CoinMarketCap faking volume - page 7.

Twinkledoe

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Quote from: pinoycash on March 27, 2019, 04:39:06 AM

The only thing they need to do is to get rid or delist bogus exchange that shows inflated volume so they can demand higher listing fees for project developers.

If they cannot delist those exchange then excluding their volume from the overall total daily volume will show the near real figure of daily trading volume of the legit exchanges.

The job is actually hard on their part. It is not them faking the volume but whatever they are getting from those exchanges. And to be honest, I really do not rely the exact figures from CMC. It is just a guide for someone who wants to know the picture of a specific coin or token or the overall crypto market. You should not really expect them to be accurate in numbers.

loopes

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If it's true then it will lost their good reputation. Also it will become very bug chance for other websites to take it's place. Websites like BLOCKFOLIO is good for now. In this early stage of cryptocurrency adoption reputation is number one. Every cryptocurrency related entrepreneur have to be honest and skillfull.

Innerpumper

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

Source: https://cointelegraph.com/news/coinmarketcap-will-alter-listing-metrics-after-latest-fake-volume-research

I think this is just FUD. because Coinmarketcap is a trusted website. Things like this will make the price of the altcoin is down.

pinoycash

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The only thing they need to do is to get rid or delist bogus exchange that shows inflated volume so they can demand higher listing fees for project developers.

If they cannot delist those exchange then excluding their volume from the overall total daily volume will show the near real figure of daily trading volume of the legit exchanges.

eternalgloom

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Quote from: gentlemand on March 26, 2019, 11:26:26 AM

Surely they're accepting faked information, not propagating it themselves. I presume they didn't care enough to bother checking how credible the places they list are until enough noise was made.

It's unfortunate how much power they've ended up with. You can tell people to shop elsewhere all you like, most can't be arsed.

To give them a bit of credit, they have excluded volume from certain exchanges in the past and have done so for a pretty long time.

Now, there's a lot of fake volume that still slips through, but I think it's a bit harsh to think that CMC deliberately chooses to publish faked volume.
CMC has nothing to gain from 'beefing up' these stats (at first sight at least), I think it's just a question of having the ability to properly investigate these incidents.

I could be wrong though, perhaps there is some form of collusion going on between CMC and certain exchanges.

Edit:

@mindrust

Sure it could be that they're 'part of the scam', as you mention, but where is the proof?

mindrust

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Quote from: shamc on March 27, 2019, 02:38:44 AM

CMC is not purposefully faking their numbers. It is the exchanges that do not prevent the bots from faking their volume. Only coinbase and Gemini can give more accurate figures

CMC is part of the scam. They could have ignored those exchanges but they didn't.

Look at this picture:

Anyone with a half brain can see that something is wrong with this picture.

Saying that coinmarketcap was innocent is just plain dumb.

shamc

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CMC is not purposefully faking their numbers. It is the exchanges that do not prevent the bots from faking their volume. Only coinbase and Gemini can give more accurate figures

stompix

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

CMC then took a notice of this and then made the below statement on twitter:

"We are listening to all our users' feedback, and we are working hard to add a suite of new metrics so users can get a fuller picture of exchanges and crypto on the site."

This has fairly proven that CMC is indeed faking volume but the good news is that they will soon be launching new metrics for the investors to derive their own readings from the given statistics.

Let me translate this for you:

"It seems our method of artificially inflate price and trade volume has been exposed so we're planning on launching a new version with which we will be able to hide the real volume of all the shitcoins we're getting paid to list even better in order to lure newbies into buying scamcoins".

When I see shitcoins with 50 daily transactions having a volume of tens of millions on exchanges launched a week ago it's pretty obvious they are getting paid to tolerate fake data.

blueteam09

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The number of exchanges listed on Coinmarketcap is too large, and they use the data given by the exchanges for statistics so virtual transactions are difficult to detect and categorize. So there are lots of operations done by bots and exchanges creating virtual exchanges to increase the number of transactions. This is difficult to control so it should not say that CMC is not good.

Mpamaegbu

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These things do happen so long as they are at the control of man, there are bond to be a certain level of manipulations. It's sad though because CMC is a quick stop over for most crypto enthusiasts like me. But I am not really perturbed because I use it majorly for monitoring recently added cryptos, not necessarily their prices.

smyslov

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Quite disappointing we have trusted Coinmarketcap as our best resource, but now are exposed, but I already had a habit with coinmarketcap, I can't stop to look at their stats daily, but since they issue an statement, I will give them another chance I'm sure they will now post the real stats and volume.

jseverson

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Quote from: ahmadinejad93 on March 27, 2019, 12:26:31 AM

I, as a coinmarketcap user, was very disappointed with this because I had proven that the site only provided fake data and insiders (staff / employees) from Coinmarketcap used this site to benefit from trading. CMC staff / employees know which coins to pump and buy as many coins as possible.

They didn't really provide fake data, only relayed it. Some exchanges were gaming their volume, and Coinmarketcap didn't up their game to filter those out. They're going to address it in the future, apparently:

Quote from: https://cointelegraph.com/news/coinmarketcap-will-alter-listing-metrics-after-latest-fake-volume-research

“For instance, if an exchange with low traffic has $300M volume and just 5 BTC in its wallet, users will be able to draw their own conclusions without the need for us to make arbitrary judgment calls on what is ’good’ or ’bad,’” she explained.

So fake volume would still be reflected in the site, and it will be up to the user to judge their authenticity. This is better than arbitrary whitelists/blacklists in my opinion.

I don't know how Coinmarketcap works, but if all the listings and numbers are gathered automatically through the exchanges' APIs, then I wouldn't blame them. Otherwise, well, they're paid shills who shouldn't be trusted.

Kakmakr

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The question is, do we really get a accurate picture of the full volume of transactions that are done, if websites nitpick some big sites for their data? I know you can configure some sites like Preev.com to show you the average price of Bitcoin based on your personal choice of exchanges that are pre-configured. Should a site like CMC not operate on the same principle, so that people would get a more transparent view of the most applicable market that are more suitable to them?

CMC has been under suspicion for many years, so this is not new news for most people that used their data. Roll Eyes

mindrust

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Quote from: gentlemand on March 26, 2019, 03:57:10 PM

This is the latest non Coinmarketcap site - https://openmarketcap.com

I'm not sure how it's calculated but it certainly checks out with the alts I'm familiar with. No one's going to give a shit of course.

Fuck yeah. This one is pretty accurate with the trade volumes. Checked btc's volume and didn't see any fake volume Chinese scam exchanges.

Good riddance Coin Scam Market fucking Cap.

ahmadinejad93

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I, as a coinmarketcap user, was very disappointed with this because I had proven that the site only provided fake data and insiders (staff / employees) from Coinmarketcap used this site to benefit from trading. CMC staff / employees know which coins to pump and buy as many coins as possible.

Siren

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Quote from: Slow death on March 26, 2019, 09:34:10 AM

this is not news, I believe that more than 80% of people have already witnessed the strange phenomena of the coinmarketcap volumes, so in my opinion most people already know that coinmarketcap does this. I keep using coinmarketicap to get access to majorities of Bitcoin ANN Thread of the Altcoin for being something that facilitates me a lot

Thats right mate,as i have heard this same issue from friends and colleagues couple years ago so I believe that this faking claims from individuals to CoinmarketCap is truthful and legit.being the most popular site for reference from us all CMC can be affected by RedTapes and bribery to fake some volume ,actually i have lose my trust in CMC and now checking prices to different exchange for more reliable sources

celot

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Coinmarketcap is the best site how to know about some coin listed or not on exchange market, I am not seeing coinmarketcap always publish fake news and information because I check always have correct information.

pooya87

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Quote from: Crypto Girl on March 26, 2019, 09:39:56 PM

Quote from: XCANA on March 26, 2019, 04:31:13 PM

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.

Knowing them for such deed for long time brought to mind their credibility in the cryptocurrency world. Most at time i do visit to know which of the altcoins are doing well inspact their fake volume. Coinmarketcap, should be put on ignore list as they hinders most of the potentials investors in the industry.

This really didn't surprise me, after all it's indeed a money thing. Otherwise, don't depend everything on cmc, just use it when looking for an exchange. Along with this news, cmc should rebuild again their credibility even though it's hard, or else everything will turn out shit.

unfortunately most people don't think like this and use coinmarketcap.com for analysis purposes. i have even seen a couple of applications that were written to analyze the data on CMC automatically and use that for trading as a signal,...
as for their "credibility", as long as they have one of the highest traffics among the similar coin/exchange listing sites, they will not change at all and will only get more corrupted every day.

aylabadia05

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We saw that CoinMarketCap.com, site No. 1 on the cryptocurrency market, in my opinion they deliberately share fake information completely fake. Hundreds of crypto currencies from the CMC list suffer (or win) from this action. Many stopped trying to influence CMC, so they corrected the information, and instead sent unpleasant posts on their forums about this issue.

Sithara007

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The proof being quoted is still not that reliable. But I wouldn't be much surprised if that is the case. Their revenues have gone down lately, due to the falling crypto prices (they get their advertising revenue in Bitcoin or Ethereum on top of other avenues), and running a website with such fluid data requires a lot of resources and money.

Topic: CoinMarketCap faking volume - page 7. (Read 16772 times)