<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>verroq</author><text>BitMEX isn&amp;#x27;t a spot exchange. It offers derivatives and futures products. It does has its share of issues (namely system overload) but it is probably the only legitimate platform (i.e. no fake volume) on Coinmarketcap that doesn&amp;#x27;t get volume counted because it is not spot volume.&lt;p&gt;The elephant in the room is that the liquidity and trading on BitMEX is legit and many times higher than spot, yet BitMEX is unregulated. Big players can and has used BitMEX to manipulate spot prices (arbitrage&amp;#x2F;market maker bots will move the price on regulated spot exchanges accordingly). It used to be that most of the manipulation happens on Okcoin futures products. Since the China fiasco in 2016-2017 they lost almost of all of their traders to BitMEX.</text><parent_chain><item><author>nostrademons</author><text>&amp;quot;Reported&amp;quot; by CoinMarketCap (and it&amp;#x27;s dropped to #11 now):&lt;p&gt;&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;coinmarketcap.com&amp;#x2F;rankings&amp;#x2F;exchanges&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;coinmarketcap.com&amp;#x2F;rankings&amp;#x2F;exchanges&amp;#x2F;&lt;/a&gt;&lt;p&gt;I think it&amp;#x27;s pretty well known within the crypto community that CoinMarketCap exchange volumes are bullshit - other than Binance, the top 45 basically consist of exchanges I&amp;#x27;ve never heard of.  They&amp;#x27;re bullshit because there &lt;i&gt;is&lt;/i&gt; a ranking, one that many newbies would refer to, and it&amp;#x27;s trivially easy to fake volumes through wash trading or just lying if you own an exchange.  It&amp;#x27;s been like that for at least a couple years too - when I first found CoinMarketCap, the top exchange was BitMEX by a large margin, which everybody said to stay away with and doesn&amp;#x27;t even appear today.</text></item><item><author>gruez</author><text>&amp;gt;CoinBene is reported to be the largest bitcoin exchange in the world&lt;p&gt;I literally never heard of this exchange before today. If some random exchange popped up and overtakes all of long time &amp;quot;legitimate&amp;quot; incumbents (eg. coinbase, bitstamp, kraken) &lt;i&gt;combined&lt;/i&gt;, I&amp;#x27;d be suspicious of that too. The same applies for most of the other exchanges near the top of the list on slide 22. In reality, I don&amp;#x27;t think seasoned traders are affected by this, only newcomers and the occasional journalist.</text></item></parent_chain></comment><story><title>Bitcoin ETF research finds that 95% of Bitcoin volume is fake</title><url>https://twitter.com/BitwiseInvest/status/1109114656944209921</url></story>
<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>bufferoverflow</author><text>CoinMarketCap simply reports what exchanges report. There&amp;#x27;s no way for them to get real data.</text><parent_chain><item><author>nostrademons</author><text>&amp;quot;Reported&amp;quot; by CoinMarketCap (and it&amp;#x27;s dropped to #11 now):&lt;p&gt;&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;coinmarketcap.com&amp;#x2F;rankings&amp;#x2F;exchanges&amp;#x2F;&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;coinmarketcap.com&amp;#x2F;rankings&amp;#x2F;exchanges&amp;#x2F;&lt;/a&gt;&lt;p&gt;I think it&amp;#x27;s pretty well known within the crypto community that CoinMarketCap exchange volumes are bullshit - other than Binance, the top 45 basically consist of exchanges I&amp;#x27;ve never heard of.  They&amp;#x27;re bullshit because there &lt;i&gt;is&lt;/i&gt; a ranking, one that many newbies would refer to, and it&amp;#x27;s trivially easy to fake volumes through wash trading or just lying if you own an exchange.  It&amp;#x27;s been like that for at least a couple years too - when I first found CoinMarketCap, the top exchange was BitMEX by a large margin, which everybody said to stay away with and doesn&amp;#x27;t even appear today.</text></item><item><author>gruez</author><text>&amp;gt;CoinBene is reported to be the largest bitcoin exchange in the world&lt;p&gt;I literally never heard of this exchange before today. If some random exchange popped up and overtakes all of long time &amp;quot;legitimate&amp;quot; incumbents (eg. coinbase, bitstamp, kraken) &lt;i&gt;combined&lt;/i&gt;, I&amp;#x27;d be suspicious of that too. The same applies for most of the other exchanges near the top of the list on slide 22. In reality, I don&amp;#x27;t think seasoned traders are affected by this, only newcomers and the occasional journalist.</text></item></parent_chain></comment><story><title>Bitcoin ETF research finds that 95% of Bitcoin volume is fake</title><url>https://twitter.com/BitwiseInvest/status/1109114656944209921</url></story>