What is going on on the Bithumb exchange?

in #dtube4 years ago

Noticed this earlier and had to record it and share, not really sure what's going on but it looks like obvious wash trading of someone constantly buying up 30-50k Steem every 5 seconds or so. No wonder their volume on coinmarketcap shows 26 million $ for Steem per 24 hours.

Why though? Do they incentivize traders somehow? I know Binance has a certain threshold depending on with how much BTC you trade monthly you get a lower trading fee, is this something similar? So traders just trade with any coins on their exchange just to fill their quota even if they have to pay some fees for a short while?
I haven't looked deeply into Bithumb in some time so I'm not sure how their exchange works, but I am really glad coinmarketcap does not add that info to the total daily volume it shows. The exchanges that do, though, are known for having legit trades and not a lot of "washtrading" if this is what it is.

Their wallets have been increasing in Steem lately though, so not everything is fake.

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I think it could be the actual exchange trying to raise volumes to appear on the top exchange listing by volumes. It is a prevalent problem these days!

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Bithumb and other Korean exchanges are always under investigation by the Korean government for one reason or another. Don't worry they are on top of things.

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Looks like wash trading. It's illegal and won't happen on regulated exchanges. It's pretty common on cryptocurrency exchanges.

In a way I think it is good news for Steem to be getting much of those volumes and if the exchange want to appear as a top volume trader for Steem. If it prompts other exchanges to do the same and we're getting all the attention, it think it may pan out positively. As long as the are real though.

Posted using Partiko Android

super video

maybe everyone is excited about filling their steem wallet, I'm very proud of this, because it's free from falsehood

it's in Hangul/Korean!

30 to 50K? wow, that's quite a lot!
is Steem goin to be the next BTC in KR?
that would be great !

Korean exchanges had 50% or so higher prices on several coins a year ago. I was wondering why there was no arbitrage.
Shortly after they were excluded by coinmarketcap from stats (for some time at least).

I don't trust any data from Korean exchanges since.

I don’t see why it be worthwhile for someone to waste money trying lower their fees when they pay less in the long run to just trade normal to get there without flushing extra down the drain.

It could just be glitch and miss reporting

A rouge bot trader losing its pants

A really lazy money laundering operation

Someone bored with too much money?

Some kind of attempt to try and hurt the Steems reputation by wash trading and then crying foul to exchanges that have not accept us yet saying they have proof of manipulation?

Well if someone wanted attention they go it. Shame that not a legit buyer trying horde all they can get before a big price movement.

Bithump has a good development, it is increasingly visible

saludos amigo muchas gracias por la información

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