In Upbit's case, I can't confirm since I don't have an account there, but I heard during these moves fees and slippage are either zero or very low and whoever does the wash trading simply exchanges from KRW to HIVE and back until the volume goes to the roof.
That kind of wash trading is different from the meaning given in the link. That kind of practice in Upbit looks pointless. Why trade KRW to HIVE back and forth in the same exchange? 😄
Because then the price of HIVE on their exchange becomes very dominant in the formula crypto price aggregators use. If then they push the price of HIVE to 2$ or 10 cents on their exchange, that's what Coingecko and CMC pick up as the most relevant price because that's where the most volume comes from.
Interesting definition. It seems legit to me. 😄
In Upbit's case, I can't confirm since I don't have an account there, but I heard during these moves fees and slippage are either zero or very low and whoever does the wash trading simply exchanges from KRW to HIVE and back until the volume goes to the roof.
That kind of wash trading is different from the meaning given in the link. That kind of practice in Upbit looks pointless. Why trade KRW to HIVE back and forth in the same exchange? 😄
Because then the price of HIVE on their exchange becomes very dominant in the formula crypto price aggregators use. If then they push the price of HIVE to 2$ or 10 cents on their exchange, that's what Coingecko and CMC pick up as the most relevant price because that's where the most volume comes from.
Oh is that so? Anyhow, it seems that the outcome of their activity is just temporary. So better not to be anxious much about this Upbit move. 😄
They are always temporary. And I'm not anxious. When I can, I profit from them. But that doesn't mean it's good for HIVE.
That's good. I also want to do the same, but I don't have much liquid HIVE and HBD, and so I just go on with my normal activity on Hive. 😄