Bitcoin Forum

Hello crypto lovers,

CoinGecko has added a Trust score to exchanges to try to fight fake exchange volumes, do you think this can work?

https://www.publish0x.com/coingecko-publish0x-blog/coingecko-introduces-trust-score-to-combat-fake-exchange-volume-data-xwnzjd?a=GELe3POa69

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It's an interesting concept, but how are they coming up with this trust score?

I would like to know more, because this has always been an issue in the crypto world.

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I believe that it's a good concept, but what I keep wondering is how they want to make this happen because the last time I checked, this exchanges are centralized and no one have access to their back end except from them, so this would be a very difficult task since it would be hard to know which volume is real and which is fake, though I would wait and see how they achieve it when they start.

I don't know how the system works, but i will read into the article, regardless it is needed as there are too many exchanges that are claiming millions of dollars worth of trade when they simply don't have that amount and it is down to bot trading or exchanges owning accounts and moving around trades. I believe there needs to be more transparency when it comes to the exchanges as they are most centralised and we do not get to see how they work. If they were more open, it would build trust in the community.

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They are doing a good job for community and ecosystem but right now their system is not working properly.

I just check some pairs and they are not giving accurate results.

This is old news.I highly doubt it will work.
I still don't know how this "trust score" is calculated and how it can be verified that the info backing the trust score is actually true.It might be fake as well.
Fake trading volume is a problem,but the solution is peer-to-peer trading,not false trust scores.

You already have something similar on Coinmarketcap. You can check exchanges by their adjusted volume or reported volume. Since crypto exchanges are largely unregulated it is very tempting for exchange owners to have a bot do wash trades to increase their volume and thereby the listing fees they are able to demand from new coins that want to capture some of that volume.

i have always liked these other sites that didn't go the same way as coinmarketcap.com and instead have been trying to be different and fix their obvious mistakes. CoinGecko has always been among those sites that had nice features in their list to sort coins based on things that matter more than market capitalization but still it is not going to be enough because the market is still very chaotic and lots and lots of factors should be considered for every coin which makes it impossible to just come up with the best ones.
that extends to exchanges too. the Trust score they are using is good but it has a lot of room for error and if it takes off there are easy ways of manipulating it and faking it again.

I salute coingecko doggedness in fighting fake volume, exchange who can't do without fake volume will be exposed with the new development, coinmarketcap should learn from coingecko and use this method to report market volume.

I think this is a good solution to the problem of counterfeit volumes and yes I think it will work so that all exchanges are interested in presenting their real volumes as this is all reputation and it is important for everyone, but in general we will wait and hopefully see positive results.

Yes definitely it will work say 70% because tracing all fake volumes is almost impossible. With more advancement of the trust score feature, just maybe this approach will curb fake volumes from some exchanges. It's really annoying.

I don't know if it will work but doing that would certainly help users around the world. Whenever I check my ether wallet address and saw sudden changes of my portfolios worth I scroll what token or coins did it, I visit and thoroughly check their sites, market place9exchanges) just to see whether it is true because sometimes it was just fake orders that were bought, planning to pump the coin, so it is a job well done for that coingecko.

I wish it can work, because maybe only on this way the altcoins fake volume can be eliminated and see how much is the volume and the price can grow only if had real support and real trading, and i also see on some exchanges a lot of fake orders.

Coinmarketcap also should delist exchanges that will not provide real trading volumes. So why I should trust Coingecko while I can continue using coinmarketcap? :)

At the end of the day, these trust doesn't justifythe truth or reality of the matter. The exchange itself is the best entity ti report the true volume and trading stats. Unti then, we'll just argue and argue but we won't actually know what's at stake. Anyways that was a nice move made by Coingecko

i just visit coingecko to see the trust score but unfortunately, the trust score is not shown.
Is there any setting that i need to do for the trust score to show?

I like using Coingecko now, with their new features, it offers a lot of data that can help you with all your analysis on what kind do you like to buy, this is a big help for investors  I used it together with Coinmarketcap for comparison, I started with CMC and very much used to it.

in the article, it was clear that some exchanges took action by reporting fake trade volume and I think this will add to the confidence of investors to see the real trading volume of each exchange and coin,
fake trading volumes can hurt everyone because some exchanges also use bots to increase the volume of fake trades in crypto exchange.

It's needed in the crypto market, there are too many dodgy exchanges that are claiming millions of trades but really there is very little activity from users of the exchanges.

I don't know how they will actually do that though successfully as most exchanges are centralised. Great read though and a step forward, even if it's a small one.

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A good idea, I think it at least can protect beginners from scams, and ordinary users will be drawn to the exchanges with real volume.

CoinGecko is doing what is good for the crypto community. Although I'm using CMC everyday to track the price in the crypto market. Trust score will give us an idea on what exchanges that have real volume and stay from pump and dump exchanges. I've been trading for a while now and i experienced wash trading and it's common in majority of exchanges.

I think filtering fake volume is not an easy task and there are many different ways these exchanges use to fake the volume for example buying and selling themselves using dozens of accounts, bot trading is another tool where these bots continuosly setup buy and sell orders just to show that there are hundreds of transactions and trades being performed daily.

Actually, we don't know whether it will work or not because what we need is that the trust of CoinGecko in giving the Trust Score for the exchange reviewed in this.
However, the effort from CoinGecko in order to decrease the face exchange volume should be appreciated, at least, it can add the trust for COinGecko itself and use it as the representation or guidance.
Now, many exchanges use the fake trading volume to gain more members using the exchange. They make certain fake volume and it is deceiving.
So, I only hope that this way can be one of the significant ways to decrease the fake trading volume in the exchanges.

For me, it is still less anticipating fraud in trading volumes because this is still unclear in real work and can it be held accountable for all the values given? I think it's still ineffective because it can still move without anyone's knowledge, I hope there is a better concept in anticipating volume forgery, let's look at this concept to what extent it can be useful.

Excellent idea, this must be a long time ago to help users to avoid problems. Some exchanges when you selling low cap coins volume just disappears. 

yeah it works, it making we are here can see the rael data trading volume.
but coin gecko is not popular like Coinmarketcap and making this feature is not seeing for all people.
we need to believe that true data to support marketcap to grow to better.

Coingecko popularity have increased since cmc begin paid listing, this new feature of exchange trust score will further boost their website.
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I think will not really help us. They still not accurate at the moment. You know about bitebtc exchanger ? CoinGecko already mark and give warning but trader still use to trade. This fact tell us trader not really use CoinGecko for know about market reputation.

This would only help if the user uses coingecko to identify the actual exchange volume, having a fake volume doesn't stop real traders to use their exchange, all it do is give the traders confidence, in your case the trader doesn't know the exchange is faking their volume.

I am not sure because it needs to test before it can combat with the fake volume data that is happening on other exchanges. If they can serve the real data, then I think the trader will use it for their analysis and that will help them to trade following the data itself. But still, coingecko needs to stay neutral and not choose one big exchanges because that will not be good for themselves. If they want to combat the fake exchange volume data, they need to be ready for anything that might happen later.

It's great to see that they are trying to combat the exchanges and their false volumes. Whether this will work though is another thing, as i don't know how they can successfully check their volumes.

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yes, it's nice to see when they take action against it. of course it's very tempting for the exchanges, but basically it throws a bad
impression on you and also makes for a bad reputation. nevertheless, exchanges like to work with fake volume ::)

It's a great thing to combat the false amounts in theory, i just don't know how it works in real life. Regardless, it's a great step forward.

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unfortunately, fake trading volumes that are hard to detect for outside observers may even turn on exchanges, even not by their will.
Idea of the coingecko platform is quite good, I like it