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Cyber Bitcoin
Edited by qqqpeter at 2019-8-7 10:45

Blocktempo.com reported that market makers who specialize in helping the project to falsify trading volume accept foreign media interviews, indicating that most of the ICO projects rely on trading volume to make a living, and after the arbitrage, the project collapses. He said: "Don't make a dream of Sapphire Kenney. It is good to buy a bicycle."

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Video Screencap from Coindesk Interview

At this year's Asian blockchain summit ABS 2019, the last day Dr. Rooney Roubini repeatedly mentioned that the trading volume of cryptocurrencies is a fake transaction, and many blockchain projects are aerial lofts. The problem of the false transaction volume of the cryptocurrency is indeed very serious. Alexey Andryunin, the founder of cryptocurrency startups, said that for $15,000, he can get your Altcoin on CoinMarketCap. Some of Coinmarketcap's past data presents an incorrect market, and these market data are easily manipulated.

In an interview with CoinDesk, Alexey Andryunin said that he was in the cryptocurrency industry when he was 18 years old (currently 20 years old) when he was working. When he was working on a new encryption project, he was responsible for the company’s token. Added to the Crypto data website CoinMarketCap and other cryptocurrency exchanges.

However, Alexey Andryunin quickly realized that the job was difficult because the CoinMarketCap had to be on at least two exchanges.

Andryunin said,

At the time, CoinMarketCap required a daily transaction volume of up to $100,000 to be available on CoinMarketCap. It is absolutely impossible to reach the standard on the data returned by the exchange. (At that time, the transaction amount of the company's tokens was only $100, $200. $300.

At the time, Alexey Andryunin knew they needed to falsify the volume, so he and his classmates created trading robots.

We create a buy order from the A account and a sell order from the B account. We will create a trade order when there is no trade order at all.

Later, the company's tokens were successfully put on CoinMarketCap, and Alexey Andryunin quickly learned that they could create their own company and provide services to create trading volume. Therefore, the market maker "GotBit" he founded was born.

The market maker GotBit's customers are usually small ICO projects. The purpose of finding them is to hope that the token investors will remain calm and not sell the tokens. At present, GotBit serves 28 projects. Currently, there are at least 100 companies like GotBit that can't be advertised and can only be advertised in the community.

In fact, this is only a part of the market competition.

If the project side does not create a false transaction volume, it cannot be placed on a more well-known platform like CoinMarketCap. Data platform CoinGecko CEO Boobby Ong said that part of the pressure on the project came from the exchange, because the exchange will require minimum trading volume, so these projects have to rely on these market makers to falsify trading volume.

Alexey Andryunin also acknowledged that most project founders are trying to get the project to work, but only two or three of Gotbit's past 28 projects have created some value and really developed products.

Most of the other projects were enough to survive the false transaction volume for a few months, let the founding team cash out, and then stop the "market-making" service, the token fell sharply, and the project closed down a few months later. At this time, the investment talents found that the dream of making a fortune and the dream of a sports car was broken.

He said,

Don't open the dream of Sapphire Kenney. It's good to buy a bicycle.

Alexey Andryunin believes that ICO is over. At present, the blockchain fundraising has been subject to more and more strict supervision. In the interview, he said that he hopes to share his "strange" service and understand part of this market. The true look.

He said,

The world should know this history. In this way, after the new norms of supervision are gradually put in place, we can learn from past mistakes. I think our experience, including the experience of colleagues and customers, is a good example. Explain what specifications are needed in this industry.
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