CoinMarketCap Changes - Broken the Trust of the Crypto Community?

[Cryptogiji]

Hello everyone,

Recently, CoinMarketCap changed it's ranking system in regards to crypto exchanges, by some sort of miracle Binance (who bought the Website 6 weeks ago for a rumoured $400 million) is top.

What does everyone think about this? Has it broken your trust in regards to CMC being unbiased? Will you stop using their system? Or are you fine with another company investing to grow their reach?

I wrote an in depth article about the situation, my own personal feelings and what can be done if we want to change this. You can check it out below, would be great if I got some feedback on it!


https://www.publish0x.com/crypto-101/coinmarketcap-changes-marketing-ploy-via-binance-or-an-impro-xlllxme?a=GELe3POa69


Also, if you are interested the blog is written on a crypto blogging platform, where you can log in, upvote articles and earn crypto for free for doing so. Currently you can earn BAT, DAI and LRC. There are over 100k users on this platform and it is growing every day, I believe it will soo take over Steemit as the biggest blogging platform.

You can sign up through the article / link above if you want to join the platform.

*Edit - since writing this article, CoinMarketCap has changed their rating system, which now punishes Binance's competitors. Below is the link to the second part of the article.

https://www.publish0x.com/crypto-101/the-coinmarketcap-binance-conundrum-rises-again-pt-2-xgdlomv?a=GELe3POa69

What do you think about the recent updates?

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[torrantz]

It changes CMC to be a better MCAP site than before it has already acquired by binance. It looks like the crap exchange site has already eliminated from the top rank of CMC. That's not broken the trust of the crypto community but that brings a better change for sure.

[Ryker1]

Well, even before CMC was doing untrustworthy moved just like advertising scam Ponzi projects through their ads. If CMC was changed their ranking metrics doesn't a problem. You can use different market monitoring if you don't like Coinsmarketcap, [ https://cryptoslate.com/top-10-coinmarketcap-alternatives/ ] --that was purely biased because BNB also gaining on CMC through the heavy traffic made and most crypto beginners used. Indeed, as BNB CEO said that " This ranking is currently heavily biased towards web traffic, not 100% accurate, but better than before. Will continue to iterate."
https://twitter.com/cz_binance/status/1260992403835506689

[KaratX]

Is this about binance making themselves the number 1 top exchange on coinmarketcap? If yes well other ranking websites have binance as the first too, check out coingecko for answers

[hiburak]

I didn't notice much of a change to be honest. Fake volumes reported by most of the exchanges are still being published on CoinMarketCap.

I think they still have a lot of work to do.

[FLHippy]

What? I didn´t see anything diffrent comparing to the old Coinmarketcap website, even they are no Binance advertisements on the website, so for me it looks still independent.

[Saisher]

It changes CMC to be a better MCAP site than before it has already acquired by binance. It looks like the crap exchange site has already eliminated from the top rank of CMC. That's not broken the trust of the crypto community but that brings a better change for sure.

I still trust Coinmarketcap, I've been using it ever since together with Coingecko, I could never last a week without looking at this two for comparison, I don't mind the exchange ranking as long as they show the right and real-time price of all the coins in their database.

[thesmallgod]

Rather than worry about the fact that the binance team own CMC, we should better concentrate on asking question as regard to what makes Binance top the exchange list. A lot of people regard Binance as the best trading platform in the world. Not because of their numerous active traders that offer great liquidity when trading on the platform but the way they have shape the believe of many people about cryptocurrencies. If they have taken the same energy and commitment in addressing the issue for fake volumes and scam token issue on CMC which also makes their platform (Binance) to top the list, I do not think they break my trust because that is what I have been expecting to happen to CMC after they bought it. They have previously gather research from individuals that visit their platform through survey to get information about developing the platform and I believe this led to the recent ranking and other updates. 

[MCDev]

Coinmacketcap is still a reliable site although it is now in Binance's hands. Bad projects have been removed and people have a better grip on the market.
Besides coinmacketcap always always the fastest updates on the prices of currencies on the market.

[qazgroup]

Obviously they have acquired cmc so they will manipulate and use it somewhat for their own benefit as well, obviously they want to make back their invested money fast but personally i do not have any problem with cmc yet and i am using it as i was doing before binance taking over it and i will keep using it unless they start doing something silly.

[Coyster]

Many other websites not owned by Binance imo will also consider Binance as number one cryptocurrency exchange, not just coinmarketcap, if that be the case then I don't think there should be any case of manipulation or foul play. Users of Binance on the forum usually recommend it to newbies looking for good crypto exchanges, I believe they are reliable and them being first on CMC is not as a result of their manipulating figures to make themselves top, but that they are actually worthy of that position.

What does everyone think about this? Has it broken your trust in regards to CMC being unbiased?

Not it has not, I still trust and use coinmarketcap as I did even before it was acquired by Binance. And I do not also it a biased decision that Binance ranks top exchange on coinmarketcap.

[TimeTeller]

Obviously they have acquired cmc so they will manipulate and use it somewhat for their own benefit as well, obviously they want to make back their invested money fast but personally i do not have any problem with cmc yet and i am using it as i was doing before binance taking over it and i will keep using it unless they start doing something silly.

I don't think they have the main intention of doing such manipulation.
All eyes are on them, so they are very careful not to ruin their image just by wrong move towards CMC.
You can also verify with other ranking websites about their claim, being no. 1 using the web traffic factor as criteria.
And I do believe that most of the ranking websites will place Binance as number 1.
And if in case they will break your trust, you can always cross reference it to other websites like coingecko.
Supposedly, you should only use them for quick reference, you still have to do your own research when it comes to your investments.

[jrrsparkles]

I don't think there is any issue with the new ranking system, they just adjusted the reported volumes from exchange and other few things so their exchange got actual high volume that other so binance is now sitting at the top.

[Google+]

I do not have real evidence about this case because I do not have much time to examine that coinmarketcap is indeed manipulating intentionally or unintentionally even coinmarketcap can also accept bribes so that it can manipulate data but hopefully it doesn't happen because if it happens it will make a lot of traders are disappointed with coin marketcap.

[7788bitcoin]

Recently, CoinMarketCap changed it's ranking system in regards to crypto exchanges, by some sort of miracle Binance (who bought the Website 6 weeks ago for a rumoured $400 million) is top.

What does everyone think about this? Has it broken your trust in regards to CMC being unbiased? Will you stop using their system? Or are you fine with another company investing to grow their reach?

The moment CZ and binance purchased coinmarketcap i knew something like this would happen, they have the money and they wanted to have an authority and monopolize on the entire cryptocurrency market, i waiting whether they will show the fair system or use that as a platform to boost their revenue further and they choose the latter.

I do not have real evidence about this case because I do not have much time to examine that coinmarketcap is indeed manipulating intentionally or unintentionally even coinmarketcap can also accept bribes so that it can manipulate data but hopefully it doesn't happen because if it happens it will make a lot of traders are disappointed with coin marketcap.

If you missed the news that coinmarketcap was purchased by binance you could have understood the situation if you read the topic .

[Sebas.tian]

Possibly we should be happy to have binance taking over the coinmarketcap from the original owners whose jobs was to manipulate the dubious coins and fake their volumes for us to invest into. I have been a victim of this circumstances with some bad reputable coins on CMC. Believe me, binance will take good care of the cryptocurrency market as they have acquired the coinmarketcap. We'll know that, binance as an exchange is well known in this industry and for them to bought coinmarketcap is a new dawn for the cryptocurrency community and is a welcome development. Cryptocurrency trust is here to stay with us like never before.

[torrantz]

It changes CMC to be a better MCAP site than before it has already acquired by binance. It looks like the crap exchange site has already eliminated from the top rank of CMC. That's not broken the trust of the crypto community but that brings a better change for sure.

I still trust Coinmarketcap, I've been using it ever since together with Coingecko, I could never last a week without looking at this two for comparison, I don't mind the exchange ranking as long as they show the right and real-time price of all the coins in their database.

That's good to hear that.
It looks like the majority of people here said that if the new mechanism that used to determine the current exchange site ranking on CMC doesn't give a lot of impact to the community's trust.

OP should not feel worried about that.

[masterrex]

I think thats not true $400 Million for a website what a costly acquisition, I think Binance won't pay that much. By the way, let us point the main issue here before Binance acquired CMC it's already stained with an accusation of listing unverified projects that later on become an exit scam. not just that some technical people are questioning the method of CMC's calculation on the market cap of any coin that listed on the CMC platform. so what trust would be broke if it was already broken just my opinion.!

[phoenixdowndee]

Hello everyone,

Recently, CoinMarketCap changed it's ranking system in regards to crypto exchanges, by some sort of miracle Binance (who bought the Website 6 weeks ago for a rumoured $400 million) is top.

What does everyone think about this? Has it broken your trust in regards to CMC being unbiased? Will you stop using their system? Or are you fine with another company investing to grow their reach?

I wrote an in depth article about the situation, my own personal feelings and what can be done if we want to change this. You can check it out below, would be great if I got some feedback on it!


https://www.publish0x.com/crypto-101/coinmarketcap-changes-marketing-ploy-via-binance-or-an-impro-xlllxme?a=GELe3POa69


Also, if you are interested the blog is written on a crypto blogging platform, where you can log in, upvote articles and earn crypto for free for doing so. Currently you can earn BAT, DAI and LRC. There are over 100k users on this platform and it is growing every day, I believe it will soo take over Steemit as the biggest blogging platform.

You can sign up through the article / link above if you want to join the platform.

I think this is a big of a double edged sword.

CMC was full of problems, from tokens / coins that had no liquidity to exchanges that were clearly just wash trading to boost their numbers, I think the key is to have multiple sources of data that combine everything to give the best idea about the exchanges. Adding the amount of website traffic is a decent one to throw into the mix.

However, this is clearly helping Binance. Having the internet score as the MAIN factor to judge is a problem, because you are simply just rewarding websites that have traffic. You can buy traffic cheaply it doesn't mean that the exchange is good at all. Also we are just 6 weeks into the acquisition and boom they are top. I expect to see more happening on the website and I believe with every change they will lose less and less validity as an independent site.

One beautiful thing is we can simply stop using CMC and move to other platforms, there are plenty out there.

Also great article, really informative with loads of sources and you did you homework, I like the fact that you even went into the other companies Binance has bought out. Also I joined the platform and tipped the article, I will be using this platform from now on as I have already started earning BAT and DAI from it. Keep up the great writing and I look forward to your next article.

[batang_bitcoin]

They own the website already so expect that the favor will go along with their very own exchange. Recently, Huobi[1] which is another exchange reacts as to how CMC made Binance as the number 1 and the new ranking system that they've just made.

[1] Huobi’s VP criticizes CoinMarketCap’s new ranking system