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