Ursprünglich erschienen auf: https://www.reddit.com/r/CryptoCurrency/comments/gks2nj/no_coinmarketcap_did_not_remove_evidence_of_wash/
Regarding this clickbait thread: CoinMarketCap removes evidence of wash trading on Binance.
I know this isn't gonna go in the herd "bash Binance" mentality around here, so I'll prepare myself for the sheep downvotes.
For the record, I'm a bot trader and have been actively developing bots on Binance, Upbit, Bittrex, Bitmex, Huobi, FTX for almost 3 years. Binance remains my go-to among all those for a lot of reasons. Whether I'm partial to them I'll leave to you, but I like to think the below points are fair.
Here we go:
- CoinMarketCap did not "remove evidence of wash trading on Binance": CoinMarketCap removed an "Adjusted volume" metric that would reduce the actual volume of an exchange based on CMC's analysis of wash trading on that exchange. It was an ultimately skewed metric, as anyone could see from the bullshit ranking prior to Binance's acquisition.
- After the acquisition, they then tried to replace the metric with another one: an analysis of web traffic on each exchange, to try and make sure exchanges at the top are actually used (and not just bots wash trading forever). There's no guarantee this will be the best metric, and CoinGecko's Trust score might prove to be better, but it is a clear improvement over the previous adjusted volume.
- Yes, this change in metric does put Binance at the top of the ranking. But so does CoinGecko's ranking. No matter how shady you think Binance is, its top spot in both rankings isn't undeserved.
- Yes, acquisitions between powerful players do raise concerns of centralization and abuse of power, but so far there is no clear evidence for it.
Now, to anyone reading this: are you actually going to try to argue that this looks worse than that? In your neverending hatred and bashing for Binance, you would want newcomers to put their money on BKEX, LBank or CoinsBit instead of Binance, Coinbase or Kraken?