coins that are top 10.
In any case, I feel this dump will continue, Zcash might see $40, then $30, maybe $5 even. I’m shorting now.
Good luck everyone!
Happy New Year all. Who else is ringing/bringing in the New Year by buying sub .015 BTC ZEC?
It’s enough to analyze data and compare to see that we mostly will go down further for several obvious reasons, sadly. I like ZEC, but i shortented several times as well allready…
the main ZEC problem, from price growth perspective, is that it is asic mineable.
some large hardware holders seem to be unknown, and seem to sell mined zcash instantly, fixing profit.
and if you actually think about it, go into past, you will see that equihash was chosen by team of this successful project as an answer to this problem.
how ignorant and blind you have to be to swallow zooko reaction on z9 mini release, swallow strategy since may 2018?
why hasn’t this happened for ZEC yet?
kraken opened margin trading for XRP, and BCH.
ZEC does more volume than REP/XMR combined. this is unacceptable. somebody from zcashco really should to reach out to kraken, and ask why we cannot margin trade yet @joshs
Or use our own Zcash on exchanges like Poloniex and earn lending fees