比特币的市场操纵：来自采矿的证据。Gox交易网络
Market Manipulation of Bitcoin: Evidence from Mining the Mt. Gox Transaction Network
摘要：
加密货币市场是一个非常巨大的市场，缺乏有效的监管。认清市场操纵行为是否存在及其操纵模式，对于投资者和监管者都具有重要意义。针对这一问题，本文提出了一种挖掘交易所交易网络的方法。以Gox比特币交易所为例，首先根据其交易特征将交易账户分为三类，然后将交易历史构建成三个图。通过分析所构造的图，获得了许多观察和发现。为了评估账户的交易行为对比特币交易价格的影响，这些图被重构为序列并被重塑为矩阵。通过对矩阵进行奇异值分解（SVD），我们识别出了许多与价格波动有很大相关性的基网络。在进一步分析基础网络中最重要的账户时，发现了大量的市场操纵模式，根据这些发现，我们得出结论：Mt. Gox交易所和加密货币市场必须加强监管。
英文摘要：
The cryptocurrency market is a very huge market without effective supervision. It is of great importance for investors and regulators to recognize whether there are market manipulation and its manipulation patterns. This paper proposes an approach to mine the transaction networks of exchanges for answering this question.By taking the leaked transaction history of Mt. Gox Bitcoin exchange as a sample,we first divide the accounts into three categories according to its characteristic and then construct the transaction history into three graphs. Many observations and findings are obtained via analyzing the constructed graphs. To evaluate the influence of the accounts' transaction behavior on the Bitcoin exchange price,the graphs are reconstructed into series and reshaped as matrices. By using singular value decomposition (SVD) on the matrices, we identify many base networks which have a great correlation with the price fluctuation. When further analyzing the most important accounts in the base networks, plenty of market manipulation patterns are found. According to these findings, we conclude that there was serious market manipulation in Mt. Gox exchange and the cryptocurrency market must strengthen the supervision.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
