CoinMarketCap faking volume

[loopes]

If it's true then it will lost their good reputation. Also it will become very bug chance for other websites to take it's place. Websites like BLOCKFOLIO is good for now. In this early stage of cryptocurrency adoption reputation is number one. Every cryptocurrency related entrepreneur have to be honest and skillfull.

[Twinkledoe]

The only thing they need to do is to get rid or delist bogus exchange that shows inflated volume so they can demand higher listing fees for project developers.

If they cannot delist those exchange then excluding their volume from the overall  total daily volume will show the near real figure of daily trading volume of the legit exchanges.

The job is actually hard on their part. It is not them faking the volume but whatever they are getting from those exchanges. And to be honest, I really do not rely the exact figures from CMC. It is just a guide for someone who wants to know the picture of a specific coin or token or the overall crypto market. You should not really expect them to be accurate in numbers.

[BlackPanda]

I know that coimnarketcap credibility is so good that it is often used as a benchmark for many crypto initiatives as a comparison in determining the direction of the crypto market. I believe that coinmarketcap can provide clear information and the right information.

[khalidxpert]

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

When i have joined crypto btc 2 years back i heared that is demand and supply concept. I am btc exchange my self btc sent up and up I was also buying selling alot as most of mlm leader come to me and buy alot btc. then all of sudden it drops and buying selling is not stopped its still the same and every day new investors and crypto user are injected but the btc is still drop. There are always issue like this on exchanges and currencies. Like cmc may be doing fake stats to get banners revenue etc but this should not happen

[tunapa]

I Think it’s one of the bug that happens there. Probably it might not be intentionally so I won’t say they are faking it. But most times some figures don’t tally on it because of some price differences across different exchange. And more so it might be the data submitted to CMC by the project team which they are yet to update. In this space things are easily noticed for anyone that is observant.

[mindrust]

@mindrust

Sure it could be that they're 'part of the scam', as you mention, but where is the proof?

The proof is in front of your eyes.

I posted it above.

Here I made it more obvious for you.

this is coinmarketcap(dot)com

And this is how it should look like:

https://openmarketcap.com

Are you saying that CMC is listing those scam exchanges without knowing that they are  scams?

[pawanjain]

Source: https://cointelegraph.com/news/coinmarketcap-will-alter-listing-metrics-after-latest-fake-volume-research

I think this is just FUD. because Coinmarketcap is a trusted website. Things like this will make the price of the altcoin is down.

I guess it is not a FUD and there are many reasons why. CMC have been faking volume from a long time and many users have already experienced it as per the posts made above.
Cointelegraph is the best cryptonews site according to me and they avoid posting articles leading to FUD.
CoinMarketCap themselves made a tweet saying they will improve the metrics and this is enough proof that it is not a FUD because if it was a FUD then CMC would not made such tweet.

[tegarp90]

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

I think since the early of this year coinmarketcap is not up to date anymore. specifically the market volume.
But if only want to check prices, it's still ok

[buwaytress]

Fake volumes in trading. Fake users in the milions of wallet addresses. Fake viewers of forum threads (yeah I realise I add 2 or 3 views when I refresh or come back to check for updates). So many fake things in a world of fake news.

I wonder if my consolidation transactions are also considered fake. How about people who perform obfuscation and mixing trails. Genuine justification, fake volumes.

But okay, new metrics, all customisable by the user? Sounds like a win.

[thesmallgod]

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.

It is difficult to boycott because they have been in the business for a while and they have made name for themselves. However it is quiet difficult nowadays to detect scam project because I strongly believe such a reputable site like cmc will not deliberately list a scam project on their website. take for example, here on BTT, a lot of high reputable member have lost their respect just for wrongly promoting shady project and so also cmc is not left behind. Cmc still remain the best out of all similar website.

[thesmallgod]

by the way, we are all aware of the news that almost 95% of the existing exchange platform make use of BOT in order to increase trading volume and if exchange platforms are doing this then I am not surprised that site like CMC is also faking volume. Alot of projects are looking for a way to make profit from this hard crypto period and they can do anything possible to make listing on CMC. A long time ago I was told a coin must have a particular trading volume before CMC can list them on their website but this is no so as many new coin are always looking for means to get listed by taking the back door

[Fundamentals Of]

It is not coinmarketcap that is faking trading volumes I guess. They are not the ones who will do that because they do not really care about it in the first place. They are just publishing the data which is released. It is the trading platforms themselves that faked the volumes. They want to attract traders that is why they would want to appear to them that their platform is where the traders are doing their job. And hopefully the potential trader will also go there.

[Paashaas]

Forget about CMC, you should use https://coinmarketbook.cc/

Buy support is the way to go.

[pinoycash]

Forget about CMC, you should use https://coinmarketbook.cc/

Buy support is the way to go.

I am not aware of this website until you posted this one thanks @paashaas this is really helpful in checking how deep is the current buy support and a good metrics if there's an impending price dumps.

[kidbounty]

it's not new, I've known this for a long time. Fake volumes and bots are on each exchange, so I don't really care about this. actually this is not the main problem. the problem now is fraud and it must be resolved immediately

[spadormie]

CMC is just faking its volume. I believe that I read that news for some time. That's what you call doing business, they are manipulating the statistics of the volumes in exchange so that people will visit that exchange.

Forget about CMC, you should use https://coinmarketbook.cc/

Buy support is the way to go.

Maybe this thing will be my alternative.

[ranman09]

Though CMC has been manipulating this exchanges volume for a year now many people still use this website. Simply because it's popular and there are a lot more features than the volume itself. Though volume checking is what people came for. I wish these metrics is customizable enough.

Forget about CMC, you should use https://coinmarketbook.cc/

Buy support is the way to go.

I like this too.. seems decentralized approach for me. But for real data on "Popular" exchanges, I would go to OMC seems data is easier to rely on.

[Pumared]

Though CMC has been manipulating this exchanges volume for a year now many people still use this website. Simply because it's popular and there are a lot more features than the volume itself. Though volume checking is what people came for. I wish these metrics is customizable enough.

I particularly never use it. Before I used more, but I use another "more reliable" app even though I can not see the cmc

[pixie85]

Why are some of you saying it's a scam. They aren't scamming they are publishing the data given to them by the exchanges. They are allowing you to see it all together and compare. They aren't responsible for being lied to by the exchanges.

I don't understand why most of the hate is directed towards CMC instead of the exchanges who are lying to their customers.

[MakeMoneyBtc]

It's sad to see that even big websites like Coinmarketcap have started to fake volume just to earn some extra money. But sooner or later that probably had to happen because nothing can live forever. New websites offering the same features and statistics have already appeared and soon they will take the lead as the world finds out what Coinmarketcap really is.