Is CoinMarketCap a scam? | Bitcointalksearch.org

Almasani

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Quote from: DrBitcoin on September 15, 2021, 07:32:58 AM

I’ve been using them for years, I know Binance owns them…but I can’t understand why page 3 (starting at #201 Hex) has coins like Safemoon, that have a higher market cap than every coin on page 2…but is stuck on page 3.

It’s like they put a velvet rope at coin #201, and only some coins can pass beyond that, and others can’t.

What is the explanation? Do you have to pay Binance to get past this velvet rope? Does someone at Binance try and decided what’s “worthy” of being on the first two pages?

If we look at market capitalization, HEX tokens are much higher than MVL, but CMC's position is better in MVL than HEX. Apart from that, the daily trading volume is also higher HEX compared to MVL. I don't understand what Coinmarketcap is working on. Maybe there's another way they set the CMC's best position?

Rank #200 MVL Marketcap $181,454,119 Volume $9,256,607
Rank #201 HEX Marketcap $75,852,139,614 Volume $59,253,502

Ever-young

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Coinmarketcap is not scam and can't be, it's one of the best and most use coin tracker, if their are errors noticed on coin ranking it might probably be because of the market situation, and an error from the trading exchange which does not give an accurate trading price.

Spack17

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I don't think that Coinmarketcap is related to being scam in any way. If it was, it would already be detected and the website wouldn't continue to work. I agree that sometimes there can technical problems with the cryptocurrency prices for example. But this doesn't prove that the website is doing this on purpose. In this situation, we can use another website like Coingecko etc. until the problem is solved. And they really solved the problem every time too.

perfect999

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Quote from: mdzahed134 on September 22, 2021, 07:55:21 AM

There are nothing proven with some date that he alleged Coinmarketcap is a SCAM. Binance own CMC in approximately 200 million USD. So that you shouldn’t think there are manipulating in coin data if they controlled this site. And you can checked a couple of alternative site where you will be comfortable.

Peoples spreading unauthentic rumours which are without any solid proof and nothing with this all Binance can't control coins they only have control in coinmarketcap, and they are posting all data about them which is not controlling or have any other thing related to this project.

For reaching in coinmarketcap they have some stick criteria without this they are not allowing coins/tokens to be listed may be sometime due to some technical error we have issues in data, but one thing is sure Binance is very user-friendly and developing this all very quickly for all users and projects.

Kelvinid

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Quote from: BD Crypto on September 22, 2021, 09:39:08 AM

Quote from: glendall on September 22, 2021, 09:22:50 AM

Coinmarketcap is a real and genuine platform for crypto market analysis, where coins that have entered the CMC have good value in the future,
CMC has its own criteria in assessing a coin where what is seen is the volume of sales within a certain time which is determined by CMC itself Maybe
so Coinmarketcap is definitely not a scam for me

But CoinMarketCap was acquired by Binance for $400M on Apr 1, 2020. That's why there can be something fishy from Binance.
Again its true that Binance can make their own decisions in CoinmarketCap website easily.So we should research by own to know about the project details beside CoinmarketCap.

Does it mean that Binance now is controlling the market today? I don't think so and in fact, I'd never know how it does but what I saw is that the market remains decentralized and it moves freely in accordance with the demand and market supply.

With that Binance listing have their own criteria, that's their rules and I think there is no need to question than unless it was really questionable but as it talks only about listing, I believe there is such a requirement. Does the rank really matter? I'd never look that hard but I'd rather look at the potentiality and use-case of the project as that was the ticket for its success, not their ranks.

BD Crypto

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Quote from: glendall on September 22, 2021, 09:22:50 AM

Coinmarketcap is a real and genuine platform for crypto market analysis, where coins that have entered the CMC have good value in the future,
CMC has its own criteria in assessing a coin where what is seen is the volume of sales within a certain time which is determined by CMC itself Maybe
so Coinmarketcap is definitely not a scam for me

But CoinMarketCap was acquired by Binance for $400M on Apr 1, 2020. That's why there can be something fishy from Binance.
Again its true that Binance can make their own decisions in CoinmarketCap website easily.So we should research by own to know about the project details beside CoinmarketCap.

glendall

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Coinmarketcap is a real and genuine platform for crypto market analysis, where coins that have entered the CMC have good value in the future,
CMC has its own criteria in assessing a coin where what is seen is the volume of sales within a certain time which is determined by CMC itself Maybe
so Coinmarketcap is definitely not a scam for me

Anonylz

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Quote from: hosseinimr93 on September 15, 2021, 09:19:14 AM

According to Coinmarketcap ranking criteria, for being eligible to be listed among the top 200, the coin/token must fulfill some requirements.
Most probably, the token you are talking about doesn't meet the requirements and that's why it's not displayed in the first two pages.

I thought to be among top 100 or 200 has to do with the overall market capitalization and not some requirement process, I didn't realise this is done differently, this is not a good criteria to be in top 100 imo, it doesn't look credible to me however, cmc are in charge and at liberty to make the rules.

mdzahed134

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Quote from: kojektea on September 20, 2021, 05:09:09 AM

What do you mean binance wants to manipulate coinmarketcap? But, it may be true, because some time ago I heard that binance bought coinmarketcap at a high price, and now coinmarketcap is in binance's control. They could have arranged the top coins depending on who they wanted to.

There are nothing proven with some date that he alleged Coinmarketcap is a SCAM. Binance own CMC in approximately 200 million USD. So that you shouldn’t think there are manipulating in coin data if they controlled this site. And you can checked a couple of alternative site where you will be comfortable.

aioc

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Quote from: DrBitcoin on September 15, 2021, 07:32:58 AM

I’ve been using them for years, I know Binance owns them…but I can’t understand why page 3 (starting at #201 Hex) has coins like Safemoon, that have a higher market cap than every coin on page 2…but is stuck on page 3.

It’s like they put a velvet rope at coin #201, and only some coins can pass beyond that, and others can’t.

What is the explanation? Do you have to pay Binance to get past this velvet rope? Does someone at Binance try and decided what’s “worthy” of being on the first two pages?

No, they are not, the right word should be misleading they have their criteria on ranking coins they index you can find it all here

https://coinmarketcap.com/alexandria/glossary/rank

Quote

Although most individuals track cryptocurrency ranks according to market cap, CoinMarketCap gives the option to adjust ranking based on price, 24-hour and seven-day price change, volume, and circulating supply.

If you're not comfortable using Coinmarketcap, there's a lot of better alternatives and each one of them has a way of ranking coins they index.

kojektea

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What do you mean binance wants to manipulate coinmarketcap? But, it may be true, because some time ago I heard that binance bought coinmarketcap at a high price, and now coinmarketcap is in binance's control. They could have arranged the top coins depending on who they wanted to.

tvplus006

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Quote from: cafucafucafu on September 19, 2021, 11:09:00 PM

...Are they selective in ranking their coins (that is not just by market cap)? Yes...

It would be correct if Binance published the ranking rules in the rating, so that these points of the rules were clear to Coinmarketcap visitors. Then you wouldn't have to guess why a coin like Safemoon is on the third page of the rating, and not on the first. But one thing is for sure that when calculating the rating, in addition to capitalization, the daily trading volume and the exchanges on which this coin is represented are used.

avarnet

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Is CoinMarketCap a scam?
In my opinion it's not a scam but it's a requirement like that, because every marketcap coin has rules to open page by page, and it's also very likely that this is a problem where certain projects can't meet the requirements that's why it's not displayed on some pages and if interested really an investor so that's the way to check

cafucafucafu

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I wouldn't go so far to call them a scam.

Are they selective in ranking their coins (that is not just by market cap)? Yes.

But if you wanted a ranking service that ranked things based on just market caps, then perhaps you should look into alternatives like cryptowat.ch, coingecko, or cryptocompare. What CMC does is just a feature of theirs.

evichi

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I don't think Binance would have the intent to scam people. I believe they work hard to maintain good reputation and trust. Reputation and trust are important ingredients in any business environment. In terms of ranking, they have their own yard stick and preferences to rank coins and tokens. They have reasons why they have taken decisions as regarding coin listing in the order they published. Over the years the platform is waxing strong - which I think is good for crypto space.

You can other similar platforms like: https://www.worldcoinindex.com/; https://www.coingecko.com/en

finaleshot2016

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Quote from: bhooscream on September 19, 2021, 06:59:01 PM

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Is CoinMarketCap a scam?

I am confused with you. That case cannot be proof that CMC is a scam. Although there are many scam projects there, doesn't mean that CMC is a scam. We all know that CMC never stated that all the projects listed in CMC aren't scams. So, potentially there are scam projects among the lists, we must be more careful if we want to choose one of them to invest our money, and CMC has no responsibility for this. Anyway, regarding this case, have you contacted CMC team? Go to their supports or ask on their social media channel.

Agree, The CMC and Coingecko listings are simple to complete; all you have to do is fill out the forms. However, showing that token on the main pages is also a free advertisement on that coin; of course, you must meet the conditions, as we are unsure if these coins will remain legitimate. So, why should CMC be blamed if the coin has yet to pass any requirements? Why would you promote a coin on the front pages if it is still unsuitable for promotion, despite its large market cap and large number of holders? For me, it doesn't make sense.

bhooscream

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Quote

Is CoinMarketCap a scam?

I am confused with you. That case cannot be proof that CMC is a scam. Although there are many scam projects there, doesn't mean that CMC is a scam. We all know that CMC never stated that all the projects listed in CMC aren't scams. So, potentially there are scam projects among the lists, we must be more careful if we want to choose one of them to invest our money, and CMC has no responsibility for this. Anyway, regarding this case, have you contacted CMC team? Go to their supports or ask on their social media channel.

nelson4lov

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Quote from: MaiQwaN on September 19, 2021, 05:10:48 PM

If Binance bought this rating instrument, then it is quite clear that it will be used in its interests. I trust independent sources more and try to double-check any information regarding crypto.

I don't think it's a wise call to say that Coinmarketcap data sources aren't as good as other alternatives just because Binance owns them. Well, I tend to use multiple price tracking site and it does get the job done. Coinmarketcap really needs to put a notice out about why they those tokens with that proposed marketcap aren't listed in accordingly.

lousie9

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Quote from: DrBitcoin on September 15, 2021, 07:32:58 AM

What is the explanation? Do you have to pay Binance to get past this velvet rope? Does someone at Binance try and decided what’s “worthy” of being on the first two pages?

If indeed the coin deserves to be ranked on coinmarketcap and at that time it got high hype so that it got a very large trading volume of course the coin will go up even though it's only a new coin maybe that's what I know from the order contained in coinmarketcap seen from the trading volume of coins circulating at the moment this.

MaiQwaN

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If Binance bought this rating instrument, then it is quite clear that it will be used in its interests. I trust independent sources more and try to double-check any information regarding crypto.

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