Today, the cryptocurrency market is on the stage of formation. Due to this, one can distinguish various advantages and disadvantages in this area. Major financial institutions have legitimate concerns about the expansion and development of electronic funds because in the next 5-10 years aforementioned type of money exchange can become a serious competitor for them; and not only in the transportation and transfer of funds but in the fact that cryptocurrency might even leave no room for banking services and even banking chains.
For this reason, we record every change in the cryptocurrency market to ensure that our readers have a complete idea of the market structure. Speaking of this rather a new field in the financial sphere it is worth noting that there are examples of fraudulent schemes which are often exploited by interested parties. The reason this article was written is because of an appeal by an investor of the cryptocurrency Foin.
This Monaco citizen informed us about the emergence of a new method of influencing the cryptocurrency market: red flagging cryptos on reputable resources such as CoinMarketCap, which can cause different reaction patterns to that information.
In such cases, we always take the side of investors to help them to inform the public about their incidents, for the reason investors are the most vulnerable category of subjects in the market. When investors lose their money as an outcome of certain actions, they end up in a situation without any kind of tools to return their money.
In this article, we provide an examination report by Deloitte.
In fact, Deloitte’s stand reflected in this examination refers to the Foin cryptocurrency red flag that appeared on the CoinMarketCap website for subjective reasons. We cannot avoid the ‘human factor’, there are always managers who can make mistakes even in the most demanding institutions.
Editorial note: We do not think that the manager marked the aforementioned cryptocurrency deliberately, it may have been a mistake. We have no doubt that the administrators of the site are going to look into the incident and take an objective decision. We simply draw attention to the fact that these marks do prevent investors from getting their money back. There are several reasons for it: ‘red flag’ affects the rating, affect the status of the cryptocurrency, the credibility and the value of cryptocurrencies. Again, we would like all cryptocurrencies investors to be on equal terms. Free and open market accounts for open access to information, and yes, investors are always at risk, but at the same time, the starting point and basic conditions should be equal for all. Therefore, we believe it is necessary to respond to the appeal submitted to us and inform readers about the current situation in the hope that CoinMarketCap is going to take this single seriously, adjust the relevant policies and equalize conditions for all investors so that they can return the money they invested in cryptocurrencies.
Daniel Köhler is specializing as editor at Cryptocurrencies at Financial Magazine . Has a degree in mathematics science and a master’s in management from the London School of Economics. Initially working as a TV journalist, he then became an editor at several financial publications. He is passionate about new technology and has the potential to completely see new ways in the world of cryptocurrencies.