Is CoinMarketCap a scam?

[globalpain]

The number of scams in the crypto market is very high but coinmarketcap is not a scam but it is a very good site for exchange. Most of the currencies are listed here and the 10 currencies listed by coinmarketcap are good for investing various information about tokens can be learned through this market cap digital currencies are listed following coinmarketcap.

I think the Coinmarketcap site is really safe and definitely not a scam site,
after all it is a trusted site and many people have used it so we don't need to hesitate,
right in Coinmarketcap we can find a lot of information about various coins and it's good to add to our reference

[Little Mouse]

Maybe that's a bug but for Hex, it can be something else too. I have seen Hex price to be quite higher than usual price in some exchanges. For example, in xt.com. But the liquidity at that price was not enough. It is possible that CMC use liquidity as a metric to rank the coins which is why it has affected although I haven’t checked it yet.

[michellee]

I consider that CMC is just showing the data like the other website such as CoinGecko. You need to find more data from the other website, especially if you want to use it for trading. I do not know if CMC is a scam, but I do not have a problem with that and I can find the data from the CMC. But I do not use CMC only and I use Coingecko with the other websites that members suggested to give me more data. The rest is that you need to analyze the data to find if that is real or fake.

[RussianEnglishTranslation]

Coinmarketcap is a scam and the numbers are fudged. When the price of something like XRP goes up they remove Korean exchanges or change the marketcap/supply in circulation to lower the price. These are facts. CMC is shady and I do not trust it. Additionally, most of the trading volume it tracks is from centralized exchanges with wash trading bots, not decentralized exchanges like Coingecko... not that coingecko is perfect by any means, just saying.

[Reid]

You always have a choice of not using it.
They can rank anything on their own criteria but that doesn't mean that is the truth.
You could make your own and rank Ethereum as the top coin before Bitcoin because you are a big fan of it or vice versa.

CMC is just an information center of cryptocurrencies. Let it stay that way to avoid expecting more.

[tvplus006]

Maybe that's a bug but for Hex, it can be something else too. I have seen Hex price to be quite higher than usual price in some exchanges. For example, in xt.com. But the liquidity at that price was not enough. It is possible that CMC use liquidity as a metric to rank the coins which is why it has affected although I haven’t checked it yet.

As for the Hex coin, it really has a small volume of daily trading, besides it is represented on shitty exchanges such as Yobit. Due to the small volume of trade, it is easy to pump such a coin, which, accordingly, will entail an increase in its capitalization. To get to the first pages of the rating, you need a listing of the coin in the TOP exchanges and a large volume of daily trading.

[Saisher]

I’ve been using them for years, I know Binance owns them…but I can’t understand why page 3 (starting at #201 Hex) has coins like Safemoon, that have a higher market cap than every coin on page 2…but is stuck on page 3.

It’s like they put a velvet rope at coin #201, and only some coins can pass beyond that, and others can’t.

What is the explanation? Do you have to pay Binance to get past this velvet rope? Does someone at Binance try and decided what’s “worthy” of being on the first two pages?

They have their own criteria for doing that, it's not a project that you'll invest it's a market aggregator if you do not agree on what they are showing you have other market aggregation that you can use, I'm using Coingecko and I'm comfortable using this, they have more features and they offer reward by just login daily.

Or you can check this article for the list of Cryptocurrency market aggregator

5 Best Crypto Market Data Aggregators and APIs (Updated 2021)

[raidarksword]

Coinmarketcap is just a website that monitors trading volume and ranks top coins in the market and definitely not a scam at all. There are lots of criteria to be in the position of the marketcap ranks, the trading volume and the trend as well. I have been using CMC for couple of years now and I do like their being accurate on such tokens and coins in the market.

[gurunanakji777]

I am a regular user of Coinmarketcap as far as my understanding it is very genuine. I think its nothing to do with Binance on the other hand there are some criteria projects need to fulfill that would be the reason in my opinion. Even you can use Coingecko if you don't like to use coinmarketcap.

[sarmrakib]

Coinmarketcap is just a website that monitors trading volume and ranks top coins in the market and definitely not a scam at all. There are lots of criteria to be in the position of the marketcap ranks, the trading volume and the trend as well. I have been using CMC for couple of years now and I do like their being accurate on such tokens and coins in the market.

There is nothing actually to become scam here .There are many website like coinmarketcap to show up the price of the coin which are concern crypto like coingecko ,Coinpaprika .So it can just make us a puzzle3 with the price and the wrong information without that they have nothing actually to become scam anything .There is nothing happen yet with this site .How the question come from that if it become scam .I always use this sit and it is so smooth and speedy to show me the recent market situation even with many information .

[freedomgo]

The question seems unreal, how can CMC be a scam if Binance bought them for $400 million according to this article.
https://www.theblockcrypto.com/post/60371/binance-is-set-to-acquire-coinmarketcap-the-deal-could-be-worth-as-much-as-400-million

CMC does provide information according to their standard, they might be biased since the owner of the site also owned the Binance exchange, but they are not scam.

[masterrex]

I think it's not appropriate to call any platform a scam just because we don't understand how it works, although the CMC site has some bugs that sometimes affecting their ranking and other statistical information. But I don't think it's a scam, Anyway, aside from CMC, there are a lot of platforms out there that offered the same functions and services that's why we are free to choose the much better that's simple.  

[BivxiuDavi]

Completely not. I always believe in them. This project has been long proven. It is not only a simple project but a tool to take stock of market. However, to evaluate the whole market, I think we need to consult with various sources to get the most reasonable  results within human's knowledge. Good luck with your predictions!

[ethereumhunter]

Coinmarketcap is just a website that monitors trading volume and ranks top coins in the market and definitely not a scam at all. There are lots of criteria to be in the position of the marketcap ranks, the trading volume and the trend as well. I have been using CMC for couple of years now and I do like their being accurate on such tokens and coins in the market.

I agree with you. Coinmarketcap is a website serving the data for the market and it is our job to search for the other website to check the truth. I have also used CMC for many years since I join the crypto and I do not think that CMC is a scam and even if CMC is a scam, I can use the other website to search for the other info. Maybe some people do not like CMC because they do not see a better feature like in the other website, but I do not have a problem with CMC.

[faithupgrade]

They rank the coin according to some criteria and one of the biggest factor is their marketcap. If a crypto has a huge volume it will surely rankup in the coinmarketcap. Sorry but I cannot see the reason why you call coinmarketcap a scam?

I’ve been using them for years, I know Binance owns them…but I can’t understand why page 3 (starting at #201 Hex) has coins like Safemoon, that have a higher market cap than every coin on page 2…but is stuck on page 3.

It’s like they put a velvet rope at coin #201, and only some coins can pass beyond that, and others can’t.

What is the explanation? Do you have to pay Binance to get past this velvet rope? Does someone at Binance try and decided what’s “worthy” of being on the first two pages?

[khaled0111]

Each price tracking website use its own algorithms to rank cryptocurrencies and market capitalization is just one of many factors they consider. CoinMarketCap is definitely not a Scam but their ranking algorithm works differently than most other price tracking websites.
When you need information about a cryptocurrency, you should look it up on different services. Don't limit yourself to just one of them.
For example, SafeMoon is ranked #211 on CMC, while it's ranked #105 on CoinGecko.

[Pamadar]

Each price tracking website use its own algorithms to rank cryptocurrencies and market capitalization is just one of many factors they consider. CoinMarketCap is definitely not a Scam but their ranking algorithm works differently than most other price tracking websites.
When you need information about a cryptocurrency, you should look it up on different services. Don't limit yourself to just one of them.
For example, SafeMoon is ranked #211 on CMC, while it's ranked #105 on CoinGecko.

For traders and investors, it's always safe not to focus on one website.
We can't tell that they are bias but it's the system that they are using to track information.

You always sort it up and compared all the data that you collect, then check and balance which one is the best thing to use as a basis for your investment.
It's not good locking yourself up as internet has a wide range of information that you can use. Keep rinsing and at the end of the day you'll be able to decide if which valid information that will help you to have successful investment.

[yhiaali3]

I wouldn't be surprised at all if they did, I've seen a lot of things on CoinMarketCap that make me think Binance manipulates some data sometimes, I can't say CoinMarket is scam but Binance is definitely trying to make it very profitable by making money from listing coins or Rating or advertising and other things, we can't blame Binance for that because they bought the site in big numbers and if it doesn't make a profit what's the point of it?
Although I believe that there is some manipulation, there is no denying the fact that CoinMarketCap is one of the best sites that give information about cryptocurrencies and ranks number 1 and gets millions of visits daily.
So advice don't rely on one site for information, do more research and get information from more than one source.

[ilovealtcoins]

Don't look at the capitalization to judge a crypto. Coinmarketcap's criteria in my opinion are reasonable. Large-cap cryptos with both transaction volume and use-cases should only be outside the top 100.
TOP 100 are the best and trusted cryptocurrencies. Look at HEX, its capitalization is really big and it has grown millions of times. It's just a ponzi product. If it was ranked in the top 100, it would be misleading for investors to pour money into such a project.

[fuguebtc]

I also often use CMC to look up market information. But since CZ bought CMC, I feel that it's not completely transparent anymore. There have been several interventions to benefit binance. I recently switched to CoinGecko not comparable to CMC but I think it will be fairer. Research and gather information from a variety of sources. That's the best way for us to have the most accurate view.