CoinMarketCap faking volume

[leonair]

Why would CMC fake their volume in the first place, they're basing their statistics on the average of different exchanges so I don't think that they would sacrifice their credibility for this issue instead those exchanges with bad reputation must be the one who take responsible for faking volume.

Tightening rules would help but wouldn't guarantee an accurate statistics though but I think they can minimize these fake information by just delisting those unreliable exchanges, if CMC is truly faking volume then maybe they're are too lazy to take action with this matter or just receiving money from these bad exchanges.

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[kryptqnick]

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."

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.

CMC having fake volumes and CMS faking volumes is two different things. From what I read, it looks more like coinmarketcap did not undertake effective measures against the cases of exchanges making fake volume reports. Is CMC guilty? Yes, because it misrepresented information to hundreds of thousands of visitors. However, CMC is not caught on faking the volumes, it's not caught on being bribed to favor some exchanges over others etc. And the company reacted promptly, promising to look into the issue and improve ranking methods, so I'd still trust CMC over other similar services.

[okala]

This is no longer a new the coin market cap just like every other cryptocurrency related market analysis are not always accurate and at that my be manipulated by any one as long as it plays along with the rule. What do you expect from a centralized cryptocurrency site it will always get manipulated.

[xvids]

I don't think that they are faking the volume because what would they get if they do it?
And I think it is up to us to do the digging they already gave us the information we don't have to rely too much on them.
To be honest I think they are doing a pretty good job keeping track on all of the crypto and all of the exchange.

[Pumared]

Recently they launched a human assessment tool. All sure must have been created to collect projects that want to enter the site faster.

[mindrust]

I stopped using coinmarketcap a while ago.

They are corrupt. For whatever reason, if they list the exchanges with fake volume like coinbene, their intentions can't be good. They are probably getting paid by those scammy Chinese exchanges for listing them.

[KennyR]

Whether they are getting paid or not is secondary, first of all they are clear in providing information from different exchanges. It is our responsibility to examine whether the respective trading volume is there for the respective cryptocurrency and then we need to get into trading. If you're not satisfied you can check with coingecko, Blockfolio and so many related services are available.

[BurgerCash]

this is not news, I believe that more than 80% of people have already witnessed the strange phenomena of the coinmarketcap volumes, so in my opinion most people already know that coinmarketcap does this. I keep using coinmarketicap to get access to majorities of Bitcoin ANN Thread of the Altcoin for being something that facilitates me a lot

Imho all Coinmarketcap does is take API data from exchanges and remove volume data which is gained through 0fee or other types of incentivized trading. If anyone is faking volume, it's exchanges themselves - https://chainbulletin.com/blockchain-transparency-institute-report-over-80-of-top-btc-pair-trading-volume-is-fake/

[milewilda]

Not a new thing and we have seen several incidents that CMC do fake out some various volumes and besides I'm not relying too much on this site.
I do barely visit this when checking up some altcoins on where it is listed but if you do rely on its real-time price then it wont really be that accurate.
You should always have the habit on verifying prices in all sorts.

[gentlemand]

This is the latest non Coinmarketcap site - https://openmarketcap.com

I'm not sure how it's calculated but it certainly checks out with the alts I'm familiar with. No one's going to give a shit of course.

[ASHLIUSZ]

Each exchange will be having different price, and coinmarketcap just make an average and broadcast it. There is no need of providing any fake volumes, because surfing the respective exchange we can easily find the exact trading volume. These fake volume is a big issue which always keep the users under dilemma whether to believe them or not. Probably the entire network being decentralized we cannot get perfect solution for these, everything moves on trust.

[creeps]

I stopped using coinmarketcap a while ago.

They are corrupt. For whatever reason, if they list the exchanges with fake volume like coinbene, their intentions can't be good. They are probably getting paid by those scammy Chinese exchanges for listing them.

CMC is really not a good site to depend on, because they are really working for the money as well so having a fake volume is really possible. Though CMC is the basis of the value of some coins, we can still confirm it on the exchanges and better to review the coins or exchanges that you’re looking for before you believe on that numbers in front of you.

[XCANA]

We should all boycott coinmarketcap.  They have been faking volumes and listing scams on their website for years.  They also have scam service ads running on their website.  We need to hit them in the wallet and stop using their site all together.

Knowing them for such deed for long time brought to mind their credibility in the cryptocurrency world. Most at time i do visit to know which of the altcoins are doing well inspact their fake volume. Coinmarketcap, should be put on ignore list as they hinders most of the  potentials investors in the industry.

[crzy]

I think there’s so many accuses like this before so i believe its possible for them to manipulate the exchanges or volume so they can attract more investors. Don’t depend on CMC, not all coins that is listed on that site is good to buy. You still need to make your own analaysis to be safe at all time.

[Bitcoin-Turkiye]

I can't say the data of the coinmarke is fake!. but coinmarket in listed some of the stock exchanges datas is fakes. for example there is a exchange. and the volume of trading does not reflect the reality. Inflated  but coinmarket can't do anything about it.

[rdbase]

I wouldnt doubt they are manipulating the numbers on their site.
There are other website which do the same thing as they do. Maybe comparing those numbers with theirs will show results of what is close to the real numbers they should be.

[sandra_x]

Anything is possible since the space is grossly unregulated. However,I do believe that exchanges rather than coinmarketcap itself that is faking volume. It is always helpful to get a secondary opinion from other similar sites like coindex,coingecko ,coinlib,etc

[coin-investor]

At least they promised that they are going to change the metric, and it's good that they have been exposed, now we'll see in the coming weeks what kind of new metric are they going to implement and are we going to see the real volume, I still support coinmarketcap I hope they kept their promise.

[waynechong1995]

But... How? If I'm not mistaken cmc does pull data from exchanges API thus these are the numbers provided and well the blame is certainly not on cmc. Big exchanges fake volume to stay relevant and attractive for arbitage, small one doesn't. Still it would surprising to see the real by any chance

[kamBlanV]

coinmarketcap is global, and crypto prices registered in coinmarketcap come from every market graph. maybe the coinmarketcp cannot be the standard price of a crypto volatility, but at least the coin price available in the coinmarketcap is always close to the actual price. and until today, coinmarketcap is the first choice for every crypto lover.