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Binance CEO explains why so many Bitcoins and crypto exchanges have been reported as false

Binance CEO Changpeng Zhao says the Bitcoin and Crypto stock exchanges are a simple reason for having fake volumes.

The Cryptocurrency index and beta funding provider Bitwise released a bomb report stating that 95% of the volume on unregulated crypto exchanges is counterfeit. Bitwise is currently seeking approval for a Bitcoin stock exchange investment fund offer and submitted the report to the US Securities and Exchange Commission.

According to Bitwise, the vast majority of the reported cryptocurrency volume is co false and / or uneconomical in nature ve for bitcoin, the real market is much smaller, more orderly and tidy than it is generally understood. Bit

Sec-Bitwise Crypto Money Exchanges Report Kripto Guide

When comparing orders in Coinbase Pro with a long list of other exchanges, Bitwise says it has defined a series of suspicious trading models. In particular, the report highlights the stock exchanges where orders are received and sold successively: a purchase order, a purchase order, a purchase order, and so on.

Co Compare this to Coinbase Pro; we have seen a more random distribution in the buying and selling activities here. It is unlikely that there will be a perfect, even equal distribution of economic trading orders. "

According to Zhao, the stock exchanges imitate the transaction volume in order to get a high stance on the CoinMarketCap (CMC), which keeps its ranking according to the volume of all crypto exchanges. Exposure to CMC triggers traffic and operation.

Why do exchanges fake volumes? @coinmarketcap traffic Ordered. SHIPPING with pro users. Many forget the later part. https://t.co/XTSez5ZRVh

- CZ Binance (@cz_binance) March 19, 2019

Zhao said CMC brought more traffic to Binance than other sites. According to Web analytics site Alexa, the CMC is the largest website in the crypt, considering the world's largest 448. Also, it ranks high in countries with national currencies that make up the largest trade volume of Bitcoin: the United States and Japan.

CMC-Alexa-Kripto-Guide

Matt Hougan, head of research at Bitwise, told CoinDesk that he believes the company's report will not have a negative impact on pushing the company to Bitcoin ETF approval. According to Hougan, the new report proves that the real and fundamental crypto market is "uniquely resilient to manipulation".

Değil The truth is not the fact that the crypto market is a fake volume. We are the first company that we have adopted a truly comprehensive approach to prove and measure this. In addition, the regulated CME futures market is far more important than most people think, because the denominators are wrong. "

The SEC has until the end of the month to accept, decline or extend the Bitcoin ETF proposal review from Bitwise.

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Industry News

SEC Accuses 5 Insiders of BitConnect for Illegal Promotion

SEC, Yasadışı Tanıtım’dan BitConnect İçerisinden 5 Kişiyi Suçladı

About the five people at BitConnect SECIt said it “violated Federal Securities laws.”

The SEC's complaint is that “persons who support the BitConnect Program are sold without registering the Securities with the Commission and registering as a broker-dealer with the Commission as required by law.” BitConnect's lending program is said to encourage people to invest in potential investors, including Trevon Brown, Craig Grant, Ryan Maasen, and Michael Noble, by creating promotional-style videos and posting them on YouTube. It is also claimed that some YouTube channels that make promotions are paid on a commission basis in return for their promotional efforts.

Shortly after his release, Trevon Brown (better known as Trevon James) posted a tweet saying he didn't deny the charges and said the community would "rally" around him.

Real crypto OG's will rally around me.

The real ones that know the truth, and what happened from day 1.

Talk to you guys soon.⏳#FreeTrevon

— Trevon James, Founder of our.glass Crypto (@BitcoinTre) May 28, 2021

Lara Shalov Mehraban, Deputy Regional Director of the SEC's New York Regional Office,

“We will try to hold accountable those who make illegal profits by taking advantage of the public's interest in digital assets”

said.

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Bitcoin News

Who Has The Most Bitcoin (BTC) Savings?

Bitcoin Analizi, Bitcoin 5.700 Doları Geçti!

According to the research result, the Winklevoss twins own 150,000 BTC, but there are names that own more Bitcoin than them…

Blockchain Center, which investigates who owns the largest amount of Bitcoin (BTC); From Winklevoss twins to scammers, from hackers to "zombie coins", he laid out all the data.

On the other hand, the most famous hacking case of the cryptocurrency world, Mt. Gox incident allegedly owned 166,000 BTC.

It is claimed that 30,000 BTC seized from the Silk Road scandal is in the hands of Tim Draper.

Plus Token scammers were said to have 200,000 BTC.

On the other hand, “Zombie coins” are surprisingly plentiful. These tokens we are talking about consist of 1.5 million BTC, which will never be used and will not be spent by anyone forever.

Grayscale's Bitcoin Trust is known as the largest institutional Bitcoin investment vehicle and currently holds over 400,000 BTC of liquidity. Lightning Network only holds 1,000 BTC, while Ethereum (ETH) has another 80,000 BTC locked.

Another 2.5 million Bitcoins are expected to enter circulation over time. Time will tell which other names will be included in this list.

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Blockchain News

National Fisheries Institute and IBM's Blockchain Tracking System Food Trust

Ulusal Balıkçılık Enstitüsü ve IBM’in Blockchain Takibi Sistemi Food Trust

The United States seafood trade association, the National Fisheries Institute (NFI), is working with Food Trust, IBM's blockchain supply chain solution, to monitor FoodOnline's reports on June 11 seafood and food-related news.

In the report, they mentioned the new system for monitoring the type of seafood jointly carried out by multiple companies. In addition, NFI members representing harvesters, importers, cold storage, food service restaurants and retail sales were also included in the program.

IBM's Blockchain Tracking System Food TrustSIRF President's Statement

The project is funded by the Seafood Industry Research Fund (SIRF), whose chairman Sean O'Scannlain said in a statement on developments:

“The tracking system is nothing new to the seafood industry, but we'll test how blockchain is a new concept, with IBM's Food Tracking system, helping seafood businesses earn revenue and reduce costs to customers from harvest to distribution.”

The system also states who can access and how long companies can control data, and who will retain control after the chain is loaded. Raj Rao, IBM Food Trust general manager Food Food Trust can change any sector, especially when we have large ecosystems, businesses and organizations ” He said.

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Source: Cointelegraph