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5 BILLION dollars worth of bitcoins are sold every day. The trading volume is higher and the orderbooks are deeper than you think...

by mrb 9y ago

ActsJuvenile 9y ago
Google "Wash Trading"
- mrb 9y ago
  Doesn't work in crypto markets. Taker fees are typically > 0.20%, with the notable exception of BitMex.
  - 55555 9y ago
    Those who are downvoting the parent, please explain why? He is correct. Is the assumption here that the exchanges themselves are wash trading and not charging themselves fees? Seems possible. But otherwise wash trading is very expensive due to the maker/taker fees.
  - joosters 9y ago
    There is plenty of evidence of wash trading occurring on Bitfinex and other exchanges - there are also many accusations that the exchanges themselves wash trade, to pump up their own volumes. They don't need to pay their own fees!
    - mrb 9y ago
      Taker fees are 0.1-0.2% on Bitfinex. Wash trading would be too expensive. Where is the evidence the exchange itself is doing it?
  - reefoctopus 9y ago
    Korean exchanges are 0 fee.
    - mrb 9y ago
      Koreans account only for ~7% of the 5 billion USD/day.
  - ActsJuvenile 9y ago
    Taker fees are significantly discounted for higher volume traders, because they bring smaller traders to an exchange. I know two mid-sized whales who have almost 0% rate as long as they trade certain number of BTC a month.
amarkov 9y ago
Where are you getting this number from?
- mrb 9y ago
  24h trading volume: https://coinmarketcap.com/currencies/bitcoin/#markets https://coinmarketcap.com/currencies/bitcoin/#markets
  - amarkov 9y ago
    This includes a lot of crypto-crypto volume. Just in the top ten, there's $168m Bitcoin Gold, $145m of Bitcoin Cash, $95m of something called "PowerLedger" that I'm hearing of now for the first time, and $84m of Neo. Is this real trading activity, or is it people discovering that there's no feasible way to trade USD directly for the meme coin du jour?

5 BILLION dollars worth of bitcoins are sold every day. The trading volume is higher and the orderbooks are deeper than you think...

by mrb 9y ago

5 BILLION dollars worth of bitcoins are sold every day. The trading volume is higher and the orderbooks are deeper than you think...

ActsJuvenile 9y ago

Google "Wash Trading"

mrb 9y ago
Doesn't work in crypto markets. Taker fees are typically > 0.20%, with the notable exception of BitMex.
- 55555 9y ago
  Those who are downvoting the parent, please explain why? He is correct. Is the assumption here that the exchanges themselves are wash trading and not charging themselves fees? Seems possible. But otherwise wash trading is very expensive due to the maker/taker fees.
- joosters 9y ago
  There is plenty of evidence of wash trading occurring on Bitfinex and other exchanges - there are also many accusations that the exchanges themselves wash trade, to pump up their own volumes. They don't need to pay their own fees!
  - mrb 9y ago
    Taker fees are 0.1-0.2% on Bitfinex. Wash trading would be too expensive. Where is the evidence the exchange itself is doing it?
- reefoctopus 9y ago
  Korean exchanges are 0 fee.
  - mrb 9y ago
    Koreans account only for ~7% of the 5 billion USD/day.
- ActsJuvenile 9y ago
  Taker fees are significantly discounted for higher volume traders, because they bring smaller traders to an exchange. I know two mid-sized whales who have almost 0% rate as long as they trade certain number of BTC a month.

amarkov 9y ago

Where are you getting this number from?

mrb 9y ago
24h trading volume: https://coinmarketcap.com/currencies/bitcoin/#markets https://coinmarketcap.com/currencies/bitcoin/#markets
- amarkov 9y ago
  This includes a lot of crypto-crypto volume. Just in the top ten, there's $168m Bitcoin Gold, $145m of Bitcoin Cash, $95m of something called "PowerLedger" that I'm hearing of now for the first time, and $84m of Neo. Is this real trading activity, or is it people discovering that there's no feasible way to trade USD directly for the meme coin du jour?