DenGorbachev

> They went at it with the delight of dogs chasing squirrels.

Indeed, some people chase heretics to take their wealth / power.

Social dancing

In addition to f.lux, I've enabled "Grayscale" color filters. Less distraction + easier for the eyes.

Here's how to enable them on Mac: * Open Preferences * Search for "color filters" * Check "Enable color filters" * Select "Grayscale"

People have always fought for resources.

Feel free to leave a comment. After all, the writer is only as good as his readers.

Fixed

(fixing a bug with "sanity_check_failed")

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Found & fixed a bug: https://medium.com/@dengorbachev/coinmarketbook-bugfix-new-m...

Just fixed an important bug in calculation: https://medium.com/@dengorbachev/coinmarketbook-bugfix-new-m...

Added sorting, thanks for suggesting it.

Interesting metric - noted.

In crypto, it's always better to do your own research instead of following buy recommendations. That said, you can use the numbers in your research: for example, if two coins have a similar market cap, but one has much higher buy support, then it might be a better investment.

Buy support shows demand for this coin.

Currently, it's `'bitmex', 'binance', 'bithumb', 'bitfinex', 'okex', 'huobipro', 'bittrex', 'poloniex', 'kucoin', 'cryptopia'` (planned to include top 20, just fixed the message on home page)

Yes, we'll add sorting in the next release.

Just a placeholder. We were looking to reach wider audience with this message (difference between market cap & buy support).

Do you have any advice on how to encourage sharing?

Thanks for the comment.

Good idea, we'll switch to fixed width.

Sure, we'll add the markets in a tooltip on next deploy.

You're right, $1 bid on 100 BTC = $100 of buy support. We include it into the metric as "100" (without multiplying by current price).

So your tool counts the closest 10%? Would be interesting to expand it to 100% and compare the metric.

- It shows you how much of market cap is backed by actual buy orders (~ whether it's vapor or not). The more buy support, the higher the probability that current price will hold (discounting for manipulative orders, of course).

- Yes, we sum buy support at all levels. You can see the explanation here: https://news.ycombinator.com/item?id=18162456

Real wash trading happens without orders.

As for manipulative orders - you're right, they flash in the orderbook on and off. However, when I needed to exit, I actually filled a couple of them - so they were real.

Yes, orders are being placed and cancelled all the time, but it mostly happens around bid / ask (and you're correct - this activity is generated by arbitrage bots).

The metric is useful for comparison - since the arbitrage bots work on all altcoins, their activity is included in the metric for all altcoins.

Last time I checked, the orders were actually there (based on API responses).

Please note that some markets may allow leverage - we'll mark them with asterisk on next deploy.

Yes, you're right - it's possible to place fake orders and cancel them as soon as the actual trades start happening near them. However, from my experience, it only happens during the pump (when the whales are pushing the price higher).

You can see the explanation for including all buy orders here: https://news.ycombinator.com/item?id=18162456

Sell pressure is a bit different: while the lowest price is zero, the highest price is unlimited (technically, there is a limit enforced by exchange engine, but it's very high anyway). So actually, sell pressure should be calculated in base currency (in coin itself) instead of USD.

Amazing idea - will implement their algorithm for all coins.

Ratio (%) is calculated as "Buy support / Market cap". You can also see separate metrics for both "Buy support" and "Market cap" in the same row.

We count all buy orders (on all prices). It's true that low-hanging orders might be cancelled before they are executed. We've decided to count them anyway, because even low orders provide support during flash crashes.

Flash crash horror movie: https://youtu.be/R7WfSTePuA0?t=171

This was possible because there wasn't much buy support. And that's ETH - imagine what can happen with lowcap altcoins.

P.S. The fact that some altcoins don't even have market makers is a little... unsettling, don't you think?

Interesting. Could you please explain why you needed that?

With CoinMarketBook, you can evaluate cryptocurrencies by a different metric: "buy support".

Buy support is the sum of buy orders in USD equivalent from top 20 exchanges (planning to include more in future). It shows the actual amount that people want to buy.

One might say that it's easy to place a large buy order at very low price & increase buy support artificially. However, because of low price, the increase will be negligible.

What do you think? Tell us in comments.

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