If you ask Google how many UK pounds you get for 100 US dollars you will get the result immediately. Ask it to convert 10 0xBitcoin to FlorinCoin and you get nothing. In fact you can ask Google pretty much anything about cryptocurrencies and it behaves like some dumb search engine would 15 years ago. Which is peculiar. Highly peculiar.
So CoinMarketCap took over as “the Google of cryptocurrencies”. It has a similarly minimal design approach and a similar inclusivity with no questions asked. Rather dodgy new currencies appear regularly, much like Google doesn’t interfere with results a lot.
But all this just makes things worse. I clicked on Trending “Gainers and Losers” and saw a big list of cryptocurrencies gaining more than 100% even and on the “losers” pretty small losses for a few cryptocurrencies. Of course the whole thing is doing well. There are many (big) winners and few (small) losers. Which is peculiar. Highly peculiar. When the site changed the way it calculated market capitalization it wiped billions off the crypto market. This is a very bad version of a Google type monopoly in a market with no need to create such a monopoly. Heck, in true crypto approach, attention should be blockchained away from any single such website!
It is all about the story. I raved about the NBA making fantastic stories about everything. I then (previous post) stopped watching the NBA all together because they betrayed me. They lost the key element of all such stories: justice. With blatant bad officiating all their other stories make no sense. I don’t care anymore if LeBron is a fantastic athlete. If he knows the matches are rigged and doesn’t speak up (or quit) he is part of the problem.
In a similar vain cryptocurrencies have always been plagued by a bad reputation. Drugs, illegal activities, blackmailing schemes and bad movie plots. And unless it changes its approach, CoinMarketCap is part of that problem.