Bitcoin Forum

Let's drop the fight between centralized and decentralized for a minute, we need to find way to clean up crypto space, hear me out

How good will it be if you can just tell random people to go to Coinmarketcap and pick coins on there? So good right?

I know crypto is freedom because of decentralization but the present problem can't be solved if we all give in to decentralized because of the freedom in crypto space, this is where I bring in binance exchange and team

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

How good did this sound to you? Isn't this a very good way to start doing some clean up in crypto space? Binance CEO (CZ) can be crypto trust saviour, really the trust was lost since 2017 and things need to be restored.

You hate my post or you like it? Drop your thoughts and comments below, stay home and stay safe, good luck 👍

Blockchain and cryptocurrency are a revolutionary tech. What type of coins are needed or not needed would be defined by users and the market. The market is again influenced by various factors and different users would have different preferences.
The coins would also be contested depending on the genre, it would not be valid to compare bitcoin with Ethereum.
Whether Binance be trusted or not too depends on the users. And it's users who cleans up the crypto space not a company.

Your points are not bad or way off, but come to think of it, as individuals we have different views about several tokens.

For example, what is your definition of a bad project ? because in this space, we have seen projects with no product have a very high and reasonable volume and vice versa.
Trust in crypto currency has not dimished, because the total volume has increased over time, from 2017 till today.

And for my opinion, i think i am worried about binance monopoly, though it is helping the crypto space.

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

Since many users likes following coinmarketcap it will make lotta sense if coinmarketcap is wiped clean of scam projects and fake exchanges with fake volumes, I believe many can't do without coinmarketcap even new developers trust coinmarketcap ratings

I think the term trust by OP means investors don't trust new projects anymore, it same thing with coinmarketcap too since they are now listing new projects anyhow

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

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

No trust was lost when we trust the math. CMC lists everything that cant be compared. So the ranklist by marketcap is totally pointless.  Even Bitcoin have inflated marketcap because of Satoshi coins that never left wallets were they got mined to. To compare marketcap of an ICO with a PoW coin is total idiotism.

It's too early to say anything because the deal has just been closed, we need to see how things will turn out, what new features and guidelines, Binance will implement but you are right Binance can make something happen that will clean up the industry of bad projects and bad exchanges.

Once we see Binance roll out the guidelines and we see new features on Coinmarketcap then we can make an opinion.

I am hoping that way that Binance will be able to improve the CMC and will eliminate on the list the exchanges that are faking their volumes.
they are the reason why people loss their interest investing in the market because they are used by scammers to run and IEO and list in their exchanges.

I do believe there are many scam exchanges out their and they are faking people.
So when CMC will eliminate them in the list, they will try to improve their exchange as not listed in CMC means their future is quite cloudy.

Decentralized crypto is a principle from the beginning of the creation of a crypto. and in my opinion all the newly created crypto are currently trying to make their coins decentralized like crypto kings. but seeing the current conditions that are only used to create and multiply money by users, I think the most expensive price is the most important thing than having to think about when the coins will be decentralized like bitcoin.

FYI CMC has 240 million traffic users in a month and that's a lot. When all of the scam projects will be wiped out by binance and that will bring crypto to the old ecosystem that there was no scam market and coin again. This must be done to restore crypto market will be going back again to the best way again.

If binance does something with the coinmarketcap, and that thing is about cleaning off the bad projects, then that step will be good for us. People will have a place to choose the project as their investment because they can choose a good project from that site. That will give less time for people to find what project suits them. So far, people having difficulty choosing a good project because almost all project say that they are good. At least, if that happens, people will be comfortable to find the project, and I am sure that they can save people's time to search for the right project.

I disagree with you, users can not do shit only big players and companies like Binance can rise to the occasion,   let's take this forum as an example,  tell me how has the users in this great forum been able to clean the scam project in this place? Least the moderators can do is red tag that project which has no absolute effect on the activities of the project both here in the forum and outside the forum,
I think with Binance stepping in as co-operative of cmc (if they are not taken over completely) it will do that place some good, there will be a total overhaul of cmc, make it worth investors time again, because they have the power to do so unlike the cmc users who can only complain.

Well, I am not bother by the take over. Coinmarketcap is a centralized platform and need some good ordering.
If I were to order things on the platform, the well decentralized projects will be at the top while the centralized ones will be at the bottom. But I will develop a Blockchain standard for cleaning up the space. I will probably filter out the good projects and leave out(not delete) the substandard/bad ones on a different section. Decentralized projects will be probably labeled same as centralized ones.

By the way, relying too much on these centralized platforms not good for cryptocurrency long-term. There are lots of ways they can be abused and used against real projects.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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