For the sake of clarity I shall give some context. My country have gone through an insane inflation in past years which have resulted in one of the highest Bitcoin Volumens in LATAM and also the goverment have had to remove zeroes to our currency multiple times because it made transactions a bit difficult (we have removed 13 zeroes since 2007). The amount of zeroes also affected platforms like Binance P2P because a month ago (before the removal of 6 zeroes), the VES/USD exchange rate was about 4,000,000 VES/USD, so the VES/BTC was too long for some webpages to bear and broke some of them.
Lately, our inflation has move quite slower and after the removal of six figures, I believe it would be reasonable to fix the problem, even though our currency is not the most relevant of the world, some apps like Shildwach Bitcoin Wallet and Trezor use Coingecko as source of prices, affecting them.
For reference: USDT, BUSD and others USD pegged currencies should be about 4,3 VES (which is the correct rate). Coingecko, the last time I checked it showed 0,10 VES/USDT, which does not make sense, so does not the rest of the prices.
Here you can see an example of how the high amount of figures broke the graph showed by Google some months ago before the 6 zeroes removal. The price, nowadays it is correct, since they corrected the problem and considered the removal of the figures.
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You mean this price is incorrect?
https://www.coingecko.com/en/coins/bitcoin/vefWhat would be the price then?
If I'm not wrong coingecko just base the VEF/USD price conversion on some service's API then convert the (crypto) BTC/USD price on their end (average price from different exchanges listed on coingecko) and come up the price.
That's why it has different prices due the API they're getting and the average price of crypto on the listed exchanges on coingecko. Now if the API from the VEF conversion is incorrect then probably their source is not reliable.
Edit: I checked this
xe.com (first page shows in google) and they show 434k VEF to 1 USD. And that obviously shows that the conversion of coingecko is indeed incorrect. Have you tried contacting their social media accounts, their twitter handle is pretty active. It might help.
The Price should be around 265k VES in case of BTC.
I may try again to reach them out, this time on Twitter, thanks for the suggestion.
Coinmarketcap and Coindesk are accurate in this case, unlike Coingecko.
Any idea how I could point this problem out so they can solve it?
I checked coingecko, coinmarketcap, nomics and livecoinwatch websites that are showing two totally different values:
- Coingecko: 6,175.888 VEF
- CMC: VES 266,168.69
- nomics.com: VEF 13,207.17T
- livecoinwatch.com: 13167181716584372.00
Don't be surprised if some exotic fiat currencies have incorrect price and consider using USD currency instead.
Best thing you could do is to send a feedback to Coingecko and report them your problem, maybe contact them on twitter, telegram or other official channels:
https://support.coingecko.com/help/what-are-the-official-channels-for-coingeckoCoinmarketcap has the correct one in this case.
As I said, I have mailed them three times, the reply once or twice asking me for details and thanking for the report but they are yet to solve it.
I may try once again if they have an official Telegram, tho....