3 ms·

The last time Bitwise tried to list an ETF, they revealed to the SEC that 95% of all bitcoin trading volume was fake. If the SEC permits a real BTC ETF that wou

The last time Bitwise tried to list an ETF, they revealed to the SEC that 95% of all bitcoin trading volume was fake. If the SEC permits a real BTC ETF that would represent a serious failure on their part, IMO, and I agree the potential for Tether contagion would increase materially. [1] [edit] this financial cancer can’t get excised quickly enough. The longer we wait the more will get hurt. [1] https://cointelegraph.com/news/bitwise-tells-us-sec-that-95-of-volume-on-unregulated-crypto-exchanges-is-suspect https://cointelegraph.com/news/bitwise-tells-us-sec-that-95-...

throwoutway 5y ago
Looks like a futures-based Bitcoin ETF may come in ~2 weeks : https://www.thinkadvisor.com/2021/10/04/the-first-u-s-bitcoin-etf-could-be-coming-in-2-weeks-but-theres-a-catch/ https://www.thinkadvisor.com/2021/10/04/the-first-u-s-bitcoi...
PretzelPirate 5y ago
> The last time Bitwise tried to list an ETF, they revealed to the SEC that 95% of all bitcoin trading volume 95% of Bitcoin trading on *unregulated* exchanges was fraudulent. There’s a reason why people don’t use CoinMarketCap anymore and it’s precisely because it shows bad metrics from fraudulent exchanges.
- arcticbull 5y ago
  They’re all unregulated. Coinbase was included in their list. The word “unregulated” was a flourish added by cointelegraph as a distraction. > Of the 81 exchanges evaluated in the report, only 10 provide volume figures that are legitimate, according to Bitwise. Coinbase is regulated as a money transmitter, like Venmo. [edit] what I believe they meant was that 95% of all trading volume was fake and 100% of that came from the less reputable exchanges.
  - vxNsr 5y ago
    What does fake trading volume mean in this context?
    - CPLX 5y ago
      Presumably wash trading that doesn't reflect any actual transaction. Or just straight up fake reporting of "off chain" trades that never happened by exchanges.
trashcan_ 5y ago
I don't know why people don't understand this. There was a twitter spaces a few weeks ago after one of these ETF delays where a bunch of bigwigs pushing these ETFs seemed clueless or willfully ignorant of this fact. Its just pathetic.
- acdha 5y ago
  > I don't know why people don't understand this. That old Upton Sinclair quote comes to mind: the finance guys are making a ton of money getting people to ante in and when you buy a cryptocurrency the only way you get your money back is by talking it up so anyone who's already in has a big incentive not to ask questions.

throwoutway 5y ago

Looks like a futures-based Bitcoin ETF may come in ~2 weeks : https://www.thinkadvisor.com/2021/10/04/the-first-u-s-bitcoin-etf-could-be-coming-in-2-weeks-but-theres-a-catch/ https://www.thinkadvisor.com/2021/10/04/the-first-u-s-bitcoi...

PretzelPirate 5y ago

> The last time Bitwise tried to list an ETF, they revealed to the SEC that 95% of all bitcoin trading volume 95% of Bitcoin trading on *unregulated* exchanges was fraudulent. There’s a reason why people don’t use CoinMarketCap anymore and it’s precisely because it shows bad metrics from fraudulent exchanges.

arcticbull 5y ago
They’re all unregulated. Coinbase was included in their list. The word “unregulated” was a flourish added by cointelegraph as a distraction. > Of the 81 exchanges evaluated in the report, only 10 provide volume figures that are legitimate, according to Bitwise. Coinbase is regulated as a money transmitter, like Venmo. [edit] what I believe they meant was that 95% of all trading volume was fake and 100% of that came from the less reputable exchanges.
- vxNsr 5y ago
  What does fake trading volume mean in this context?
  - CPLX 5y ago
    Presumably wash trading that doesn't reflect any actual transaction. Or just straight up fake reporting of "off chain" trades that never happened by exchanges.

trashcan_ 5y ago

I don't know why people don't understand this. There was a twitter spaces a few weeks ago after one of these ETF delays where a bunch of bigwigs pushing these ETFs seemed clueless or willfully ignorant of this fact. Its just pathetic.

acdha 5y ago
> I don't know why people don't understand this. That old Upton Sinclair quote comes to mind: the finance guys are making a ton of money getting people to ante in and when you buy a cryptocurrency the only way you get your money back is by talking it up so anyone who's already in has a big incentive not to ask questions.