The Legend of Cryptocurrencies: 6 Myths About CoinMarketCap
The world of ceyptocurrencies is dynamic and volatile.
Caught in the melee of late by slander,CMC had loads of stereotypes to debunk
and restore balance to the platform. For followers of CoinMarketCap, it’s no
news that it keeps a low profile and rarely make public comments.
Presenting the
overview of cryptocurrencies in an understandable manner was its mission since
CoinMarketCap was established in 2013.
Its resolution has been directed through
this mission. It has maintained the trust in MarketCap pricing and rankings.
Circulated concerns are listed below.
Myth 1: Updates and coin listings payments are accepted by CoinMarketCap
This is false! Though it support donations for great
service,CMC don’t accept payments that bypass intentionally published
requirements of listings.
he request is assessed by fixed level inspection,
payment can’t change the outcome but to raise the priority of request it might
be considered in future.
Myth 2: Running front trades for coins before listing on site is a way
CoinMarketCap engages in insider act
Trading on
any insider information is false. Income can’t be made from knowing that
accurately timed information is published on its site even it had disreputable
intention.
Low liquidity is common to some extent for new listings. Experienced
traders are aware of low liquidity that plagues the market.
Myth 3: Calculation of Circulating Supply is always straightforward
Not
everybody agrees on the meaning of ‘circulating supply’. Some believe
circulation should be in team/developer-controlled tokens, some; circulating
occurs when “unlocking” tokens, etc.
Information supplied by whitepapers and other means might differ from what the site offers due to existential
complexities.
Hand-in-hand with developers/teams on their
blockchain during verification, tracking addresses subtracting balance from the
total supply is a developer’s way of updating information supplied in real
time.
Verifying and gathering information reduces instantaneous update of data.
Myth 4: Intentionally neglecting information update on specific
exchanges and cryptocurrencies by employees
Slow updates arise
from inadequate verification. Verification is not based on whitepaper/team
announcement since error can occur, and developers can refuse to release
requested information because they don’t support its methodology and due to the
prevailing rule, CMC can’t publish inaccurate data.
Myth 5: An Individual runs CoinMarketCap
Located in New York
City, an organization runs the site, like other business there are roles and
teams allocated to each operation. Focusing on developing CMC not to be
enigmatic is its purpose.
Myth 6: CoinMarketCap think less about cryptocurrency ecosystem
Its mission has not
changed since 2013. In popularity and site success has played a great role in
its standing.
This is due to accuracy, neutrality and anti-censorship of its
information. Its values/mission guides its decision till crypo goes mainstream.
The Future
New developments in te pipeline (e.g. mobile applications, updated design, etc.) that gives users more
control are on. Expectedly, the community will be better for them.
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