CoinGecko: 360 degree overview on Cryptocurrency! Exclusive Interview
Just like BraveNewCoin and CoinMarketCap, CoinGecko is another tool that I visit frequently when prospecting over potential coins to invest into whether that’s for a short term profit, or a long term possession. CoinGecko makes it easy for traders to manage their coins via a closed invite-only dashboard (which I’ll be looking at in a later article)that allows traders to view liquidity, exchange, prices for the current day, so on and so forth. For now they have 50+ coins, but I’m assuming they will add more as time goes on by. Regarding whom I’m talking to, I am honored to be talking to Bobby CE Ong, the Co-Founder of CoinGecko.
1. Coingecko: How did it get started?
TM Lee and I are both cryptocurrency traders and we take into consideration several factors before buying a particular coin. We found it time consuming to evaluate all these factors from various websites. For example, to get a gauge of a coin’s social media activity, we had to go to Twitter, Facebook and Reddit and then crunch all these numbers in comparison with other coins. Now with CoinGecko, we can get all these metrics in one page. The same can be said for developer and liquidity metrics. We explained how we got started in slightly more detail in this blog post.
2. How is Coingecko in its current state?
CoinGecko at its current state is still in Beta. We are still actively developing the website and adding new coins, metrics and features onto the website. We are also actively adding more metrics to give a broader overview of the cryptocurrency market to traders and also to make our ranking more robust. Some of the more notable metrics that we have added lately include the estimated hardware cost required to launch a 51% attack on a coin.
We recently also launched our CoinGecko dashboard, an Alpha version still in closed-invite. With this dashboard, traders can now select the coins which matter to them and get a quick snapshot of all the prices for the day. We also released the trading exchanges volume page for traders to get a quick gauge on the exchange which have the most trading activity for a particular coin. Of course, we also have our cryptocurrency pricing and calculator page and the coin info page for all coins listed on CoinGecko.
3. How is Coingecko different from other price index cryptocurrency tools and things of similar like?
Most cryptocurrency ranking websites evaluate coins based on market capitalization. CoinGecko is the first website that looks at metrics beyond market capitalization. We are the first website to look at social media, developer and liquidity metrics in one fluid algorithm.
Before CoinGecko, we found that many traders are making trading decisions based solely on qualitative reasons. If there are any quantitative figures being lobbied around, traders usually only quote the market capitalization rank. We believe that evaluating trading decisions solely on market capitalization is hugely flawed and went out to build CoinGecko to help educate traders to make trading decisions based on more quantitative metrics.
4. How would you compare your way of listing crypto’s compared to by Market Capitalization?
We believe that ranking coins solely on market capitalization is hugely flawed as market capitalization is only one of the many metrics that determines the value of cryptocurrencies. We took the approach of using multiple metrics in evaluating cryptocurrencies because market capitalization as the sole metric is easily manipulated by coins with a high pre-mine figure or a low trading volume.