If you’re looking for an opportunity to ask a bitcoin exchange questions about their operations, Monday morning will be your chance.
OKCoin, China’s largest bitcoin exchange, has announced that they will be conducting a Reddit AMA (ask me anything) session on Monday, June 30th. There, Reddit users will be able to, well, ask the company anything — and one user has already taken the liberty of doing so by asking:
“Why are you still faking volume? Current 24 h volume okcoin 55k BTC more than 2x Rest of exchanges combined”
The question was met with a lengthy response, of which includes:
A lot of discussion has been centered on the trading volume at OKCoin and how it is “fake”. This, however, just isn’t true. It all boils down to the zero-fee trading model. Because we don’t charge our users any fees for trades there is a lot of HFT(High Frequency Trading) taking place. This leads to the “bloating” of our numbers. We have admitted this and our CEO Star Xu made a statement about this in a Coindesk article written by Rui Ma.
Another user asks: “I am not sure I will be able to be there at that time but I am curious if you have any plans to open up USD/BTC in the future?”
OKCoin responded by stating that they do indeed have plans to do so and are working to enable this as soon as possible.
The exchange will be starting the Q&A session at approximately 9 am Eastern time that day. Mark your calendar!