Today we saw a prime example of what Korean or Chinese investors can do to crypto prices. Or rather what other investors think they can do to them...
As frequent readers of my blog may have noticed, I am a big fan of Bitquence. I believe they have the potential to deliver a product that actually delivers value to the crypto community. And with that I don't mean just the seasoned traders or investors. No I mean, everyone, including newcomers. Especially newcomers as it lowers the barriers to entry.
You can read about the details on how they do this in my previous blog about Bitquence and their PoS predictions.
So what happened?
Binance, a relatively new but already an important Chinese exchange recently announced they would add currencies to their listing based on a voting system. Registered members of the exchange can vote for their favorite currency to be added there.
When Bitquence was in the lead by a very good margin, the price shot up rapidly on Coinexchange, the current #1 exchange Bitquence is listed at.
As the reader can see, the price shot up dramatically today. At some point up to over 50%. This happened in both the BQX/BTC and the BQX/ETH market.
There was no significant other news today and there had recently been quite some selling pressure before the announcement. Well, that turned around quick.
Or did it?
One hour before posting this article, suddenly the amount of votes for Stratis skyrocketed. In a matter of seconds it gained 3-4k votes. Obviously something doesn't smell right in this case and even the Bitquence management is getting involved as you can see from their tweet:
Hopefully for Bitquence (and for justice) Binance will recognize the fraudulent voting for what it is in this case. But one thing becomes very clear, if it wasn't already:
Listings on Chinese and Korean exchanges matter! And people are willing to go through great lengths to achieve it.
If you want to help get Bitquence in the lead again or if you prefer to vote for another currency, you can do that here.
Let me know below if you voted already for any of those and what you think should happen with the Stratis votes.
As always, stay tuned!
References:
https://steemit.com/bitquence/@attalis/proof-of-stake-by-doing-predictions
https://www.bitquence.com/
https://www.reddit.com/r/Antshares/comments/6jny7g/all_about_wwwbinancecom_info_in_english_as/
Images:
https://www.coinexchange.io/market/BQX/BTC
https://twitter.com/bitquence
https://www.binance.com/vote.html
http://sudipsblog.com/?p=59