Could you share the data from which you calculated your 95% wash trading? Thanks!
That issue has been widely reported in crypto and regular media outlets for months. I haven't seen anyone in the crypto industry challenge those reports.
Well, speculative for sure but probably going beyond speculative. I find these two commentaries very interesting.That's the nature of a purely speculation driven asset. ~95% of trades are washes,
That is quite strange as wash trading is illegal, they would have shut down the exchanges if the media reports were substantiated by facts which they obviously were not.
It is in the regulated markets, but Bitcoin is not covered by any such legislation. Some of the washes are quite blatent and can be followed in circular transactions. Some advocates are using is as a reason to encourage the broader crypto community to embrace a move towards regulation.
Fair enough, where does the 95% figure come from, can you show me the numbers?
Thank youYou can read Bitwise's findings here. A lot of it was as above circular trades between addresses on some of the less reputable exchanges. who they call out, along with naming 10 exchanges where they have observed no such patterns.
To Tecate's point above, the numbers they identify as genuine are actually pretty reasonable and typical of a functional market the full numbers including the washes 'would imply that 8.6% of all bitcoin was changing hands every day.'
Hope you changed your stop.....
Bitcoin reached $13,000 this morning and seems to be gaining on average $1,000 ish a day.
The strength of this parabolic move is incredible, especially considering it’s a “worthless” asset!!
~95% of trades are washes
The value and ultimate destination of Bitcoin is zero. I can't forecast the path or the timeline to zero, but it will reach zero.
So how do you square those two statements, Brendan?I heard an interesting quote recently, . "Bitcoin is just like gold. The main difference is that Bitcoin is more expensive to mine."
I thought you had mentioned it as you believed in the statement. I don't think it's anyone's wisecrack. Someone released a research paper late last year where their findings were that the energy input in Bitcoin mining is 2x that of Gold mining.The first one is my opinion. The second is someone else's wisecrack.
They don't need to be squared at all.
I thought you had mentioned it as you believed in the statement.
Yeah, for that reason, I wanted to double check with you as I was surprised to see you list that statement. And we discussed it but we don't agree that gold is worth something yet Bitcoin is notI thought we had discussed extensively elsewhere why there is no comparison between gold which is worth something, and Bitcoin which is worth nothing. So I am surprised that you thought I believed in it.
That is very interesting. Could you explain what it means.
Ah, so, if it is only the less reputable exchanges, then we must be talking only about a minimal fraction of the transaction volume, not 95%, which one is it?The accusation is that many of the less reputable exchanges are transferring bitcoin between addresses they own at high frequency in order to inflate the volumes of transactions going through their platform. The motivation for this is financial, there's millions on offer to the top exchanges to list new alt coins.
Ah, so, if it is only the less reputable exchanges, then we must be talking only about a minimal fraction of the transaction volume, not 95%, which one is it?
Have a read through this. This is all good news for the industry. All of this stuff is getting cleaned up as it matures.So coinbase, kraken, robinhood and other big ones only account for 5% of the transactions? I just want to make sure i understand
The accusation is that many of the less reputable exchanges are transferring bitcoin between addresses they own at high frequency in order to inflate the volumes of transactions going through their platform. The motivation for this is financial, there's millions on offer to the top exchanges to list new alt coins.
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