Using Benford's Law to Detect Bitcoin Manipulation

The fit for Bitcoin trades isn’t perfect, but I’ve seen fits like that used to disprove fraud. So I’m not sure that one graph really proves much.

A while back I used benfords law on Chicago city salaries which are public… it wasn’t pretty. The salaries graph was basically inverted compared to benfords law. Lots of 5s a good amount of 9s and basically no 1s.

Now it is totally possible that salary data doesn’t work well with benfords law for any number of reasons, but I couldn’t find anything that said that. You might say the lack of 1s is due to the fact that most ppl make more than 10k and less than 100k… but there were a whole bunch of ppl in the 1k-10k range, I didn’t dig too deeply into it, but that alone raised my suspicions.

best useing benford's law