Binance to purchase Coinmarketcap for $400 million
If you haven't heard about the latest mega crypto news this morning, Binance announced they will be acquiring coinmarketcap.com.
The official announcement can be seen here:
https://coincodex.com/article/7612/400-million-acquisition-of-coinmarketcap-by-binance/
Easily the largest acquisition in the crypto world for some time.
It may not sound like that big of a deal on first glance, but coinmarketcap has become the place to go to check all kinds of market stats.
From exchange volumes, to coin listings, to historical charts, it's all there.
Now, with the recent acquisition, much of that could change...
And it's not due to the acquisition itself per say, but instead due to WHO is doing the acquisition...
Conflict of interest?
The acquisition is being done by the largest crypto exchange in the world.
An exchange that has a major conflict of interest now if it owns and operates the largest data resource collection of prices and exchanges in the world.
Everyone wants their coin to climb the ranks on coinmarketcap, Binance included.
There is now major conflict of interest for them and an incentive to juice their exchange numbers as well as the price of their coin.
Things that weren't an issue before, but now they are.
My guess is this will cause users to lose trust and eventually stop using it altogether.
I'm not sure about you, but in my opinion, this acquisition likely spells the end for coinmarketcap...
It was an independent trusted third party, but not anymore.
$400 million for the acquisition may have seemed like a good deal for Binance, but that $400 million might as well have been burnt if everyone stops using coinmarketcap.
It won't happen all at once of course, but as a couple shady things start to pop as they relate to Binance and coinmarketcap, people will migrate elsewhere.
I used to check coinmarketcap multiple times every day, it is sad day indeed that Binance had to get involved and corrupt things.
I am hoping I am wrong, but over time, I probably won't be.
Goodbye coinmarketcap, hopefully we will see you again in a 3rd party trusted kinda way.
Stay informed my friends.
Image Source:
https://coincodex.com/article/7612/400-million-acquisition-of-coinmarketcap-by-binance/
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Candidates to replace CMC :
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you havent heard of messari?
https://messari.io/screener/phusion-group-chart-2179516C
I make custom charts all the time, they also will leave stats blank if they are not real statistics.
does not seem like a good news, Binance would not bought it without plans to influence their business in Binance favor
CZ was in Singapore in November to give a speech at the CoinMarketCap Global Conference. Now we know he was doing a $400 million deal too!
Together they can fool thousands! The statistics are SAFU!
Funny timing on the news, I was about ready to switch to @coingecko soon anyways and was just saying this to my v.systems team yesterday... "CoinGecko has beat CoinMarketCap to rank Hive (Steem fork), Tether Gold, and Blockstack. CMC is ranked 570 worldwide in terms of websites with engagement; CoinGecko is ranked 7,275 worldwide. I have opened CMC many times a day, every day since 2013. I have some brand loyalty but I may switch to only CG one day. I currently use both everyday. CG should be trying to take CMC on rankings by 2021."
Oh well, I switched to @coingecko months ago. They list Hive!
I've tried to compare CMC, coingecko and coinpaprika, but even coingecko has bad data. coinpaprika is still adding some coins that interest me, so I need to wait a little longer to see if it is better than the others...
What bad data do you see that CoinGecko has? I'm trying to educate myself on all the pros and cons of CoinMarketCap alternatives.
Some coins have 0 in circulating supply which makes calculating market cap impossible. Most CryptoNote coins don't even have circulating supply as there is no API endpoint to get number of locked coins after block height 0.
I moved out from coinmarketcap even before this.
Bad news .
This does remind me of the while Tron and Steemit debacle, and if it proves anything, is that some things are just meant to stay apart. I don't rely on CoinMarketCap much at all, unless its for the quick market cap, or price check. I'm hoping that this Binance acquisition doesn't poison CMC's impartiality, as there's certainly some strong arguments for conflict of interest in that agreement.
First I thought this was yet another April Fool's joke, but it was announced on March 31st, not April 1st...
I've never been big fan of CMC as it listings a lot of exchanges with clearly inflated trading volumes, but excludes data from a lot of good exchanges and newer coins.
Aloha @jrcornel!
Did you see the new bitcoin killer blockchain on CMC?
I made a photo!
I think it was a good business move for Binance but poor move for CMC. As you pointed out this reduced the value of CMC's credibility but I don't think it will be to a level that has a large effect on most users. I don't see any reason why users will stop using it solely off the purchase announcement.
CMC still the best however coingecko also good choice.
I really believe this is to the interest of binance so as to be able to manipulate the price reading on the platform. But am just assuming. Am still trying to find out the main reason why they will want to buy it
Bad for crypto. Binance were already highly suspect. And it looks like the Tron Sun buyout of Steemit too. Both CZ and Sun are like Chinese Mafia in my opinion and not going to favor the customer but simply shear the sheep.
Coingekko and Coin paprika will benefit as we all move to them for info that is less biased in favor of those coins on Binance.
I had nothing but good things to say about cz then he blocked me on twitter. Only reason I can make out is due to sticking up for the doctor who leaked the covid news from Wuhan. Not a decentralised champion by any stretch of the imagination. Sad to say.
No I think CZ may be a CCP puppet, much like Sun of Tron. And they are capturing all the info on us free traders and bloggers here on our so-called decentralized blockchains, so I wonder how censorship-resistant they really are and how safe we really are as the Chinese Communist Party )or the NWO behind them) takes over the world.
Don’t worry the community will fork CMC and will get something better just like what happened with Steem&Son lol 😝
Goodbye CMC. Binance claim to do good things but there is always a cloying corrupt stench lingering. Time to get the information elsewhere.
400 million thats outragoues
coinmarket cap was never the place to be at any point for people who value legitimate stats.
Bitmex can feel free to do as they please, I am not saying censor or stop derivatives, i am happy as a libertarian to support free market enterprise. I just want a specific option to remove all of the inflated trading volume from Bitmex and other similar derivative sites like the Binance decentralized exchanges.
I will only use Messari - This is my Custom Chart I can share with a link that will protect anyone I share my chart with from the spam low volume coins and tokens.
i think it not good for freelancer crypto enthusiast .