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.
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.