Wrapped Bitcoin (WBTC ) No:1 In coinmarketcap website. | Glitch?

bL4nkcode

copper member

Activity: 2142

Merit: 1305

Limited in number. Limitless in potential.

Quote from: btcwish1 on January 17, 2021, 04:21:22 PM

They are now showing Incent (INCNT) as Number 2. This CMC became so buggy after Binance took it over...

Due to recent new changes, looks/UI, I guess and it's affected with the development. If the error/bug is only the circulating supply then I guess the cmc is responsible for that but if it's related to the price I guess some of the exchanges where cmc basing its prices is the main culprit here, or I say someone is manipulating there.

btcwish1

full member

Activity: 401

Merit: 108

They are now showing Incent (INCNT) as Number 2. This CMC became so buggy after Binance took it over...

Husires

legendary

Activity: 1582

Merit: 1284

Why do people trust a currency that claims to be Bitcoin and tries to have the same value?
There is nothing that prevents them from creating millions of WBTC and they have not any thing to make 1 WBTC= 1 BTC.

#whatever the cost of converting from dollars to ETH, TORN, it is much less than the cost of being pegged to WBTC.

this bug will cost more.

btc_angela

hero member

Activity: 2632

Merit: 544

Yes, it was a glitch, I think someone message me as well to look at cmc, but nah, I said something that is not right and obviously it was corrected by cmc. In any case though, we all know that bitcoin, being the prime mover will remain on top those alt coins are just there for their hype, so there's nothing to worry about. And this is not the first time though,
https://www.coindesk.com/coinmarketcap-says-data-glitch-boosted-its-crypto-price-numbers

cryptoaddictchie

legendary

Activity: 2072

Merit: 1315

This isn't the first time happened even before. CMC still have some errors on data management. Honestly I'm using coingecko more often than coinmarketcap now.

Nothing special about the wbtc aside from being used on defi nature since its literally a bitcoin in an erc20 token type.

When I see the glitch that's really shocking like oh wow the world is suddenly being gazed. But thinking about it, it's just bitcoin on a smart contract, so technically everyone minting it are btc holders and those who already had.

For defi users this is a good way to use your btc on an easy way since cross blockchain on defi app will probably take time.

BigBoy89

legendary

Activity: 1512

Merit: 1011

Quote from: btcwish1 on January 14, 2021, 10:44:59 AM

Wrapped Bitcoin (WBTC ) seems to be number 1 in cmc website. is this a glitch? what is going on?? Huh

Of course, it's a glitch - check the market cap numbers.

432 quadrillions market cap - there isn't so much cash on this world. Imagine buying bread with 1 000 000 000 USD Cheesy

BrewMaster

legendary

Activity: 2114

Merit: 1292

There is trouble abrewing

glitch or not, this is a good example of how wrong ranking based on market capitalization of altcoins really is. there is absolutely nothing that can stop the centralized WBTC team to create 11 trillion tokens (or a much smaller one that doesn't raise suspicion) and submit that value as their token's circulating supply (like what most other cryptocurrencies such as ETH, XRP, etc have done). that way they easily take the #1 rank in a fundamentally wrong ranking system.

meanwhile you can never do that in a real currency like bitcoin.

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

There is no way that it is not a glitch. 600 000 times more WBTC than real BTC is not something that is possible to happen. Its back to normal now. It was just a circulating supply glitch.

$korp

newbie

Activity: 3

Merit: 0

Had to wash out my eyes for a bit after waking up to make sure I was seeing things right lol. Market is up 48327140.65% because of it on Coinbase so that's weird seeing that. It just got fixed now from the looks like.

Upgrade00

legendary

Activity: 2030

Merit: 2174

Professional Community manager

Quote from: btcwish1 on January 14, 2021, 10:44:59 AM

is this a glitch? what is going on?? Huh

Yes, it's a glitch. There appears to be an error in the circulating supply which led to the inflated market cap of $432,949 Trillion currently.
To confirm it really is a glitch, check the rankings on other coin trackers, or check the top icons on CMC, the total cryptocurrency market cap is still at ~ $1 trillion, and Bitcoin still has a market dominance of above 60%, these contradicts the figures being shown for WBTC.

Edit: The glitch has been fixed and WBTC is back to 13th on the ranking - https://coinmarketcap.com/

btcwish1

full member

Activity: 401

Merit: 108

Wrapped Bitcoin (WBTC ) seems to be number 1 in cmc website. is this a glitch? what is going on?? Huh

Another Glitch 17/01/2021:

Incent (INCNT) is number 2

Topic: Wrapped Bitcoin (WBTC ) No:1 In coinmarketcap website. | Glitch? (Read 194 times)