CoinMarketCap faking volume

[Sled]

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.

Common thing to happen for new exchanges which they would like to take advantage of newly crypto adopters and traders as they expect that they are knowledgeable with this. But they don't know that we are all aware for this trick, they can't fool us nor getting much victims. We can't neglect that there will be caught from their trap but only those you aren't particularly wanting easy money.

[blueteam09]

CoinMarketCap is one of the websites that I often visit every day in my free time to check the information about Altcoin-related volatility that I hold. I know that CoinMarketCap is making exchange prices for Altcoin, but there are lots of exchanges with real volume listed on each Altcoin exchange list. I believe we can still trust CoinMarketCap.

[misterjo]

the volume of many exchanges is also false .. I think that the way to calculate or to do the metrics in coinmarketcap is not the right one, we must look for better metrics to calculate the cryptocurrencies ... that other platforms exist ?, I have seen several options , but they have almost the same CMC data

[FreeWaffles]

All big exchanges and most mid and little ones do wash trading. CMC just reports it. Except for the volume, there are also other indicators, say, ratings, that may help in taking your decision.

[eaLiTy]

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?

I am not sure coinmarketcap is doing that or is that a delay in capturing the live data, yes anything can be done if they are paying them to do so, if that is the case their credibility will be at stake and the possibility of new exchanges to fake the volume is to attract new customers and advertisers, since there are plenty of exchanges people will look for the exchanges with a good volume to carry out the trade smoothly, other than that there is no benefit. 

[Pamadar]

the volume of many exchanges is also false .. I think that the way to calculate or to do the metrics in coinmarketcap is not the right one, we must look for better metrics to calculate the cryptocurrencies ... that other platforms exist ?, I have seen several options , but they have almost the same CMC data

They are just basing everything with the exchange so  same results will appear as cmc also gaining their data's from what exchange gives them, it's easy being manipulated as bot and the exchange itself can fake  things around, needs to be very careful before believing with any reports that showing around
the market make your own assessment if you are going to invest.

[XZERO1]

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.

You shouldn't trust the data provided by one website anyway, exchanges both new or even more reputable ones faking volumes more than ever and getting busted by authorities depending on that country's law constantly, south korea for example caught couple of exchanges faking a huge amount of volume either it was for all of their listed tokens/coins or some specific ones, bithumb and upbit are two examples of exchanges that has been caught by south korea government.

[Mahanton]

the volume of many exchanges is also false .. I think that the way to calculate or to do the metrics in coinmarketcap is not the right one, we must look for better metrics to calculate the cryptocurrencies ... that other platforms exist ?, I have seen several options , but they have almost the same CMC data

They are just basing everything with the exchange so  same results will appear as cmc also gaining their data's from what exchange gives them, it's easy being manipulated as bot and the exchange itself can fake  things around, needs to be very careful before believing with any reports that showing around
the market make your own assessment if you are going to invest.

Always have a review when you do tend to make an investment.Verify if those numbers are true or just simply being faked out with price spikes. CMC do displays
average volume on overall exchangers or markets that it listed and when a certain exchange manipulates or do have that pump then it will normally affect on whats being
shown on CMC.

[xabre]

I have check many time coinmarketcap always have correct information about price and transaction volume based on how coin price in exchange market, always have the same price, volume and how many exchange support some altcoin.

[TIDOVEE]

I never observed anything of such, and maybe because I wasn't really expecting much because of the generally poor market value. Besides I seldom check the coin market cap at this time.but I don't think coin market cap should be involved in such.

[Upgate]

I also noticed this from coin market cap I felt it was probably from my internet connection the rate at which the prices where fluctuating where quite not normal.
But that issue must have been settled by now because this are very normal of late

[Ipwich]

I also noticed this from coin market cap I felt it was probably from my internet connection the rate at which the prices where fluctuating where quite not normal.
But that issue must have been settled by now because this are very normal of late

There are some errors on the part of the site especially if the market is very active.
Like what is happening now, BTC is moving up and some altcoins are also moving good, sometimes it creates some discrepancies but I don't see it as serious one.

[Kadal Ijo]

I also noticed this from coin market cap I felt it was probably from my internet connection the rate at which the prices where fluctuating where quite not normal.
But that issue must have been settled by now because this are very normal of late

There are some errors on the part of the site especially if the market is very active.
Like what is happening now, BTC is moving up and some altcoins are also moving good, sometimes it creates some discrepancies but I don't see it as serious one.

I noticed a lot of wrong data from coinmarketcap, many altcoins in the market exchange like binance or livecoin have larger trading volumes but they are displayed small in coinmarketcap, I'm afraid they are not neutral anymore.

[boltz]

I only enter on cmc to check prices and nothing more as more and more people are talking about the fake volume on cmc. Besides this even if the volume would be fake there are a lot of new money entering into crypto currencies.

[denzkilim]

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.

As of today the volume of Bitcoin on CMC reached $17 Billion US dollars does it mean that they are faking it?

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,...

You've got a great point about what you have just said bro and I think every investors/trader should really check the exchanges that they are using, be vigilant and don't rely upon any websites with biased analysis completely. Those kinds of crimes on the crypto world that you mentioned are really happening and I think it is hard to regulate that behavior at this point of time but maybe in the future, it can be fully regulated by some independent committee about crypto regulations.

[Becky666]

Don't get it. Can somebody explain to me, if you are given set of data to calculate with, won't your calculations be based on the data provided?, if yes, so be it to coinmarketcap but if no, explain. Coinmarketcap calculations are based on their data extract provided by exchanges and based their judgement on their data. Nothing is be fake here because "garbage in, garbage out". They are not faking volume according to OP.

[ttcsalam]

I think we should elimination them,but there are still many people visiting CMC everyday compared to other similar service. I do think most of the visitors  still use it for personal purpose like checking price of their trading news.

[||bit]

I don't think coinmarketcap faking volume, exchanges are doing. But coinmarketcap is helping them to do so. I wanted to report an exchange with obviously fake volume but there weren't any option about that.

[XCANA]

I don't think coinmarketcap faking volume, exchanges are doing. But coinmarketcap is helping them to do so. I wanted to report an exchange with obviously fake volume but there weren't any option about that.

That's the point, the fake start from these exchanges that try by all means to fake volumes. Recently, had visited some exchanges, behold what i saw was different from what they display as their trade volume. What's the reason to fake trade volume? can't get that. Volume or no volume, investors will always approach the best exchange to trade. 

[dupee419]

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.

I myself am not new to this either, just like in the social media, fake news and everything but here in the cryptoworld some of us already know what CMC are doing, faking volumes are one of their huge cases back then and after for a while I thought that they've stopped doing this, and if they're still doing it then I don't think its going to be fully reliable.