- Recent tweets by few crypto members raised questions on the listing of the CoinMarketCap suggesting a neutral data source.
- FTX exchange CEO tweeted that the metric is not choosing to pick up on Chinese tokens and he finds this fact suspicious.
- The head of Global Business at Huobi, Ciara Sun believes the Coinmarketcap is unfair to English users.
The world’s leading Crypto Exchange Binance had first announced its acquisition of CoinMarketCap on April 2. Since then, there has been a lot of chaos amongst the crypto community. As few claimed this acquisition of CoinMarketCap’s Token listing, a pricing site provider by Binance as mere market manipulation.
Recent tweets by few crypto members raised questions on the listing of the coin market cap suggesting a neutral data source. It first came to light when FTX exchange CEO, Sam Bankman-Fried took to twitter to question the listing of Huobi. Apparently, the Huobi token, native crypto of the Huobi exchange stands at the eighteenth position, according to the CMC. He tweeted saying that the metric is not choosing to pick up on Chinese tokens and he finds this very fact suspicious.
6) Speaking of Huobi–there's no way it's #18. I suspect this metric might not be picking up on Chinese searches. Huobi being 1 rank behind Crex24 doesn't pass the smell test.— SBF (@SBF_Alameda) May 14, 2020
In response to this, the head of Global Business at Huobi, Ciara Sun tweeted on May 19 stating all the communities matter. She asserts in the tweet that the keyword and domain search metric for all the languages should matter. Also, it came to light through her tweet that she believes the Coinmarketcap is unfair to English users. Furthermore, Ciara was found claiming CoinMarketCap for discounting web traffic from other languages despite them offering support to it.
Keyword and domain search for different languages should count. BTC 比特币 비트코인 is Universal.All Communities Matter.@Coinmarketcap's new ranking is biased toward English users, discounting web traffic from other languages despite support for them.Another step backwards. https://t.co/XQDOoqAut3— Ciara Sun (@CiaraHuobi) May 19, 2020
‘There needs to exist a neutral data source’: TechCrunch founder, Michael Arrington on CoinMarketCap
Michael Arrington, TechCrunch, and CrunchBase founder stepped in to respond to the tweet of the Global Business head at Huobi. Michael, also the Arrington XRP Capital founder stated that this kind of criticism is certain after CoinMarketCap’s Token acquisition by Binance. He, however, asserted in the tweet that the facts Ciara has provided do not matter either way. Finally suggesting that there needs to be a data source that is neutral in all ways. It is worth bringing to attention that in response to this, Changpeng Zhao, Binance CEO replied that everything seems neutral to him.
Yet another crypto member who put his steps in stating his view regarding this was Nischal Shetty. Nischal believes the Neutral concept is very subjective, further stating that it is dependent upon the harmony the founder maintains.
Neutral is very subjective. Even bootstrapped, depends completely on founder affinity— Nischal (WazirX) ⚡️ (@NischalShetty) May 19, 2020
Add VC investors to that mix and you have a new set of biases
Working with Binance, I can vouch for the “operational independence”. Their “interference” is pushing you to do things faster ✌️
He lastly confirmed the operational independence by Binance as he has been working with Binance. Binance acquired the Mumbai-based crypto exchange in November 2019. Hence, the Founder of exchange believes Binance’s interference is helping us in doing things faster.