Hey there.
I just found out that a lawyer is looking into my situation with wash trading, especially on binance.com. Have any of you faced issues like harassment from fake buy orders or manipulation aimed at pushing Bitcoin’s price up with bots or something similar? You know, like those unnecessary big buys when the market’s tanking or losing steam? Or when they’re piling into the market during major drops, creating a bunch of worthless trades that just eat up your time and fees?
I’m curious if any of you have dealt with that one "trader" who seems to be constantly battling against sells. If so, drop a comment here or hit me up in a private message. The lawyer I’m meeting with would probably find this info super useful. Thanks a lot!
Anyone else affected by wash trading? Meeting with a lawyer
4 replies 362 views
Why did you choose that platform (Binance,) even though it is the lowest platform that does what is known as the wash trading platform? I do not think that they will risk their reputation to gain thousands of dollars.
There are a lot of platforms that use wash trading to counterfeit trading volumes, and there are some measures that have proven that two or more platforms contain huge volumes that are fake.
Who is this attorney? How will it help others?
those dastardly manipulators!
tbh, i've never seen the big deal with wash trading. volume is just self-reported data; it's obviously prone to distortion. all that matters is price, which can't be faked given the entire global exchange market.
i'm pretty sure binance rose to prominence on the back of fake volume. CZ oversaw all the fake volume algorithms at okcoin (now okex) so i don't believe for a second binance always played by the book. they are just better at hiding it.
Chinese companies were doing it in 2014. The government caught them red handed and a funny event took place, maybe some of you remember it. One day there was a series of raids on exchanges like Huobi, BTC China, and so on. The next day all of them were still online but lost at least 80% of their reported volume. They got scared and for a time were displaying real data, but the government decided to shut them down anyway. I believe that most of the reported volume is fake and I also believe that some exchange owners are influencing the market by setting the dada to help them with their own private trades. They have the power to do it, so I'm sure they are doing it. The risk/reward ratio is just too good not to try it.
QuantumTokenMember
Posts: 8 · Reputation: 141
#5Feb 3, 2017, 09:31 AM
The most important thing you need to have is evidence that wash trading ever happened with Binance. You need to have screenshots, records, transactions and other evidences that points out you have been a victim for wash trading. If you have these then your lawyer won't have any problem suing Binance against wash trading. Just make sure that the lawyer who have contacted you is really there to help you not solely because of the fact that you will earn damages from Binance, lawyers these days will just be there to profit from you.
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