[edit] this financial cancer can’t get excised quickly enough. The longer we wait the more will get hurt.
[1] https://cointelegraph.com/news/bitwise-tells-us-sec-that-95-...
95% of Bitcoin trading on *unregulated* exchanges was fraudulent. There’s a reason why people don’t use CoinMarketCap anymore and it’s precisely because it shows bad metrics from fraudulent exchanges.
> Of the 81 exchanges evaluated in the report, only 10 provide volume figures that are legitimate, according to Bitwise.
Coinbase is regulated as a money transmitter, like Venmo.
[edit] what I believe they meant was that 95% of all trading volume was fake and 100% of that came from the less reputable exchanges.
That old Upton Sinclair quote comes to mind: the finance guys are making a ton of money getting people to ante in and when you buy a cryptocurrency the only way you get your money back is by talking it up so anyone who's already in has a big incentive not to ask questions.