Quote (SSJ3 @ Jul 21 2024 06:42am)
Do you have any sources wherr i can find this info that asume the marketcap and all is "fake"? Also you do understand as iam an investor bitcoin/crypto is only 5% of my total portfolio so i dont care that much if the market goes down i still make alot profits on other markets and real estate, and sidenote: i do take % wins when bitcoin goes up and set spotbuys on lower levels so i dont realy care it goes down alot cus its just opertunities to buy more
few examples were given in the monero thread, "exch.ch" warning on their website on feb 7th etc
cryptozilla's youtube video regarding tether few years ago doing a deep dive on how they can keep dodging audits, temporarily receiving funds to be like "hey guys, we have the monies, look!" while not actually having the funds that they should have
but it's been going cryptospace-wide for years, many of "reputable" exchanges having to close over the years because they went too greedy with those practices and couldnt keep up with the reserve they should have had
the other day sent you a link on the "best crypto exchange" thread which lists some current exchanges doing those practices
one aspect of it is known under the concept of "fractional reserve"
their order book having more coins than their actual reserve which can only be explained through the order book being fake with non-existing coins, fake sell walls and fake buy walls set up and used to "washtrade" through their own offchain software with non-existing coins
the only reason exchanges such as binance aint getting "ftx'd" just yet is because majority of newcomers to the space are using those exchange to hodl for them rather than through self-custody
which allows them to do exactly what ftx been doing, using customers funds that are not withdrawing to their own wallet for themselves
that's the reason behind those constant "closed withdrawals", because exchanges cant pay the customers
if an exchange has 1 BTC in then it should have at all times 1 BTC out but that's not the case
same way as the banks, if too many people try to withdraw at once, those exchange will have to declare bankcruptcy
like, fuck, even elon musk that dont know shit about anything crypto-related, couple years ago made a post being all mad and shits cause (paraphrasing) "if u cant pay customers their own funds because of fractional reserve practices then you shouldnt be able to dictate the price, this should be illegal"
but those exchanges are the entities that are able to push the regulations their way
more dumb regulations on everyday regular people while the real griefters (centralized exchanges) are getting away with extremely shady practices
luckily, it's not all doomed just yet for the cryptospace
there is still hope with decentralized exchanges like SeraiDEX with the use of its own liquidity pool etc (still in the work, ETA for EOY) to take some of that power back from centralized exchanges
washtrading should be done by actual daytraders, not by centralized exchanges that can, on their own order book say "there is 30 millions BTC in the order book" (while there isnt even that many actual existing BTC in circulation nor there will ever be)
would have to look around again to find some posts and rn just wanna get back to bed tbh lol (had to feed doggos), but it's out there, math isnt mathing, when adding up different exchanges order books, it goes over the real number of actual BTC in circulation