Coinmarketcap at it again?

graffenwalder · December 28, 2014, 03:07:16 PM

Ok, taking one for the team.
Coinmarketcap back to normal in 3 2 1.....

~~Edit: apparently BTER's formula is a little bit more complicated, the price stays at 75 usd. Although I did a huge $2 dump at $2 price~~

fuzzy · December 28, 2014, 03:00:29 PM

Quote from: Graffenwalder on December 28, 2014, 02:55:23 PM
Their current formula is simple, and to be honest justified.

They weigh each market with their volume and take the average.

The daily volume of XCP is extremely low under 1K USD.
And the trading in the 70 usd neighborhood went on for approx 30 minutes, resulting in a 156 usd volume.

But if you want to change it now, you can buy into my sellorder at 25 usd ;)

Ooooo well played good sir. Free turkey dinner for you! :D

graffenwalder · December 28, 2014, 02:55:23 PM

Their current formula is simple, and to be honest justified.

They weigh each market with their volume and take the average.

The daily volume of XCP is extremely low under 1K USD.
And the trading in the 70 usd neighborhood went on for approx 30 minutes, resulting in a 156 usd volume.

But if you want to change it now, you can buy into my sellorder at 25 usd ;)

fuzzy · December 28, 2014, 02:54:55 PM

Quote from: davidpbrown on December 28, 2014, 02:51:53 PM
Quote from: fuzzy on December 28, 2014, 02:45:27 PM
I am certain that every time this happens some newbies get fleeced.

They could do worse than CounterParty but it is a surprise that whatever calculation is used, isn't more weighted against sudden change.

agreed.

davidpbrown · December 28, 2014, 02:51:53 PM

Quote from: fuzzy on December 28, 2014, 02:45:27 PM
I am certain that every time this happens some newbies get fleeced.

They could do worse than CounterParty but it is a surprise that whatever calculation is used, isn't more weighted against sudden change.

fuzzy · December 28, 2014, 02:50:07 PM

Shouldn't there be a somewhat straight forward formula that can be used to protect from this happening?

Include volume in there somehow?

It is a little bit frustrating to see these inferior products sitting above us (by smidgeons) and "taking" our #4 spot.

fuzzy · December 28, 2014, 02:45:27 PM

Quote from: davidpbrown on December 28, 2014, 02:41:43 PM
Clicking the price leads to more background.. http://coinmarketcap.com/currencies/counterparty/#markets
and something odd appears to have happened in XCP/USD that suggests actions at $75.00 but the related volume then only $156

Everyone knows market caps are misleading?.. It's only valuable if you can use it or if you can sell it.

Yeh we have had this conversation before though. In the statement "Everyone knows market caps are misleading", if you change "everyone" with a different word...like "some" (and likely the minority), then I tend to agree with you.

I am certain that every time this happens some newbies get fleeced. Really sucks there isn't a better site for this. CoinGecko is good, but so complex with their algos that I can understand how difficult it is to get it perfect.

graffenwalder · December 28, 2014, 02:43:24 PM

No, it's sort of legit.

Some idiot bought XCP at a price of 75 usd. On the bter XCP/usd market.

Since XCP has a very low volume, the averages make this price.

davidpbrown · December 28, 2014, 02:41:43 PM

Clicking the price leads to more background.. http://coinmarketcap.com/currencies/counterparty/#markets
and something odd appears to have happened in XCP/USD that suggests actions at $75.00 but the related volume then only $156

Everyone knows market caps are misleading?.. It's only valuable if you can use it or if you can sell it.

fuzzy · December 28, 2014, 02:31:57 PM

Or is this 300%+ increase Actually legit this time? Only $895 volume? Such ridiculousness if not.