Yesterday a friend sent me this Twitter account (https://twitter.com/andr3w321) saying "the guy discovered that 99% of crypto trades are fake". I started shaking in anticipation.
Well, my nerve went away quickly. Andrew is spending some time by proving the following logic:
Tether has limited conversion to USD (only Kraken) => USDT hence is not real money => all trades of BTC, ETH and so on to USDT are null => what is traded to USDT shall be considered fake volume
Tether situation is big enough to have a separate discussion (which I will initiate). In the mean time, treat this file by Andrew as a mere extraction of crypro/crypto trades vs crypto to fiat. Quite illustrative anyway.
https://docs.google.com/spreadsheets/d/1pIrTYpJZrGbeI9QTIWGwYdRmz9FFY_KRpXOcZbjwYu8/edit#gid=0
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