Coinmarketcap Users May Now Start Influencing New Listings
Coinmarketcap is a cryptocurrency monitoring site that has recently come under fire after it was accused by some of its users of abusing trust. In its bid to resolve some of the complaints that have been raised about it by its clientele, the company has been considering the idea of enabling its platform users to vote for the digital assets that they would prefer to track.
Listings Influenced by Platform Users
The website, which has become the go-to source for all crypto-related news released a survey on September 12th, where it went on to ask its users whether they would be fascinated by the idea of influencing future listing decisions.
Within a few hours of this survey being released, more than five thousand people had submitted their responses. Of this, sixty percent supported the offer, while thirty percent stated that they were not interested in influencing future decisions. The remaining ten percent stated that they were not interested in the opportunity.
Coinmarketcap has chosen to test the waters by introducing this survey, at a time when the cryptocurrency market is continuing to expand, despite the cryptocurrency market experiencing a bearish attitude for the better part of the year. Currently, the website is tracking a total of 1944 digital assets.
BTCC Dev: Coinmarketcap Is Abusing Trust
The cryptocurrency business has not always found it easy when it comes to selecting the assets that should be tracked. A report recently released by a Bitcoinist listed accusations against an exchange platform known as Binance, which was accused of charging high listing fees, as well as not adhering to the principles associated with decentralization, which the platform claimed to adhere to.
According to one developer, Binance, which is one of the largest exchanges in terms of volume had demanded that he part with 400BTC to have the asset listed. At the time, 400BTC were valued at $2.6 million. Binance, however, later strongly denied the claims made against it by the developer.
Coinmarketcap has also had to deal with controversy pertaining to the removal of a number of South Korean exchanges from its digital assets list. The website claims that the exchanges were removed due to what it called excessive volatility experienced in South Korean markets at the beginning of the year.
Clashicly, who is BTCC’s (Bitcoin Core Coin) developer told Bitcoinist that it was important for reforms to be put in place to ensure that Coinmarketcap did not abuse trust through its listing decisions. He went on to say that the website should be forked if it failed to change its behavior or processes. He, however, pointed out that this would in no way change their leading position in the currency ecosystem.
He echoed a sentiment many other cryptocurrency enthusiasts have pointed out by stating that Coinmarketcap was abusing the trust that millions of crypto enthusiasts around the globe had placed in them. It is time that its team started taking responsibility for introducing bad assets that had led to the financial ruin of some of its users.