CoinMarketCap faking volume - page 2.

mazdafunsun

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Activity: 490

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Quote from: pawanjain on March 26, 2019, 09:24:20 AM

CMC is the industry's best tracking service for market cap and volume but last week Bitwise(a cryptocurrency index fund provider) claimed that CMC is faking most of the exchanges' volume.

Says who?
it is not the best, their web is slow and there are several competitors who are equally good or even better! coinpaprika and coingecko

These sites are not responsible for faking volume but they are responsible for listing those exchanges who do fake volume.

BennyK

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Activity: 672

Merit: 14

Well, I don't think CoinMarketCap will intentionally fake volume for a certain coin because a project like Docademic MTC experienced the same problem when it was first listed on CoinmarketCap. The team wrote back to CoinMarketCap and the wrong volume was corrected. Apologies finally came from CoinMarketCap because they made a mistake with the volume.

Duzter

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Leading Crypto Sports Betting & Casino Platform

Fake volume issues with exchanges were the one that made the cryptocurrency market experience a massive downtrend. This happened when the Bank of China made an inspection over the entire exchanges. This took place as a result of China experience some downfall in the economy. Once after the same things got regulated and growth took place gradually. Now once again there is more issues getting exposed over coinmarketcap. Recently they made an update to eliminate the same from their side.

numizmat

jr. member

Activity: 154

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It is because CMC generally issues aggregating prices, ticker data which are not providing per-market+exchange charts/data. Some of their competitors like https://coin.market/ provide such trades data, so you can calculate how much volume was for 1 second - so you can also check how many trades were to get, for example, btc/usd in a selected price range on all exchanges or on one exchange - it allow to easily avoid such faking of trade volumes from shady exchanges.

Zemomtum

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CitizenFinance.io

It is obvious that most exchanges are faking the volume to trick users, but one thing that I am yet to understood is the involvement of Coin Market Cap. Did they have their own inner metrics or dependable on what this exchanges provided? If the later was the case, they have no case to answer but if they have in-house metrics that were implemented, then crypto space is getting mess all around but sanity will surely come one day.

DBronze98

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Coinmarketcap only statistics the volume of transactions exchanged by all statistics and displaying them. Many exchanges are trying to inflate their trading volume so CMC cannot control these activities. CMC also provides notes * when you view the trading volume of each Altcoin to provide detailed information. You can see more details at CMC to better understand.

Anonylz

hero member

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Maybe you should get your facts right before creating a topic on this base on limited information, because this could possibly dent the image of the company you write about, as i understand, coinmarketcap don't have a direct access to any exchange except the information that was presented to them which they work with it, if there is any party to be accuse of fake volume, it should be the centralized exchanges we have, lots of talk going on about exchanges manipulating their volume and bot trading, so technically exchanges are to blame not cmc,
i think it is time for all exchanges who are involve in manipulating their volume to be called out, because their actions are slowly dipping a whole in the market, some top 10 exchange are clearly faking their volume with total disregard Undecided

bettercrypto

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DGbet.fun - Crypto Sportsbook

There are many traders who are consulting with CMC since it is the most reliable site when it comes in market cap and volumes of cryptocurrency. If it provides fake volumes, then it vanish long time ago. But look at it, until now it is the trusted site and used by million of traders who want to deal with the market.

MonsterV

legendary

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Quote from: dothebeats on March 26, 2019, 10:24:19 AM

Nowadays, I don't rely on CMC for exchange volumes but rather only on coins that I'm following and see whether there are drastic changes on their 24-hr volume and pricing. For volumes, I go straight into an exchange that I frequent and check the order books and market depth. This, IMO, is better than having to rely on a third-party service such as CMC to do the checking for you. Besides, a lot of people know that they've been doing this for years now, and it's literally not news anymore for them to fake volumes.

Yes, although everyone knows about counterfeit volumes on coinmarketcap, people still use the coinmarketcap as a reference in determining a coin. Even though they display fake volumes, in my opinion it's not far from the original volume, it can still be made as a consideration in determining good coins

Nowherman

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Activity: 378

Merit: 10

I wouldn’t give too much importance to this fact. In the crypto world, indicators are almost always overstated - crypto exchanges overestimate trading volumes, ICO projects overestimate the amount of investment, and so on. I think these are all the costs of decentralization, and we need to put up with it.

iqlimasyadiqa

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Quote from: Siren on April 05, 2019, 06:43:35 AM

Quote from: pushups44 on April 03, 2019, 04:38:14 AM

More pressure needs to be put on CoinMarketCap and similar websites to remove the fake volume. We need to establish a trust-based system in this industry to rate companies and exchanges.

Why instead of forcing the coinmarketcap to take out the fake volumes ,lets force thw people here to transfer to other legit and trustworthy exchanges for that reason that CMC wasn't fair sincd then,this happens not just yesterday becausw for how long many issues regarding this was brought out but not having evidence, and now that there are this links from reliable sources i guess its tims for us to forget CMC and find something new

There is a lot of competition now, as I know that coinmarketcap is a website that can be used as an indicator. but some bad news causes a doubt. I don't know whether we have to trust coinmarketcap or not. let's continue to pay attention and we analyze whether cmc does provide an inaccurate information. if it is true, let us leave it and if it is not correct, let us find out who gave the information.

Siren

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Activity: 826

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Quote from: pushups44 on April 03, 2019, 04:38:14 AM

More pressure needs to be put on CoinMarketCap and similar websites to remove the fake volume. We need to establish a trust-based system in this industry to rate companies and exchanges.

Why instead of forcing the coinmarketcap to take out the fake volumes ,lets force thw people here to transfer to other legit and trustworthy exchanges for that reason that CMC wasn't fair sincd then,this happens not just yesterday becausw for how long many issues regarding this was brought out but not having evidence, and now that there are this links from reliable sources i guess its tims for us to forget CMC and find something new

pinoycash

hero member

Activity: 1316

Merit: 514

Quote from: IamAltcoinfan on April 04, 2019, 10:02:15 AM

I have seen some small mistakes in marketcap some times currencies coming from no were and reaching top 10 position immidiately they correct it . But i dint know the fact they are faking volume . But their reply shows they are working on metrics . Whatever it is till now COinmarketcap only the resource which i can trust for my holding prices accurately or near to accurate.

Getting the accurate price for each coin works best in coinmarketcap, But in getting the real picture in the current market condition of the overall cryptocurrency market you cannot simply rely on CMC due to massive wash trading of the fake exchange platform but you can use this one = https://openmarketcap.com/exchanges/difference

IamAltcoinfan

full member

Activity: 476

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homt.net

I have seen some small mistakes in marketcap some times currencies coming from no were and reaching top 10 position immidiately they correct it . But i dint know the fact they are faking volume . But their reply shows they are working on metrics . Whatever it is till now COinmarketcap only the resource which i can trust for my holding prices accurately or near to accurate.

Johnzky

member

Activity: 616

Merit: 30

Quote from: Apes on April 01, 2019, 06:49:39 AM

Imagine if all crypto users oriented to CMC in observing coin volume could be imagined the impact if indeed CMC made a mistake or provided manipulated information. I expect cryptocurrencies to continue advance if conditions like this would be very worrying that it would worsen the crypto image in the community. I agree if there are developers who participate and compete in providing information such as CMC. so that the information provided is not manipulated and monopolized.

Thats it,we are all first learned here to check prices in CMC not just to find out how they’re manipulating the volumes,i hate to say this but now i lost my affection to Coinmarketcap and will check on other exchanges that is more reliable and trustworthy

pinoycash

hero member

Activity: 1316

Merit: 514

Quote from: pushups44 on April 03, 2019, 04:38:14 AM

More pressure needs to be put on CoinMarketCap and similar websites to remove the fake volume. We need to establish a trust-based system in this industry to rate companies and exchanges.

They are already in process of correcting this fake volume issues, You can visit CMC Twitter account and they had been posting and asking people how can they improve their system.

pushups44

sr. member

Activity: 868

Merit: 281

More pressure needs to be put on CoinMarketCap and similar websites to remove the fake volume. We need to establish a trust-based system in this industry to rate companies and exchanges.

aad140386

member

Activity: 420

Merit: 20

simply getting the job done

You have correctly corrected your post. In fact, the wines in fake volumes are not in the CMC. CMC simply posted information about the volumes that the exchanges provided them, combined them into general volumes and placed them on their website. Their only fault is that they did not verify this data. But after the crypto-community repeatedly complained about the fake volumes, the CMC management decided to implement its own calculation on its website to protect its reputation as one of the best and most reliable cryptocurrency tracking websites.

shesheboy

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Activity: 714

Merit: 114

Quote from: PlusOne88 on April 03, 2019, 03:59:13 AM

If they were involved in faking volume, would it not affect the price as well?

i guess they are not involved . they only sync the stats of all the exchange online but this fake volumes do have an effect on the price of cryptos because people tend to use cmc as a guide before they decide if they will buy a crypto coin or not .

Quote from: PlusOne88 on April 03, 2019, 03:59:13 AM

I think users who do have continuously watching over cryptocurrency movements might have so much to say about this.

yes that is already happening . alot of user are already debating on this thread . not only on this thread or on this forum but they attack cmc all over the web .

Quote from: PlusOne88 on April 03, 2019, 03:59:13 AM

They could probably be the one to really confirm such activities. But given that there might some statements by CMC that strengthens such belief but it might be just because of some discrepancies to their reports and the statements they have made thus not actually confirm they are faking it.

i believe on what will cmc say because i know cmc for a long time . cmc is the number one source for crypto information . for sure others will also believe .

airdropan

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♦♦♦♦♦

Quote from: BitBustah on March 26, 2019, 11:07:18 AM

We should all boycott coinmarketcap. They have been faking volumes and listing scams on their website for years. They also have scam service ads running on their website. We need to hit them in the wallet and stop using their site all together.

if there is another good option except coinmarketcaps then it will good, but i dont see any good website after this one
actually every project will go there to promote their coin/project. some of them using coinmarketcaps as their advert plan

Topic: CoinMarketCap faking volume - page 2. (Read 16772 times)