Digibyte Market Price Problems Or Something More Sinister

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An interesting market discovery that has prompted more questions than answers, and while CMC remains unresponsive in answering these questions, the answers are weighing heavy on the shoulders of an entire community.

DigiByte Researcher Johnny Law, (@JohnnyLawDGB on Telegram) brought to my attention an interesting discovery he made while browsing through CMC's market listings for DGB.

What his discovery looks to uncover is that large DGB holdings being kept on certain exchanges are being held at set prices that are neither correct, but also highly dubious if proven to be manipulated.

The evidence shows that during a set period of time, mirrored prices appear to be used across more than one exchange. While for some novice users this may not appear to be abnormal, but for prices to be exactly or extremely close at less than 0.00010$ or less would inherently be impossible, unless prices are being reflected from a single source.

Basically, if you have three exchanges (X,Y, and Z), the prices would not be the same. One exchange may see a greater increase in volume and higher prices, while another may see less volume at a lower price, in reality this is how things should work for an exchange.

To see several all at the same price, is very unsettling.

At the time of this publication, CoinMarketCap has not responded to the DGB community for an update on this precarious situation. While CoinMarketCap is not suspect in this assumed market manipulation, they do however have the ability to address this issue and address the community of DGB with an answer that explains the findings.

Markets shouldn't act this way, but there could be a logical explanation.

Perhaps these exchanges are all white label exchanges running on the same rails from the same source, as I suggested in a research session.

I also thought of the idea that they could be using the same baskets, or perhaps misaligned code that needs updating, but it does appear to be what can only be called a widespread "price adherence" that runs at a lower price overall to the market, especially when compared to other exchanges.

Binance for instance has a very healthy DGB price range that reflects volume and prices as independent from other exchanges. While other exchanges are seemingly mirroring the same prices, no matter the volume or uptick in price, Binance fluctuates in what appears to be a natural market price reflection, unlike when compared to the exchanges in question.

CoinMarketCap would seemingly fair well to address these concerns by DGB and Johnny Law, as a good explanation for how these prices are reflected in the market coverage of DGB would quell community concerns, it would also be prudent of the exchanges to address these concerns as well.

Getting to the root of the issue is what is on the table. What many DGB users seem upset about, is that there is no way to tell how long this has been going on.

While the exchanges listed are far from being senior class members, they are however very popular and play a very large role in DGB's overall price for the last few years, especially if proven to have been on going as far back as research has taken it.

Johnny Law's Own Words:

I was a decentralization cheerleader for a long time, without really understanding how to support it. At that time I viewed it primarily as asset speculation & I regularly lauded the technical abilities of $DGB.

About a year and a half ago, sensing that something was off, I began to attempt to understand the marketplace at a deeper level. This led me to to connect with the DGB community in a different way: On GitHub, with DGBAT members, with core developers directly, along the way learning on-chain analysis & supporting new developments like DigiAssetX.

I felt I needed to have a more accurate picture of the entire ecosystem in order to begin to ask the right questions. First I focused in on fractional reserve banking and how it was potentially being utilized in the #Crypto industry by CEX. Which led me to become a staunch advocate for #SelfCustody.

Then I started digging into coin distribution, which led me to on-chain research, muddling my way through thousands of transactions to begin to be able to decipher how/who/where when coins flowed. I identified most of the major exchanges $DGB holdings and then began to compare coin movement to what I was seeing in the marketplace. With some basic knowledge of that, I began seeing discrepancies in what was reported and what was occurring on chain.

The first time I noted publicly that there seemed to be a problem with the reporting mechanisms was on 3/19/22. Since then I have posted over 50 messages with specific intent of understanding precisely what was occurring. Frustrated with the lack of substantive response, I started reaching outside of my network to bring additional attention to the matter.

Beta will update this report as information becomes available

We feel that Johnny has made a good case for DGB, giving them the opportunity to ask and perhaps get some answers. While nobody is pointing fingers, the longer it takes to get answers, the more dubious this all seems.

We hope DBG and the exchanges Johnny uncovered can establish communications and perhaps solve these issues directly, moreover we hope to see CoinMarketCap weigh in on Johnny's findings and perhaps put to an end to a terrible discovery with a simple answer.

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