Who sets course today – and the rules – for Coinmarketcap? How can the cryptosphere advocate independence for the old economy and old finance, if it is not even able to ensure the independence of its own key players? Even in new finance, money is king – it just changed form and name.
We remind him, Binance has acquired the largest aggregator of statistical data on cryptocurrencies, Coinmarketcap, in April 2020, for the ” moderate »Sum of $ 400 million.
This acquisition by an exchange raises questions about the independence of Coinmarketcap.
The Binance CEO, Changpeng Zhao, tried to reassure the community by saying that the two entities would continue to work independently of each other – difficult to swallow?
Coinmarketcap recently implemented new indicators related to trading in crypto pairs: 3 indicators are measured by an algorithm that assesses the consistency between the volumes reported, the liquidity and the estimate of the user base of an exchange .
Will the launch of these new metrics allow Coinmarketcap to maintain investor confidence? Except that this new system places Binance at the top of the highest rated exchanges … it’s off to a good start.
Binance: deserved donkey cap or jealousy of comrades?
Back in March 2019: Binance is then singled out in a study by Bitwise, indicating that 95% of the volumes declared by the exchanges came from wash trading: this practice consists in selling and buying Bitcoin at the same time ; more simply, it is a form of fictitious trade. The future will tell us if the new indicators of Nomics –which we talk about today in another article by the way – will make these bad practices disappear or not.
To avoid attracting the wrath of the DRY to the United States, and lose credibility, Coinmarketcap had explained to Bloomberg that the organization would take steps to ensure that users have more reliable statistics on liquidity, portfolio balances, and data traffic on a site.
The blockchain may be reliable, but its players are far from being white as snow in the management of their business. To make sure you get a good grade,
be studious and diligent during, buy the teacher! It’s much easier!
Litecoin, welcome in the Silver Age