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Survey: 92% of the volume of transactions on cryptocurrency exchanges are fake

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The Blockchain Transparency Institute (Blockchain Transparency Institute) released a report analyzing the situation with the cryptocurrency trade from the beginning of the current year to April.

As the authors of the study admit, they wondered what the “fake percentage” of the volume of cryptocurrency transactions was after the two Bitwise reports were issued. They say that, firstly, only 5% of world trade in cryptocurrencies exists in reality, and secondly, this does not affect the overall dynamics of the market.

The Blockchain Transparency Institute said that they created an algorithm for calculating "non-existent or meaningless trading volumes." According to their data, of the 25 largest in terms of turnover of cryptobirth , which are monitored by the CoinMarketCap aggregator, 17 organizations have a real turnover of less than 1% of the declared. From a sample of 50 cryptobirges, a similar situation (less than 0.5%) in 35 cryptobirds.

As a result, the researchers draw conclusions :

“On average, if you take the entire cryptocurrency market, the fake level on a daily basis is 88 to 92%, and if you consider only Bitcoin , the level of fictional trade for this cryptocurrency is 92%. In the top 40 cryptobirth in terms of global turnover, the real volume of Bitcoin trade is only a third of what is stated. ”

Analysts have come to the conclusion that there are a number of measures that individual crypto-stock exchange resorts to in order to hide the real small numbers of cryptocurrency trading , including “buying the number of subscribers and likes on social networks, creating non-existent orders for transactions”. The Blockchain Transparency Institute is confident that such activity is “the whole industry”, which is engaged in deceiving investors.

Researchers believe that all of this is interesting to some cryptobirds, since against the background of supposedly large volumes of transactions, they can charge a higher price tag for listing cryptocurrencies on their sites.

Publication date 11.06.2019
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The launch date of the new Ethereum 2.0 blockchain algorithm has become known – January 3, 2020

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Developer Justin Drake (Justin Drake), according to Trustnodes , called the date of transition of the Ethereum network to the second version of the protocol and the introduction of the consensus mechanism Proof of Stake (PoS). According to him, Ethereum 2.0 will become a reality in seven months – January 3, 2020, exactly 11 years after the extraction of the genesis-block of Bitcoin .

Drake also said that the developers of Ethereum for less than two weeks – until June 30 – should finalize and approve the specifications of the zero phase. Before generating the genesis block, they will have to launch a deposit contract for the accrual of funds to validators – and present it at the Devcon conference in Japan in October.

Thus, according to Drake, over the next three months, developers should collect at least 2 million ETH, and in seven months, bring the product to a “production stage”, that is, a test network that has been working for quite a long time without significant flaws and has passed a security audit, for at least two customers.

Recall that the founder of Messari, Ryan Selkis (Ryan Selkis), expects that the transition of Ethereum to the second version of the protocol will take place no earlier than 2021. In early May, Prestmatic Labs co-founder Preston Van Loon announced the public launch of a test network for Ethereum 2.0 – Sapphire – created on the basis of the Casper protocol with PoS consensus algorithm and support for stacking.

Publication date 18.06.2019
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Bitcoin exchange Poloniex has returned a flooding for traders

Due to numerous requests from users, the Bitcoin exchange Poloniex activated a general chat, better known as Trollbox. Ever since @circlepay, @poloniex, ours, “BRING BACK THE TROLLBOX.” Today, I'm happy to report that June 2019 “Since the purchase of Poloniex, the most frequent request has been to restore the fludilka. […]

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Due to numerous requests from users, the Bitcoin exchange Poloniex activated a general chat, better known as Trollbox.

“From the moment of purchase of Poloniex, the most frequent request was the requirement to restore the fludilka. I am happy to say that we did it , ”said CEO Circle Jeremy Allaire.

So, from now on, traders can again communicate on a wide range of topics without leaving the stock exchange, and moderators will use the legendary bans-hammers in case of violation of the rules.

Recall that Poloniex has to comply with strict US regulations. In May, she banned US users from trading the following tokens: ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI and REP.

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TradingView has found a bug that could have caused traders to lose money for five years.

Crypto traders suffered “incalculable” losses due to a bug on the analytical service TradingView. The existence of the problem drew the attention of a Twitter user under the nickname Cryptoteddybear. It’s a funky way to make it easier for people to use it. I don't care, i know i'm right. Here […]

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Crypto traders suffered “incalculable” losses due to a bug on the analytical service TradingView. The existence of the problem drew the attention of a Twitter user under the nickname Cryptoteddybear.

In particular, he noted that when using analytics tools for standard graphs, including Fibonacci levels, the service incorrectly displays some metrics. Such a failure, respectively, affects the results obtained during technical analysis based on the Elliott wave theory.

In response to the Cryptoteddybear entry, other traders also began to report a problem. And some revealed it a year ago.

It is noteworthy that the first error messages appeared more than five years ago on the getsatisfaction platform, but then they were ignored in TradingView.

Nevertheless, now the post Cryptoteddybear had an effect – after a while the service representatives responded to the trader, promising to sort out the situation.

However, the fact that the problem was ignored for such a long period of time, could lead to a lot of incorrect calculations and, consequently, the financial losses of many traders, according to observers. It is worth noting that, apparently, the problem has not yet been resolved, despite its recognition by the service.

Recall recently it became known that TradingView will add a cryptocurrency index, taking into account the news agenda and posts in social networks.

BlockchainJournal also reviewed the features of the service in a separate article .

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Name Price24H (%)
Bitcoin (BTC)
$9,174.00
0.44%
Ethereum (ETH)
$269.08
0.32%
XRP (XRP)
$0.434344
-0.75%
Bitcoin Cash (BCH)
$417.46
-0.20%
EOS (EOS)
$6.91
-0.35%
Stellar (XLM)
$0.125902
-0.74%
Litecoin (LTC)
$138.12
6.12%
Cardano (ADA)
$0.091289
1.35%
Tether (USDT)
$1.00
-0.17%
Monero (XMR)
$99.86
2.82%
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