CoinMarketCap faking volume

[pawanjain]

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-research

Update: 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.

[Slow death]

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

[pawanjain]

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

Well then I guess I am late for the show. I will anyway keep the discussion open so that we know what people think of CMC doing such activities.
I think this creates a bad reputation for CMC and being a crypto giant it should not have been doing such stuff.
Why not showing the real statistics  at the first place so that investors don't deceive in making their investments.

[dothebeats]

Nowadays, I don't rely on CMC for exchange volumes but rather only on coins that I'm following and see whether there are drastic changes on their 24-hr volume and pricing. For volumes, I go straight into an exchange that I frequent and check the order books and market depth. This, IMO, is better than having to rely on a third-party service such as CMC to do the checking for you. Besides, a lot of people know that they've been doing this for years now, and it's literally not news anymore for them to fake volumes.

[BrewMaster]

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,...

[traderethereum]

I think that will happen again in the future as we see that the CMC continues to add new coins in their list. But with the new update that soon will release, we could hope that they don't give fake volume information on every exchange.

But as Slow death says, I still using CMC to gather some information about many coins and even more, I think I could get that information although I still need to search on other sources.

Maybe they have the real statistics of every project, but they don't publish to the public.

[Kemarit]

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

Well then I guess I am late for the show. I will anyway keep the discussion open so that we know what people think of CMC doing such activities.
I think this creates a bad reputation for CMC and being a crypto giant it should not have been doing such stuff.
Why not showing the real statistics  at the first place so that investors don't deceive in making their investments.

I don't know but they have a bad reputation since 2017 when they started accepting scam/ponzi advertisement on their site. They have been called out but didn't do anything about it. So I don't they have reputation to protect anyways, everyone is really trying to make money out of this market so CMC is no exception. I just used CMC just to jump check the current price, biggest gainers or losers and then do my own research.

[BitBustah]

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.

[Bitinity]

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.

It wont be easy to boycott them, in fact there are still many people visiting CMC everyday compared to other similar service. I do believe 90% visitors knows about this faking volume by CMC but they still use it for personal purpose like checking price of their assets.

[gentlemand]

Surely they're accepting faked information, not propagating it themselves. I presume they didn't care enough to bother checking how credible the places they list are until enough noise was made.

It's unfortunate how much power they've ended up with. You can tell people to shop elsewhere all you like, most can't be arsed.

[seoincorporation]

I don't think they are doing it for markets manipulation, the should be doing it because they take the value from different exchanges and take the average price. Is like Bitcoinwisdom, they have 2 sources to read the price (Bitstamp and bitfinex) but if they calculate the price from there, then that price isn't an absolute truth because we have some other exchanges with a big volume who can manipulate the markets too.

[bamboylee]

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.

It wont be easy to boycott them, in fact there are still many people visiting CMC everyday compared to other similar service. I do believe 90% visitors knows about this faking volume by CMC but they still use it for personal purpose like checking price of their assets.

you can start boycotting it but I do not think it will make a dent. I for one is still using it just because it is the one place I can easily check on all of my coins. If there is something I see in it, I will make deeper research. CMC is good for a quick look. You do not make decisions based on the volume shown on the sites but it can make you make an action to do something more about it.

[alisafidel58]

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.

You cant do that easily. Even though I knew about the fake volumes, I'm still using it to look for prices of different coins. it is much easier to use CMC to look for prices of a certain coin.

[jakelyson]

They can fake their volume but that does not mean anything because you do not trade on CMC. You trade on exchanges and there you can see the real volume. CMC is good as a reference only and that's it. It will be foolish if you act only on what you see on CMC. You should do your due diligence and make good research.

[dmbadillo10]

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-research

What would CMC get by faking the volume? Theyre just misleading people. Especially those who have been monitoring the volume and movement almost every hour.

[mich]

Faking volume and endorsing , advertising scam coins/projects is nothing new for CMC.

[jpoker272727]

What i like about coinmarketcap is the legit of the links on their website.
Not all the coins are there but mostly, you can check where they can be trade and their L/H price.
But the news is good adn i hope they will be better in the future.

[munareal]

The mainstream society is skeptical about cryptocurrencies and everything around it, CoinMarketCap faking volume is not good news. Many people visit the website to view the performance of their favorite coin

[FinneysTrueVision]

CoinMarketCap isn't faking volume. It's the exchanges that are doing it for themselves so they will be ranked higher and get more traffic through CMC.

[pat4cryptoreal]

With the level of fake volume that coinmarketcap make the users to see, coinmarketcap still remain the most reliable among it contender. Coinmarketcap is the most useful platform when it comes to checking coin details.