CoinMarketCap Changes - Broken the Trust of the Crypto Community? - page 3.

handy_hotdog

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Activity: 232

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Quote from: Cryptogiji on May 20, 2020, 10:48:57 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 soo take over Steemit as the biggest blogging platform.

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

It's an overall improvement to the system, but let's see what changes happen in the future, I'm expecting a lot more.

Nice roundup, and i've joined the platform and started earning BAT and DAI. Highly recommend it to any crypto lover, especially if you are a content creator.

gweedo

legendary

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I see coinmarketcap is getting better than before since Binance acquired this site. And I'm not too surprised when Binance is at the top of the volume every day, obviously they are the largest exchange in this market and there are many people using it.

AmoreJaz

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Leading Crypto Sports Betting & Casino Platform

Quote from: joinfree on May 23, 2020, 06:16:54 PM

I don't think so. To be honest Binance is surely going to make coin market cap a good and resourceful place to look upon coins. Moreover all these Ponzi scams will not be listed over there further cleansing this industry of all the trash projects. I really don't have a problem with Binance taking over CMC if they don't become biased with their decisions.

i dont know why the OP is thinking that BNB acquisition will break the trust of CMC users. long ago, CMC was already giving inaccurate data to the public. so there's no trust that BNB is breaking here. instead, BNB is making this site more usable to many. with the community being informed about their acquisition on this site, BNB will not make ridiculous changes that will favour them. because they know the possible criticisms and accusations that will be thrown to them. so yeah, it's better that they are under Binance now, we might see better coin info and figures in the future.

shinratensei_

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Quote from: escalante28 on May 23, 2020, 12:40:14 PM

I don't think so, maybe coinmarketcap now is more reliable because they removed all those fake volumes.
If you're active in exchanges before, I'm sure you'll agree with me.

I do agree with it since the fake volume has already removed but the traffic chart looks a very bad thing to be used as a measure to determine the rank of crypto exchange site.

This needs to be re-evaluate again whether traffic is really important or not. I guess, why didn't CMC provide the rank based on the real liquidity instead of the traffic?

joinfree

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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

I don't think so. To be honest Binance is surely going to make coin market cap a good and resourceful place to look upon coins. Moreover all these Ponzi scams will not be listed over there further cleansing this industry of all the trash projects. I really don't have a problem with Binance taking over CMC if they don't become biased with their decisions.

drumamat

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I don’t see anything wrong with buying CMC. I am sure that for users everything will be even better. But competitors will naturally not be sweet Grin

enhu

legendary

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Quote from: escalante28 on May 23, 2020, 12:40:14 PM

I don't think so, maybe coinmarketcap now is more reliable because they removed all those fake volumes.
If you're active in exchanges before, I'm sure you'll agree with me.

They di a good job in arranging the ranking of exchanges. Binance must have been affected by the rankings provided by the previous owner of the CMC and it hurts their price not on top of the rank despite their effort and this is all because of the API mess.

Not Binance hit two birds in one stone. They already promoted the binance exchange extensively while also owning the widely used ranking website in crypto. I bet they can really use CMC to benefit more.

escalante28

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I don't think so, maybe coinmarketcap now is more reliable because they removed all those fake volumes.
If you're active in exchanges before, I'm sure you'll agree with me.

Harlot

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Quote from: ene1980 on May 22, 2020, 03:50:07 PM

Quote from: Harlot on May 22, 2020, 12:28:11 PM

I mean who do you think will be the number one and keep up with Binance's global presence? Upbit? Huobi? Kraken? I don't think so Binance as of right now is the only crypto exchange branching out of it's main business and is trying to monopolize everything in the market they are planning to create their own mining pool, they have offices in several countries, they have bought a website for a ton of money.

I really do not like the idea of anyone having a superior power over the market and then they will start manipulating the market and with the purchase of the popular CMC and they already shuffled many things including the exchange rankings and now binance is listed as the number one exchange and glad that we have CoinGecko which represents factual data than CMC.

We don't really have any choice but to accept that Binance is monopolizing the crypto market since they have the money to do so and there are no laws stopping them from acquiring and acquiring other businesses. Also we cannot just demand them on changing anything in the data/results they are showing in CMC right now, the only thing left to do is not use and visit Binance hoping that the decrease in traffice will make them more honest with their data.

Quote from: ene1980 on May 22, 2020, 03:50:07 PM

Quote from: Harlot on May 22, 2020, 12:28:11 PM

By far Binance is one of the most popular exchanges and I don't think its a suspicious thing to see them in the number one spot.

When you purchase a popular site and magically you appear number one after the purchase you do not consider it as suspicious.

Well I explained my thoughts perfectly on my first post here. I already said that they are not only one of the most popular exchange but they also have a global presence which could easily back the data they are giving.

cabron

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Quote from: Toxic_1988 on May 23, 2020, 08:15:05 AM

No, Binance becomes leading in terms of ranking is nothing new or unexpected. Actually, if you're in the speculation thread about Binance over take CMC a few months ago, you would see most bitcointalk users are welcoming this action of Binance to reduce shady exchange that in the top by manipulating their volume data. Everyone already sees this coming from miles.

Some users liked what binance did but some still as skeptic with why they bought CMC. Binance being a popular exchange and had dominated already just can't settle themselves for less but has to take CMC to gain more control over the crypto market. Its not going to be surprising if Binance will soon populate the ranking with only the tokens they bet. TRX probably?

Toxic_1988

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No, Binance becomes leading in terms of ranking is nothing new or unexpected. Actually, if you're in the speculation thread about Binance over take CMC a few months ago, you would see most bitcointalk users are welcoming this action of Binance to reduce shady exchange that in the top by manipulating their volume data. Everyone already sees this coming from miles.

cryptowomba

full member

Activity: 234

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Expect CoinGecko and the other platforms to make moves while CoinMarketCap is weak.

Great article, that explains why Binance wanted to even part with such a large amount of money. I knew that CoinMarketCap was a popular website in the crypto world, but top 700 out of all websites is huge. Any website would like to have that sort of traffic.

fvb

member

Activity: 1470

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Personally, I like PublishOx and I find a lot of useful information there. Recently, I also started writing articles on this resource. Binance took a far-sighted step in its favor by purchasing CoinMarketCap. Thus, you write that at this time, CMC should not be seen as an impartial website. I can’t say with great certainty that he was like that before the purchase of Binance. Just the leaders have changed, and now everything will move in a certain direction, that is, in a convenient direction, you yourself know for whom.

roganite

full member

Activity: 236

Merit: 100

Quote from: Cryptogiji on May 20, 2020, 10:48:57 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 soo take over Steemit as the biggest blogging platform.

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

Nice writeup, really enjoyed the article and you made sure to do your research.

It's an issue, people / Binance can stat it's better, but let's be honest, they have changed it to help Binance. They were working on a algorithm and they shifted since the buyout.

It is now a glorified marketing tool (if not an expensive one) for Binance. Expect more changes in the coming months, this is just the start.

ene1980

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Activity: 2002

Merit: 535

Quote from: Harlot on May 22, 2020, 12:28:11 PM

I mean who do you think will be the number one and keep up with Binance's global presence? Upbit? Huobi? Kraken? I don't think so Binance as of right now is the only crypto exchange branching out of it's main business and is trying to monopolize everything in the market they are planning to create their own mining pool, they have offices in several countries, they have bought a website for a ton of money.

I really do not like the idea of anyone having a superior power over the market and then they will start manipulating the market and with the purchase of the popular CMC and they already shuffled many things including the exchange rankings and now binance is listed as the number one exchange and glad that we have CoinGecko which represents factual data than CMC.

Quote from: Harlot on May 22, 2020, 12:28:11 PM

By far Binance is one of the most popular exchanges and I don't think its a suspicious thing to see them in the number one spot.

When you purchase a popular site and magically you appear number one after the purchase you do not consider it as suspicious.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

It clearly shows now that the top rank of exchanges are real and Yobit seem to be in the right place. Who would have thought the exchange mostly have despise it was ranked up among the top ones beating the ones we thought are really used by traders.

Still surprise that LATOKEN is in the 67th and Probit is on the 38th place.

rahmatullah9305

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Activity: 983

Merit: 100

I do not think that the trust of the crypto community lies in coinmarketcap, because 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.

matchi2011

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Buy $BGL before it's too late!

Quote from: Desscount on May 22, 2020, 01:17:05 PM

Quote from: ?? on ??

Binance is now controlling it. It create big conflict of interests. i dont think that we can really trust it now

Although Coinmarketcap has been acquired by Binance, it seems to me that Coinmarketcap will be better,
and now Coinmarketcap has added new features, I'm sure Binance will not create their own interests, and think more about the public interest

It's business and looking at this perspectives binance will do their best to make things better in terms of working with people who are still using this site to check the current situation inside the market, though chances that there are still unwanted exchange and coin information that needed to take care of, binance will look for the best interest of majority to continue business.

ancafe

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I don't think Binance will cheat in this case, because that will only hurt their exchangers. apart from that, I believe more in the data currently available on coinmarketcap. looking at the work of binance that has been done before, naturally I believe in that. however, this is my personal opinion, that CMC will be better if binance takes care of it

BitcoinTurk

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I did not fully examine the changes you mentioned, but I see that I was right about what I wrote in my previous messages. Before the purchase process, I wrote many messages in the style of "If this news is correct, CZ will be the most rose manipulator of the market and will direct it as it wishes." Today I see that my estimates are correct and market changes started with small changes. I hope we don't see such changes frequently, and CZ alone cannot make cryptocurrency markets worse.

Topic: CoinMarketCap Changes - Broken the Trust of the Crypto Community? - page 3. (Read 1051 times)