coinmarketcap.com is a nice site. Good info. Or it seems it is. CAREFUL at what you think you are looking at!
I don't need to say much in this post, because a friend of mine, has explained it in full detail, and I don't want to repost it here.
What I will say is:
a) Coinmarketcap lists all coins (good + bad)
b) Coinmarketcap expects the user to do their own research
c) Coinmarketcap shows no preference for legitimate coins vs scam coins
d) If you are deciding on which coin to invest in, and use coinmarketcap as your sole piece of information, you're going to fall into trouble pretty fast.
WHAT IS THE PROBLEM WITH COINMARKETCAP.COM ?
Read this post by my friend ppcman on the peercointalk forum for a wake-up moment with details:
https://talk.peercoin.net/t/serious-flaws-with-coinmarketcap-com/4687
Example quotes:
- THERE IS AN UNSPOKEN PROBLEM IN THE CRYPTOCURRENCY INDUSTRY.
- This is a serious cancer in the legitimacy of which coins are shown.
- We're all sleeping at the wheel and let this happen. It's time to really look into this and get upset!
Coinmarketcap.com is easy to read. The charts are easy to read. The money is easy to read. Everything is easy.
What if it is too easy? What if the data is too easy? What if people are putting investments into things that seem easy?
What if "easy" is wrong?
Consider this a public announcement or warning. You might look good today and then lose your money tomorrow. WATCH OUT
Sia guy's are also trying to attack the problem. https://blog.sia.tech/want-to-deflate-the-token-bubble-fix-the-market-cap-indicator-d50f7f1e1ec4
For me DOGE is scamcoin - It was released as joke not as quick currency ~ a year after WDC, or FTC... It was annonced it russian forum a week before release. DOGE store in blockchane zeroooooos, it will die anyway....
Ripple is scamcoin - premined, no ICO.. all the coins from air. Centralised.
NXT - Scamcoin... Premined, no any ICO.. coins from air, buy it stupid people...
Namecoin - is not scamcoin, but is overvalued. It is mined as bonus from BTC, don't have his face, his value.
I bought 50 domains on namecoin... In 9 months - only 5 visitors . All the darknet is on Tor (.onion)
NMC is unutile...
and other...
Thanks for sharing your experience. More people should talk about their experiences like this so we can flush out problems as a whole.
Easy is fine. The dumb investors wil loose tons of money and eventually learn their lesson to be more conservative. Just have to let it happen.
Coinmarketcap is just simply that of coin market caps.
Almost wonder if we may state the same for stock market caps...
What is a coinmarketcap to be honest? To give an example:
It shows almost 9 billion NEM priced at 0.05... with $4 million trading volume.
I like NEM as a concept. But I really don't believe that if 9 BILLION NEM had a firesale, it would yield $475 MILLION DOLLARS before all NEM was liquidated like coinmarketcap.com suggests.
These are all false numbers. At a glance it seems "that could be the case".. but if coinmarketcap.com can report 24 hour volume, shouldn't they also be able to report logical sell/buy walls to show how liquid a coin is? Surely all NEM sold would die and lower in price a lot sooner than someone walked away with $475 MILLION. BTW, NEM has an asterix beside it, which means it was either an ICO or premine. So it's all speculation.
As an edit: 9 billion NEM created -vs- 24 million Peercoin. There is only 0.26% as much Peercoin out there as there is NEM. Pretty staggering figures.
Yes, I understand your points as well. There's even a greater problem with stock markets, fiat currency, and actual cash supply.
It is just a tool with some figures and should only be used as such. With more research elsewhere. Why I look at coingecko with other interesting numbers which your idea would provide as well.
The term of "due diligence" exists for a reason. And yes the supply number differences can be quite staggering although most people have no clue. ¯_(ツ)_/¯
It's the people that have no clue, giving value to the coins with no clue right now.
It's almost comical, but in a sick way. I promote BTS and PPC and most people don't know why until we appear on the top 5 list of coinmarketcap.com --- so weird and dumb.. my chosen investments are secure for real reasons.. I think yours are too.
It is just going to take time for people to realize they've been emptying their wallets for a smoke and mirror show.
If you are under 30 years old.. a smoke and mirrors show means you've been tricked into parking your money into an investment that looks great today, but it's fake in the long term. Get out before everyone else realizes the same thing.
Not too weird and dumb. There is much better silliness in our past. lol May just need to make a post from this spark of idea.
I don't see the problem...
Everyone needs to take responsibility for their own actions.
Really? If companies release a falsified prospectus when they seek investment, isn't there some penalties for doing so in the real world?
Maybe we could recommend to the SEC -- hey, you guys should just close up shop. "Everyone needs to take responsibility for their own actions". We don't care if scams come and go...
Yes, crypto is unregulated, but it doesn't mean we must allow scammers to flourish by sitting back and doing nothing. In this case we end up helping scams propagate. I don't want to help scams propagate.
meep
"Coinmarketcap shows no preference for legitimate coins vs scam coins" – Reading you having typed this makes me even more saddened than I was before that the website does not list OneCoin. #isucktheonecoinweiner
you may not like me, but i will still upvote your stuff, and yeah coinmarketcap seems like a way for people to believe a coin must be leggit if its in the top 20 of top marketcap coins on coinmarketcap!
Coinmarketcap.com has a HUGE responibility!
maybe we should contact them and make sure they have a way to WARn users about POTENTIALLY SKETCHY coins!!!! We could allow users to mayeb VOTE or RATE a coin!