FiatLeak is a platform that provides visual representations of trading activities emanating from the crypto market. Unlike other market trackers, FiatLeak focuses on the transactions involving the exchange of fiat currencies for cryptocurrencies.
What FiatLeak does is that it shows the map of the world and the live streaming of cryptocurrencies from a panel of local currencies to various locations on the map. And so, if the latest sales of bitcoin were facilitated using the USD in maybe New York, a bitcoin would, hence, move from the USD icon to the United States.
In essence, we can say that FiatLeak offers a fun way of tracking the exchange of funds between the crypto market and the traditional financial industry.
While this functionality is enough to convince people of FiatLeak’s viability, the platform, nonetheless, goes the extra mile to incorporate other mouth-watering features, which spurred us at Cryptolinks to mention it on our list of top blockchain visualization sites.
What are the features of FiatLeak?
An animated chart for fiat to cryptocurrencies exchanges
As mentioned earlier, FiatLeak’s most striking feature is its charts, showing the live crypto transactions involving the exchange of traditional currencies to cryptocurrencies. FiatLeaks logs the data generated on several crypto exchanges to ensure that its charts indicate the live status of the interaction between the crypto market and the global financial system. Some of the exchanges, which FiatLeak pools data from, include Localbitcoin, Luno, Huobi, Bitstamp, Binance, CEX.io, Bitflyer, and Bitcoin.com.
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He wrote, Fiatleak.com is a completely pointless, confusing and misleading website.
People watch it and think "Wow! look at all the Chinese money going into Bitcoin!"
No, no, no, NO. Every time a trade is made, someone is trading their Bitcoin for fiat and someone is trading their fiat for Bitcoin. The same amount of fiat that "leaks" into Bitcoin also leaks out at exactly the same time. This ridiculous site counts one side of the trade and ignores the other entirely so it makes it look like everybody is buying and nobody ever sells ever.
Does the number ever go down ever? No. Is there ever a negative? No. People could be panic selling thousands and thousands of Bitcoin and the number would still go up and mislead site users would say "Wow, look at all the Bitcoin the Chinese are buying!" If I traded 1000 bitcoin for ZAR and then bought 1000 bitcoin back with the ZAR this site makes it look like someone in South Africa just bought 2000 bitcoin. No, they didn't.
Yes, it's completely pointless. To reiterate and add, Fiatleak:
Counts trades, not fiat withdrawls. In other words, if you sell 1 bitcoin for $400, someone else buys 1 bitcoin for $400. There is no 'fiat leak' and the amount of bitcoin owned stays exactly the same.
It counts all trades, including trades by bots.
Chinese exchanges virtually all have 0% trading fees meaning you can buy and sell 10 bitcoin a million times a day and end up with 10 bitcoin at the end of the day. In fact, you could buy your own bitcoin and sell it to yourself over and over again. High volume, but no price or ownership changes. Exchanges with high volume are seen as important and generally an exchange with 20% of volume is more trusted than an exchange with 0.2% of volume. It's well known that Chinese exchanges have large fake volumes, mostly due to bots that can create volume at no cost.
In other words, volume doesn't imply fiat leaking and most volume is fake in the first place.
AKA the data is completely useless.
If you could get a reasonable estimate as to how much of Chinese volume was actual trading, you'd have a better idea of volume but not of fiat leaking. If you could actually count fiat deposits and withdrawls, you'd get a better idea of how much fiat is actually going in to an exchange and staying there which can be seen as the net sum of how much fiat China puts into bitcoin. However, it appears China is clamping down on bitcoin because it circumvents capital controls, so it may be likely that the bitcoin is then sold at a US/EU exchange. As such, you'd then have to trace bitcoins from Chinese exchanges and see if they're sold in the short/medium term. These coins wouldn't really represent Chinese investor interest, but rather just capital-control evasion. In other words, it's pretty damn hard to get good data and good interpretations.
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