What is the solution about CMC fake volume..?

Aying

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Quote from: mindrust on November 05, 2019, 12:48:34 AM

I try to use openmarketcap instead of CMC whenever it is possible. CMC has become a place where Chinese scam exchanges advertise themselves on. They say they don't want to miss any coin/project/exchange on their platform and refuse to not list the fake volume exchanges and I have the right to not use them to get the truest information. Use openmarketcap.

I will try to use that openmarketcap too. but for now we can't take any action to this issue? everyone still had a bad experience on cmc. for me I wasn't bother it anymore because I use coingecko on finding better project. cmc still had the top 5 exchanges and I still use to trade anywhere there. if cmc improve more and remove this fake volume it more reliable to the users and other old users that disgusted of cmc fake volume will back. it need more trusted projects to be list there to attract newly knowledgable users. what do you think it?

Reid

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Not maximum people, but some people only and some users here do the same thing as you do.

But for me, it aint CMC that I visit first. It is this forum first if there is something new. This is my news portal of course.
Then I go to my exchange. It depends what coin you are holding.
If that is unavailable in Binance then create a new tab and open the other exchange, whatever it is.
That way you would know what is really happening.

jostorres

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There is nothing much that you can really do about that because that is the way they are making money, if they dint accept money to comprise for all these people they lost at top, how do expect them to make money, so you really cannot stop coinmarketcap form that, we only need to start shifting our attention now to a more trustworthy data generating center that will give us the accurate coin statistic that we need because I also believed too that coinmarketcap is allowing some coins that have fake volume to climb the market, the only way they have not replace bitcoin from its first position is because they know they cannot since we don’t even need data to know that bitcoin has the largest volume and the number of transaction that is being traded everyday cannot be comprehended.

Cherylstar86

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Quote from: wajik-tempe on November 05, 2019, 12:41:24 AM

Quote from: Barbut on November 05, 2019, 12:24:41 AM

Quote from: LouVandetta on November 04, 2019, 11:48:44 PM

Don't trust cmc just like that. Check the exchanges too. See if it's a real volume or not. Sometimes for some alts or exchanges they were using bots to fake the trades. So it could have a higher volume and all.

I've been using cmc only for when I'm looking for a certain alts and where the exchange they're in. So double check everything first.

Don't trust anything on the internet just like that! Every service is trying to make money and they will do anything for money, whoever paid them for something they will do it. CMC was accused of manipulations, they even admit some things. I use CMC just for the first information about some coins, we can see markets, basic info about some coins, but for deeper research, I use other sites.

I think it's not the cmc fault that showed fake volumes on those exchanges. But the exchange itself manipulated the their trading volume with bots, so the cmc is just detecting exactly what has been done and it's impossible for cmc to seperate bots trading with real trading.

Many computer wizards will able to do such fake volumes. I believe on those fake things out there in CMC since I experienced those things in which I expected to have a great volume on the tokens I received from the bounty I joined asking many questions to those developers but they have nothing to do about that fake volumes in which in the end some investors have doubts on those bounties.

el kaka22

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There is really no solution because people are getting really good at this "fake volume" thing these days. I have been involved with a coin before and they gave us a trading bot that did minimum requirement trades for 2 minute intervals, so when you look at the trading book it looks like every 2-3 minutes there is a trade, the moments are random as well, it is between 2 and 3 minutes but it could be 2:04 or it could be 2:32 or 2:47 whatever they are random.

Hence, it looks like real trading for everyone who looks at it, there is absolutely no way to figure out if it is real or not. Now, think of this but for 50+ pairs, they have millions of dollars worth of volume for real looking thing that CMC could never understand if real or not, you can't stop that.

arwin100

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Quote from: Apened on November 05, 2019, 12:44:24 AM

Quote from: princerepon on November 03, 2019, 12:34:33 PM

My morning starts with visiting CMC (Coin Market Cap). It's not only me, maximum people in this forum do that too i guess. But my thought is how much trust able CMC for trading or knowing a new exchange or coins..? I mean couple of shit exchange sometimes make top in CMC. People will easily confuse that which exchange or coins are safe investment for that kinda fake volume. So my question is...

1. How can an exchange create such a fake volume..?
2. What is the best solution for this problem..?
3. Are CMC authority take any steps for those problems yet..?
4. If they'll not take any steps will it be a good idea to ignore CMC and find some new Market Cap website like CoinGecko..? (Though i don't know how much trust worthy this website also)

Please feel free to share your thoughts.

-TIA Kiss

Best Regards
-Prince

Well, its too hard to answer with a solution because we didn't even know exactly in what they are lacking into. If ists jist an issue about fake volume. I think they can't get the live volume in every exchange minute per minute because it is fluctuationg or they have some other way to calculate the volume. So we if we need or want to know the exact volume we check it on our own in the exchange that we want to know. We can't blame cmc for that fake volume and they need to explain it for much better understanding.

Well I think we can do a simple solution on this since we can decide for ourselves if we believe on those exchange or not and since there are so many reviews already placed here maybe it's best for us to leave those exchange and future coming. We should stick on the current exchange which is already running strong today. And actually we can blame CMC for that since it's their negligence to list those exchange who provide a fake volume and it can cause harm for newbies if they see that on their site.

mindrust

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I try to use openmarketcap instead of CMC whenever it is possible. CMC has become a place where Chinese scam exchanges advertise themselves on. They say they don't want to miss any coin/project/exchange on their platform and refuse to not list the fake volume exchanges and I have the right to not use them to get the truest information. Use openmarketcap.

Apened

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Quote from: princerepon on November 03, 2019, 12:34:33 PM

My morning starts with visiting CMC (Coin Market Cap). It's not only me, maximum people in this forum do that too i guess. But my thought is how much trust able CMC for trading or knowing a new exchange or coins..? I mean couple of shit exchange sometimes make top in CMC. People will easily confuse that which exchange or coins are safe investment for that kinda fake volume. So my question is...

1. How can an exchange create such a fake volume..?
2. What is the best solution for this problem..?
3. Are CMC authority take any steps for those problems yet..?
4. If they'll not take any steps will it be a good idea to ignore CMC and find some new Market Cap website like CoinGecko..? (Though i don't know how much trust worthy this website also)

Please feel free to share your thoughts.

-TIA Kiss

Best Regards
-Prince

Well, its too hard to answer with a solution because we didn't even know exactly in what they are lacking into. If ists jist an issue about fake volume. I think they can't get the live volume in every exchange minute per minute because it is fluctuationg or they have some other way to calculate the volume. So we if we need or want to know the exact volume we check it on our own in the exchange that we want to know. We can't blame cmc for that fake volume and they need to explain it for much better understanding.

wajik-tempe

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Quote from: Barbut on November 05, 2019, 12:24:41 AM

Quote from: LouVandetta on November 04, 2019, 11:48:44 PM

Don't trust cmc just like that. Check the exchanges too. See if it's a real volume or not. Sometimes for some alts or exchanges they were using bots to fake the trades. So it could have a higher volume and all.

I've been using cmc only for when I'm looking for a certain alts and where the exchange they're in. So double check everything first.

Don't trust anything on the internet just like that! Every service is trying to make money and they will do anything for money, whoever paid them for something they will do it. CMC was accused of manipulations, they even admit some things. I use CMC just for the first information about some coins, we can see markets, basic info about some coins, but for deeper research, I use other sites.

I think it's not the cmc fault that showed fake volumes on those exchanges. But the exchange itself manipulated the their trading volume with bots, so the cmc is just detecting exactly what has been done and it's impossible for cmc to seperate bots trading with real trading.

Barbut

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Quote from: LouVandetta on November 04, 2019, 11:48:44 PM

Don't trust cmc just like that. Check the exchanges too. See if it's a real volume or not. Sometimes for some alts or exchanges they were using bots to fake the trades. So it could have a higher volume and all.

I've been using cmc only for when I'm looking for a certain alts and where the exchange they're in. So double check everything first.

Don't trust anything on the internet just like that! Every service is trying to make money and they will do anything for money, whoever paid them for something they will do it. CMC was accused of manipulations, they even admit some things. I use CMC just for the first information about some coins, we can see markets, basic info about some coins, but for deeper research, I use other sites.

Pamadar

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Quote from: Ararbermas on November 04, 2019, 09:01:26 AM

Relying on CMC is not safe mate because sometimes they are not updated in what is happening in some of the projects listed on thier site. . Wherein for example there is a scenario happen that can affect the volume. So be aware! If i were you always try to search in google for updated results because in fact there are some good exchange nowadays where you can find some certain volumes of the coin wherein even you are not yet registered on the site, what i mean you are able to view all the information of the coin without further do.

You should not relied everything with one site unless you are trusting the data that they are publishing. Most traders knew that in order to get better information doing deeper research is very important. There's no need for rushing things out and failed after but instead, do a much complete data research and collect every information that you can gathered before you will assume what to do next.

LouVandetta

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Don't trust cmc just like that. Check the exchanges too. See if it's a real volume or not. Sometimes for some alts or exchanges they were using bots to fake the trades. So it could have a higher volume and all.

I've been using cmc only for when I'm looking for a certain alts and where the exchange they're in. So double check everything first.

PLATO

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Quote from: buwaytress on November 04, 2019, 10:09:19 AM

I really don't get the outrage at CMC. They're a centralised service, they've given their service free, shame on anyone who uses their data, or anyone else's data, as the gospel truth and the final word on anything.

Do I use CMC? Sure, it's a quick overview of some things, they're accurate enough to satisfy my curiosity, and you know what? It's rather reliably helped me see markets for some coins, and where Bitcoin's priciest (and vice versa).

It's a free service, and they have an agenda. Big shock.

All data at CMC is good but fake trading volume is something that CMC could not do during this period. If CMC doesn't have a specific solution to fix this, shit exchanges will always rank high in this market and that something no one expects. In my opinion CMC needs to be more transparent because this is the site with the largest daily visits and if that altcoin is not updated at CMC, that coin will soon become a shitcoin.

teosanru

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Quote from: princerepon on November 03, 2019, 12:34:33 PM

My morning starts with visiting CMC (Coin Market Cap). It's not only me, maximum people in this forum do that too i guess. But my thought is how much trust able CMC for trading or knowing a new exchange or coins..? I mean couple of shit exchange sometimes make top in CMC. People will easily confuse that which exchange or coins are safe investment for that kinda fake volume. So my question is...

1. How can an exchange create such a fake volume..?
2. What is the best solution for this problem..?
3. Are CMC authority take any steps for those problems yet..?
4. If they'll not take any steps will it be a good idea to ignore CMC and find some new Market Cap website like CoinGecko..? (Though i don't know how much trust worthy this website also)

Please feel free to share your thoughts.

-TIA Kiss

Best Regards
-Prince

Exchanges generally have highly accurate programmed bots which work by stacking huge order walls on both sides using fake money. Then these bots try to hit their own orders than hitting orders of real customers. Even if orders of certain real customer is matched and immediate order on the other side is matched too. This would lead to just a minute say 1% loss for the exchange but would generate a lot of buzz and therefore new traders would join the exchange generating fees.

ashmodeus

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Quote from: princerepon on November 03, 2019, 12:34:33 PM

My morning starts with visiting CMC (Coin Market Cap). It's not only me, maximum people in this forum do that too i guess. But my thought is how much trust able CMC for trading or knowing a new exchange or coins..? I mean couple of shit exchange sometimes make top in CMC. People will easily confuse that which exchange or coins are safe investment for that kinda fake volume. So my question is...

1. How can an exchange create such a fake volume..?
2. What is the best solution for this problem..?
3. Are CMC authority take any steps for those problems yet..?
4. If they'll not take any steps will it be a good idea to ignore CMC and find some new Market Cap website like CoinGecko..? (Though i don't know how much trust worthy this website also)

Please feel free to share your thoughts.

-TIA Kiss

Best Regards
-Prince

oh guys, you make a simple problem be hard.
don't look to another exchange/coins raising quickly,
just focused to exchange/coins what u choose on the beginning.
and you will be safe as well.
because, its like a common problem on crypto world about manipulation or something like that.

buwaytress

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I really don't get the outrage at CMC. They're a centralised service, they've given their service free, shame on anyone who uses their data, or anyone else's data, as the gospel truth and the final word on anything.

Do I use CMC? Sure, it's a quick overview of some things, they're accurate enough to satisfy my curiosity, and you know what? It's rather reliably helped me see markets for some coins, and where Bitcoin's priciest (and vice versa).

It's a free service, and they have an agenda. Big shock.

rijaljun

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Quote from: riso2015 on November 04, 2019, 08:52:06 AM

They don't think about it because they have already been paid, Every project is free to ask anything to them because if you have paid CMC then the volume of your coins can be manipulated. My suggestion is better you not only check there, but you also have to check into various similar sites.

Are you trying to say that CoinMarketCap is involved in creating fake volumes?

Oh god, Where can I find about this information?

zeze18

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Quote from: MURONDI on November 04, 2019, 09:30:25 AM

the exchange of fake volumes will reduce coinmarketcap's reputation, Coinmarketcap should act immediately to remove exchanges with fake volumes, exchanges with fake volumes should be reported immediately so that they no longer operate.

It won't reduce it's reputation because CMC is already did what they should did which calculating realtime the volume of the exchanges transactions. The problem is from the exchange that can't handle the bots transactions and make the volume faking a big result. And sometimes the exchange itself placing bots on their exchange so their exchange looks big

MURONDI

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the exchange of fake volumes will reduce coinmarketcap's reputation, Coinmarketcap should act immediately to remove exchanges with fake volumes, exchanges with fake volumes should be reported immediately so that they no longer operate.

NeuroticFish

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Quote from: princerepon on November 03, 2019, 12:34:33 PM

My morning starts with visiting CMC (Coin Market Cap). It's not only me, maximum people in this forum do that too i guess.

Mine doesn't. While I check the price (too) many times a day, the actual volumes don't matter that much to me.
But I don't day-trade.

Now about your problems:
There are plenty of 3rd party websites which may do a better or worse job in the matter. A link to them was already posted.
But (and this is what I feel it's missing) depending on the method an exchange uses to inflate the volumes, in some cases this cannot be noticed easily (or at all).
For this to be checked properly 3rd party audit would be needed, which nowadays doesn't happen (or it's not focused on fake volumes).

Topic: What is the solution about CMC fake volume..? (Read 543 times)