Topic: Isnt it time to give up cryptocurrency ranking (Read 524 times)

I think the ranking of the crypto currency will leads to more manipulation in the prices,so it is better to completely take away any ranking system for the cryptos on any sites.Just like the existing fiat money we don't have any ranks to them right so we need to consider cryptos as same like that.

ranking of cryptocurrencies becomes outdated in my oppinion, its quite easy to create a currency which has a higher marketcap than bitcoin, but a corrupt sect arround the indexes prevents listening of those.

with the end of national banking cartels a time called "coins of style" will come, in this it will be more about a cryptocurrency and about its management and much less about a pretended selffullfilling ranking.

this could then also help prevent to get the market divided into new marketmovements. that want to free themselves from attention monopolies of established top 10 coins.
etc.

You are totally right that market cap is a horrible metric to "rank" cryptocurrencies, as it can be easily manipulated.

But the flawed rankings are caused partly because the ranking services (Coinmarketcap et al.) compare apples to bananas. Above all, because they compare complete blockchain projects with tokens which are created out of thin air, at almost no cost, on an existing blockchain.

For example, I would very much like a ranking service which compares only coins that have:
- an own blockchain (similar to the "Coin" table on CMC)
- no premine of any sort (this makes manipulation a lot more difficult, although it's still relatively easy to fake a market cap.)
This would make the ranking a whole lot more fairer. (If such a service exists, please post here )

I for myself use even the flawed current ranking services somewhat, because they are basing their rankings, at least, on a kind of hard fact. The things you mention, like "management", can be faked even easier than market cap. The problem is: as everybody can create a cryptocurrency and there are thousands of them, how do you separate useful currencies from hobbyist, get-rich-quick and scam projects? (Well, something like BitConnect was ranked pretty high for some time, and I also don't understand the Tron hype, but I think the CMC top-100 contain most useful currencies).

It is very likely that something like that is happening behind the scenes, no one likes to think about it because the consequences of such a thing for the market will be terrible but that is why it is not always the best idea to trade your coins, because if you find yourself in the wrong side of a manipulation of the market you could easily lose a substantial amount of your capital and it will not be your fault.

For me, Crypto technologies are just technologies and everybody can use them by its own intention that is why there are so much various coins on the market. I do not consider that it is wrong because every coin is a particular technology, a project or a company and this situation is similar to the real life where thare are a lot of various business and companies. My advice use it wisely, and you'll get many benefits.

Well, the rankings do help some investors make decision as to what and what to go for in deciding the right investments to make for the year; long or short term. I do also like this to some extents as it creates order.

ranking of cryptocurrencies becomes outdated in my oppinion, its quite easy to create a currency which has a higher marketcap than bitcoin, but a corrupt sect arround the indexes prevents listening of those.

with the end of national banking cartels a time called "coins of style" will come, in this it will be more about a cryptocurrency and about its management and much less about a pretended selffullfilling ranking.

this could then also help prevent to get the market divided into new marketmovements. that want to free themselves from attention monopolies of established top 10 coins.
etc.

regards

It's really easy for new coins to do wash trading and price manipulation to get a higher ranking on coinmarketcap.  I've seen some really useless coins make their way to the top 50 of CMC overnight.  It's very concerning that a ponzi scam (bitconnect) was once a top 10 coin. Coinmarketcap has started to crack down on fraudulent coins but the problem still persists.