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It has come to our attention that CoinMarketCap.com, the Number 1 website in the crypto currency industry, shows extremely cheat and scam information (deliberately) to its users. As a frequently used site for reference points by many news organizations, trade outlets, companies, information sites and individuals, we think it would be in the best interest of the community to write about what really happened with this "trusted source".
Please note, our research shows that several attempts to improve information with multiple coins at CoinMarketCap.com by contacting them through their support request or online social media sites such as BitcoinTalk.org, reddit.com and other places have been missed, ignored and / or explicitly ignored / rejected. By being explicitly ignored / rejected, we mean that after contacting their support with up-to-date and clearly correct information, they refuse to update the data. Many hundreds of coins in CMC are affected very negatively (or positively) by this. Many of them are giving up trying to get CMC to put the right data on their site, and have made post posts on their respective forums related to this issue.
We also believe that there is a large insider trading going on with employees, owners, and others involved with CoinMarketCap. Our research, including talking to several coin-makers, shows an anomalous coin purchases between when coin-makers requested the CMC to register their coins (via a google form) and between when it was actually registered on the site. This could mean that CMC insiders know that certain coins will pump, and make purchases to open the list of coins and public market sentiments. This can be viewed repeatedly when analyzing actions on the coins when registered.
Pumps and disposal are also actively allowed and managed by the team at CMC without the knowledge of the coin maker or the coin community itself. This can be seen from the direct manipulation of the supply of coins in circulation. CMC places the circulation supply as very high at certain points (increasing market capitalization), then lowers it to a much lower number later (lowering market capitalization). This removes these coins up or down their numbered lists causing massive purchases and sales off at the will of the CMC. Fortunately this fraud can only be done once or twice with each coin because the public anger of the coin community (sometimes) usually terminates one way or another.
There is also evidence of CoinMarketCap that effectively "kills" coins that are considered appropriate. How to "kill" a coin? Does it move the supply in circulation to "?" Or a very low number of arbitrary, and keep it there for a long time. When the coin moves lower and lower in rank, the daily volume on the coin dies until that time is zero (though the team behind the coin is still active and growing their ecosystem). This causes the exchange of removing coins, and the ecosystem is completely dead after a certain period of time. There is much evidence of a coin-complaining community and coin-makers "begging" CMC to update their information unsuccessfully. The CMC literally decides which coin lives or dies with its own agenda. In defense of CMC,
Also of concern is the possibility of bribery of CMC officials and other evil behaviors that can be very clearly extrapolated from their current actions. What if one coin pays a sizeable amount to the CMC to make sure the "competitor" will have a lower market capitalization? How do you make them have lower market capitalization? Easy, refuse to update the supply in circulation to what the actual number is and instead show the random number of their choice. This can also be seen on many of the coins listed on the CMC. There is a lot of evidence about coins that complain openly in many forums but CMC takes its own number without explanation or acknowledgment.
Another area of concern is the outdated / incorrect information of many of the listed coins in CMC. Official coinage currency is broken or unresponsive, including the main website, the wrong daily volume (not updated in a few days or weeks), and a very different circulation inventory (from which you can see officially in each blockchains of the coin alone) are just some of the additional problems that alarm bells ring with us.
Due to this problem (and many others including the pseudonymous nature of the founders and team members), we believe it is in the best interests of the entire community to be behind this initiative and to make a big fuss until then CoinMarketCap updated their site to show the correct information, or other resources are created / promoted that show the correct and latest data on their website. Number 1 can get down to Number 0 very quickly in space with the right community backlash.
Some may say that this problem may be due to the inability of the team at CMC or those with limited resources. One part of our analysis will take a closer look at what kind of earnings CoinMarketCap actually makes. You will be surprised. CMC is one of the most profitable businesses in the entire industry. User is the product. Ads are money makers. There is a backroom offer, and more is happening off-screen that is not publicly known.
Most people here are concerned about the central mining cartel, hardware manufacturers, banks, governments, regulators and / or core developers who are the point of trouble in the industry. We strongly believe that nothing comes even to compare with the cheating that has been going on in CoinMarketCap for years.
The volume of money traded on information taken from CMC alone means that every other matter is forgotten. If merchants make purchases and sales according to forged data on CoinMarketCap.com, then they are manipulated and cheated in one of the biggest scams in all the crypto space-currencies.
We are not only surprised at the degree of incompetence, negligence, deceit, and lies that merely symbolize the CMC, but on the lack of information about this so far in this industry. For a community that is proud of self-regulation through transparency and openness, it should be ashamed to never hit the massive deception into the public eye more quickly.
We are indebted to the community to ensure that resources (especially site number 1 in industry) are not placed in a position to freely commit fraud on this scale again.
Because of the importance of this topic, we will not only comment, we will provide proof. Please wait in advanced post for more information. This is a very intense effort in data collection, reporting, and analysis, so we will provide incontrovertible evidence of at least some of the CoinMarketCap's fraudulent actions in following up the article.
Thank you for reading and looking forward to eye opening information. We hope this series of posts gets the attention they deserve. Only then will CMC clean up their actions. We hope.
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