CoinMarketCap Changes - Broken the Trust of the Crypto Community?

[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.

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.

We don't really have any choice but to accept that Binance is monopolizing the crypto market since they have the money to do so and there are no laws stopping them from acquiring and acquiring other businesses.  Also we cannot just demand them on changing anything in the data/results they are showing in CMC right now, the only thing left to do is not use and visit Binance hoping that the decrease in traffice will make them more honest with their data.

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.

Well I explained my thoughts perfectly on my first post here. I already said that they are not only one of the most popular exchange but they also have a global presence which could easily back the data they are giving.

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[escalante28]

I don't think so,  maybe coinmarketcap now is more reliable because they removed all those fake volumes.
If you're active in exchanges before, I'm sure you'll agree with me.

[enhu]

I don't think so,  maybe coinmarketcap now is more reliable because they removed all those fake volumes.
If you're active in exchanges before, I'm sure you'll agree with me.

They di a good job in arranging the ranking of exchanges. Binance must have been affected by the rankings provided by the previous owner of the CMC and it hurts their price not on top of the rank despite their effort and this is all because of the API mess.

Not Binance hit two birds in one stone. They already promoted the binance exchange extensively while also owning the widely used ranking website in crypto. I bet they can really use CMC to benefit more.

[drumamat]

I don’t see anything wrong with buying CMC. I am sure that for users everything will be even better. But competitors will naturally not be sweet

[joinfree]

I don't think so. To be honest Binance is surely going to make coin market cap a good and resourceful place to look upon coins. Moreover all these Ponzi scams will not be listed over there further cleansing this industry of all the trash projects. I really don't have a problem with Binance taking over CMC if they don't become biased with their decisions.

[shinratensei_]

I don't think so,  maybe coinmarketcap now is more reliable because they removed all those fake volumes.
If you're active in exchanges before, I'm sure you'll agree with me.

I do agree with it since the fake volume has already removed but the traffic chart looks a very bad thing to be used as a measure to determine the rank of crypto exchange site.

This needs to be re-evaluate again whether traffic is really important or not. I guess, why didn't CMC provide the rank based on the real liquidity instead of the traffic?

[AmoreJaz]

I don't think so. To be honest Binance is surely going to make coin market cap a good and resourceful place to look upon coins. Moreover all these Ponzi scams will not be listed over there further cleansing this industry of all the trash projects. I really don't have a problem with Binance taking over CMC if they don't become biased with their decisions.

i dont know why the OP is thinking that BNB acquisition will break the trust of CMC users. long ago, CMC was already giving inaccurate data to the public. so there's no trust that BNB is breaking here. instead, BNB is making this site more usable to many. with the community being informed about their acquisition on this site, BNB will not make ridiculous changes that will favour them. because they know the possible criticisms and accusations that will be thrown to them. so yeah, it's better that they are under Binance now, we might see better coin info and figures in the future.

[gweedo]

I see coinmarketcap is getting better than before since Binance acquired this site. And I'm not too surprised when Binance is at the top of the volume every day, obviously they are the largest exchange in this market and there are many people using it.

[handy_hotdog]

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.

It's an overall improvement to the system, but let's see what changes happen in the future, I'm expecting a lot more.

Nice roundup, and i've joined the platform and started earning BAT and DAI. Highly recommend it to any crypto lover, especially if you are a content creator.

[Baoanhbmt]

CoinMarketcap is still a reliable site although it is now in Binance's hands. If there are any changes on CMC now and it is kind of obvious, I believe it is for better. 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.

[Chivas Regal]

I had switched to CoinGecko quite a while ago as it seemed to have a fresh approach to showing a vast number of altcoins and the exchanges that they are listed on, but I am finding that it is more and more closing in on what put me off of Coinmarketcap in the first place.  I've also come across a number of other market-cap styled sites that seem to be mirrors of CMC quoting the same incorrect information concerning a number of altcoins that interest me.  None of the market-cap sites seem to want to correct their information.  If the owners of CMC sold the site for $400M then they should be giving about $450M back in change.

The apps that show your portfolios are no better.

[ningrum]

in my opinion nothing has changed from coinmarketcap, instead it seems much better than yesterday,
I like coinmarketcap now, the information provided is far better

[Vishnu.Reang]

This was expected, right? Now we can't expect Coinmarketcap to report that the trade volumes claimed by Binance for various cryptocurrency pairs are inflated. After all, they are now completely owned by Binance. And this may be one of the reasons why Binance spent a huge fortune, to acquire Coinmarketcap. Probably, the Binance promoters were getting nervous about CMC reporting their real trade volumes.

[BlacksmithCorporation]

This doesn't make much sense to me, I have never considered the CMC exchange charts to be valuable, I don't care about it. I only use CMC to search for information about coins, and I think this will not be affected much.

[Anish02]

This doesn't make much sense to me, I have never considered the CMC exchange charts to be valuable, I don't care about it. I only use CMC to search for information about coins, and I think this will not be affected much.

Exactly, coinmarketcap hasn't so important for us, we just make the use of it to check the prices of the coins and I don't think beyond that it is more important than that. So why are looking much deeper into it. As well they had remove fake volumes and have started working towards its better development.

[unusualfacts30]

Not at all. I think even if it is owned by binance they can't make too many changes or else the risk of pushing away old users. It is in their best interest if they stick with how they website was and only make few changes. I don't think they bought it without thinking over how they can use it to benefit themselves but as long as they aren't too biased people won't care.

[DoubleEdgeEX]

Where I come from, we have a saying which roughly translates to: Whos bread I eat, is whos song I sing. - Meaning, if Binance has some financial influence on CMC, it will become biased this way or the other. CZ and his connection with Justin Sunofabitch made him already less likeably to me so I hope he doesn´t go down the road of total control and manipulation

[shadowdio]

well nothing changed in the coinmarketcap but they should change the rank system of exchanges or maybe they should remove the exchange that has fake volume, that would be better.

[freedomgo]

People doesn't seem to care about it, the exchange that bought CMC happen to have a good reputation in the market, so people would not complain if Binance will be in the top, I believe if they have manipulated the ranking, I think it's not grossly done, I am not seeing the obvious.

[poodle63]

in my opinion nothing has changed from coinmarketcap, instead it seems much better than yesterday,
I like coinmarketcap now, the information provided is far better

That's true and when it comes to the list of exchange site and this time it's a better list caused by some crap exchange sites have already kicked from top 10 exchange sites based on the traffic. The daily trade volume needs to be adjusted again consider p2pb2b still has a lot of fake volumes.