CoinGecko is introducing "Trust Score" to combat fake exchange volume

[coingecko]

Hello everyone! CoinGecko is introducing "Trust Score" to combat fake exchange volume. From today onwards, we won't be sorting exchanges by reported volume but will take into account web traffic and orderbook data. 

Full announcement: https://blog.coingecko.com/trust-score/

Great to be acknowledge by CZ from Binance and CoinDesk:
https://twitter.com/cz_binance/status/1127928142859866113
https://www.coindesk.com/coingecko-unveils-exchange-trust-score-to-fight-fake-volume-data

Check it out and let us know what you think!

[1714168050]

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[1714168050]

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[mk4]

That's some good stuff. Though unfortunately since majority are still geared towards CoinMarketCap, I don't think this makes that much of an impact. It's a step forward though; I just wish they'd do a re-make on their UI.

[Pumared]

Great.  With the recent case of NegocieCoins this is more than welcome.  Although we Brazilians, at least some of us, were already suspicious of the volume above normal while other pairs were well below and visits to the site were low ... Even if other users see the CMC soon that score will be copied.

[edisystem]

A good news there, with this introducing a new way to combat fake exchange volume i hope people will start using coingecko more than coinmarketcap.

It's also amazing though binance CEO also tweeting about this news.

[rosezionjohn]

A much needed change I think. Many traders are still relying on trading volumes and are unaware of these fake ones. This could be a better measure that what that other site offers 

[davis196]

Hello everyone! CoinGecko is introducing "Trust Score" to combat fake exchange volume. From today onwards, we won't be sorting exchanges by reported volume but will take into account web traffic and orderbook data. 

Full announcement: https://blog.coingecko.com/trust-score/

Great to be acknowledge by CZ from Binance and CoinDesk:
https://twitter.com/cz_binance/status/1127928142859866113
https://www.coindesk.com/coingecko-unveils-exchange-trust-score-to-fight-fake-volume-data

Check it out and let us know what you think!

So you are going to track the web traffic towards all crypto exchanges?That doesn't seem like a valid measure.Web traffic can be faked pretty easily as well.Their orderbook data can be faked as well.
They only to combat fake trading volume is to adopt decentralized exchanges,where nobody can mess around with the trading volumes.

[Ailmand]

Well, it's a good start. Recently there had been a lot of new exchange that is at your first glance has a good volume somehow, but once you use their exchange the real volume will show, there are a lot of fake orders and bot trades. This kibd of implementation could help traders or even projects on choosing the platform they are going to use.

[pakhitheboss]

This is Good News! This had to be done to remove Fake volumes, but it would have been great if CMC would have added this feature. Everyone knows CMC and very few people know about coingecko. This new feature might change the game.
Let's see what CMC does now

[Vaskiy]

Quite often some form of similar features get into existence, but till date no big change has been experienced. Even with hard inspections it is unable to keep things into control, anyhow what's been taken forward by coingecko is truly a good effort to keep the crypto community informed about each and every activity happening with exchanges.

[Crypto Girl]

I just wish they'd do a re-make on their UI.

Seriously yeah, their interface isn't that clear as CMC like there's a lot of uncertain data that should be remove.

Is binance and coingecko have some kind of partnership?
If this really gonna happen then it can surely grab everyone's trust but I doubt it can be a 100% accurate or at least reliable.

[hugeblack]

So you are going to track the web traffic towards all crypto exchanges?That doesn't seem like a valid measure.Web traffic can be faked pretty easily as well.Their orderbook data can be faked as well.

A good step but relying on traffic will not make a fundamental difference. I hope to add more filters and leave the option for the user to reconfigure his or her own "Trust Score."
Also, please add the same thing to coins/tokens/ICOs as many rely on the default ranking system to judge the credibility of the project.
The strange thing is that you categorized YoBit as "CENTRALIZED,"    we all know the dark behavior of that platform.

[Beerwizzard]

I still can't get why all those exchanges are faking their volume. Most of such exchanges are located somewhere in asian countries and their target audience are also asian traders that are always using exchanges that are located in their countries. Also those exchanges sometimes are not even usable for non asians simply because they don't have a proper translation.
So they don't have the real competition that the other exchanges have and why do they need to fake their volume?

[7788bitcoin]

Great.  With the recent case of NegocieCoins this is more than welcome.  Although we Brazilians, at least some of us, were already suspicious of the volume above normal while other pairs were well below and visits to the site were low ... Even if other users see the CMC soon that score will be copied.

Even i was skeptical of Negocie Coins as they are showing a billion dollar volume which is really huge for any exchange and i have not heard that name earlier and it is a shady business if they are misleading everyone with fake volumes and those exchanges should be avoided as you never know when they will run away with the user funds. It is a good initiative from coingecko but i am not sure how accurate they can analyze the volumes.

[Genemind]

If you're able to track different exchanges' fake volumes then you're exactly offering a great service. Fake volume is always deceiving and it's a big advantage if it would be tracked. They mislead traders which result to losses and it's really causing a lot of struggle for most investors.

[Herbert2020]

So you are going to track the web traffic towards all crypto exchanges?That doesn't seem like a valid measure.Web traffic can be faked pretty easily as well.Their orderbook data can be faked as well.
They only to combat fake trading volume is to adopt decentralized exchanges,where nobody can mess around with the trading volumes.

that is what i was also thinking about but usually the exchanges that i see faking their volume are only reporting a fake (final) volume without bothering to change much else. this is specially true for smaller exchanges and those super shady ones like Yobit. so such scores can eliminate a lot of them easily.
this only becomes a problem with big and popular exchanges who know well how to hide their track.

[fndsr]

that's good news, I think only part of the market is really real in trading volume, I often visit Coingecko, Binance is one of the most reliable exchanges

[ladyrohana]

So you are going to track the web traffic towards all crypto exchanges?That doesn't seem like a valid measure.Web traffic can be faked pretty easily as well.Their orderbook data can be faked as well.

A good step but relying on traffic will not make a fundamental difference. I hope to add more filters and leave the option for the user to reconfigure his or her own "Trust Score."
Also, please add the same thing to coins/tokens/ICOs as many rely on the default ranking system to judge the credibility of the project.
The strange thing is that you categorized YoBit as "CENTRALIZED,"    we all know the dark behavior of that platform.

it is a centralized exchange, and not a decentralized one. i think traffic is a start a good indicator for now

[Apes]

coingecko issued a "trust score" feature for me this is very great feature. This feature should have been provided long time ago by all cryptocurrency market capacity service providers. because all this time some exchange markets accused providing fake market capacity and monopolized. hope this feature be an example for other to give honest market capacity without manipulation.

[sumangs]

This is a great idea since markets with fake volume often gets the trust of a new trader and it would be such a misfortune if a person that wants to try new things for money had a bad start and left the crypto scene earlier and he/she misses an opportunity due to it.

[Haunebu]

coingecko issued a "trust score" feature for me this is very great feature. This feature should have been provided long time ago by all cryptocurrency market capacity service providers. because all this time some exchange markets accused providing fake market capacity and monopolized. hope this feature be an example for other to give honest market capacity without manipulation.

This fake volume issue became a big thing just recently which is why it makes sense why websites like Coingecko didn't do anything about this earlier. I do hope bigger and more popular sites like CMC take note and follow a similar route in the near future.