Restoring crypto back to normal is possible

tvplus006

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Quote from: Mighty_crypt on April 05, 2020, 04:16:05 AM

Binance is centralized, I get it but what if binance do something very astonishing to coinmarketcap? For example like cleaning off bad projects from coinmarketcap and deal with fake volume exchanges by giving them their rightful rating

I think that the main goal of Binance is to bring the rating of cryptocurrency exchanges in order. Because now on coinmarketcap, unknown exchanges are shown in the leaders in terms of trading volume. https://coinmarketcap.com/rankings/exchanges/ At the same time, Binance occupies only 21 lines of the coinmarketcap rating.

LbtalkL

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I believe in full decentralization before, But as time goes by, I think it will not work, The government is always on our way, the regulation to prevent some fraud and suspicious actions that is why they implement KYC, Some exchanges and wallets require KYC. To attain worldwide crypto adaption I guess we need these 2, centralization and decentralization. They should not fight with each other they should unite.

Thomas-s

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Quote from: bgaf on April 06, 2020, 07:29:11 AM

Quote from: Mighty_crypt on April 05, 2020, 04:16:05 AM

Binance is centralized, I get it but what if binance do something very astonishing to coinmarketcap? For example like cleaning off bad projects from coinmarketcap and deal with fake volume exchanges by giving them their rightful rating

I think thats their plan. Binance will likely improve the current features of coinmarketcap. If they bought it without any changes made then its useless. But I know they will make it more great since we all knew how Binance improved other projects that they acquired. Check how trust wallet becomes one of the good multiwallet for crypto, they making the whole community of crypto adoptive. In any case, Binance will be the one to lead the market in the future but still they need more than that to accomplish it.

I think they will make it better for themselves. Binance is very tricky. I believe that their deal was made in order to strengthen their influence in the market. now they will understand what new projects are applying for the coinmarketcap and their team will be able to negotiate new good projects about the pump of their coins

joybella

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Yes it is possible to restore cryptocurrency back to normal. If Binance take over of CMC is to clean up fake projects and rank exchanges based on the true volume lest we forget every exchange has wash traders and market make their trades as well. Cleaning cryptocurrency space is much more than what you have outlined it's individual based because some people like quick cash stuffs which turns out to be scam at the end.

bgaf

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Quote from: Mighty_crypt on April 05, 2020, 04:16:05 AM

Binance is centralized, I get it but what if binance do something very astonishing to coinmarketcap? For example like cleaning off bad projects from coinmarketcap and deal with fake volume exchanges by giving them their rightful rating

I think thats their plan. Binance will likely improve the current features of coinmarketcap. If they bought it without any changes made then its useless. But I know they will make it more great since we all knew how Binance improved other projects that they acquired. Check how trust wallet becomes one of the good multiwallet for crypto, they making the whole community of crypto adoptive. In any case, Binance will be the one to lead the market in the future but still they need more than that to accomplish it.

nicedreams

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Quote from: Mighty_crypt on April 05, 2020, 04:16:05 AM

Binance is centralized, I get it but what if binance do something very astonishing to coinmarketcap? For example like cleaning off bad projects from coinmarketcap and deal with fake volume exchanges by giving them their rightful rating

So since Binance centralized is doing a good thing by clean up coinmarketcap so we have to stop giving shit to centralized exchange? Come on, give me a break! I like Binance and commend them for try some action to clean up coinmarketcap. Maybe because they're centralized so I view Binance centralized as positive, +1 or whatever but between centralized and decentralized, no debate of what everyone would choose if given a chance. Decentralized all the way.

batang_bitcoin

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Quote from: alan2here on April 05, 2020, 06:39:40 AM

Quote from: batang_bitcoin on April 05, 2020, 06:23:47 AM

No need to ask for hate or like about the post but certainly you are on point. If someone is asking what good coins to invest and you'll just throw him to coinmarketcap, that wouldn't be enough. You suggested a very popular crypto tracker but you might just ended up helping him to lose money because of the lack of suggestion. Going with the new management under Binance, it's on point that he might end up the scam coins listed there and throw somewhere where they belong. It will make the website greater if that's he will do. We know that CZ is a crypto warrior but he can also apply some of his agenda on this matter.

Binance is trying to show strength in this market and the acquisition of Coinmarketcap has helped CZ become the richest man in this market. I think he is helping to make this market better and for sure there will be lots of good things going forward.

Of course, what I want is still to make a profit in this market and hopefully CZ will have many ways to make this market better in the near future.

That is how they dominate the entire market. They have made a calculation on how the whole cryptocurrency must be taken over. It's a large investment for them to take coinmarketcap for them although they can make one on their one. If things didn't work for them, they can expand another one and just merge it with their entire platform together with another acquisition of crypto tracking site like coingecko. I believe that's next to coinmarketcap.

forexandcryptoauditor

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Yes, after early 2018 people or I should say specially investors have lost their confidence in crypto markets. There are two thing behind it. Decline of Bitcoin price to great extent, which is part of any market scenario and second most not good thing is increasing scam projects day by day in crypto space.
Binance has now chance to bring more transparency and clarity cleaning up coinmarketcap's fake projects data. Surely, this will bring back the confidence of investors to some extent.

kindbtc

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Well i am quite sure that sering the professionalism of binance in what they do we can expect good changes soon and im sure they will do ecerything thst will increase their reputation and credibility even more.

Finestream

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Quote from: Mpamaegbu on April 05, 2020, 05:20:41 PM

I think OP is subjective where they used the word "normal". For me, I think crypto is already normal the way it is. We may not be having it good like the pre-2018 seasons but definitely we can't say the industry is fairing any worse. What we have now is crypto trying to react to the dynamics of market forces. And this pandemic too isn't making it any easier for the industry. But when compared to the stock exchange industry, we can assuredly conclude that crypto is making headway. Bitcoin selling about $6,000 at a time like this is something to cheer about.

The world normal does not apply to crypto I guess, why? because crypto is very unpredictable, the price will dump and pump big time, for typical investors they will call it crazy since its very opposite to stocks. yes, you might be right, we are at normal stage now, crypto will only become abnormal when there is less volatility and no manipulation.

Kemarit

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Quote from: Twinkledoe on April 05, 2020, 05:32:06 PM

Quote from: Chuky92 on April 05, 2020, 03:14:11 PM

And what if Binance and its team starts exercising their power that it affects the idea on which coinmarketcap was built on? Am not against cleaning up bad projects from coinmarketcap if possible from the entire crypto community but think of it, who are those supporting these projects? That is to say, everything comes down to you and I doing the right thing by knowing a great deal of every project before we invest in (although we can't know all). Let coinmarketcap restructure their ideas if possible so that it can make projects and exchanges be on the right path and we will see the right things we are calling for.

I wonder how Binance can correct the figures submitted by the exchanges? How will they know the exact numbers here, do they know that it comes from wash trading or not? Still, there is some hazy parts that need to be addressed. But I don't know how they can clean up the CMC. For sure, they can remove those which are already dead and no more trading activity. But for the remaining ones, they just can't accuse a project that they are doing the wash trading so they need to rectify the figures. Anyway, let's see how they will improve the CMC in the next coming months. But I don't think they will manipulate their own numbers as all eyes are on them.

Obviously they are one of the top exchanges, so they have at their disposal metrics that can help them out in checking other exchanges volumes per se. Or they could directly ask exchanges and some API call to get the needed data. Binance is already big as a I have said, so they have the connection and the power to clean up CMC if that is there goal in the first place. Or maybe they can work out with Blockchain Transparency Institute, (https://www.bti.live/exchanges/).

Twinkledoe

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Quote from: Chuky92 on April 05, 2020, 03:14:11 PM

And what if Binance and its team starts exercising their power that it affects the idea on which coinmarketcap was built on? Am not against cleaning up bad projects from coinmarketcap if possible from the entire crypto community but think of it, who are those supporting these projects? That is to say, everything comes down to you and I doing the right thing by knowing a great deal of every project before we invest in (although we can't know all). Let coinmarketcap restructure their ideas if possible so that it can make projects and exchanges be on the right path and we will see the right things we are calling for.

I wonder how Binance can correct the figures submitted by the exchanges? How will they know the exact numbers here, do they know that it comes from wash trading or not? Still, there is some hazy parts that need to be addressed. But I don't know how they can clean up the CMC. For sure, they can remove those which are already dead and no more trading activity. But for the remaining ones, they just can't accuse a project that they are doing the wash trading so they need to rectify the figures. Anyway, let's see how they will improve the CMC in the next coming months. But I don't think they will manipulate their own numbers as all eyes are on them.

Mpamaegbu

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I think OP is subjective where they used the word "normal". For me, I think crypto is already normal the way it is. We may not be having it good like the pre-2018 seasons but definitely we can't say the industry is fairing any worse. What we have now is crypto trying to react to the dynamics of market forces. And this pandemic too isn't making it any easier for the industry. But when compared to the stock exchange industry, we can assuredly conclude that crypto is making headway. Bitcoin selling about $6,000 at a time like this is something to cheer about.

FanEagle

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Honestly I rather see this all burn to hell and never have any crypto if I can't have decentralization. The whole reason why I am here is decentralization because banks and FEDs of the world and governments all work together to make rich people richer and poor people poorer in order to keep themselves in power, they bribe each other and make each other more and more powerful by working together even more.

Even CZ himself worked with Justin Sun to take over all of steem, so we all know what he thinks about centralization and decentralization, if he had the right he would take over all of bitcoin for more profits. This is why I rather see all of crypto to burn to ground than see someone like CZ or any human for that matter to be in charge and have zero decentralization.

disconnectme

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I do like what Binance and its founder is doing in the space but to allow someone somewhere to decide what and what in the space is wrong. There are people that believe Binance uses fake volume, if Binance has been delisted from CMC when they started do you think is going to impact their traffic

Teawhalee

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It's not as if coinmarketcap is intentionally giving wrong data's. It's what the exchange give to them that they will upload . Everyone is aware of exchange manipulation so it's not a new thing that coinmarketcap will now be the one to clear it off which is why some people think regulation is needed. I hope the crypto world won't later be a one man show. It has started playing out.

Chuky92

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And what if Binance and its team starts exercising their power that it affects the idea on which coinmarketcap was built on? Am not against cleaning up bad projects from coinmarketcap if possible from the entire crypto community but think of it, who are those supporting these projects? That is to say, everything comes down to you and I doing the right thing by knowing a great deal of every project before we invest in (although we can't know all). Let coinmarketcap restructure their ideas if possible so that it can make projects and exchanges be on the right path and we will see the right things we are calling for.

palle11

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Quote from: tsaroz on April 05, 2020, 04:31:14 AM

And it's users who cleans up the crypto space not a company.

I agree on this if investors can stop buying shit tokens. I remember I have done that as a newbie. I bought a shit coin that was already going to the grave. I regretted it because as soon as I bought it, the coin never came near my buying price, it just dropped till now that it has been delisted. So doing our research before investing is a way of clean up.

Balladtony77

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Not getting your token or coin listed on coinmarketcap is a problem for your new project because ultimately no one knows the project, it isn't going to be popular without getting listed on coinmarketcap, I will be happy to see a big changes on coinmarketcap

Jannyh

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Trusted experts in the crypto ecosystem, including known enthusiast of crypto are basically waiting for May 2020, when bitcoin's issuance rate—the speed at which new units enter circulation—is expected to drop sharply. Against this backdrop, we cannot readily make conclusion whether we will face bearish or bullish times. However I think 2020 holds a lot of positive for crypto at the long run

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