Huobi's VP accuses BNB and CMC for 'distorting' crypto rankings

[Ucy]

They shouldn't complain too much if there is no agreed metrics for ranking exchanges/coins by crypto communities.
People don't speak out early until a problem begins to affect them.
 I honestly don't worry to much about the centralized ranking sites because they are privately owned. Some say they can do whenever they want with their ranking sites... well, I think this is where the regulatory bodies could step in to address the problem considering that they are centralized and privately owned

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[Sanugarid]

Binance had acquired Coinmarketcap with marketing/advertising in mind.There's no other reason for acquiring a service like CMC.Now they are going to use Coinmarketcap as a promotion channel of their BNB token.
We can say "goodbye" to "Binancemarketcap",because no cryptocurrency user or trader that has a brain won't trust their fake rankings.

Definitely, Binance would not do such a foolish move for not acquiring the Coinmarketcap because it is the most famous one, I saw a survey, online survey on crypto data providers labeling Coinmarketcap as the most referenced website for crypto data tracking, and binance as the biggest exchange at the moment will take over this huge thing at their side to get bigger. And yes, who will based on the exchanges rankings? If you are wary of where you are moving then this might not be the case.

By the way,Binancemarketcap is a pretty accurate name for re-branding CMC.
Huobi might follow Binance's example and try to acquire some of the Coinmaretcap competitors.

I also think maybe the Coinmarketcap has a different categories on ranking the exchanges which Huobi is not that higher from binance or in other upper rank exchanges from coinmarketcap. But if it happens that this true and Binance is distorting the rankings, then this is a big slap on their face.

[dothebeats]

I don't think Binance will act in their own volition re: acquisition of CMC since that would be negative press. Even though we all know that CMC is kinda rigged in a way back then, it still has its own merits and can even improve on how they rank platforms. If Huobi wants to really up their game, perhaps try and suggest some thing to better the current way of ranking coins so everyone would be in a level playing field.

It's a big accusation from the side of Huobi. Sure there is a possibility that this is being done intentionally, but again it is outlined in CMC on how they do things before they display the ranking.

[gentlemand]

I support any action that hastens the demise of a site that has become way, way too powerful and probably unintentionally too. I doubt they had any idea what a monster it would become when they started it.

The more shit Binance pulls the more turned off people will become until it eventually fades away. Bring it on and speed it up.

[pakhitheboss]

This is not new for CMC before they were bought by the most shady cryptocurrency entrepreneur's exchange they were playing with the ranking.

As for Binance they will be using this platform for their own benefit. I am sure most of us here will agree with it. This was bound to happen when they bought this platform. More of such petty tricks will be coming soon.

[pixie85]

Look who's talking!

In 2018 an analysis of exchanges volume showed that Huobi was faking it with only 26% of real volume!
At the same time Binance was cleared with 100% real volume.

https://bitcoinist.com/binance-bitfinex-not-fake-volume/


Binance isn't the safest exchange out there but if you're criticizing others at least play fair yourself!

[Distinctin]

you can't find a transparency for CMC when it's acquired by an exchange, the owner can easily manipulate the data that they will put but it will be hard for people to question since Binance itself is not a shitty exchange, in fact people think that Binance is the number 1 exchange.

Correct, so we don't know if this is a good move from Binance to acquire CMC in the first place because they are going to be accused of data manipulation.

Despite of the complains which is given, but as long as the CMC are not doing anything that is illegal, they will continue to operate and they will continue to be popular. It's also given that not everyone would love CMC especially the competitors, but let's trust they know what they are doing.

What's important is a lot of happy users of the sites than its haters.

Competitors has to understand and accept that this is the perks Binance can get, they can put any exchange in the top if they wishes to, if they like for their exchange to be advertise, then they better purchase a CMC like. 

I doubt though that competition will take this likely. It's a cut-throat competition, and everyone will make a move to step the bar high just like what Binance did prior to the acquisition. And competitions doesn't like it obviously, so there's going to be a lot of tweets going back and forth, attacks that can make exchanges interesting again. They will have to show their strengths and let everyone knows the weaknesses of their competitors.

Binance keeps doing that to their competitors and they usually win. .. and with the CMC that is acquired already by them, it will only make their stronger and the competition will not be as tight in the future.

[thesmallgod]

This criticism is expected even before the Binance acquire the cmc. However, after binance acquire the CMC, they launch series of information gathering strictly from people that visit the site asking them what they want to see improved in the coinmarketcap. According to the report shared on their twitter page, a lot of people want them to readdress the exchange ranking system by making sure exchanges that are faking volumes are taking care of. I believe they have the criteria they used to rank those exchange. The Huobi VP could have suggest his own view as part of the ranking system rather than attacking them. By the way, CMC is not the only ranking platform Coingecko is also there and each of them have different criteria for ranking.

[Mulann2]

Was houbi ranked ahead of binance before or they just want to criticize it now that cz binance is part of the management! If they were ahead of binance before and was suddenly taken aback it would seem like what they claim but if that's not the case then they are just throwing shade in my opinion.

[nicecrypto]

Could it really be that cz is using his influence as new owner of cmc to manipulate data! It will really not be a good thing if he does that, many people are expecting a different administration and see things run better than what it use to be, by doing this, it will appear as if nothing has changed, people already complain of cmc given false data and cz doing this will really confirm it is true.