CoinMarketCap faking volume

[pinoycash]

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.

Coinmarketcap is not the one faking the volume but the bogus exchange that is listed on their platform.

[r1s2g3]

I am also thinking the same that how they can be benefited by faking the volume. Anyway they do not have data  all the trades happening in the world. They should remove bogus exchanges from their site but what is their motivation in doing so?

[Johnzky]

There are lots of issues in regards to the dishonesty of CoiNmarketCap to their supporters and traders as this 2018 report that i get from other post shows how untrustworthy CMC was https://www.blockchaintransparency.org/ and I believe that there are many proofs that will come out sooner,and for sure they will lose their popularity in the near future.and besides there are some competitive exchange that can replace this

[judeafante]

I wonder how soon is that soon, I'm still checking coinmarketcap and wondering am I seeing the right volume right now, are they implementing their new metrics? I have no option but to look for good alternatives, I'm following a lot of coins and I want to see the real picture.

[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.

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.

Maybe  you are mixing up things, anyway each on their own, I am not here to make a debate with you nor convince you that CMC is legit, I am just saying that the feed from the CMC exchange volume is from the exchange where these coins or token is listed, if you omit these information, where does the people go and look for the information, if they wanted to sell or buy these coins or token? I am seeing CMC as good source of information on where I can buy or sell the coins or token and that's it.


add on,

or .. they can outline the volume from "untrusted" exchange and separate it from the "trusted" exchange to show more details about the volume. 

[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.

Maybe  you are mixing up things, anyway each on their own, I am not here to make a debate with you nor convince you that CMC is legit, I am just saying that the feed from the CMC exchange volume is from the exchange where these coins or token is listed, if you omit these information, where does the people go and look for the information, if they wanted to sell or buy these coins or token? I am seeing CMC as good source of information on where I can buy or sell the coins or token and that's it.


add on,

or .. they can outline the volume from "untrusted" exchange and separate it from the "trusted" exchange to show more details about the volume. 

You are not here to debate me yet you are still quoting me. I wonder why...

CMC is taking its data from bogus exchanges.

They could have ignored those exchanges but they chose not to, OpenMarketCap.com does. That's why CMC is losing its userbase to OMC now.

They can have fun with that.

[BitcoinPanther]

You are not here to debate me yet you are still quoting me. I wonder why...

CMC is taking its data from bogus exchanges.

They could have ignored those exchanges but they chose not to, OpenMarketCap.com does. That's why CMC is losing its userbase to OMC now.

They can have fun with that.

Having a healthy conversation does not need a debate, just an exchange of point of view .  Anyway, the problem why it seems shady is that as  you said, they are taking volumes from less trusted exchanges, which I think is fair since it is an info from the market exchange, though they should be more discrete about it at least tag those volumes and separate it from the trusted exchanges volume.

[coolcoinz]

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.

Coinmarketcap is not the one faking the volume but the bogus exchange that is listed on their platform.

Exactly. News sites are often repeating fake news sent to them by anonymous sources. They just want to be the first to publish and have no way to check the information, especially when most companies ignore crypto journalists and don't issue statements.
We could say that news sites are deliberately publishing fake news, but somehow they are getting less shit than CMC is, despite the fact that CMC has really no way to verify data.

[Baimovic]

I am also thinking the same that how they can be benefited by faking the volume. Anyway they do not have data  all the trades happening in the world. They should remove bogus exchanges from their site but what is their motivation in doing so?

right, somehow explained it but I don't think there's any point in faking trading volumes because with normal data even though they still get big benefits.
but we do have to remain vigilant because there is a possibility that something happens.

[RareFortune]

As far as I know Coinmarketcap statistics is following the trading volume from the exchanges itself so if those exchanges is faking their volume then it would also affect the statistics in Coinmarketcap, the best way to get away from false information is to find other source or website that is providing same services like Coinmarketcap and differentiate them by yourself.

[rodel caling]

I use coinmarketcap to seen new tomen or coins came from the ico's project but I do not use It to follow my trading job i read and analyst the token or coins volume where i trade.
But this is a really really sad news coinmarketcap is people knows one of the most realiable source for all about altcoins price value and volumes.

[mohammedmattar]

No one makes his investment decisions based on CMC statistics
It's enough to quickly know my currencies rates
But considering it's a big site it's never appropriate to allow false information to be published.

[KingScorpio]

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.

of course cmc is a fake and a scam, all numbers and all volume is just made up. the card house is falling into itself again

[tunapa]

CoinMarketCap wouldn’t be doing this intentionally . I hope am right as this is a bad pointer that will affect their credibility in this space

[Sithara007]

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.

Coinmarketcap is not the one faking the volume but the bogus exchange that is listed on their platform.

I would agree with you. Many of the exchanges either artificially inflate the trade volume with the zero fee schemes, or claim fake volumes. This issue is more severe with the exchanges in East Asia and Southeast Asia, when compared to the American and European exchanges. That said, the reputation of Coinmarketcap has gone down over the years, as a result of errors in their data.

[LUCKMCFLY]

I think that the volume is a very serious issue, Cmc does not include volume of some Korean Exchanges, or Localbitcoins, which are quite representative and should be considered, but for this there is not yet a tool that has the consolidated volume, however There are some pages that show some volumes but in beta version, I have usually been very guided by the volume that Bitfinex presents, since I have discovered that most Exchanges adjust according to this Exchange (It is only under my experience).

[Kasabus]

Faking the volume, I don't think they do.
Maybe not providing a timely information is correct, what we can only notice is the price of BTC since it's the most popular coin.
The way they get the price of BTC at a given period could be based on the average and it computed based on their program.

Mind you that there are exchanges for exchange that are trading higher than the average price of BTC, and some could jump due to lack of volume or whatever reasons. In my experience, since I cannot get a timely data from the site, I go directly to exchange where I am trading.

[sandra_x]

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.

Data presented by openmarketcap.com are a far cry from those presented by coinmarketcap, (compare 1.5 billion$ for the last 24 hours with 32 billion $ for coinmarketcap), it seem a logical reason why the entire market is easily manipulated with just relatively few millions of dollars in buy or sell order for bitcoins

[shrey singh]

I am also not sure and I also want to know how can someone be sure about the stats they show on their website ?

[Apes]

Imagine if all crypto users oriented to CMC in observing coin volume could be imagined the impact if indeed CMC made a mistake or provided manipulated information. I expect cryptocurrencies to continue advance if conditions like this would be very worrying that it would worsen the crypto image in the community. I agree if there are developers who participate and compete in providing information such as CMC. so that the information provided is not manipulated and monopolized.