CoinMarketCap Changes - Broken the Trust of the Crypto Community?

[jimsteel]

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.

Nice article, got some great info!

CMC is dead, long live the king.

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[crustycrab666]

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.

There is a noticeable difference: first, CMC currently uses the web traffic factor as ranking, not based on its volume as before, secondly, the exchange rank is combined between dex and cex.
I prefer the current system, we can clearly see which exchanges are crowded and most often used for trading. With the support of the innovative Binance team, I quite believe there will be better developments going forward.

[Perfect35]

If there are any changes on CMC now and it is kind of obvious, I believe it is for better. Before this time, so many were company about how CMC ranks exchnage and that it calls for urgent attention. Later we read it is being negotiated for purchase and with the latest that is happening now, I still believe it is for good.
If Binance comes top, it deserves it. In fact, it is the best as far as my use of crypto exchanges concerned.  How other exchanges are ranked might now be a call for concern if there is any manipulation.

[Wayrey2020]

I think it is too quick to judge, and to be fair, if we check the ratings, the features, the unique benefits of exchange binance edges all exchange platforms.
Why do i say this, most exchganges do not yet allow fiat withdrawal like binance does, and remember that itself is an added advantage in ranking of exchange.

So it is a fair ranking.

[bramborakymilenec]

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.

Great article, thanks for sharing.

Yes it is worrying, first changes they have made has put Binance at the top already. We haven't even gone 2 months since the buyout. I expect a lot for Binance and CZ, one of the biggest shills out there.

[poodle63]

I think it is too quick to judge, and to be fair, if we check the ratings, the features, the unique benefits of exchange binance edges all exchange platforms.
Why do i say this, most exchganges do not yet allow fiat withdrawal like binance does, and remember that itself is an added advantage in ranking of exchange.

So it is a fair ranking.

The problem is binance was taking the advantage from CMC after the acquisition as some people have criticized the current mechanism used by CMC. As the owner of CMC binance does nothing wrong about that but it looks like the mechanism needs to be adjusted again. It's not too quick to judge it.

[Harlot]

I mean who do you think will be the number one and keep up with Binance's global presence? Upbit? Huobi? Kraken? I don't think so Binance as of right now is the only crypto exchange branching out of it's main business and is trying to monopolize everything in the market they are planning to create their own mining pool, they have offices in several countries, they have bought a website for a ton of money. This shouldn't be really a surprise anymore since they are eager to be present globally and it is evident on how they brought their operations back in the US. By far Binance is one of the most popular exchanges and I don't think its a suspicious thing to see them in the number one spot.

[Shallow]

To be sincere if the issue is about Binance being on top in coinmarketcap, I do not see any thing wrong with it because a good number of people knows that it's meant to be its position, even coingecko reported same. Also, am yet to see major changes which can be argued on, till then I do no see this update by coinmarketcap as a big issue. Nevertheless, that doesn't mean that Binance won't do more for their own benefits, we should be expecting more of it but in the case of being number 1, it can somewhat be justified because of how the platform has grown.

[Desscount]

Binance is now controlling it. It create big conflict of interests. i dont think that we can really trust it now

Although Coinmarketcap has been acquired by Binance, it seems to me that Coinmarketcap will be better,
and now Coinmarketcap has added new features, I'm sure Binance will not create their own interests, and think more about the public interest

[BitcoinTurk]

I did not fully examine the changes you mentioned, but I see that I was right about what I wrote in my previous messages. Before the purchase process, I wrote many messages in the style of "If this news is correct, CZ will be the most rose manipulator of the market and will direct it as it wishes." Today I see that my estimates are correct and market changes started with small changes. I hope we don't see such changes frequently, and CZ alone cannot make cryptocurrency markets worse.

[ancafe]

I don't think Binance will cheat in this case, because that will only hurt their exchangers. apart from that, I believe more in the data currently available on coinmarketcap. looking at the work of binance that has been done before, naturally I believe in that. however, this is my personal opinion, that CMC will be better if binance takes care of it

[matchi2011]

Binance is now controlling it. It create big conflict of interests. i dont think that we can really trust it now

Although Coinmarketcap has been acquired by Binance, it seems to me that Coinmarketcap will be better,
and now Coinmarketcap has added new features, I'm sure Binance will not create their own interests, and think more about the public interest

It's business and looking at this perspectives binance will do their best to make things better in terms of working with people who are still using this site to check the current situation inside the market, though chances that there are still unwanted exchange and coin information that needed to take care of, binance will look for the best interest of majority to continue business.

[rahmatullah9305]

I do not think that the trust of the crypto community lies in coinmarketcap, because the coinmarketcap site is only a means for everyone to see coins and tokens and exchanges, and the changes that occur in coinmarketcap I do not think will affect the trust of the crypto community.

[cabron]

It clearly shows now that the top rank of exchanges are real and Yobit seem to be in the right place. Who would have thought the exchange mostly have despise it was ranked up among the top ones beating the ones we thought are really used by traders.

Still surprise that LATOKEN is in the 67th and Probit is on the 38th place.

[ene1980]

I mean who do you think will be the number one and keep up with Binance's global presence? Upbit? Huobi? Kraken? I don't think so Binance as of right now is the only crypto exchange branching out of it's main business and is trying to monopolize everything in the market they are planning to create their own mining pool, they have offices in several countries, they have bought a website for a ton of money.

I really do not like the idea of anyone having a superior power over the market and then they will start manipulating the market and with the purchase of the popular CMC and they already shuffled many things including the exchange rankings and now binance is listed as the number one exchange and glad that we have CoinGecko which represents factual data than CMC.

By far Binance is one of the most popular exchanges and I don't think its a suspicious thing to see them in the number one spot.

When you purchase a popular site and magically you appear number one after the purchase you do not consider it as suspicious.

[roganite]

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.

Nice writeup, really enjoyed the article and you made sure to do your research.

It's an issue, people / Binance can stat it's better, but let's be honest, they have changed it to help Binance. They were working on a algorithm and they shifted since the buyout.

It is now a glorified marketing tool (if not an expensive one) for Binance. Expect more changes in the coming months, this is just the start.

[fvb]

Personally, I like PublishOx and I find a lot of useful information there.  Recently, I also started writing articles on this resource.  Binance took a far-sighted step in its favor by purchasing CoinMarketCap.  Thus, you write that at this time, CMC should not be seen as an impartial website.  I can’t say with great certainty that he was like that before the purchase of Binance.  Just the leaders have changed, and now everything will move in a certain direction, that is, in a convenient direction, you yourself know for whom.

[cryptowomba]

Expect CoinGecko and the other platforms to make moves while CoinMarketCap is weak.

Great article, that explains why Binance wanted to even part with such a large amount of money. I knew that CoinMarketCap was a popular website in the crypto world, but top 700 out of all websites is huge. Any website would like to have that sort of traffic.

[Toxic_1988]

No, Binance becomes leading in terms of ranking is nothing new or unexpected. Actually, if you're in the speculation thread about Binance over take CMC a few months ago, you would see most bitcointalk users are welcoming this action of Binance to reduce shady exchange that in the top by manipulating their volume data. Everyone already sees this coming from miles.

[cabron]

No, Binance becomes leading in terms of ranking is nothing new or unexpected. Actually, if you're in the speculation thread about Binance over take CMC a few months ago, you would see most bitcointalk users are welcoming this action of Binance to reduce shady exchange that in the top by manipulating their volume data. Everyone already sees this coming from miles.

Some users liked what binance did but some still as skeptic with why they bought CMC. Binance being a popular exchange and had dominated already just can't settle themselves for less but has to take CMC to gain more control over the crypto market.  Its not going to be surprising if Binance will soon populate the ranking with only the tokens they bet.   TRX probably?