CoinMarketCap faking volume

[Ucy]

There has been a lot of complaints about related problems on coinmarkcap. I  suspect they are getting different prices from different exchanges with wide price difference. Coins affected by this may be newly listed coins

[beatzcoin123]

after careful review of both the cmc and the omc informations as regards coin market, i noticed that coin prices are the same in both sites, both the market cap on both sites are different, on cmc, the market cap is 142 704 699 usd while on omc it is 136 279 554 usd. thats about 0.47% differential. With such information is deceiving and unprofessional to make decisions about coin and token. who are we to trust now? cmc or omc?

[pushups44]

What would probably be a good idea is for CMC to start excluding data from shady exchanges, and for the industry to adopt standards recognizing companies that abide by ethics.

[stompix]

after careful review of both the cmc and the omc informations as regards coin market, i noticed that coin prices are the same in both sites, both the market cap on both sites are different, on cmc, the market cap is 142 704 699 usd while on omc it is 136 279 554 usd. thats about 0.47% differential. With such information is deceiving and unprofessional to make decisions about coin and token. who are we to trust now? cmc or omc?

That market cap difference can be easily explained since omc isn't displaying the same amount of coins and in case of shitcoins is ignoring fake numbers from shady exchanges that list dubious prices.

Let's look at an obvious scam, minex:

https://coinmarketcap.com/currencies/minexcoin/#markets
https://openmarketcap.com/cryptocurrency/mnx-usd

That shitcoin has a market cap of 1 million but is traded in a volume of a few thousand on shady exchanges known for listing coins based on the price you pay, not how good your coin is.
So in reality, its marketcap is 0, as it's a useless scamcoin.

Let's go and check another one:

https://coinmarketcap.com/currencies/nectar/#markets

Claims a 27million  marketcap, has a volume of 800$ a day on one crappy exchange.

As for who to trust...
Isn't it obvious?

[aioc]

I will be adding more options now so I can get the real picture, maybe I'm just ignoring that coinmarketcap is involved in faking the volumes, but now that is confirmed I will have to add at least three more marketcap sites for price comparison.

[zgrdyg]

Actually coinmarketcap is not faking volume, the exchanges coinmarketcap taking data is faking. But they are letting them to do so.

If coinmarketcap threats the exchanges with unlisting, fake volume would decrease drastically.

[BitBustah]

There has been a lot of complaints about related problems on coinmarkcap. I  suspect they are getting different prices from different exchanges with wide price difference. Coins affected by this may be newly listed coins

Without a doubt exchanges are paying them off.  Coinmarketcap has already shown they are solely after money after accepting money to promote scam ads.  We should encourage users here to stop using CMC and move to any of the other alternatives. 

[MortalCrypto]

All exchanges create faking volume. That will not end, as bots will not disappear. But is that really a big problem?

[MortalCrypto]

There has been a lot of complaints about related problems on coinmarkcap. I  suspect they are getting different prices from different exchanges with wide price difference. Coins affected by this may be newly listed coins

Without a doubt exchanges are paying them off.  Coinmarketcap has already shown they are solely after money after accepting money to promote scam ads.  We should encourage users here to stop using CMC and move to any of the other alternatives. 

Just keep the advertisements turned off:)

[suzanne5223]

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.

You're not late for the show buddy because there are still some people who are yet to be aware of the fake volume listing done by the capital market. However, this why I am not moved or feel consider when I heard the story about some exchange site fake volume listing acouple of days back.

[cryptjh]

3 weeks ago I spotted a massive fake sales volume on Coinmarketcap, and took some screenshots of it,  I don't think it was Coinmarketcap who was behind this fake volume, but one or more of the exchange that reports volume to Coinmarketcap was behind it.
 A total of $15.000.000.000 fake bitcoin volume was added, making the bitcoin price  drop almost 9% and the bitcoin dominance fall down with 2%

I made a topic about it here:

https://bitcointalk.org/index.php?topic=5117389.msg50038384#msg50038384

[aundroid]

I just read an article a few days ago about the fact that over 95% of the volume on cmc is fake.
Only the bigger ones like binance, kraken, coinbase etc. have actual volume

[eternalgloom]

@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.

--snip--

First of all, resize your images, no-one wants to scroll an extra 10 seconds to get to the bottom of the page.

Second, the fact that CMC lists supposed untrustworthy exchanges isn't a big deal, they can list them and exclude the volume & prices of their averages.
As I've clearly shown in my screenshot btw. Yes, they should do this for more exchanges, but that doesn't mean they shouldn't list them at all.

Also, maybe you should cut down on the rudeness, I was entirely friendly to you, so there's no reason to act all passive-aggressive like you did.

[BitcoinPanther]

3 weeks ago I spotted a massive fake sales volume on Coinmarketcap, and took some screenshots of it,  I don't think it was Coinmarketcap who was behind this fake volume, but one or more of the exchange that reports volume to Coinmarketcap was behind it.
 A total of $15.000.000.000 fake bitcoin volume was added, making the bitcoin price  drop almost 9% and the bitcoin dominance fall down with 2%

I also think that CMC is just reporting what the exchanges shows.  They integrated an API to automatically transmit data from exchanges so it is not their fault if they show exchanges' fake volume of that coin.  CMC is for general information regarding token/coins, the sites, the exchange and its volume.  So it is not CMC's fault if the exchange volume of a coins is fake.  

Other than the faulty summation of market cap, I do not think they are responsible  for faking a coins volume.

[jakezyrus]

I just read an article a few days ago about the fact that over 95% of the volume on cmc is fake.
Only the bigger ones like binance, kraken, coinbase etc. have actual volume

your not alone boi  because i do also heard alot of bad feedbacks about cmc that said to have a fake volumes  .

Only the bigger ones like binance, kraken, coinbase etc. have actual volume

no i dont think so  . what about other coins on these exchange ? coins can be manipulated , this can be also the caused of fake volumes  .  and lastly , unpopular coins and unpopular exchanges are the ones that prone to fake volumes its because they want to attract users to buy/trade on thier platform/coin  .

by the way , there are other alternate sites to cmc . i bet they provide more accurate stats  . one example is coingecko  .

[Pursuer]

3 weeks ago I spotted a massive fake sales volume on Coinmarketcap, and took some screenshots of it,  I don't think it was Coinmarketcap who was behind this fake volume, but one or more of the exchange that reports volume to Coinmarketcap was behind it.
 A total of $15.000.000.000 fake bitcoin volume was added, making the bitcoin price  drop almost 9% and the bitcoin dominance fall down with 2%

I also think that CMC is just reporting what the exchanges shows.  They integrated an API to automatically transmit data from exchanges so it is not their fault if they show exchanges' fake volume of that coin.  CMC is for general information regarding token/coins, the sites, the exchange and its volume.  So it is not CMC's fault if the exchange volume of a coins is fake. 

Other than the faulty summation of market cap, I do not think they are responsible  for faking a coins volume.

they have done a lot of shady things to pump some shitcoins and make profit, they have been even paid to list or not list coins on their platform simply because they have a lot of power among newbies who keep checking that site for prices instead of exchanges and think of a coin is in their list at certain rank it must be a good investment!!!
so it is not unimaginable to see them actually fake the volume they are reporting on their website too if it has some benefits for them.

[mindrust]

3 weeks ago I spotted a massive fake sales volume on Coinmarketcap, and took some screenshots of it,  I don't think it was Coinmarketcap who was behind this fake volume, but one or more of the exchange that reports volume to Coinmarketcap was behind it.
 A total of $15.000.000.000 fake bitcoin volume was added, making the bitcoin price  drop almost 9% and the bitcoin dominance fall down with 2%

I also think that CMC is just reporting what the exchanges shows.  They integrated an API to automatically transmit data from exchanges so it is not their fault if they show exchanges' fake volume of that coin.  CMC is for general information regarding token/coins, the sites, the exchange and its volume.  So it is not CMC's fault if the exchange volume of a coins is fake.  

Other than the faulty summation of market cap, I do not think they are responsible  for faking a coins volume.

They could have ignored the exchanges with fake volume. I am pretty sure they can customize their API like that.

Coin Market Cap is not innocent. Like Pursuer said above me, They abused their power when they were a monopoly.

I am using https://openmarketcap.com now.

The numbers on OMC might still not be right %100 but I know they are the closest. The stuff you see on CMC is %95 fake.

[BitcoinPanther]

3 weeks ago I spotted a massive fake sales volume on Coinmarketcap, and took some screenshots of it,  I don't think it was Coinmarketcap who was behind this fake volume, but one or more of the exchange that reports volume to Coinmarketcap was behind it.
 A total of $15.000.000.000 fake bitcoin volume was added, making the bitcoin price  drop almost 9% and the bitcoin dominance fall down with 2%

I also think that CMC is just reporting what the exchanges shows.  They integrated an API to automatically transmit data from exchanges so it is not their fault if they show exchanges' fake volume of that coin.  CMC is for general information regarding token/coins, the sites, the exchange and its volume.  So it is not CMC's fault if the exchange volume of a coins is fake.  

Other than the faulty summation of market cap, I do not think they are responsible  for faking a coins volume.

They could have ignored the exchanges with fake volume. I am pretty sure they can customize their API like that.

Coin Market Cap is not innocent. Like Pursuer said above me, They abused their power when they were a monopoly.

I am using https://openmarketcap.com now.

The numbers on OMC might still not be right %100 but I know they are the closest. The stuff you see on CMC is %95 fake.

It is an open information regarding coins and tokens, the exchange listings, sites etc.  Removing any information about the said coins or token is unethical IMHO (who likes censorship?).  It is up to the people to judge if it is fake or not(exchange volume),  or probably they can make a disclaimer about it.

[mindrust]

3 weeks ago I spotted a massive fake sales volume on Coinmarketcap, and took some screenshots of it,  I don't think it was Coinmarketcap who was behind this fake volume, but one or more of the exchange that reports volume to Coinmarketcap was behind it.
 A total of $15.000.000.000 fake bitcoin volume was added, making the bitcoin price  drop almost 9% and the bitcoin dominance fall down with 2%

I also think that CMC is just reporting what the exchanges shows.  They integrated an API to automatically transmit data from exchanges so it is not their fault if they show exchanges' fake volume of that coin.  CMC is for general information regarding token/coins, the sites, the exchange and its volume.  So it is not CMC's fault if the exchange volume of a coins is fake.  

Other than the faulty summation of market cap, I do not think they are responsible  for faking a coins volume.

They could have ignored the exchanges with fake volume. I am pretty sure they can customize their API like that.

Coin Market Cap is not innocent. Like Pursuer said above me, They abused their power when they were a monopoly.

I am using https://openmarketcap.com now.

The numbers on OMC might still not be right %100 but I know they are the closest. The stuff you see on CMC is %95 fake.

It is an open information regarding coins and tokens, the exchange listings, sites etc.  Removing any information about the said coins or token is unethical IMHO (who likes censorship?).  It is up to the people to judge if it is fake or not(exchange volume),  or probably they can make a disclaimer about it.

You are mixing up terms. There is no censorship.

It is not about censorship when you are banning fake exchanges which spread fake information.

CMC can still promote those scam exchanges. Nobody's banning CMC from doing that.

But if they keep doing it, they'll lose their userbase. It is the same thing happening with Roger Ver's bcash. People just stopped giving a fuck about it.

If you look at this picture and see no wrongdoing, you are also part of the scam:



Take a good look.

[Kulkhan]

Coinmarketcap is largest market place in the Virtual world. Huge trader gather in this market. But i think some time it shows fake volume . After all it helps traders, it is true.