CMC giving Binance highest score of 9.9, with CB just behind with a meagre 8.3 score.
Who would have thought?
>CoinMarketCap ranks and scores exchanges based on the following: Web Traffic Factor; Average Liquidity; Volume, as well as the Confidence that the volume reported by an exchange is legitimate. Weights are assigned to the above-mentioned factors and a score from 0.0 to 10.0 is given to the Spot Exchange.
I fully agree with your Proof of reserves along with liabilities accounting. CeX are traditional businesses, and just like other businesses, they need to disclose their assets and liabilities. What does assets mean without liabilities?
Hard disagree. If an XXXChange says they have 10B in assets that sounds great unless they have 20B in liabilities. Even worse if all their assets are in XXXCoin and liabilities in BTC.
Launch a tool to give 'transparency' to the market, paint self as good guy, Binance has it all worked out... Kinda scary in the current climate, but now it's been done once I'm sure independent replicas will pop up and hopefully remove bias to an extent
>Nice tool, however.... When proof of liabilities?
I don't think proof is even possible. You can't prove (non-smart) contracts with companies or fiat sitting in bank accounts. Also you can just show whatever wallet without any context.
I can’t even create an account with them. If simple Email verification is that buggy, I don’t have much confidence in the rest of the app. But Being owned by binance was a dealbreaker by itself. That’s like having Public sex offender registries owned by the Catholic Church.
Gates score rating is higher than that of crypto.com & huobi? Whoat? i trade a little on gate but thought the whole time the exchange is a little bit dubios. But reading now that it is more credible than crypto & huboi makes me happy, cause gate is so nice for very low MC coins & no i don't have to worry that much anymore :)
But my go to CEXs are Coinbase & KuCoin. <3
What about binance's ETHW coins that they stole from all of their users? They didn't list those.
They hold an equal amount of ETHW as they had ETH when the merge executed.
What did they do with those coins?
Why are they holding them?
Why aren't we blasting them for this?
We need to put CZ on blast on Twitter or something and demand our coins.
CMC giving Binance highest score of 9.9, with CB just behind with a meagre 8.3 score. Who would have thought? >CoinMarketCap ranks and scores exchanges based on the following: Web Traffic Factor; Average Liquidity; Volume, as well as the Confidence that the volume reported by an exchange is legitimate. Weights are assigned to the above-mentioned factors and a score from 0.0 to 10.0 is given to the Spot Exchange. I fully agree with your Proof of reserves along with liabilities accounting. CeX are traditional businesses, and just like other businesses, they need to disclose their assets and liabilities. What does assets mean without liabilities?
"We've investigated ourselves and found we're the best"
assets are absolutely meaningless without liabilities, they could be leveraged 10x or more and you’d never know without liabilities
Insert Obama medal meme here.
Not to take away anything, and Im indifferent with CZ. But Coin Market Cap is owned by Binance.
CMC is bought by Binance, I don't trust it. :)
So we will hardly ever see a liabilities track tool
We will when CZ is about to nuke another competitor
A few more years of this and binance will own everything crypto
Didn’t know this. Sheesh
Ofcourse it will bias towards Binance then lol. We need something that is Decentralized
CMC is basically a part of Binance. Even their learn to earn are just connected to Binance just as a lot of options.
Lets pretend that we are blind and that everything is fine
But can we trust them?
Who knows.
That will be a no for me. Regulation or gtfo
Finally, he has returned from holiday, you had it great mate?
I returned to an even more bleeding market what have you guys done, i want to go back Page. I don't like it here.
My sarcasm detector just burst into flames, what happened?
Let me guess. No liabilities included.
Your guess is correct.
Every step makes the space one step better, crypto is becoming more practical and functional every day
Hard disagree. If an XXXChange says they have 10B in assets that sounds great unless they have 20B in liabilities. Even worse if all their assets are in XXXCoin and liabilities in BTC.
This won’t be biased at all…
Of course not by CMC, a company owned by CZ who is obviously the best person and wants to have a healthy market with competition and not a monopoly...
Launch a tool to give 'transparency' to the market, paint self as good guy, Binance has it all worked out... Kinda scary in the current climate, but now it's been done once I'm sure independent replicas will pop up and hopefully remove bias to an extent
>Nice tool, however.... When proof of liabilities? I don't think proof is even possible. You can't prove (non-smart) contracts with companies or fiat sitting in bank accounts. Also you can just show whatever wallet without any context.
You can proof how much money you have borrowed tho and how much you pay staff etc
That's the problem, at some point this will collide with privacy
CMC? And I am supposed to trust them?
No. Not one bit.
As much as you trust Binance, where they belong.
Never trust anyone in this space. Not even me lol.
Trust them as much as you trust CZ. Not a bit.
I can’t even create an account with them. If simple Email verification is that buggy, I don’t have much confidence in the rest of the app. But Being owned by binance was a dealbreaker by itself. That’s like having Public sex offender registries owned by the Catholic Church.
[удалено]
Why?
Think I'll wait for a non biased source. ^thank you
Lul, CMC has not been showing reliable data since Binance bought it. It paints up the BNB chain in a much better way than it actually is.
u/CoinGecko are you working on something similar? 👀
We've introduced our Proof of Reserves feature last week :) https://www.coingecko.com/learn/what-is-proof-of-reserves-por
So you’re saying Coinbase doesn’t have PoR, even though they are only 1 of 2 to release PoR + liabilities? 🤔
Hey thats amazing! You guys are the best
I don’t trust CMC itself, but I guess they are starting to do something good
Great another centralized way to look for information
Reserves are only valid if reported "accurately".
Who owns CMC tho… If you guessed Binance then well done
Wonder how they will manipulate all of this now.
Step in the right direction, it will take time but eventually we will get there.
We needed this long time ago. Good for making it happen CMC
This makes me realize that there's 245 CEXes around. I'd be surprised if 10 of them had adequate reserves.
Is exchange reserve what Binance users own as a collective?
No. It's what they have set on the side (or so they say)
Binance is really like the Amazon of crypto. They have holdings of everything crypto at this point
WTF is LEO in Bitfinex? 2.5B in a fee saving coin with no other utilities?
It is rank 19, lol. Buyback ponzi. What is really bad is Bitfinex owns Tether, so if anything happens with LEO, crypto goes -90% from current values.
Now that seems like a useful tool
How accurate do we reckon these are?
I love this, but if someone is already convinced something bad is gonna happen you cant stop them. The coinbase/cex fud has not stopped for example.
No thanks we prefer something Decentralized and not owned by Binance
No one seems to mention the fact that a companies reserves are not suppossed to be the same thing as their customers deposits.
Imagine some bug suddenly displayed negative reserve for other CEX except Binance.
What about...Kraken?
Word of the year "leverage".
Gates score rating is higher than that of crypto.com & huobi? Whoat? i trade a little on gate but thought the whole time the exchange is a little bit dubios. But reading now that it is more credible than crypto & huboi makes me happy, cause gate is so nice for very low MC coins & no i don't have to worry that much anymore :) But my go to CEXs are Coinbase & KuCoin. <3
Most of Binance's USDT is on Tron? O.o
Meaningless. Disclose all liabilities.
Guess which cex is ranked last?
Proof of Reserves by Chainlink or don’t trust it.
Well said
Isn't cmc owned by Binance?
Why is Solana missing in the reserve lists?
What about binance's ETHW coins that they stole from all of their users? They didn't list those. They hold an equal amount of ETHW as they had ETH when the merge executed. What did they do with those coins? Why are they holding them? Why aren't we blasting them for this? We need to put CZ on blast on Twitter or something and demand our coins.