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In the world of cryptocurrencies, tokens and digital resources, a very big problem has arisen. Most, if not all, coin tracking websites have incorrect bid values for at least three currencies on the market today. This problem started with Coinmarketcap, but now it has been poured into Livecoinwatch e Coincap also.
The inaccuracy of the circulating supply
All cryptocurrency coins monitoring sites offer a lot of valuable information. These details are seen by industry experts and newcomers alike, which means that information must be corrected at all times. Unfortunately, this is where things tend to be a bit turbid. It could be argued that everything goes back to how Forbes decided to expose the working capital XRP supply differently than Coinmarketcap several weeks ago.
To put it in perspective, Coinmarketcap states that there are 40.794 billion XRPs in circulation right now. Considering that the total offer is $ 99.9 billion, this leads people to believe that more than half of the supply is not put into circulation. This is both correct and incorrect at the same time, depending on how people want to see things. The Ripple team has blocked a large percentage of the total supply in contracts, with funds not made available for exchange trading directly.
However, the funds are still "in circulation" because the coins are accessible. While they are not traded on exchanges – as far as everyone knows – the coins were created some time ago, so they are, in theory, part of the offer circulating against them. Therefore, all coin-tracking websites should update the XRP circulation offer to properly reflect this figure. To date, none of them has attempted to do so.
While some people might assume that this is just the case with Coinmarketcap not willing to change their mind, the platform is just one of many "guilty" in this regard. Neither Livecoinwatch Neither Coincap, two of the other major coin detection sites, show the correct circulating supply of XRP. WorldCoinIndex does not even show this information, so even their "market cap" for XRP is well off. There is a lot of work to be done by all the parties involved in this sense.
Unfortunately, it would seem that this problem goes well beyond the provision of XRP. At least two other currencies have confirmed that their current offer is currently incorrect on all these tracking platforms. Both DENT – data-oriented wireless cryptocurrency is recently launching its mobile data exchange – e NulleX – a cryptocurrency well known for the Null protocol – recognizes that their offer in circulation on all these sites is quite wide. This alters the market capitalization classifications of all the currencies involved.
For now, it remains to be seen if and when the coin monitoring sites will solve these problems. This is much easier said than done, even if extracting the correct information from an API or from a block explorer should easily put these things in bed. In the case of these three currencies – and potentially others – this is not happening right now. One can only hope that this situation will improve sooner or later.
Image (s): Markus Gann / Shutterstock.com
