Hey, this is Clay. Welcome to The Nomics Update for today, and today I want to talk about something that's come up a few times here in the last month. We actually get a few bug logs, bug alerts from our community that essentially come in and say the following, "CoinMarketCap is showing this number, and you're showing a different number. You have a bug," and so this might be related to the all-time high [00:00:30] of a crypto asset. They might be telling us that the volume numbers that we're reporting for a given exchange are different than what CoinMarketCap is reporting, or even in some cases different from what the website itself is reporting, and usually they're slight variations.

But I just find it so interesting that CoinMarketCap has gotten to a position in the industry where literally [00:01:00] if there's a discrepancy between our numbers or someone else's numbers and their numbers, that it's considered to be a bug, and I want to stay open-minded about this. Sometimes when this kind of thing is brought to our attention, there is something notable to explore there. Maybe we should reconsider our pricing methodologies, but for the most part we've been extremely open about our pricing methodologies, [00:01:30] and other sites, including CoinMarketCap, has not.

For example, we have an entire article on our blog written about how we price crypto assets, and it's not just a line or two explaining the methodology. It's an entire article with math and tables. I think it's about 750 words on we explore different use cases and how we might calculate the price of a crypto asset in those cases. The same with all-time high. We have an article, [00:02:00] a long form article written about we calculate all-time high.

When this kind of request comes in from one of our API customers, one of my paying API customers, I essentially tell them here's how we calculate the methodology. Here's the data behind it. Do you agree with the data? If the answer's yes, do you think this is good data? If you agree with our methodology, then [00:02:30] this number should serve you well, and also let those customers know, or anyone else who's using our data, know that if they want to use alternative methodologies for calculating these things, they absolutely can because we give everyone all the raw data that they need to calculate these things themselves. We have for the most part every single trade, on every single trading pair, on every exchange going back to the very beginning [00:03:00] of those trading pairs on those exchanges.

Yeah, so I just think it's really interesting. I think it's worth noting though there's a lot different ways to calculate all-time high. There's a lot of different ways to calculate candles. I'll give you an example with Binance. One of our customers, really astute person, came to us, and they weren't reporting this as a bug, but they essentially said, "Hey, CoinMarketCap is showing this volume [00:03:30] number for Binance, and you're showing a different number. Why is that?"

It essentially came down to the fact that we price Tether, TUSD is the ticker symbol, we price Tether differently than CoinmarketCap prices Tether. There's slight variations in the price of Tether to the U.S. dollar. Because Binance is the largest exchange and because all of Binance's [00:04:00] largest markets, at least as of the recording today, are priced in Tether, if there's a slight variation in the price of Tether between us and Binance ... and Binance is doing hundreds of millions of dollars per day, sometimes billions, then we're absolutely going to be showing different volume numbers.

But I think it's really time for us as a community to [00:04:30] just stop accepting calculations in this space.

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