Post
Topic
Board Altcoin Discussion
Re: Is CoinMarketCap a scam?
by
tvplus006
on 19/09/2021, 16:59:05 UTC
I do not remember exactly when the website was bought by binance but I remember thinking that it was a conflict of interest and that eventually binance may try to tweak the results to favor themselves, and it seems this is what is happening.

Now some people may argue that they are filtering scams and it is true, but the purpose of a tool like that is just to measure the market cap of each coin, once they begin to add other criteria that have nothing to do with it then it becomes something closer to a review site, and as we know most of those websites are not to be trusted and it seems something similar is happening here, so the website is not a scam but at least I would not trust their results either.

I think you will agree with me that it is impossible to put a coin that is traded on Binance and a coin that is traded on Yobit on the same level. So, very simply and with little financial expenses, you can pump coins on the Yobit exchange and this price will serve as the basis for calculating the total capitalization of the coin. In this case, if Binance used only capitalization as the basis for calculating the rating, then we would be able to see a shitty coin in the first places of the rating.