Topic: CoinMarketCap Changes - Broken the Trust of the Crypto Community? - page 4. (Read 1070 times)

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

To be sincere if the issue is about Binance being on top in coinmarketcap, I do not see any thing wrong with it because a good number of people knows that it's meant to be its position, even coingecko reported same. Also, am yet to see major changes which can be argued on, till then I do no see this update by coinmarketcap as a big issue. Nevertheless, that doesn't mean that Binance won't do more for their own benefits, we should be expecting more of it but in the case of being number 1, it can somewhat be justified because of how the platform has grown.

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. This shouldn't be really a surprise anymore since they are eager to be present globally and it is evident on how they brought their operations back in the US. 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.

The problem is binance was taking the advantage from CMC after the acquisition as some people have criticized the current mechanism used by CMC. As the owner of CMC binance does nothing wrong about that but it looks like the mechanism needs to be adjusted again. It's not too quick to judge it.

Great article, thanks for sharing.

Yes it is worrying, first changes they have made has put Binance at the top already. We haven't even gone 2 months since the buyout. I expect a lot for Binance and CZ, one of the biggest shills out there.

I think it is too quick to judge, and to be fair, if we check the ratings, the features, the unique benefits of exchange binance edges all exchange platforms.
Why do i say this, most exchganges do not yet allow fiat withdrawal like binance does, and remember that itself is an added advantage in ranking of exchange.

So it is a fair ranking.

If there are any changes on CMC now and it is kind of obvious, I believe it is for better. Before this time, so many were company about how CMC ranks exchnage and that it calls for urgent attention. Later we read it is being negotiated for purchase and with the latest that is happening now, I still believe it is for good.
If Binance comes top, it deserves it. In fact, it is the best as far as my use of crypto exchanges concerned.  How other exchanges are ranked might now be a call for concern if there is any manipulation.

There is a noticeable difference: first, CMC currently uses the web traffic factor as ranking, not based on its volume as before, secondly, the exchange rank is combined between dex and cex.
I prefer the current system, we can clearly see which exchanges are crowded and most often used for trading. With the support of the innovative Binance team, I quite believe there will be better developments going forward.

Nice article, got some great info!

CMC is dead, long live the king.

They own the website already so expect that the favor will go along with their very own exchange. Recently, Huobi[1] which is another exchange reacts as to how CMC made Binance as the number 1 and the new ranking system that they've just made.

[1] Huobi’s VP criticizes CoinMarketCap’s new ranking system

I think this is a big of a double edged sword.

CMC was full of problems, from tokens / coins that had no liquidity to exchanges that were clearly just wash trading to boost their numbers, I think the key is to have multiple sources of data that combine everything to give the best idea about the exchanges. Adding the amount of website traffic is a decent one to throw into the mix.

However, this is clearly helping Binance. Having the internet score as the MAIN factor to judge is a problem, because you are simply just rewarding websites that have traffic. You can buy traffic cheaply it doesn't mean that the exchange is good at all. Also we are just 6 weeks into the acquisition and boom they are top. I expect to see more happening on the website and I believe with every change they will lose less and less validity as an independent site.

One beautiful thing is we can simply stop using CMC and move to other platforms, there are plenty out there.

Also great article, really informative with loads of sources and you did you homework, I like the fact that you even went into the other companies Binance has bought out. Also I joined the platform and tipped the article, I will be using this platform from now on as I have already started earning BAT and DAI from it. Keep up the great writing and I look forward to your next article.

I think thats not true $400 Million for a website what a costly acquisition, I think Binance won't pay that much. By the way, let us point the main issue here before Binance acquired CMC it's already stained with an accusation of listing unverified projects that later on become an exit scam. not just that some technical people are questioning the method of CMC's calculation on the market cap of any coin that listed on the CMC platform. so what trust would be broke if it was already broken just my opinion.!

That's good to hear that.
It looks like the majority of people here said that if the new mechanism that used to determine the current exchange site ranking on CMC doesn't give a lot of impact to the community's trust.

OP should not feel worried about that.

Possibly we should be happy to have binance taking over the coinmarketcap from the original owners whose jobs was to manipulate the dubious coins and fake their volumes for us to invest into. I have been a victim of this circumstances with some bad reputable coins on CMC. Believe me, binance will take good care of the cryptocurrency market as they have acquired the coinmarketcap. We'll know that, binance as an exchange is well known in this industry and for them to bought coinmarketcap is a new dawn for the cryptocurrency community and is a welcome development. Cryptocurrency trust is here to stay with us like never before.

The moment CZ and binance purchased coinmarketcap i knew something like this would happen, they have the money and they wanted to have an authority and monopolize on the entire cryptocurrency market, i waiting whether they will show the fair system or use that as a platform to boost their revenue further and they choose the latter.

If you missed the news that coinmarketcap was purchased by binance you could have understood the situation if you read the topic .

I do not have real evidence about this case because I do not have much time to examine that coinmarketcap is indeed manipulating intentionally or unintentionally even coinmarketcap can also accept bribes so that it can manipulate data but hopefully it doesn't happen because if it happens it will make a lot of traders are disappointed with coin marketcap.

I don't think there is any issue with the new ranking system, they just adjusted the reported volumes from exchange and other few things so their exchange got actual high volume that other so binance is now sitting at the top.

I don't think they have the main intention of doing such manipulation.
All eyes are on them, so they are very careful not to ruin their image just by wrong move towards CMC.
You can also verify with other ranking websites about their claim, being no. 1 using the web traffic factor as criteria.
And I do believe that most of the ranking websites will place Binance as number 1.
And if in case they will break your trust, you can always cross reference it to other websites like coingecko.
Supposedly, you should only use them for quick reference, you still have to do your own research when it comes to your investments.

Many other websites not owned by Binance imo will also consider Binance as number one cryptocurrency exchange, not just coinmarketcap, if that be the case then I don't think there should be any case of manipulation or foul play. Users of Binance on the forum usually recommend it to newbies looking for good crypto exchanges, I believe they are reliable and them being first on CMC is not as a result of their manipulating figures to make themselves top, but that they are actually worthy of that position.
Not it has not, I still trust and use coinmarketcap as I did even before it was acquired by Binance. And I do not also it a biased decision that Binance ranks top exchange on coinmarketcap.

Obviously they have acquired cmc so they will manipulate and use it somewhat for their own benefit as well, obviously they want to make back their invested money fast but personally i do not have any problem with cmc yet and i am using it as i was doing before binance taking over it and i will keep using it unless they start doing something silly.