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Author Topic: CoinGecko is introducing "Trust Score" to combat fake exchange volume  (Read 625 times)
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May 15, 2019, 02:03:07 PM
 #21

coingecko issued a "trust score" feature for me this is very great feature. This feature should have been provided long time ago by all cryptocurrency market capacity service providers. because all this time some exchange markets accused providing fake market capacity and monopolized. hope this feature be an example for other to give honest market capacity without manipulation.
This fake volume issue became a big thing just recently which is why it makes sense why websites like Coingecko didn't do anything about this earlier. I do hope bigger and more popular sites like CMC take note and follow a similar route in the near future.

Well, isn't it good that they're doing something about it now?

I've pretty much switched from using Coinmarketcap to Coingecko whenever you guys made an announcement on Steemit.
It was a bit of adjusting for me, I got so used to CMC's interface, but now I actually prefer GoinGecko's interface.

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May 15, 2019, 02:23:02 PM
 #22

I've stopped using coinmarketcap myself, coingecko is one of the better alternatives that I have been using.  CMC has shown to be untrustworthy by advertising crypto scams and showing fake volume. 
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May 15, 2019, 07:17:40 PM
 #23

Coingecko is getting more advanced, and give more useful information. I also rarely open coinmarketcap and prefer coingecko because it can directly check crypto to crypto or to fiat.
now coingecko adds a "trust score" feature, this will make even easier for us to know which market is legit and which should be avoided. thanks!

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May 15, 2019, 07:36:55 PM
 #24

It is good thinking but i would prefer something other than this: " Average Daily User Trading Volume (ADUTV) for each exchange."

It is very easy to check if an exchange has a fake volume or not. You enter a pair and watch trades a minute or so. And if an exchange faking any volume its volume shouldn't consider at all. If all listing websites act like that no exchange would fake volume.

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May 15, 2019, 07:56:11 PM
 #25

I have been using coingecko from the beginning of the year over coinmarketcap and from this new news about trust score I think it is heading in the right direction to become the go to site for alt coin and price checking on cryptocurrencies.

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May 15, 2019, 08:27:05 PM
 #26

This is a good idea. CMC is just simply too big that of course they're gonna try to affect the market by lying about volume
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May 15, 2019, 09:29:46 PM
 #27

That's some good stuff. Though unfortunately since majority are still geared towards CoinMarketCap, I don't think this makes that much of an impact. It's a step forward though; I just wish they'd do a re-make on their UI.
Majority of the users see coinmarketcap as the ultimate source of all the information, but the volumes they are showing are fake for a very long time. Initially the fake volumes by the Chinese exchanges and since they are closed we do not see them posting those huge volumes but now we have fake volumes in majority of the exchanges. Thanks Coingecko for the initiative and i would like to know how you are going to determine these volumes if the exchange starts creating fake order books to get a good score.




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May 15, 2019, 11:51:24 PM
 #28

They are only doing what they can in order to make their site more popular compare to other websites. Their update is very interesting and I am pretty sure that it can help many investors and project owners.

Though I am sure that it is only part of their marketing techniques to gain more visitors but if they can make this update 100% successful without any bias in the future. Then I am pretty sure that CoinGecko will dominate other websites.

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May 16, 2019, 12:44:54 AM
 #29

WebTraffic doesn't make any sense. It would be better if it was possible to audit with some regularity cold and hot wallets and compare to see if the volume is true.
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May 16, 2019, 12:53:43 AM
 #30

Finally some good incentivates are starting to pop up. CoinGecko will certain get more attention on new users by introducing this new trust score funcionality.
Since most of investors are worried about fake exchange volumes and scammers all over the place.
Maybe we will see more exchanges taking this measure Smiley
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May 16, 2019, 08:02:02 PM
 #31

Great.  With the recent case of NegocieCoins this is more than welcome.  Although we Brazilians, at least some of us, were already suspicious of the volume above normal while other pairs were well below and visits to the site were low ... Even if other users see the CMC soon that score will be copied.
Even i was skeptical of Negocie Coins as they are showing a billion dollar volume which is really huge for any exchange and i have not heard that name earlier and it is a shady business if they are misleading everyone with fake volumes and those exchanges should be avoided as you never know when they will run away with the user funds. It is a good initiative from coingecko but i am not sure how accurate they can analyze the volumes.


It is a way of watching, but it is extremely important to escape this kind of exchnage. CoinGecko is initiating this to at least try to assist users.

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May 16, 2019, 08:34:10 PM
 #32

Hello everyone! CoinGecko is introducing "Trust Score" to combat fake exchange volume. From today onwards, we won't be sorting exchanges by reported volume but will take into account web traffic and orderbook data.  Grin

Full announcement: https://blog.coingecko.com/trust-score/

Great to be acknowledge by CZ from Binance and CoinDesk:
https://twitter.com/cz_binance/status/1127928142859866113
https://www.coindesk.com/coingecko-unveils-exchange-trust-score-to-fight-fake-volume-data

Check it out and let us know what you think!

Finally something newer and better than coinmarketcap exist.
Many people got tricked by exchange volume that listed in coinmarketcap because those are fake
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May 16, 2019, 09:01:35 PM
 #33

This initiative by Conigecko is a laudable one indeed and i am impressed that at once many efforts are being put in place from all angles to get all the bad nuts from the cryptospace. This would help get rid of all the exchanges that uses fake trading volumes to deceive project managers and investors to list their tokens and also trade there respectively. Exchanges like Hitbtc would be down in no time with this initiative in place. Thank you Coingecko!

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May 18, 2019, 02:47:16 PM
 #34

I prefer mostly coigecko to coinmarketcap because they add more coins and i have way many shittokens which i can track on coingecko. They just need to improve their visual a bit. And after that act, they passed to the next level. Even i don't use there much, i hope coinmarketcap would enable similar thing for sake of the crypto world.

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May 18, 2019, 07:15:42 PM
 #35

This is a right step towards edging out deceptive exchanges that cheats unsuspecting traders or investors.
There have been reported cases of exchanges faking volumes of coins traded with their exchanges which coinmarketcap could not validated however coigecko addressing the anomaly will encourage investors to view their site to ascertain the genuine volume traded using the scorecard and ordetdata.


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May 18, 2019, 10:24:16 PM
 #36

I think it is a good idea. I have been using coingecko for a long time, it is one of the most helpful and most frequently visited sites I use. The trust score sounds very interesting.
I really want to see how it is implemented. It will be nice to see what the outcome is of different exchanges and if anyone is shocked or surprised by some of the exchanges.
As far as I know, there is no other service like this. Very helpful in choosing what exchange to trust.



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May 19, 2019, 04:15:15 AM
 #37

It's good news. We need to clean up this industry and call out the shady behavior, because it's this type of thing that makes people question the legitimacy of cryptocurrencies and thus investing in them. While regulations can address some of these issues, plenty of can be resolved internally within the industry.
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May 19, 2019, 05:18:17 AM
 #38

using such data for the trust Score is a good idea as this would reflect the real activities going on the exchange platform as crypto traders trade their cryptocurrencies. Most exchanges use fake volumes and some even fake their general statistics to lure projects to list on their cryptocurrency exchange platform.

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May 19, 2019, 06:18:12 AM
Last edit: May 19, 2019, 06:33:31 AM by smyslov
 #39

Hello everyone! CoinGecko is introducing "Trust Score" to combat fake exchange volume. From today onwards, we won't be sorting exchanges by reported volume but will take into account web traffic and orderbook data.  Grin

Full announcement: https://blog.coingecko.com/trust-score/

Great to be acknowledge by CZ from Binance and CoinDesk:
https://twitter.com/cz_binance/status/1127928142859866113
https://www.coindesk.com/coingecko-unveils-exchange-trust-score-to-fight-fake-volume-data

Check it out and let us know what you think!

That's a good move, I have been using coinmarketcap since my introduction to cryptocurrency and I'm still now, but with this feature, I will bookmark your site for comparison, investors and traders wants transparency so they can trade effectively and that trust score feature is going to be a big help.

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May 19, 2019, 10:07:49 AM
 #40

This is a welcome development. This follows the recent decision of coinmarketcap.com to remove exchanges that don't provide mandatory order data. It's time for proper accountability and transparency in the crypto market space.
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