30 May '15, 7pm

Bitcoin Price Drops To $230

Zhao also reveals that OKCoin runs bots “under instructions from Star Xu”. Other Reddit users chimed in with similar allegations against Bitfinex and BTC-China (i.e. that they employ bots). The use of bots and “algos” is standard practice across the Market Making industry – notably, the forex market making banks, such as Citi Bank and Deutsche Bank, employ algos to control everything from spread to price movement itself. They do not try to hide the fact. It is, arguably, not a crime on the part of OKCoin, but rather an indication to exchange users of exactly what we are dealing with: centralization and all its short-comings.

Full article: https://www.cryptocoinsnews.com/bitcoin-price-drops-230/

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