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Alternate cryptocurrencies / Altcoin Discussion / Re: Is Coinmarketcap a scam?

on: January 09, 2018, 04:44:35 PM

Quote from: thurlowweed on January 08, 2018, 11:13:17 PM Quote from: pedrog on January 08, 2018, 04:44:05 PM Quote from: arnsarns on January 08, 2018, 04:40:37 PM Quote from: pedrog on January 08, 2018, 04:33:45 PM You think Coinmarketcap.com caused this dip? Why do you think that? It is easy to see the drop in their website which happened in a matter of a second. The drops are more gradual in exchanges. Also, people are talking about it everywhere: https://thenextweb.com/hardfork/2018/01/08/ripple-market-price-korean-exchange/ https://thebitcoin.pub/t/chaos-coinmarketcap-removing-korean-exchanges-in-coinprice/22179 https://twitter.com/JoelKatz/status/950242696848842752 https://www.reddit.com/r/btc/comments/7ownsm/coinmarketcapcom_no_longer_counting_korean/ You're giving too much credit to that website, it's just metrics. Much bigger things are happening: https://news.vice.com/en_us/article/59w5eb/china-is-about-to-kill-nearly-all-bitcoin-mining-operations-in-the-world I saw that there was a lot going on with that and figured it was the reason for the price drop. I'm new here and still pretty new with crypto trading and investing, but I've been in business for many years as well as Forex trading. With China shutting the mining operations down wouldn't that basically mean the mining industry would have to be rebuilt? New pools, new companies, etc? I'm not sure, but I don't understand if China is hating on Bitcoin or they just want to regulate it? this has a big impact on the future of Cryptocurrency, maybe we should create a post on this and discuss it there

Alternate cryptocurrencies / Altcoin Discussion / Re: Is Coinmarketcap a scam/fraud?

on: January 08, 2018, 09:08:19 PM

The thing that makes me worried is the influence that CMC has. I don't think it's healthy for the market that one website has such a power. At the end of the day what they do is taking average on some numbers. The whole website can be done by a first year student. They are not adding any value an yet, they have so much power over the prices.

Alternate cryptocurrencies / Altcoin Discussion / Re: Is Coinmarketcap a scam?

on: January 08, 2018, 05:59:14 PM

Quote from: Beerwizzard on January 08, 2018, 05:50:46 PM As it was already said coinmarketcap could not cause this dump by its single action. If you talk about scaming then imho it is a bit dishonest to calculate the average price index with the exchanges that could not be publicly accessed, that make market less healthy. Thanks got they were not calculating the rates fron nigerian or venezuelan exchanges that sometimes can be even twice biger than the ones from the US and EU. CMC should have done it a long time ago. I have no doubt that you are right but that's not the point here. The point is that if there is any change in the calculation they should inform people beforehand so they don't panic and wales collect their money. There is no possible rational reason for not informing people beforehand. Well except scamming them.

Alternate cryptocurrencies / Altcoin Discussion / Re: Is Coinmarketcap a scam?

on: January 08, 2018, 05:50:56 PM

Quote from: silent17 on January 08, 2018, 05:20:11 PM Quote from: pedrog on January 08, 2018, 04:44:05 PM Quote from: arnsarns on January 08, 2018, 04:40:37 PM Quote from: pedrog on January 08, 2018, 04:33:45 PM You think Coinmarketcap.com caused this dip? Why do you think that? It is easy to see the drop in their website which happened in a matter of a second. The drops are more gradual in exchanges. Also, people are talking about it everywhere: https://thenextweb.com/hardfork/2018/01/08/ripple-market-price-korean-exchange/ https://thebitcoin.pub/t/chaos-coinmarketcap-removing-korean-exchanges-in-coinprice/22179 https://twitter.com/JoelKatz/status/950242696848842752 https://www.reddit.com/r/btc/comments/7ownsm/coinmarketcapcom_no_longer_counting_korean/ You're giving too much credit to that website, it's just metrics. Much bigger things are happening: https://news.vice.com/en_us/article/59w5eb/china-is-about-to-kill-nearly-all-bitcoin-mining-operations-in-the-world Yes you are right, I think that the news about china make the people go on panic buying and not the CMC. I also see this news 2hours ago but I'm glad the price of the bitcoin and other alt's are already going back to it's original price. You are right, news like that are in the nature of the market. But even of CMC cause 1% of a change here I like responsible and wanna talk about it so the new people know that CMC isn't the best source to check the prices.

Alternate cryptocurrencies / Altcoin Discussion / Re: Is Coinmarketcap a scam?

on: January 08, 2018, 05:40:46 PM

Quote from: luckylauncher on January 08, 2018, 04:58:13 PM Well, scam is not good to tell the condition right now. Incompentently is appropriate to tell them, and why people must believe and use CMC as their standard. Quote from: sylance on January 08, 2018, 04:55:29 PM We throw the word 'scam' around way to much, to the point the word has lost all meaning. I don't believe CMC is a scam but I do think they operate incompetently sometimes. I use their site all the time but agree that removing Korean exchange volume with no announcement or warning is just irresponsible. I edited the post so I have explained why I used word 'scam'. but either scam, fraud or any other thing, they were dishonest about the only job they have. I feel responsible to talk about it.

Alternate cryptocurrencies / Altcoin Discussion / Re: Is Coinmarketcap a scam?

on: January 08, 2018, 05:27:32 PM

Quote from: webtricks on January 08, 2018, 05:14:08 PM Quote from: arnsarns on January 08, 2018, 04:27:05 PM Please let me know what you guys think about about Coinmarketcap and why people panic like that. This made me think for a while. If you also think Coinmarketcap scammed people here, what is the solution and what is the alternative? How could something be called scam if no money is involved. Well I don't consider CMC to be wrong here. The basic problem is the demographic of Crypto Investors. Most of the crypto investors are just noobs and path followers. Hardly 5-6% do real TA, rest just rely on market signals and eventually lose. We have population of investors who are ready to buy any shitcoin just on one call of 'McAfee's Coin of the Week'! I mean seriously, how could people be so dumb. Rest CMC is private site, it keep doing amendments to provide accurate estimates. It removes outlier prices regularly. This may be the same case too. If you don't like, you can stop using it. Obviously money is involved, Imagine how much money you could have made if you were CMC's staff, or image a Wale pays shit tons of money to CMC to not notice people before removing the Korean exchanges. Poor people who panic sale lost lots of money and after the dip wales show up and collect the chip coins... They are tons of ways they could have made money in this. Don't forget, this is a 700 trillion market. 10% or even 1% dip is huge and I am pretty sure so many less informed people have lost their money in this.

Alternate cryptocurrencies / Altcoin Discussion / Re: Is Coinmarketcap a scam?

on: January 08, 2018, 04:40:37 PM

Quote from: pedrog on January 08, 2018, 04:33:45 PM You think Coinmarketcap.com caused this dip? Why do you think that? It is easy to see the drop in their website which happened in a matter of a second. The drops are more gradual in exchanges. Also, people are talking about it everywhere: https://thenextweb.com/hardfork/2018/01/08/ripple-market-price-korean-exchange/ https://thebitcoin.pub/t/chaos-coinmarketcap-removing-korean-exchanges-in-coinprice/22179 https://twitter.com/JoelKatz/status/950242696848842752 https://www.reddit.com/r/btc/comments/7ownsm/coinmarketcapcom_no_longer_counting_korean/

Alternate cryptocurrencies / Altcoin Discussion / Is Coinmarketcap a scam/fraud?

on: January 08, 2018, 04:27:05 PM

I have been reading this forum for a while but I never posted here. But today's news made me say something. Today Coinmarketcap removed Korean exchanges to deduce the market cap without any clear notice in their website. This made a lot of people panic sale their bitcoins and altcoins and we experienced a huge drop. It makes me thinking why did they do that? I must be fool to think this is an honest mistake. They could have just put a notice up there in their website and avoid this but they didn't. They knew exactly what's gonna happen and they manipulated the prices. Yes, the price will go back up soon and we all forget about this, because we'll be happy with our profits. But I am thinking right no, how fragile is this market that a website can manipulate it like that. This makes me worried about the future. This is not the first time this happened. Any tiny news could create a panic among people. This proves that others are hesitant about the future of the market and that's why they do panic sale. I think the only solution is to talk about this and see why we panic so fast? Please let me know what you guys think about about Coinmarketcap and why people panic like that. This made me think for a while. If you also think Coinmarketcap scammed people here, what is the solution and what is the alternative? Edit: Maybe I wasn't clear on why I used the word 'SCAM' here. Scams happen when a fraudulent scheme performed by a dishonest individual or company in an attempt obtain money or something else of value from others. For example, one possible theory is that CMC was paid by wales to inform them about this change before hand and also does not provide others a notice. Then the price drops and the wales enters and buy cheap coins and people who panic sale loose their money. This is just an example there are tons of ways you could have made money in this. I think we should be informed and talk about scams because they are really hurting the market.

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