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CoinMarketCap Attempts to Bring About Transparency in Listing Coins

Crypto News 2018-09-14 18:40:17

Earlier this year, CoinMarketCap came under severe criticism when certain sections alleged that the website was allegedly providing false information and was purportedly pumping shitcoins, to enhance their value.

Earlier, Crypto-News India had reported on the same issue. We had reported that a medium article said after talking to many coin creators, it had come to light that CoinMarketCap does not list coins instantly.

These coin creators claimed that an inordinate time would pass between them filling out an application form to list their coins and when the coin would finally show up on the website. This in turn shows that people running the website have first-hand information on which coin would pump and go on a ‘shopping spree’ to make sure the coin lists on the front page, thereby manipulating the public sentiment.

Another worrying aspect of this was that there was allegedly a healthy amount of pump and dump system going on at CoinMarketCap which is without the knowledge of the creator of the coin or the general community. In certain cases, the CMC might have pegged the circulation supply of the coin at a very high position (thereby increasing the market cap) and then dropping it to a lower number (thereby decreasing the market cap).

Seems like, after all these months CoinMarketCap decided to take all these allegations into account and put out a survey on Twitter asking, “Would you be interested in voting for projects or exchanges to be listed on CoinMarketCap?” in a bid to make the process more transparent.

Would you be interested in voting for projects or exchanges to be listed on CoinMarketCap? 🤔

— CoinMarketCap (@CoinMarketCap) September 12, 2018


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

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

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