CoinMarketCap Changes - Broken the Trust of the Crypto Community? - page 2.

beetlejam

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Quote from: Cryptogiji on May 20, 2020, 09:48:57 AM

Hello everyone,

Recently, CoinMarketCap changed it's ranking system in regards to crypto exchanges, by some sort of miracle Binance (who bought the Website 6 weeks ago for a rumoured $400 million) is top.

What does everyone think about this? Has it broken your trust in regards to CMC being unbiased? Will you stop using their system? Or are you fine with another company investing to grow their reach?

I wrote an in depth article about the situation, my own personal feelings and what can be done if we want to change this. You can check it out below, would be great if I got some feedback on it!

https://www.publish0x.com/crypto-101/coinmarketcap-changes-marketing-ploy-via-binance-or-an-impro-xlllxme?a=GELe3POa69

Also, if you are interested the blog is written on a crypto blogging platform, where you can log in, upvote articles and earn crypto for free for doing so. Currently you can earn BAT, DAI and LRC. There are over 100k users on this platform and it is growing every day, I believe it will soon take over Steemit as the biggest blogging platform.

You can sign up through the article / link above if you want to join the platform.

I see this as a problem, mostly because most newbies will use this site and think that Binance is the best exchange out there. I also expect to see more changes happening that will benefit Binance in the coming months.

Maybe we will see CoinBase buy one of the competitors lol.

By the way, nice article it's a great writeup about the situation.

wozzek23

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Quote from: Cryptogiji on May 20, 2020, 09:48:57 AM

Recently, CoinMarketCap changed it's ranking system in regards to crypto exchanges, by some sort of miracle Binance (who bought the Website 6 weeks ago for a rumoured $400 million) is top.

What does everyone think about this? Has it broken your trust in regards to CMC being unbiased? Will you stop using their system? Or are you fine with another company investing to grow their reach?

What else you can expect from them when they might have spent big money like $400M? Definitely they will work for the way which will be benefiting and helping them to recover that $400M as quickly as possible. I guess there should be some different approach rather than completely removing the ranking system for exchanges in coinmarketcap. They removed ranking for exchanges so that they are able to list their own exchange binance at the top.

Previously coinmarketcap was blamed for showing fake volumes for both exchanges and coins and it is really unfortunate even under the new management we cannot have a fair ranking. I use coinmarketcap for references and honestly I do not make any investment decisions based on their ranking so personally I will not have any problem due to their manipulation/modification on ranking/listing.

Ucy

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Quote from: minairia3 on May 26, 2020, 08:24:13 AM

Quote from: freedomgo on May 26, 2020, 01:25:51 AM

People doesn't seem to care about it, the exchange that bought CMC happen to have a good reputation in the market, so people would not complain if Binance will be in the top, I believe if they have manipulated the ranking, I think it's not grossly done, I am not seeing the obvious.

There will be a manipulation that will happened on CMC precisely Binance have planned this. Using this site to gain more attraction, CZ is very wise to bought this and I think he can get it back cause the traffic on this site and advertisement is really in demand. Let just hope that even with manipulation on the ranking and listed projects, he still improve and add more features that are useful for users.

But youre definitely right, many people loves using Binance so they would not much care if there are inside job happening on CMC.

It's more like you are endorsing manipulations... Not suggesting that anyone is manipulating things over there, just think that evil shouldn't be encouraged atall in anyway else you get used to it. Besides, people with conscience would avoid the platform if it's manipulated, no matter how good it appears to be.

Mianae

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The question we should ask is on what basis was Binance ranked number 1. Binance is most preferred by traders, it's the most used exchange by different traders aside being the best choice exchange, Binance has other developments being added to the cryptocurrency sphere in general. Let us not be too quick to give into bias on the ground of CMC being owned by Binance. We should have a thorough investigation of why it was ranked as the number one, what did the exchange do differently to gain the spot.

Tipstar

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The sudden change in the way they measure the volume to benefit their parent company in now way could be called a trusted move. It shows binance could do anything to boost it's image and make it look superior while the rival exchanges inferior using the name of cmc. Google search mostly brings CMC on number one spot when user searches for coin and price and most of the users won't know CMC is owned by binance when they visit. This is surely a manipulation of trust.

LbtalkL

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For me, Coinmarketcap is more realistic now, unlike before a new exchange comes out on top for a day because of fake volume which is not really good. The system now is far greater than the previous one. Web traffic and liquidity is more good basis on which exchanges has real users and not just bots. Yes, CMC has been acquired by Binance but I don't think they are biased. You can tell it yourself when you are trading on Binance compared to other exchanges, your orders fill sooner than on exchange with full of bots. Binance is not only an exchange they have adapted in many services that is what makes them on top right now.

Pecunia non olet

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I do not understand why everyone has a problem with Binance's move. They are the most trusted crypto exchange that tries to be transparent and honest. Look at other exchanges they cheat, provide fake volume and you don't have problem with them?

Vishnu.Reang

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Quote from: freedomgo on May 26, 2020, 01:25:51 AM

People doesn't seem to care about it, the exchange that bought CMC happen to have a good reputation in the market, so people would not complain if Binance will be in the top, I believe if they have manipulated the ranking, I think it's not grossly done, I am not seeing the obvious.

I am not saying that they will rig the data. But there is a real chance that they might change their definition, so that the "adjusted" volume from exchanges such as Binance would resemble the actual (or claimed) data more closely. Anyway, there is no concrete definition for these two types of trade volumes (reported and ajusted) and it is open to the interpretation from the users.

minairia3

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Quote from: freedomgo on May 26, 2020, 01:25:51 AM

People doesn't seem to care about it, the exchange that bought CMC happen to have a good reputation in the market, so people would not complain if Binance will be in the top, I believe if they have manipulated the ranking, I think it's not grossly done, I am not seeing the obvious.

There will be a manipulation that will happened on CMC precisely Binance have planned this. Using this site to gain more attraction, CZ is very wise to bought this and I think he can get it back cause the traffic on this site and advertisement is really in demand. Let just hope that even with manipulation on the ranking and listed projects, he still improve and add more features that are useful for users.

But youre definitely right, many people loves using Binance so they would not much care if there are inside job happening on CMC.

poodle63

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Quote from: ningrum on May 25, 2020, 07:37:27 AM

in my opinion nothing has changed from coinmarketcap, instead it seems much better than yesterday,
I like coinmarketcap now, the information provided is far better

That's true and when it comes to the list of exchange site and this time it's a better list caused by some crap exchange sites have already kicked from top 10 exchange sites based on the traffic. The daily trade volume needs to be adjusted again consider p2pb2b still has a lot of fake volumes.

freedomgo

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People doesn't seem to care about it, the exchange that bought CMC happen to have a good reputation in the market, so people would not complain if Binance will be in the top, I believe if they have manipulated the ranking, I think it's not grossly done, I am not seeing the obvious.

shadowdio

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Zawardo

well nothing changed in the coinmarketcap but they should change the rank system of exchanges or maybe they should remove the exchange that has fake volume, that would be better.

DoubleEdgeEX

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Where I come from, we have a saying which roughly translates to: Whos bread I eat, is whos song I sing. - Meaning, if Binance has some financial influence on CMC, it will become biased this way or the other. CZ and his connection with Justin Sunofabitch made him already less likeably to me so I hope he doesn´t go down the road of total control and manipulation

unusualfacts30

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Not at all. I think even if it is owned by binance they can't make too many changes or else the risk of pushing away old users. It is in their best interest if they stick with how they website was and only make few changes. I don't think they bought it without thinking over how they can use it to benefit themselves but as long as they aren't too biased people won't care.

Anish02

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Quote from: BlacksmithCorporation on May 25, 2020, 10:01:43 AM

This doesn't make much sense to me, I have never considered the CMC exchange charts to be valuable, I don't care about it. I only use CMC to search for information about coins, and I think this will not be affected much.

Exactly, coinmarketcap hasn't so important for us, we just make the use of it to check the prices of the coins and I don't think beyond that it is more important than that. So why are looking much deeper into it. As well they had remove fake volumes and have started working towards its better development.

BlacksmithCorporation

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This doesn't make much sense to me, I have never considered the CMC exchange charts to be valuable, I don't care about it. I only use CMC to search for information about coins, and I think this will not be affected much.

Vishnu.Reang

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This was expected, right? Now we can't expect Coinmarketcap to report that the trade volumes claimed by Binance for various cryptocurrency pairs are inflated. After all, they are now completely owned by Binance. And this may be one of the reasons why Binance spent a huge fortune, to acquire Coinmarketcap. Probably, the Binance promoters were getting nervous about CMC reporting their real trade volumes.

ningrum

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in my opinion nothing has changed from coinmarketcap, instead it seems much better than yesterday,
I like coinmarketcap now, the information provided is far better

Chivas Regal

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Cheers!

I had switched to CoinGecko quite a while ago as it seemed to have a fresh approach to showing a vast number of altcoins and the exchanges that they are listed on, but I am finding that it is more and more closing in on what put me off of Coinmarketcap in the first place. I've also come across a number of other market-cap styled sites that seem to be mirrors of CMC quoting the same incorrect information concerning a number of altcoins that interest me. None of the market-cap sites seem to want to correct their information. If the owners of CMC sold the site for $400M then they should be giving about $450M back in change.

The apps that show your portfolios are no better.

Baoanhbmt

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CoinMarketcap is still a reliable site although it is now in Binance's hands. If there are any changes on CMC now and it is kind of obvious, I believe it is for better. The coinmarketcap site is only a means for everyone to see coins and tokens and exchanges, and the changes that occur in coinmarketcap I do not think will affect the trust of the crypto community.

Topic: CoinMarketCap Changes - Broken the Trust of the Crypto Community? - page 2. (Read 1070 times)