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> that index includes BTC-e Not necessarily. All they say is: > The Index Provider’s Winkdex formula provides a volume-weighted, exponential moving average m
by sheetjs 12y ago
> that index includes BTC-e
Not necessarily. All they say is:
> The Index Provider’s Winkdex formula provides a volume-weighted, exponential moving average market price by blending trading data from the three largest Bitcoin Exchanges by volume on a list of Index Provider-approved Bitcoin Exchanges.
> As of December 26, 2014, the eligible Bitcoin Exchanges include Bitfinex, BitStamp, BTC-e, CampBX and LocalBitcoins.
Needless to say, if BTC-e is not one of the three largest BTC exchanges, then it won't be included.
Assuming there's a way to verify every trade reported by BTC-e on the blockchain, shouldn't irregularities show up relatively quickly? More importantly, it seems that they do recognize that possibility: "Even in the absence of large trading fees and fiat currency deposit/withdrawal policies, price differentials across Bitcoin Exchanges remain; for example, bitcoins on BTC-e traded at a discount of approximately 0.9 percent relative to the average daily weighted price for bitcoins on BitStamp and Bitfinex during the week ended December 26, 2014. During the prior month, prices on BTC-e typically traded at a discount of between zero and five percent."
- ksherlock 12y agoCheck the previous sentence: MtGox was included in the Winkdex right up until they went bankrupt.
- gnaritas 12y ago> Assuming there's a way to verify every trade reported by BTC-e on the blockchain Trading doesn't happen on the blockchain, it can't, block chain confirmations are far too slow for trading. All trading on all exchanges happens off chain.
- tyrfing 12y ago> Assuming there's a way to verify every trade reported by BTC-e on the blockchain There is no way to verify the veracity of trades on any of these exchanges. The only part that touches the blockchain is deposits and withdrawals, and those are extremely hard to track. I agree that including BTC-e on that list is a very odd decision, considering they have excluded OKCoin, Huobi, and other Chinese exchanges which make up the lion's share of the market (even ignoring the wash trading). BTC-e has a reputation of being something akin to Liberty Reserve, in that they exist primarily to enable drug dealers, thieves, and anyone else with dirty money to obtain fiat no questions asked.