Editor’s note: This article from the chain ChainNews (ID:chainnewscom), the smell of the daily planet Odaily authorized reprint.
A large number of encryption assets exchange in a single brush, this is not news. However, if someone can tell you how to identify the real deal, what those false trading brush what kind of people, worthy of serious study!
The United States Asset Management Co Bitwise encryption to the U.S. Securities and Exchange Commission (SEC) for the launch of bitcoin exchange traded funds based on (ETF), as part of the application, the company included a report, collection and analysis of global currency exchange in March 81 encryption four days bitcoin transaction data. After analyzing these data, Bitwise found that the exchange claimed $6 billion a day of bitcoin transactions, only $273 million is the real deal, in other words, nearly 95% bitcoin transactions are man-made “creation” out.
The smell of chain get the Bitwise submission, Tejing elect one about “real deal” and “long what kind of false transactions what” part, teach readers identify false piercing eye, scalping.
The smell of public attention chain in the background, to send “bitwise”, can get the more than 200 page report.
What is the real deal?
You can see the average daily turnover of about 27 million bitcoins $Coinbase Pro, hang out bitcoin buy and sell orders exactly what.
In San Francisco, Coinbase raised $546 million in venture capital through. The daily average exchange bitcoin transaction amount of approximately $27 million. Coinbase has been awarded the New York Financial Services Authority BitLicense bitcoin trading license, in the circle of prominent crypto currency.
Under the picture is Coinbase trading interface screenshots:
The above screenshots of the interface reaction is Coinbase new “professional” Coinbase Pro encryption currency exchange transaction history. The green part is to promote the high price to pay, the red part is to suppress the price decline of sell orders.
Please note that the red and green part is not symmetrical, the distribution is not uniform, this is the real deal situation.
This screenshot, bill (green) than selling single (red) are more active.
The above screenshot capture is the amount of the transaction situation.
Please note that different time points of the transaction amount is big, only 0.0017 less than 1 bitcoin, bitcoin. You will see the turnover also is often a random integer: 1 coins, 0.60 coins, 0.10 coins and so on. This is a natural act: people are more likely to trade 1 bitcoin this integer, rather than “0.821” bitcoin such numbers.
The above picture, each gray “candle” on behalf of Coinbase Pro every 5 minutes turnover.
Please note that these “candle” is not the same size: 5 minutes in some period of time, the transaction volume is relatively large.
Pictured above is the interception of the buy and sell orders spread. The unit is $0.01. The price is $3419 coin bit screenshot. This means that bitcoin spreads in 0.0003% within the range of transactions, among the most narrow spread of the global financial instruments trading ranks.
What kind of suspected fraud transactions?
The following can find several examples, see what the suspected fraud transactions.
Example 1: transactions in the current buy and sell single turnover
CoinBene (known as the daily trading volume of $480 million)
CoinBene which is the highest encryption currency exchange global transactions, the average transaction amount of approximately $480 million, which is equivalent to 18 times the volume of Coinbase.
Look at the pictures can be found, basically all transactions in the market are in the current between buying and selling prices of this dubious.
The above screenshot capture transactions.
Please note that the green and Red Cross uniform. In Coinbase Pro, we see is that trading activities are more random.
From CoinBene the purchase price and selling price of the uniform staggered block of view, very likely to have a very good, even according to the arrangement of human business economics order allocation.
The above screenshot shows the timestamp of each transaction.
With turnover together, you will find that all CoinBene transactions are in pairs, each pay (green) corresponds to a single sell (red). The transaction amount is almost not much difference between, middle column shows that, the transaction with the passage of time, almost offset each other!
From the above screenshot, the exchange’s turnover and Coinbase Pro are totally different.
From the minimum turnover, turnover is not a small deal, the minimum amount of transactions is 0.43 bitcoin, equivalent to about $1400. Coinbase Pro single minimum turnover of only $5.
Although people clearly prefer integer transactions, no integer transaction CoinBene.
In the screenshot above the point in time, pay the highest price is $3239.59, selling the price is $3274.33, which means that the price of $34.74. In contrast, Coinbase Pro selling and buying price difference of $0.01.
This is an amazing place: the so-called turnover is equivalent to 18 times the Pro Coinbase exchange, has spread more than 3400 times higher than the latter!
In addition, the influence of CoinBene in the real world that is less than Coinbase, this is suspect. This can be seen from the comparison of the following chart:
For example: 2 hour, day trading volume is 0
RightBTC (known as the daily trading volume of $100 million)
4 times RightBTC day known as the turnover is equivalent to Coinbase Pro. However, it is in many hours or even days show the transaction amounted to 0. Please see below:
In this case, Business Hours fluctuation, normal operation time or other factors are not acceptable. Two a more convincing explanation is that transactions fraud and / or transaction.
In the above can also be seen, each “candle” on behalf of RightBTC per hour turnover. Please note that there is a big gap, sometimes for several days, no transactions occur.
In this screenshot, RightBTC sell and pay price up to $371.99, and Coinbase Pro’s $0.01 price is a world of difference.
This is ridiculous, especially considering it as the trading volume is equivalent to 4 times of the latter.
Example 3: transaction Elei not move
CHAOEX (known as the daily turnover of US $70 million)
CHAOEX is known as the daily turnover of $70 million, higher than the Coinbase Pro more than doubled. But the market almost every single turnover is immutable and frozen: according to uniform distribution, every hour of every day. And this is not affected by other factors of market price fluctuations, breaking news, rest time, weekend or the real world.
Of course, these are just some examples of very easy to distinguish. Not every fraud encryption currency exchange can be seen right through. We need more data, more in-depth excavation.