Ninjastic
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Re: Does CoinMarketCap (CMC) manipulates the market?
by
JollyGood
on 11/09/2019, 22:32:40 UTC
Quote from: vlom on March 24, 2018, 07:59:59 PM
Fraudulent data provided on CoinMarketCap distorts entire crypto-currency market perception

https://medium.com/@coinmarketcapped/intro-how-coinmarketcap-cmc-manipulates-the-market-by-showing-fraudulent-information-to-the-c1246a953144

https://medium.com/@coinmarketcapped/part-a1-fraudulent-data-provided-on-coinmarketcap-distorts-entire-crypto-currency-market-77e01f067b49

i think this is worth reading. especially because of this:

Quote
Most people here are concerned about centralised mining cartels, hardware producers, banks, governments, regulators and/or core developers being points of issues in this industry. We strongly believe that none of those come even close to comparing to the obvious fraud that has been going on at CoinMarketCap for many years.

i appreciate the work they have done by writing these posts.




CMC is not a police-type authority. It simply takes the information it receives and displays it. So basically when scam exchanges such as coinsbit and p2pb2b show they are trading US$ BILLIONS a week when they really have near zero traffic and near zero customer and near zero trade - CMC just takes their word for it.

One thing to note though is the manner in which CMC does exclude certain exchanges when looking at coins trade volumes. For example, here we can see the MNX (Minexcoin) scammers on HitBTC being excluded from the volumes because they claim to have buyers at $0.33 when the price being traded is around $0.09

https://coinmarketcap.com/currencies/minexcoin/#markets