CoinMarketCap Attempts to Bring About Transparency in Listing Coins

CoinMarketCap Attempts to Bring About Transparency in Listing Coins
Sep 14, 2018 04:17 PM By: Ben Noble | 5945 Views

Beginning this year, CoinMarketCap came under harsh judgment when certain sections claimed that the website was supposedly providing false data and was purportedly drawing shitcoins, to improve their value.

First, Crypto-News India had arrived at the same point. We had reported that a medium article stated after talking to many coin producers, it had come to light that CoinMarketCap does not list coins immediately.

These coin producers insisted that an extreme time would pass between them overflowing out a request form to list their coins and when the currency would eventually show up on the website. This, in turn, shows that people working the site have first-hand knowledge on which coin would tap and go on a ‘shopping spree’ to make sure the currency lists on the front page, through managing the public sentiment.

Another troubling aspect of this was that there was supposedly a right amount of pump and dump system going on at CoinMarketCap which is without the information of the creator of the coin or the general neighborhood. In some situations, the CMC might have secured the current supply of the currency at a very high position (thereby increasing the market cap) and then losing it to a lower number (thus decreasing the market cap).

Looks like, after all these months CoinMarketCap determined to take all these charges into account and put out a review on Twitter asking, “Would you be involved in voting for projects or exchanges to be listed on CoinMarketCap?” in a bid to make the process more open.

At the time of reporting, nearly 5,500 people had cast in their votes of which 61% of respondents looked pretty keen on the idea. The website also added that they would publish their Android application someday in the next couple of months and asked their users to be patient.

On a rather interesting note, the original Medium post that we had committed to in our earlier story about CoinMarketCap seems to have gone. We moved out to the author of that article. We’ll update the story, once they react.

#Coinmarketcap #Listing Coins


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