[2019-2-3]Coinmarketcap Under Attack for Failing to Delete Fake Crypto Exchanges

[Vladdirescu87]

An irate Reddit user damned the website claiming that it was helping pump exchanges which displayed phoney volumes, which primarily had no significance being on the website.

Bitbaby11111 attached a screenshot and noted that exchanges like Fatbtc, Hotbit, IDEX, and Bittrex don’t merit a place on CMC. Other Redditors revealed that expecting Coinmarketcap to be honest about their operations was like expecting less.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/coinmarketcap-under-attack/

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[KingScorpio]

An irate Reddit user damned the website claiming that it was helping pump exchanges which displayed phoney volumes, which primarily had no significance being on the website.

Bitbaby11111 attached a screenshot and noted that exchanges like Fatbtc, Hotbit, IDEX, and Bittrex don’t merit a place on CMC. Other Redditors revealed that expecting Coinmarketcap to be honest about their operations was like expecting less.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/coinmarketcap-under-attack/

coinmarketcap is the centre of the industry, fake crypto exchanges are actually a marginal problem of it

[Theb]

Another user agreed with Bitbaby1111 and said that exchanges pay CMC a lot of money in order to keep them listed on the website with their wash trading.

This is a big allegation but it supports the fact why Coinmarketcap is using this shady exchanges as their reference for their website instead of using reputable exchanges like Binance or even UPbit. The best response of CMC of course is not a statement but instead a change of their sources, they need to reference their website on reputable exchanges as this is the only way to deny such allegations created by them, simply creating a reason why they chose these shady exchanges might result on them being deeper in the ground, it might even result to websites like this one replacing them by their users.

[davis196]

Like every other business,Coinmarketcap needs more revenue.
They will accept any crypto exchange,if it's paying for the listing.Too bad that the quantity of shaddy exchanges is big,while the big and reputable crypto exchanges don't relly on Coinmarketcap for exposure.

[Kemarit]

Coinmarketcap have been called in the past already. They've been advertising scammy ICO's as well but they don't f**g care. All they want is to get ads revenue because they operate just like any other online business now. There are no ethics whatsoever involved here, so I'm sure that reddit user attack will just fall on deaf ears again.

[Naida_BR]

Like every other business,Coinmarketcap needs more revenue.
They will accept any crypto exchange,if it's paying for the listing.Too bad that the quantity of shaddy exchanges is big,while the big and reputable crypto exchanges don't relly on Coinmarketcap for exposure.

They have clearly stated that they don't accept paying fees if someone wants to get listed on Coinmarketcap. I don't think they are lying because if they do, this is going to cause irreparable damage to them.

Here is the twitter from their official account that states that they don't accept listing fees: https://twitter.com/CoinMarketCap/status/1027335662608031746

[1Referee]

If you don't like a specific site, don't use it. There are plenty of other market cap sites doing things differently, so try that, or start your own site and do it the 'right' way.

People have been hyping up these market cap sites as if they represent any sort of importance in terms of coins being listed in the top 20. These lists are garbage with how shitcoins such as XRP have a giant market cap due to the insane number of tokens in circulation.

I like https://coinmarketbook.cc/ because it ranks coins based on their buy support.

1 - Bitcoin $282 million.
2 - Ethereum $40 million.
3 - EOS $14 million.
4 - XRP $13.5 million.
5 - Litecoin $10 million.

That's a completely different picture. Not saying it's not subject to manipulation, but this at least shows more strength as metric.

[buwaytress]

If you don't like a specific site, don't use it. There are plenty of other market cap sites doing things differently, so try that, or start your own site and do it the 'right' way.

People have been hyping up these market cap sites as if they represent any sort of importance in terms of coins being listed in the top 20. These lists are garbage with how shitcoins such as XRP have a giant market cap due to the insane number of tokens in circulation.

I like https://coinmarketbook.cc/ because it ranks coins based on their buy support.

1 - Bitcoin $282 million.
2 - Ethereum $40 million.
3 - EOS $14 million.
4 - XRP $13.5 million.
5 - Litecoin $10 million.

That's a completely different picture. Not saying it's not subject to manipulation, but this at least shows more strength as metric.

Exactly. Last I checked, no one's forced to use any service, and CMC certainly is not doing a public service for free. It's the easiest to use perhaps, simply because of its Google Ranking, but no one ever said easy was good.

Irate users should really stop banging on CMC and start offering up their own solutions if they feel they're capable of fairer and more transparent analytics.

[hatshepsut93]

I think promoting any shady entities in crypto field is like shooting yourself in the foot for any crypto business, they are so damaging to this ecosystem that in the long run it will hurt their profits because crypto will keep struggling to get popularity as it will be perceived as one big scam. It's especially bad if scammy exchanges are involved, because it can destabilize crypto even more. So many people in this field tell newbies how it's the technology of the future that will change the word, yet their actions indicate that they are just short-term opportunists.

[BitHodler]

Supply and demand is the name of the game. People are too naive and ignorant within crypto. Coinmarketcap is banking on fools because they value the volumes exchanges are generating.

Coinmarketcap has a 443 global Alexa rank, which shows how popular that site still is, and that despite all the people complaining. It's the mass that likes this site versus a minority of unhappy crypto kiddos....

or start your own site and do it the 'right' way.

I like that one. People are so easily triggered by how they think this or that site should improve, yet don't put any effort into solving something they see as a problem themselves....

[Slow death]

I believe people should do research and prove that certain exchange has fake volumes and ask that coinmarketcap punish such an exchange that has fake volume. I use coinmarketcap because it makes it easy for me to see the ANN Thread from some altcoin specifies, whereas other coinmarketcap-like sites do not offer this option

They've been advertising scammy ICO's as well but they don't f**g care. All they want is to get ads revenue because they operate just like any other online business now.

then we enter into another subject: "ethics" and without doubt that it is a subject that will generate a lot of noise because the opinions are very different

[btyco]

It's worth comparing cmc with coingecko as they don't always have matching prices. Also they don't have otc trades so their numbers should not be taken as gospel