Bitcoin Forum

Coinmarketcap is definitely one of the most popular crypto website which is being visited by thousands of people everyday. According to statistics, CMC has about 800,000 visitors everyday.
CMC is the industry's best tracking service for market cap and volume but last week Bitwise(a cryptocurrency index fund provider) claimed that CMC is faking most of the exchanges' volume.
CMC then took a notice of this and then made the below statement on twitter:

"We are listening to all our users' feedback, and we are working hard to add a suite of new metrics so users can get a fuller picture of exchanges and crypto on the site."

This has fairly proven that CMC is indeed faking volume but the good news is that they will soon be launching new metrics for the investors to derive their own readings from the given statistics.
Don't you guys think that if a crypto giant like CMC could indulge in such activities then we should probably not trust any of the websites/exchanges and various crypto services.
If things like these keeps happening how would the average person trust the crypto economy. It would also be hard for crytpo traders/investors to make accurate judgement/predictions on their investments.

Source: https://cointelegraph.com/news/coinmarketcap-will-alter-listing-metrics-after-latest-fake-volume-research

Update: I seriously did not expect to have so many posts on this thread and I must say that the arguments/discussions made in the posts below were quite remarkable.
Reading the posts I could say that there were mixed reviews from many users. Some say that this is not new and it has been going on from a long time while some were surprised to know this.
Some people don't think that CMC is faking volume while some say that they are definitely faking it. Some say that it is the exchanges that are providing the fake volume resulting in CMC inflating the price while some say that CMC is corrupt and is faking volume just for money.

My conclusion is that CMC might be involved in such activities but they say that they will improve the metrics. While we should definitely not completely reply on CMC, we should wait on what changes they bring on the metrics. It depends on us on how much we trust CMC and we should decide on our own and derive our own statistics when it comes to fetching volume of various coins.
Also, a user posted this site "https://openmarketcap.com/" as a better alternative and I think it's worth a try. Let me know in comments what do you guys think of OMC.

this is not news, I believe that more than 80% of people have already witnessed the strange phenomena of the coinmarketcap volumes, so in my opinion most people already know that coinmarketcap does this. I keep using coinmarketicap to get access to majorities of Bitcoin ANN Thread of the Altcoin for being something that facilitates me a lot

Well then I guess I am late for the show. I will anyway keep the discussion open so that we know what people think of CMC doing such activities.
I think this creates a bad reputation for CMC and being a crypto giant it should not have been doing such stuff.
Why not showing the real statistics  at the first place so that investors don't deceive in making their investments.

Nowadays, I don't rely on CMC for exchange volumes but rather only on coins that I'm following and see whether there are drastic changes on their 24-hr volume and pricing. For volumes, I go straight into an exchange that I frequent and check the order books and market depth. This, IMO, is better than having to rely on a third-party service such as CMC to do the checking for you. Besides, a lot of people know that they've been doing this for years now, and it's literally not news anymore for them to fake volumes.

from the dawn of time as soon as people (mostly newbie investors) started relying on some centralized service (a website, some group, signal channels,...) to get their information from instead of using the exchanges directly, they themselves begged for receiving fake biased data in return!
all of these websites are also making money, one of the ways they can make money is bribes. in other words to get paid to list a coin, not list a coin, change ranks, fake trading volume of a coin or even exchanges,...

I think that will happen again in the future as we see that the CMC continues to add new coins in their list. But with the new update that soon will release, we could hope that they don't give fake volume information on every exchange.

But as Slow death says, I still using CMC to gather some information about many coins and even more, I think I could get that information although I still need to search on other sources.

Maybe they have the real statistics of every project, but they don't publish to the public.

I don't know but they have a bad reputation since 2017 when they started accepting scam/ponzi advertisement on their site. They have been called out but didn't do anything about it. So I don't they have reputation to protect anyways, everyone is really trying to make money out of this market so CMC is no exception. I just used CMC just to jump check the current price, biggest gainers or losers and then do my own research.

We should all boycott coinmarketcap.  They have been faking volumes and listing scams on their website for years.  They also have scam service ads running on their website.  We need to hit them in the wallet and stop using their site all together.

It wont be easy to boycott them, in fact there are still many people visiting CMC everyday compared to other similar service. I do believe 90% visitors knows about this faking volume by CMC but they still use it for personal purpose like checking price of their assets.

Surely they're accepting faked information, not propagating it themselves. I presume they didn't care enough to bother checking how credible the places they list are until enough noise was made.

It's unfortunate how much power they've ended up with. You can tell people to shop elsewhere all you like, most can't be arsed.

I don't think they are doing it for markets manipulation, the should be doing it because they take the value from different exchanges and take the average price. Is like Bitcoinwisdom, they have 2 sources to read the price (Bitstamp and bitfinex) but if they calculate the price from there, then that price isn't an absolute truth because we have some other exchanges with a big volume who can manipulate the markets too.

you can start boycotting it but I do not think it will make a dent. I for one is still using it just because it is the one place I can easily check on all of my coins. If there is something I see in it, I will make deeper research. CMC is good for a quick look. You do not make decisions based on the volume shown on the sites but it can make you make an action to do something more about it.

You cant do that easily. Even though I knew about the fake volumes, I'm still using it to look for prices of different coins. it is much easier to use CMC to look for prices of a certain coin.

They can fake their volume but that does not mean anything because you do not trade on CMC. You trade on exchanges and there you can see the real volume. CMC is good as a reference only and that's it. It will be foolish if you act only on what you see on CMC. You should do your due diligence and make good research.

What would CMC get by faking the volume? Theyre just misleading people. Especially those who have been monitoring the volume and movement almost every hour.

Faking volume and endorsing , advertising scam coins/projects is nothing new for CMC.

What i like about coinmarketcap is the legit of the links on their website.
Not all the coins are there but mostly, you can check where they can be trade and their L/H price.
But the news is good adn i hope they will be better in the future.

The mainstream society is skeptical about cryptocurrencies and everything around it, CoinMarketCap faking volume is not good news. Many people visit the website to view the performance of their favorite coin

CoinMarketCap isn't faking volume. It's the exchanges that are doing it for themselves so they will be ranked higher and get more traffic through CMC.

With the level of fake volume that coinmarketcap make the users to see, coinmarketcap still remain the most reliable among it contender. Coinmarketcap is the most useful platform when it comes to checking coin details.

Why would CMC fake their volume in the first place, they're basing their statistics on the average of different exchanges so I don't think that they would sacrifice their credibility for this issue instead those exchanges with bad reputation must be the one who take responsible for faking volume.

Tightening rules would help but wouldn't guarantee an accurate statistics though but I think they can minimize these fake information by just delisting those unreliable exchanges, if CMC is truly faking volume then maybe they're are too lazy to take action with this matter or just receiving money from these bad exchanges.

CMC having fake volumes and CMS faking volumes is two different things. From what I read, it looks more like coinmarketcap did not undertake effective measures against the cases of exchanges making fake volume reports. Is CMC guilty? Yes, because it misrepresented information to hundreds of thousands of visitors. However, CMC is not caught on faking the volumes, it's not caught on being bribed to favor some exchanges over others etc. And the company reacted promptly, promising to look into the issue and improve ranking methods, so I'd still trust CMC over other similar services.

This is no longer a new the coin market cap just like every other cryptocurrency related market analysis are not always accurate and at that my be manipulated by any one as long as it plays along with the rule. What do you expect from a centralized cryptocurrency site it will always get manipulated.

I don't think that they are faking the volume because what would they get if they do it?
And I think it is up to us to do the digging they already gave us the information we don't have to rely too much on them.
To be honest I think they are doing a pretty good job keeping track on all of the crypto and all of the exchange.

Recently they launched a human assessment tool. All sure must have been created to collect projects that want to enter the site faster.

I stopped using coinmarketcap a while ago.

They are corrupt. For whatever reason, if they list the exchanges with fake volume like coinbene, their intentions can't be good. They are probably getting paid by those scammy Chinese exchanges for listing them.

Whether they are getting paid or not is secondary, first of all they are clear in providing information from different exchanges. It is our responsibility to examine whether the respective trading volume is there for the respective cryptocurrency and then we need to get into trading. If you're not satisfied you can check with coingecko, Blockfolio and so many related services are available.

Imho all Coinmarketcap does is take API data from exchanges and remove volume data which is gained through 0fee or other types of incentivized trading. If anyone is faking volume, it's exchanges themselves - https://chainbulletin.com/blockchain-transparency-institute-report-over-80-of-top-btc-pair-trading-volume-is-fake/ (https://chainbulletin.com/blockchain-transparency-institute-report-over-80-of-top-btc-pair-trading-volume-is-fake/)

Not a new thing and we have seen several incidents that CMC do fake out some various volumes and besides I'm not relying too much on this site.
I do barely visit this when checking up some altcoins on where it is listed but if you do rely on its real-time price then it wont really be that accurate.
You should always have the habit on verifying prices in all sorts.

This is the latest non Coinmarketcap site - https://openmarketcap.com

I'm not sure how it's calculated but it certainly checks out with the alts I'm familiar with. No one's going to give a shit of course.

Each exchange will be having different price, and coinmarketcap just make an average and broadcast it. There is no need of providing any fake volumes, because surfing the respective exchange we can easily find the exact trading volume. These fake volume is a big issue which always keep the users under dilemma whether to believe them or not. Probably the entire network being decentralized we cannot get perfect solution for these, everything moves on trust.

CMC is really not a good site to depend on, because they are really working for the money as well so having a fake volume is really possible. Though CMC is the basis of the value of some coins, we can still confirm it on the exchanges and better to review the coins or exchanges that you’re looking for before you believe on that numbers in front of you.

Knowing them for such deed for long time brought to mind their credibility in the cryptocurrency world. Most at time i do visit to know which of the altcoins are doing well inspact their fake volume. Coinmarketcap, should be put on ignore list as they hinders most of the  potentials investors in the industry.

I think there’s so many accuses like this before so i believe its possible for them to manipulate the exchanges or volume so they can attract more investors. Don’t depend on CMC, not all coins that is listed on that site is good to buy. You still need to make your own analaysis to be safe at all time.

I can't say the data of the coinmarke is fake!. but coinmarket in listed some of the stock exchanges datas is fakes. for example there is a exchange. and the volume of trading does not reflect the reality. Inflated  but coinmarket can't do anything about it.

I wouldnt doubt they are manipulating the numbers on their site.
There are other website which do the same thing as they do. Maybe comparing those numbers with theirs will show results of what is close to the real numbers they should be.

Anything is possible since the space is grossly unregulated. However,I do believe that exchanges rather than coinmarketcap itself that is faking volume. It is always helpful to get a secondary opinion from other similar sites like coindex,coingecko ,coinlib,etc

At least they promised that they are going to change the metric, and it's good that they have been exposed, now we'll see in the coming weeks what kind of new metric are they going to implement and are we going to see the real volume, I still support coinmarketcap I hope they kept their promise.

But... How? If I'm not mistaken cmc does pull data from exchanges API thus these are the numbers provided and well the blame is certainly not on cmc. Big exchanges fake volume to stay relevant and attractive for arbitage, small one doesn't. Still it would surprising to see the real by any chance

coinmarketcap is global, and crypto prices registered in coinmarketcap come from every market graph. maybe the coinmarketcp cannot be the standard price of a crypto volatility, but at least the coin price available in the coinmarketcap is always close to the actual price. and until today, coinmarketcap is the first choice for every crypto lover.

They have a choice as to what they list and don't. A brain damaged rock could figure out that many of the places they list are liars posting worthless shit. Some places may bolster figures built largely by real users, but plenty of others are nothing but made up numbers on a screen.

This really didn't surprise me, after all it's indeed a money thing. Otherwise, don't depend everything on cmc, just use it when looking for an exchange. Along with this news, cmc should rebuild again their credibility even though it's hard, or else everything will turn out shit.

The proof being quoted is still not that reliable. But I wouldn't be much surprised if that is the case. Their revenues have gone down lately, due to the falling crypto prices (they get their advertising revenue in Bitcoin or Ethereum on top of other avenues), and running a website with such fluid data requires a lot of resources and money.

We saw that CoinMarketCap.com, site No. 1 on the cryptocurrency market, in my opinion they deliberately share fake information completely fake. Hundreds of crypto currencies from the CMC list suffer (or win) from this action. Many stopped trying to influence CMC, so they corrected the information, and instead sent unpleasant posts on their forums about this issue.

unfortunately most people don't think like this and use coinmarketcap.com for analysis purposes. i have even seen a couple of applications that were written to analyze the data on CMC automatically and use that for trading as a signal,...
as for their "credibility", as long as they have one of the highest traffics among the similar coin/exchange listing sites, they will not change at all and will only get more corrupted every day.

Coinmarketcap is the best site how to know about some coin listed or not on exchange market, I am not seeing coinmarketcap always publish fake news and information because I check always have correct information.

Thats right mate,as i have heard this same issue from friends and colleagues couple years ago so I believe that this faking claims from individuals to CoinmarketCap is truthful and legit.being the most popular site for reference from us all CMC can be affected by RedTapes and bribery to fake some volume ,actually i have lose my trust in CMC and now checking prices to different exchange for more reliable sources

I, as a coinmarketcap user, was very disappointed with this because I had proven that the site only provided fake data and insiders (staff / employees) from Coinmarketcap used this site to benefit from trading. CMC staff / employees know which coins to pump and buy as many coins as possible.

Fuck yeah. This one is pretty accurate with the trade volumes. Checked btc's volume and didn't see any fake volume Chinese scam exchanges.

Good riddance Coin Scam Market fucking Cap.

The question is, do we really get a accurate picture of the full volume of transactions that are done, if websites nitpick some big sites for their data? I know you can configure some sites like Preev.com to show you the average price of Bitcoin based on your personal choice of exchanges that are pre-configured. Should a site like CMC not operate on the same principle, so that people would get a more transparent view of the most applicable market that are more suitable to them?

CMC has been under suspicion for many years, so this is not new news for most people that used their data.  ::)

They didn't really provide fake data, only relayed it. Some exchanges were gaming their volume (https://cointelegraph.com/news/new-report-warns-87-percent-of-cryptocurrency-exchange-volume-is-potentially-suspicious), and Coinmarketcap didn't up their game to filter those out. They're going to address it in the future, apparently:


So fake volume would still be reflected in the site, and it will be up to the user to judge their authenticity. This is better than arbitrary whitelists/blacklists in my opinion.

I don't know how Coinmarketcap works, but if all the listings and numbers are gathered automatically through the exchanges' APIs, then I wouldn't blame them. Otherwise, well, they're paid shills who shouldn't be trusted.

Quite disappointing we have trusted Coinmarketcap as our best resource, but now are exposed, but I already had a habit with coinmarketcap, I can't stop to look at their stats daily, but since they issue an statement, I will give them another chance I'm sure they will now post the real stats and volume.

These things do happen so long as they are at the control of man, there are bond to be a certain level of manipulations. It's sad though because CMC is a quick stop over for most crypto enthusiasts like me. But I am not really perturbed because I use it majorly for monitoring recently added cryptos, not necessarily their prices.

The number of exchanges listed on Coinmarketcap is too large, and they use the data given by the exchanges for statistics so virtual transactions are difficult to detect and categorize. So there are lots of operations done by bots and exchanges creating virtual exchanges to increase the number of transactions. This is difficult to control so it should not say that CMC is not good.

Let me translate this for you:

"It seems our method of artificially inflate price and trade volume has been exposed so we're planning on launching a new version with which we will be able to hide the real volume of all the shitcoins we're getting paid to list even better in order to lure newbies into buying scamcoins".

When I see shitcoins with 50 daily transactions having a volume of tens of millions on exchanges launched a week ago it's pretty obvious they are getting paid to tolerate fake data.

CMC is not purposefully faking their numbers. It is the exchanges that do not prevent the bots from faking their volume. Only coinbase and Gemini can give more accurate figures

CMC is part of the scam. They could have ignored those exchanges but they didn't.

Look at this picture:

https://i.imgur.com/8V0Mdv9.png

Anyone with a half brain can see that something is wrong with this picture.

Saying that coinmarketcap was innocent is just plain dumb.

To give them a bit of credit, they have excluded volume from certain exchanges in the past and have done so for a pretty long time.

https://i.imgur.com/K8LHeqa.png
https://i.imgur.com/G4mN9LW.png

Now, there's a lot of fake volume that still slips through, but I think it's a bit harsh to think that CMC deliberately chooses to publish faked volume.
CMC has nothing to gain from 'beefing up' these stats (at first sight at least), I think it's just a question of having the ability to properly investigate these incidents.

I could be wrong though, perhaps there is some form of collusion going on between CMC and certain exchanges.


Edit:

@mindrust

Sure it could be that they're 'part of the scam', as you mention, but where is the proof?

The only thing they need to do is to get rid or delist bogus exchange that shows inflated volume so they can demand higher listing fees for project developers.

If they cannot delist those exchange then excluding their volume from the overall  total daily volume will show the near real figure of daily trading volume of the legit exchanges.

I think this is just FUD. because Coinmarketcap is a trusted website. Things like this will make the price of the altcoin is down.

If it's true then it will lost their good reputation. Also it will become very bug chance for other websites to take it's place. Websites like BLOCKFOLIO is good for now. In this early stage of cryptocurrency adoption reputation is number one. Every cryptocurrency related entrepreneur have to be honest and skillfull.

The job is actually hard on their part. It is not them faking the volume but whatever they are getting from those exchanges. And to be honest, I really do not rely the exact figures from CMC. It is just a guide for someone who wants to know the picture of a specific coin or token or the overall crypto market. You should not really expect them to be accurate in numbers.

I know that coimnarketcap credibility is so good that it is often used as a benchmark for many crypto initiatives as a comparison in determining the direction of the crypto market. I believe that coinmarketcap can provide clear information and the right information.

When i have joined crypto btc 2 years back i heared that is demand and supply concept. I am btc exchange my self btc sent up and up I was also buying selling alot as most of mlm leader come to me and buy alot btc. then all of sudden it drops and buying selling is not stopped its still the same and every day new investors and crypto user are injected but the btc is still drop. There are always issue like this on exchanges and currencies. Like cmc may be doing fake stats to get banners revenue etc but this should not happen

I Think it’s one of the bug that happens there. Probably it might not be intentionally so I won’t say they are faking it. But most times some figures don’t tally on it because of some price differences across different exchange. And more so it might be the data submitted to CMC by the project team which they are yet to update. In this space things are easily noticed for anyone that is observant.

The proof is in front of your eyes.

I posted it above.

Here I made it more obvious for you.
https://i.ibb.co/b1McZ6W/DS.png
this is coinmarketcap(dot)com

And this is how it should look like:
https://i.ibb.co/m51vXf9/ccd.png
https://openmarketcap.com

Are you saying that CMC is listing those scam exchanges without knowing that they are  scams?

I guess it is not a FUD and there are many reasons why. CMC have been faking volume from a long time and many users have already experienced it as per the posts made above.
Cointelegraph is the best cryptonews site according to me and they avoid posting articles leading to FUD.
CoinMarketCap themselves made a tweet saying they will improve the metrics and this is enough proof that it is not a FUD because if it was a FUD then CMC would not made such tweet.

I think since the early of this year coinmarketcap is not up to date anymore. specifically the market volume.
But if only want to check prices, it's still ok

Fake volumes in trading. Fake users in the milions of wallet addresses. Fake viewers of forum threads (yeah I realise I add 2 or 3 views when I refresh or come back to check for updates). So many fake things in a world of fake news.

I wonder if my consolidation transactions are also considered fake. How about people who perform obfuscation and mixing trails. Genuine justification, fake volumes.

But okay, new metrics, all customisable by the user? Sounds like a win.

It is difficult to boycott because they have been in the business for a while and they have made name for themselves. However it is quiet difficult nowadays to detect scam project because I strongly believe such a reputable site like cmc will not deliberately list a scam project on their website. take for example, here on BTT, a lot of high reputable member have lost their respect just for wrongly promoting shady project and so also cmc is not left behind. Cmc still remain the best out of all similar website.

by the way, we are all aware of the news that almost 95% of the existing exchange platform make use of BOT in order to increase trading volume and if exchange platforms are doing this then I am not surprised that site like CMC is also faking volume. Alot of projects are looking for a way to make profit from this hard crypto period and they can do anything possible to make listing on CMC. A long time ago I was told a coin must have a particular trading volume before CMC can list them on their website but this is no so as many new coin are always looking for means to get listed by taking the back door

It is not coinmarketcap that is faking trading volumes I guess. They are not the ones who will do that because they do not really care about it in the first place. They are just publishing the data which is released. It is the trading platforms themselves that faked the volumes. They want to attract traders that is why they would want to appear to them that their platform is where the traders are doing their job. And hopefully the potential trader will also go there.

Forget about CMC, you should use https://coinmarketbook.cc/

Buy support is the way to go.

I am not aware of this website until you posted this one :D thanks @paashaas this is really helpful in checking how deep is the current buy support and a good metrics if there's an impending price dumps.

it's not new, I've known this for a long time. Fake volumes and bots are on each exchange, so I don't really care about this. actually this is not the main problem. the problem now is fraud and it must be resolved immediately

CMC is just faking its volume. I believe that I read that news for some time. That's what you call doing business, they are manipulating the statistics of the volumes in exchange so that people will visit that exchange.
Maybe this thing will be my alternative.

Though CMC has been manipulating this exchanges volume for a year now many people still use this website. Simply because it's popular and there are a lot more features than the volume itself. Though volume checking is what people came for. I wish these metrics is customizable enough.


I like this too.. seems decentralized approach for me. But for real data on "Popular" exchanges, I would go to OMC seems data is easier to rely on.

I particularly never use it. Before I used more, but I use another "more reliable" app even though I can not see the cmc

Why are some of you saying it's a scam. They aren't scamming they are publishing the data given to them by the exchanges. They are allowing you to see it all together and compare. They aren't responsible for being lied to by the exchanges.

I don't understand why most of the hate is directed towards CMC instead of the exchanges who are lying to their customers.

It's sad to see that even big websites like Coinmarketcap have started to fake volume just to earn some extra money. But sooner or later that probably had to happen because nothing can live forever. New websites offering the same features and statistics have already appeared and soon they will take the lead as the world finds out what Coinmarketcap really is.

There has been a lot of complaints about related problems on coinmarkcap. I  suspect they are getting different prices from different exchanges with wide price difference. Coins affected by this may be newly listed coins

after careful review of both the cmc and the omc informations as regards coin market, i noticed that coin prices are the same in both sites, both the market cap on both sites are different, on cmc, the market cap is 142 704 699 usd while on omc it is 136 279 554 usd. thats about 0.47% differential. With such information is deceiving and unprofessional to make decisions about coin and token. who are we to trust now? cmc or omc?

What would probably be a good idea is for CMC to start excluding data from shady exchanges, and for the industry to adopt standards recognizing companies that abide by ethics.

That market cap difference can be easily explained since omc isn't displaying the same amount of coins and in case of shitcoins is ignoring fake numbers from shady exchanges that list dubious prices.

Let's look at an obvious scam, minex:

https://coinmarketcap.com/currencies/minexcoin/#markets
https://openmarketcap.com/cryptocurrency/mnx-usd

That shitcoin has a market cap of 1 million but is traded in a volume of a few thousand on shady exchanges known for listing coins based on the price you pay, not how good your coin is.
So in reality, its marketcap is 0, as it's a useless scamcoin.

Let's go and check another one:

https://coinmarketcap.com/currencies/nectar/#markets

Claims a 27million  marketcap, has a volume of 800$ a day on one crappy exchange.

As for who to trust...
Isn't it obvious?

I will be adding more options now so I can get the real picture, maybe I'm just ignoring that coinmarketcap is involved in faking the volumes, but now that is confirmed I will have to add at least three more marketcap sites for price comparison.

Actually coinmarketcap is not faking volume, the exchanges coinmarketcap taking data is faking. But they are letting them to do so.

If coinmarketcap threats the exchanges with unlisting, fake volume would decrease drastically.

Without a doubt exchanges are paying them off.  Coinmarketcap has already shown they are solely after money after accepting money to promote scam ads.  We should encourage users here to stop using CMC and move to any of the other alternatives. 

All exchanges create faking volume. That will not end, as bots will not disappear. But is that really a big problem?

Just keep the advertisements turned off:)

You're not late for the show buddy because there are still some people who are yet to be aware of the fake volume listing done by the capital market. However, this why I am not moved or feel consider when I heard the story about some exchange site fake volume listing acouple of days back.

3 weeks ago I spotted a massive fake sales volume on Coinmarketcap, and took some screenshots of it,  I don't think it was Coinmarketcap who was behind this fake volume, but one or more of the exchange that reports volume to Coinmarketcap was behind it.
 A total of $15.000.000.000 fake bitcoin volume was added, making the bitcoin price  drop almost 9% and the bitcoin dominance fall down with 2%

I made a topic about it here:

https://bitcointalk.org/index.php?topic=5117389.msg50038384#msg50038384

https://i.ibb.co/F5xTxM2/ccpp.png


https://i.ibb.co/8MdPc8Y/coin4.png

I just read an article a few days ago about the fact that over 95% of the volume on cmc is fake.
Only the bigger ones like binance, kraken, coinbase etc. have actual volume

First of all, resize your images, no-one wants to scroll an extra 10 seconds to get to the bottom of the page.

Second, the fact that CMC lists supposed untrustworthy exchanges isn't a big deal, they can list them and exclude the volume & prices of their averages.
As I've clearly shown in my screenshot btw. Yes, they should do this for more exchanges, but that doesn't mean they shouldn't list them at all.

Also, maybe you should cut down on the rudeness, I was entirely friendly to you, so there's no reason to act all passive-aggressive like you did.

I also think that CMC is just reporting what the exchanges shows.  They integrated an API to automatically transmit data from exchanges so it is not their fault if they show exchanges' fake volume of that coin.  CMC is for general information regarding token/coins, the sites, the exchange and its volume.  So it is not CMC's fault if the exchange volume of a coins is fake.  

Other than the faulty summation of market cap, I do not think they are responsible  for faking a coins volume.

your not alone boi  because i do also heard alot of bad feedbacks about cmc that said to have a fake volumes  .


no i dont think so  . what about other coins on these exchange ? coins can be manipulated , this can be also the caused of fake volumes  .  and lastly , unpopular coins and unpopular exchanges are the ones that prone to fake volumes its because they want to attract users to buy/trade on thier platform/coin  .

by the way , there are other alternate sites to cmc . i bet they provide more accurate stats  . one example is coingecko  .

they have done a lot of shady things to pump some shitcoins and make profit, they have been even paid to list or not list coins on their platform simply because they have a lot of power among newbies who keep checking that site for prices instead of exchanges and think of a coin is in their list at certain rank it must be a good investment!!!
so it is not unimaginable to see them actually fake the volume they are reporting on their website too if it has some benefits for them.

They could have ignored the exchanges with fake volume. I am pretty sure they can customize their API like that.

Coin Market Cap is not innocent. Like Pursuer said above me, They abused their power when they were a monopoly.

I am using https://openmarketcap.com now.

The numbers on OMC might still not be right %100 but I know they are the closest. The stuff you see on CMC is %95 fake.

It is an open information regarding coins and tokens, the exchange listings, sites etc.  Removing any information about the said coins or token is unethical IMHO (who likes censorship?).  It is up to the people to judge if it is fake or not(exchange volume),  or probably they can make a disclaimer about it.

You are mixing up terms. There is no censorship.

It is not about censorship when you are banning fake exchanges which spread fake information.

CMC can still promote those scam exchanges. Nobody's banning CMC from doing that.

But if they keep doing it, they'll lose their userbase. It is the same thing happening with Roger Ver's bcash. People just stopped giving a fuck about it.

If you look at this picture and see no wrongdoing, you are also part of the scam:

https://i.ibb.co/b1McZ6W/DS.png

Take a good look.

Coinmarketcap is largest market place in the Virtual world. Huge trader gather in this market. But i think some time it shows fake volume . After all it helps traders, it is true.      

Coinmarketcap is not the one faking the volume but the bogus exchange that is listed on their platform.

I am also thinking the same that how they can be benefited by faking the volume. Anyway they do not have data  all the trades happening in the world. They should remove bogus exchanges from their site but what is their motivation in doing so?

There are lots of issues in regards to the dishonesty of CoiNmarketCap to their supporters and traders as this 2018 report that i get from other post shows how untrustworthy CMC was https://www.blockchaintransparency.org/ and I believe that there are many proofs that will come out sooner,and for sure they will lose their popularity in the near future.and besides there are some competitive exchange that can replace this

I wonder how soon is that soon, I'm still checking coinmarketcap and wondering am I seeing the right volume right now, are they implementing their new metrics? I have no option but to look for good alternatives, I'm following a lot of coins and I want to see the real picture.

Maybe  you are mixing up things, anyway each on their own, I am not here to make a debate with you nor convince you that CMC is legit, I am just saying that the feed from the CMC exchange volume is from the exchange where these coins or token is listed, if you omit these information, where does the people go and look for the information, if they wanted to sell or buy these coins or token? I am seeing CMC as good source of information on where I can buy or sell the coins or token and that's it.


add on,

or .. they can outline the volume from "untrusted" exchange and separate it from the "trusted" exchange to show more details about the volume. 

You are not here to debate me yet you are still quoting me. I wonder why...

CMC is taking its data from bogus exchanges.

They could have ignored those exchanges but they chose not to, OpenMarketCap.com does. That's why CMC is losing its userbase to OMC now.

They can have fun with that.

Having a healthy conversation does not need a debate, just an exchange of point of view :).  Anyway, the problem why it seems shady is that as  you said, they are taking volumes from less trusted exchanges, which I think is fair since it is an info from the market exchange, though they should be more discrete about it at least tag those volumes and separate it from the trusted exchanges volume.

Exactly. News sites are often repeating fake news sent to them by anonymous sources. They just want to be the first to publish and have no way to check the information, especially when most companies ignore crypto journalists and don't issue statements.
We could say that news sites are deliberately publishing fake news, but somehow they are getting less shit than CMC is, despite the fact that CMC has really no way to verify data.

right, somehow explained it but I don't think there's any point in faking trading volumes because with normal data even though they still get big benefits.
but we do have to remain vigilant because there is a possibility that something happens.

As far as I know Coinmarketcap statistics is following the trading volume from the exchanges itself so if those exchanges is faking their volume then it would also affect the statistics in Coinmarketcap, the best way to get away from false information is to find other source or website that is providing same services like Coinmarketcap and differentiate them by yourself.

I use coinmarketcap to seen new tomen or coins came from the ico's project but I do not use It to follow my trading job i read and analyst the token or coins volume where i trade.
But this is a really really sad news coinmarketcap is people knows one of the most realiable source for all about altcoins price value and volumes.

No one makes his investment decisions based on CMC statistics
It's enough to quickly know my currencies rates
But considering it's a big site it's never appropriate to allow false information to be published.

of course cmc is a fake and a scam, all numbers and all volume is just made up. the card house is falling into itself again

CoinMarketCap wouldn’t be doing this intentionally . I hope am right as this is a bad pointer that will affect their credibility in this space

I would agree with you. Many of the exchanges either artificially inflate the trade volume with the zero fee schemes, or claim fake volumes. This issue is more severe with the exchanges in East Asia and Southeast Asia, when compared to the American and European exchanges. That said, the reputation of Coinmarketcap has gone down over the years, as a result of errors in their data.

I think that the volume is a very serious issue, Cmc does not include volume of some Korean Exchanges, or Localbitcoins, which are quite representative and should be considered, but for this there is not yet a tool that has the consolidated volume, however There are some pages that show some volumes but in beta version, I have usually been very guided by the volume that Bitfinex presents, since I have discovered that most Exchanges adjust according to this Exchange (It is only under my experience).

Faking the volume, I don't think they do.
Maybe not providing a timely information is correct, what we can only notice is the price of BTC since it's the most popular coin.
The way they get the price of BTC at a given period could be based on the average and it computed based on their program.

Mind you that there are exchanges for exchange that are trading higher than the average price of BTC, and some could jump due to lack of volume or whatever reasons. In my experience, since I cannot get a timely data from the site, I go directly to exchange where I am trading.

Data presented by openmarketcap.com are a far cry from those presented by coinmarketcap, (compare 1.5 billion$ for the last 24 hours with 32 billion $ for coinmarketcap), it seem a logical reason why the entire market is easily manipulated with just relatively few millions of dollars in buy or sell order for bitcoins

I am also not sure and I also want to know how can someone be sure about the stats they show on their website ?

Imagine if all crypto users oriented to CMC in observing coin volume could be imagined the impact if indeed CMC made a mistake or provided manipulated information. I expect cryptocurrencies to continue advance if conditions like this would be very worrying that it would worsen the crypto image in the community. I agree if there are developers who participate and compete in providing information such as CMC. so that the information provided is not manipulated and monopolized.

Common thing to happen for new exchanges which they would like to take advantage of newly crypto adopters and traders as they expect that they are knowledgeable with this. But they don't know that we are all aware for this trick, they can't fool us nor getting much victims. We can't neglect that there will be caught from their trap but only those you aren't particularly wanting easy money.

CoinMarketCap is one of the websites that I often visit every day in my free time to check the information about Altcoin-related volatility that I hold. I know that CoinMarketCap is making exchange prices for Altcoin, but there are lots of exchanges with real volume listed on each Altcoin exchange list. I believe we can still trust CoinMarketCap.

the volume of many exchanges is also false .. I think that the way to calculate or to do the metrics in coinmarketcap is not the right one, we must look for better metrics to calculate the cryptocurrencies ... that other platforms exist ?, I have seen several options , but they have almost the same CMC data

All big exchanges and most mid and little ones do wash trading. CMC just reports it. Except for the volume, there are also other indicators, say, ratings, that may help in taking your decision.

I am not sure coinmarketcap is doing that or is that a delay in capturing the live data, yes anything can be done if they are paying them to do so, if that is the case their credibility will be at stake and the possibility of new exchanges to fake the volume is to attract new customers and advertisers, since there are plenty of exchanges people will look for the exchanges with a good volume to carry out the trade smoothly, other than that there is no benefit.  ;)

They are just basing everything with the exchange so  same results will appear as cmc also gaining their data's from what exchange gives them, it's easy being manipulated as bot and the exchange itself can fake  things around, needs to be very careful before believing with any reports that showing around
the market make your own assessment if you are going to invest.

You shouldn't trust the data provided by one website anyway, exchanges both new or even more reputable ones faking volumes more than ever and getting busted by authorities depending on that country's law constantly, south korea for example caught couple of exchanges faking a huge amount of volume either it was for all of their listed tokens/coins or some specific ones, bithumb and upbit are two examples of exchanges that has been caught by south korea government.

Always have a review when you do tend to make an investment.Verify if those numbers are true or just simply being faked out with price spikes. CMC do displays
average volume on overall exchangers or markets that it listed and when a certain exchange manipulates or do have that pump then it will normally affect on whats being
shown on CMC.

I have check many time coinmarketcap always have correct information about price and transaction volume based on how coin price in exchange market, always have the same price, volume and how many exchange support some altcoin.

I never observed anything of such, and maybe because I wasn't really expecting much because of the generally poor market value. Besides I seldom check the coin market cap at this time.but I don't think coin market cap should be involved in such.

I also noticed this from coin market cap I felt it was probably from my internet connection the rate at which the prices where fluctuating where quite not normal.
But that issue must have been settled by now because this are very normal of late

There are some errors on the part of the site especially if the market is very active.
Like what is happening now, BTC is moving up and some altcoins are also moving good, sometimes it creates some discrepancies but I don't see it as serious one.

I noticed a lot of wrong data from coinmarketcap, many altcoins in the market exchange like binance or livecoin have larger trading volumes but they are displayed small in coinmarketcap, I'm afraid they are not neutral anymore.

I only enter on cmc to check prices and nothing more as more and more people are talking about the fake volume on cmc. Besides this even if the volume would be fake there are a lot of new money entering into crypto currencies.

As of today the volume of Bitcoin on CMC reached $17 Billion US dollars does it mean that they are faking it? ???

You've got a great point about what you have just said bro and I think every investors/trader should really check the exchanges that they are using, be vigilant and don't rely upon any websites with biased analysis completely. Those kinds of crimes on the crypto world that you mentioned are really happening and I think it is hard to regulate that behavior at this point of time but maybe in the future, it can be fully regulated by some independent committee about crypto regulations.

Don't get it. Can somebody explain to me, if you are given set of data to calculate with, won't your calculations be based on the data provided?, if yes, so be it to coinmarketcap but if no, explain. Coinmarketcap calculations are based on their data extract provided by exchanges and based their judgement on their data. Nothing is be fake here because "garbage in, garbage out". They are not faking volume according to OP.

I think we should elimination them,but there are still many people visiting CMC everyday compared to other similar service. I do think most of the visitors  still use it for personal purpose like checking price of their trading news.

I don't think coinmarketcap faking volume, exchanges are doing. But coinmarketcap is helping them to do so. I wanted to report an exchange with obviously fake volume but there weren't any option about that.

That's the point, the fake start from these exchanges that try by all means to fake volumes. Recently, had visited some exchanges, behold what i saw was different from what they display as their trade volume. What's the reason to fake trade volume? can't get that. Volume or no volume, investors will always approach the best exchange to trade. 

I myself am not new to this either, just like in the social media, fake news and everything but here in the cryptoworld some of us already know what CMC are doing, faking volumes are one of their huge cases back then and after for a while I thought that they've stopped doing this, and if they're still doing it then I don't think its going to be fully reliable.

This is a more accurate description of the faking in the market.


How are they able to help the team in faking the volume, they just report, it's their system that are functioning .



Like OP is doing, you can write your own thread here together with your proof, this would help the community to know the real standing of a specific site.

If they were involved in faking volume, would it not affect the price as well? I think users who do have continuously watching over cryptocurrency movements might have so much to say about this. They could probably be the one to really confirm such activities. But given that there might some statements by CMC that strengthens such belief but it might be just because of some discrepancies to their reports and the statements they have made thus not actually confirm they are faking it. It is hard to directly say without any clear evidence. There are so many cryptocurrency in their list and it would be so hard to update all because not one cryptocurrency is very stable. Sometimes volumes and prices moves up or down from time to time.

if there is another good option except coinmarketcaps then it will good, but i dont see any good website after this one
actually every project will go there to promote their coin/project. some of them using coinmarketcaps as their advert plan

i guess they are not involved . they only sync the stats of all the exchange online but this fake volumes do have an effect on the price of cryptos because people tend to use cmc as a guide before they decide if they will buy a crypto coin or not  .


yes that is already happening . alot of user are already debating on this thread  . not only on this thread or on this forum but they attack cmc all over the web .


i believe on what will cmc say because i know cmc for a long time  . cmc is the number one source for crypto information  . for sure others will also believe .

You have correctly corrected your post. In fact, the wines in fake volumes are not in the CMC. CMC simply posted information about the volumes that the exchanges provided them, combined them into general volumes and placed them on their website. Their only fault is that they did not verify this data. But after the crypto-community repeatedly complained about the fake volumes, the CMC management decided to implement its own calculation on its website to protect its reputation as one of the best and most reliable cryptocurrency tracking websites.

More pressure needs to be put on CoinMarketCap and similar websites to remove the fake volume. We need to establish a trust-based system in this industry to rate companies and exchanges.

They are already in process of correcting this fake volume issues, You can visit CMC Twitter account and they had been posting and asking people how can they improve their system.

Thats it,we are all first learned here to check prices in CMC not just to find out how they’re manipulating the volumes,i hate to say this but now i lost my affection to Coinmarketcap and will check on other exchanges that is more reliable and trustworthy

I have seen some small mistakes in marketcap some times currencies coming from no were and reaching top 10 position immidiately they correct it . But i dint know the fact they are faking volume . But their reply shows they are working on metrics . Whatever it is till now COinmarketcap only the resource which i can trust for my holding prices accurately or near to accurate.

Getting the accurate price for each coin works best in coinmarketcap, But in getting the real picture in the current market condition of the overall cryptocurrency market you cannot simply rely on CMC due to massive wash trading of the fake exchange platform but you can use this one = https://openmarketcap.com/exchanges/difference

Why instead of forcing the coinmarketcap to take out the fake volumes ,lets force thw people here to transfer to other legit and trustworthy exchanges for that reason that CMC wasn't fair sincd then,this happens not just yesterday becausw for how long many issues regarding this was brought out but not having evidence, and now that there are this links from reliable sources i guess its tims for us to forget CMC and find something new

There is a lot of competition now, as I know that coinmarketcap is a website that can be used as an indicator. but some bad news causes a doubt. I don't know whether we have to trust coinmarketcap or not. let's continue to pay attention and we analyze whether cmc does provide an inaccurate information. if it is true, let us leave it and if it is not correct, let us find out who gave the information.

I wouldn’t give too much importance to this fact. In the crypto world, indicators are almost always overstated - crypto exchanges overestimate trading volumes, ICO projects overestimate the amount of investment, and so on. I think these are all the costs of decentralization, and we need to put up with it.

Yes, although everyone knows about counterfeit volumes on coinmarketcap, people still use the coinmarketcap as a reference in determining a coin. Even though they display fake volumes, in my opinion it's not far from the original volume, it can still be made as a consideration in determining good coins

There are many traders who are consulting with CMC since it is the most reliable site when it comes in market cap and volumes of cryptocurrency. If it provides fake volumes, then it vanish long time ago. But look at it, until now it is the trusted site and used by million of traders who want to deal with the market.

Maybe you should get your facts right before creating a topic on this base on limited information, because this could possibly dent the image of the company you write about, as i understand, coinmarketcap don't have a direct access to any exchange except the information that was presented to them which they work with it, if there is any party to be accuse of fake volume, it should be the centralized exchanges we have, lots of talk going on about exchanges manipulating their volume and bot trading, so technically exchanges are to blame not cmc,
i think it is time for all exchanges who are involve in manipulating their volume to be called out, because their actions are slowly dipping a whole in the market, some top 10 exchange are clearly faking their volume with total disregard :-\

Coinmarketcap only statistics the volume of transactions exchanged by all statistics and displaying them. Many exchanges are trying to inflate their trading volume so CMC cannot control these activities. CMC also provides notes * when you view the trading volume of each Altcoin to provide detailed information. You can see more details at CMC to better understand.

It is obvious that most exchanges are faking the volume to trick users, but one thing that I am yet to understood is the involvement of Coin Market Cap. Did they have their own inner metrics or dependable on what this exchanges provided? If the later was the case, they have no case to answer but if they have in-house metrics that were implemented, then crypto space is getting mess all around but sanity will surely come one day.

It is because CMC generally issues aggregating prices, ticker data which are not providing per-market+exchange charts/data. Some of their competitors like https://coin.market/ provide such trades data, so you can calculate how much volume was for 1 second - so you can also check how many trades were to get, for example, btc/usd in a selected price range on all exchanges or on one exchange - it allow to easily avoid such faking of trade volumes from shady exchanges.

Fake volume issues with exchanges were the one that made the cryptocurrency market experience a massive downtrend. This happened when the Bank of China made an inspection over the entire exchanges. This took place as a result of China experience some downfall in the economy. Once after the same things got regulated and growth took place gradually. Now once again there is more issues getting exposed over coinmarketcap. Recently they made an update to eliminate the same from their side.

Well, I don't think CoinMarketCap will intentionally fake volume for a certain coin because a project like Docademic MTC experienced the same problem when it was first listed on CoinmarketCap. The team wrote back to CoinMarketCap and the wrong volume was corrected. Apologies finally came from CoinMarketCap because they made a mistake with the volume.

Says who?
it is not the best, their web is slow and there are several competitors who are equally good or even better! coinpaprika and coingecko

These sites are not responsible for faking volume but they are responsible for listing those exchanges who do fake volume.

I wasn't even aware of coinmarketcap doing this until I see this topic. I regularly check coinmarketcap for cryptocurrency prices and volumes. If this is real, I am just shocked now. I wouldn't expect a thing like this from them.

To take any decisions my prominent measure is taking a look on Coinmarketcap to understand the Volume, price, trends. This news literally assuring an unsafe practice to rely on Coinmarketcap as we know CMC is a giant. Do we also have any other references like CMC?

CoinMarketCap deserves more credit and commendation but not a tarnish of image. CoinMarketCap has been working so hard to provide cryptocurrency users with lots of update on coins listed on the platform. What CMC needs now is an upgrade in their systems which will provide a fast update on pricing and volumes within the shortest possible time whenever the changes happen on the various exchanges. Anyway, I prefer the exchange prices more than CMC because CMC only gives an average of the prices on the various exchanges of a particular coin.

To my own understanding about the volume alteration , I dont think coinmarketcap is helping the situation but adding to it cos many exchange claimed to the top 20 with nothing to show for it and as a well organized market cap site they should know better before they follow suit it updating those fake volume , latoken for example dont even near top 100 in their dealings but claiming to be top 10 exchange with no activities and real volume , this are the main issue they need to address in other to.make this crypto clean but adding to its problem base on no regulation is required .

if it is true that coinmarketcap are faking volumes of project in their website that won't be good for investors who rely on the information they get from cmc to make investment decision, i think it is best to be transparent in what they display on their website.

What is the meaning of CMC to fake volume? Explain to me

although maybe the news is very true and can be trusted, but until now I still use https://coinmarketcap.com to be a reference and I consider to be no problem.
even if by chance there is a problem again at https://coinmarketcap.com I try to https://www.coingecko.com.

I believe that the main thing for crypto enthusiasts today should be the ability to sell their cryptocurrencies at any time and the current volumes on the exchanges are sufficient for this

Well, for one thing, they can be bribed by an exchange for not checking the volumes provided by it. How about that? An exchange with higher volume looks more trustable, especially for the newbies. Add better looking rates and voila, they are registering and trading there.

Nowadays my perception has changed on the exchange volume and I cannot trust cmc for everyone exchange volume and i am not depend it. But I'm following cmc for currencies and I always try to capture the volume 24 hours, I try to take a hard chance of getting a hard volume so cmc I just need to see the volume of the currencies.

in some cases, some of the coins listed on coinmarketcap do have fake volumes. The aims is to make people more interested in the coin. because of this, it is very important to always check the market directly compared to seeing the volume in the coin market, because in some cases too, even trading bots can make the volume in coin marketcap increase.

Lucky for me, I only Use CMC for checking the price of the top coins today.
Judging by this fact I no longer trust them when making a trade decision.
But we cannot change the fact that CMC is good for other purposes too
they also have the list of exchanges where you can Buy/Sell their listed coins.

Just because there's several competitors doesn't mean the other is better right? There must be a standard of what we call as "best" and that standard could be anything such as :

1. How popular they are
2. How reliable they are
3. How fast the site performance
4. How the data provided

And many more factors!
So far coinmarketcap is the only one who have almost every factor that people like about.
Even though this negative news hit them they responded politely and fairly as stated in the OP.

Those exchange that faking volume and listed in coinmarketcap does listed in coingecko too , but yeah I would appreciate coingecko who has a trust score feature in it even still beta.
CMC must make a move very soon indeed otherwise people might leaving them.

There was already a series of news that CMC is aware of the problem and they are trying to solve it.

From the last: https://blog.coinmarketcap.com/2019/08/30/updated-ranking-methodology-new-liquidity-metric-soon/

So, they are working on it.

And I don’t think the problem is so serious as to leave the CMC.
In the end, each active cryptouser should be able to distinguish between the fake volumes from the real ones, at least based on liquidity.

Well this ain't news anymore coz CMC is really doing these even before. I still use it though but most of the time, whenever i want to check the volume and pricing of the coin i'd rather check it on the exchange itself coz that is the accurate info. Coingecko is good too for checking volumes and pricing.

Of course there are so many companies always use some tricks to make their business successful. But i think CMC is still useful for Crypto industry. Hope you guys agree with me

You think that coinmarketcap is doing us any favor by providing those details? There are other sources of information which you could also easily get from your exchanges, if I am complaining of exchanges faking volume, then why should I rely on coinmarketcap if they are doing the same thing, So, they have no excuse at all not to provide accurate information.

I would rather prefer that they provided accurate information and make me subscribe by paying than to claim you are providing accurate information for me, and then giving me a wrong detail because you probably want to please those who are paying for them to being certain position on the list.  Have you ever asked yourself how CMC is really making their money since users are having it free, and do you think we still have any single soul in this world that would just create a system for it to become free, and still maintain it every day like it is an office?

The issue have been reported since early 2019 ... I don't know if cmc learn thoroughly since then. They just make an announcement regarding this last week indeed and we can see now that the exchange ranking changed quite significant than before and the metrics it seems still in beta.

Not a fast move but we can see there's a good gesture over there.

Of course it's critical to put a lie statistics on top whether it's intended or not... people become more and more smart these days  ;D

Nowadays, the phenomenon of fake trading volume on CMC happens frequently in many different currencies. I don't know what the purpose of this is, but it annoys me when there are lots of coins with a volume of more than 1m $ / 24h but the orders are bogus, bot and fake.

Most of the sites showing you visitors fake their volume and why won't they do that ? They just want people to come to their site and see how reliable it is and unfortunately  they measure reliability with respect to the number of people who are interested in their website instead of making it more secure and improving it..

Therefore it is just a matter of time before someone busts them and they just say sorry and do that again .