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Sorry, what does tape paining mean in this context?
by therealx 8y ago
Sorry, what does tape paining mean in this context?
- stephen_g 8y agoPainting the tape is exchanges or trading groups trading between themselves to create fake volume and make it look like there's a lot more activity than there actually is. It also helps the exchanges go up in the rankings on sites like CoinMarketCap. A few exchanges (including a couple of South Korean ones) have been investigated recently by regulators and fined for faking literally hundreds of billions of dollars of volume over the last year or two.
- arcticbull 8y agoIs this what you were referring to? ~$250 billion USD worth of wash trading leading to arrests at Upbit (https://thenews.asia/en/2018/12/21/upbit-accused-of-fraud-with-254-trillion-krw-in-fake-orders/ https://thenews.asia/en/2018/12/21/upbit-accused-of-fraud-wi...)
- stephen_g 8y agoYes, one of them. Pretty sure there were a couple more charged, and plenty of plausible allegations that other exchanges are doing it too.
- arcticbull 8y agoThere's a good writeup here when it happened on GDAX at the end of 2017: https://medium.com/@bitfinexed/meet-picasso-the-painter-on-gdax-c478ff8f50e5 https://medium.com/@bitfinexed/meet-picasso-the-painter-on-g...