CoinMarketCap faking volume

[BennyK]

Well, I don't think CoinMarketCap will intentionally fake volume for a certain coin because a project like Docademic MTC experienced the same problem when it was first listed on CoinmarketCap. The team wrote back to CoinMarketCap and the wrong volume was corrected. Apologies finally came from CoinMarketCap because they made a mistake with the volume.

[mazdafunsun]

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.

Says who?
it is not the best, their web is slow and there are several competitors who are equally good or even better! coinpaprika and coingecko

These sites are not responsible for faking volume but they are responsible for listing those exchanges who do fake volume.

[Distraction]

I wasn't even aware of coinmarketcap doing this until I see this topic. I regularly check coinmarketcap for cryptocurrency prices and volumes. If this is real, I am just shocked now. I wouldn't expect a thing like this from them.

[lobster88]

To take any decisions my prominent measure is taking a look on Coinmarketcap to understand the Volume, price, trends. This news literally assuring an unsafe practice to rely on Coinmarketcap as we know CMC is a giant. Do we also have any other references like CMC?

[BennyK]

To take any decisions my prominent measure is taking a look on Coinmarketcap to understand the Volume, price, trends. This news literally assuring an unsafe practice to rely on Coinmarketcap as we know CMC is a giant. Do we also have any other references like CMC?

CoinMarketCap deserves more credit and commendation but not a tarnish of image. CoinMarketCap has been working so hard to provide cryptocurrency users with lots of update on coins listed on the platform. What CMC needs now is an upgrade in their systems which will provide a fast update on pricing and volumes within the shortest possible time whenever the changes happen on the various exchanges. Anyway, I prefer the exchange prices more than CMC because CMC only gives an average of the prices on the various exchanges of a particular coin.

[Little_king]

To my own understanding about the volume alteration , I dont think coinmarketcap is helping the situation but adding to it cos many exchange claimed to the top 20 with nothing to show for it and as a well organized market cap site they should know better before they follow suit it updating those fake volume , latoken for example dont even near top 100 in their dealings but claiming to be top 10 exchange with no activities and real volume , this are the main issue they need to address in other to.make this crypto clean but adding to its problem base on no regulation is required .

[nicecrypto]

if it is true that coinmarketcap are faking volumes of project in their website that won't be good for investors who rely on the information they get from cmc to make investment decision, i think it is best to be transparent in what they display on their website.

[pjcaruci]

What is the meaning of CMC to fake volume? Explain to me

[elisabetheva]

although maybe the news is very true and can be trusted, but until now I still use https://coinmarketcap.com to be a reference and I consider to be no problem.
even if by chance there is a problem again at https://coinmarketcap.com I try to https://www.coingecko.com.

[Aivaryamal]

I believe that the main thing for crypto enthusiasts today should be the ability to sell their cryptocurrencies at any time and the current volumes on the exchanges are sufficient for this

[Betwrong]

What is the meaning of CMC to fake volume? Explain to me

Well, for one thing, they can be bribed by an exchange for not checking the volumes provided by it. How about that? An exchange with higher volume looks more trustable, especially for the newbies. Add better looking rates and voila, they are registering and trading there.

[Jocuserious]

Nowadays my perception has changed on the exchange volume and I cannot trust cmc for everyone exchange volume and i am not depend it. But I'm following cmc for currencies and I always try to capture the volume 24 hours, I try to take a hard chance of getting a hard volume so cmc I just need to see the volume of the currencies.

[Free1bitco.in]

in some cases, some of the coins listed on coinmarketcap do have fake volumes. The aims is to make people more interested in the coin. because of this, it is very important to always check the market directly compared to seeing the volume in the coin market, because in some cases too, even trading bots can make the volume in coin marketcap increase.

[yazher]

Lucky for me, I only Use CMC for checking the price of the top coins today.
Judging by this fact I no longer trust them when making a trade decision.
But we cannot change the fact that CMC is good for other purposes too
they also have the list of exchanges where you can Buy/Sell their listed coins.

[EdenHazard]

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.

Says who?
it is not the best, their web is slow and there are several competitors who are equally good or even better! coinpaprika and coingecko

These sites are not responsible for faking volume but they are responsible for listing those exchanges who do fake volume.

Just because there's several competitors doesn't mean the other is better right? There must be a standard of what we call as "best" and that standard could be anything such as :

1. How popular they are
2. How reliable they are
3. How fast the site performance
4. How the data provided

And many more factors!
So far coinmarketcap is the only one who have almost every factor that people like about.
Even though this negative news hit them they responded politely and fairly as stated in the OP.

Those exchange that faking volume and listed in coinmarketcap does listed in coingecko too , but yeah I would appreciate coingecko who has a trust score feature in it even still beta.
CMC must make a move very soon indeed otherwise people might leaving them.

[prix]

CMC must make a move very soon indeed otherwise people might leaving them.

There was already a series of news that CMC is aware of the problem and they are trying to solve it.

From the last: https://blog.coinmarketcap.com/2019/08/30/updated-ranking-methodology-new-liquidity-metric-soon/

Liquidity-based metrics will be launched on November 12, 2019
...
Ultimately, this liquidity metric will factor into market pairs, and will be combined with other metrics that will go into the ranking of exchanges and projects. We are continuing to refine this based on feedback, and welcome more of your thoughts too.

So, they are working on it.

And I don’t think the problem is so serious as to leave the CMC.
In the end, each active cryptouser should be able to distinguish between the fake volumes from the real ones, at least based on liquidity.

[Bes19]

Well this ain't news anymore coz CMC is really doing these even before. I still use it though but most of the time, whenever i want to check the volume and pricing of the coin i'd rather check it on the exchange itself coz that is the accurate info. Coingecko is good too for checking volumes and pricing.

[AirdropNotifyer]

Of course there are so many companies always use some tricks to make their business successful. But i think CMC is still useful for Crypto industry. Hope you guys agree with me

[barbara44]

To take any decisions my prominent measure is taking a look on Coinmarketcap to understand the Volume, price, trends. This news literally assuring an unsafe practice to rely on Coinmarketcap as we know CMC is a giant. Do we also have any other references like CMC?

CoinMarketCap deserves more credit and commendation but not a tarnish of image. CoinMarketCap has been working so hard to provide cryptocurrency users with lots of update on coins listed on the platform. What CMC needs now is an upgrade in their systems which will provide a fast update on pricing and volumes within the shortest possible time whenever the changes happen on the various exchanges. Anyway, I prefer the exchange prices more than CMC because CMC only gives an average of the prices on the various exchanges of a particular coin.

You think that coinmarketcap is doing us any favor by providing those details? There are other sources of information which you could also easily get from your exchanges, if I am complaining of exchanges faking volume, then why should I rely on coinmarketcap if they are doing the same thing, So, they have no excuse at all not to provide accurate information.

I would rather prefer that they provided accurate information and make me subscribe by paying than to claim you are providing accurate information for me, and then giving me a wrong detail because you probably want to please those who are paying for them to being certain position on the list.  Have you ever asked yourself how CMC is really making their money since users are having it free, and do you think we still have any single soul in this world that would just create a system for it to become free, and still maintain it every day like it is an office?

[EdenHazard]

CMC must make a move very soon indeed otherwise people might leaving them.

There was already a series of news that CMC is aware of the problem and they are trying to solve it.

From the last: https://blog.coinmarketcap.com/2019/08/30/updated-ranking-methodology-new-liquidity-metric-soon/

Liquidity-based metrics will be launched on November 12, 2019
...
Ultimately, this liquidity metric will factor into market pairs, and will be combined with other metrics that will go into the ranking of exchanges and projects. We are continuing to refine this based on feedback, and welcome more of your thoughts too.

So, they are working on it.

And I don’t think the problem is so serious as to leave the CMC.
In the end, each active cryptouser should be able to distinguish between the fake volumes from the real ones, at least based on liquidity.

The issue have been reported since early 2019 ... I don't know if cmc learn thoroughly since then. They just make an announcement regarding this last week indeed and we can see now that the exchange ranking changed quite significant than before and the metrics it seems still in beta.

Not a fast move but we can see there's a good gesture over there.

Of course it's critical to put a lie statistics on top whether it's intended or not... people become more and more smart these days