I really wish coinmarketcap would display the true market cap instead of the free float, it's very misleading since pretty much the entire crypto space uses that website
If we take the stock market for example the marketcap is composed of public available shares. CMC has to list so many projects with so many different and nuances that I don't understand why it's always under fire
I don't see it that way. The stock market is not the cryptomarket. You don't have regularly released shares every X minutes, you don't have shares "lock up in smart contracts". When shares are held by founders or original investors, they are considered in the market cap calculation.
Shares are standardised. Coins aren't. That's why they should go with the total current supply = market cap, not free float. Free floats up for interpretation anyway as you can see with Lykke. There's tonnes of other coins out there where the "founder coins" are counted, but LKK coins aren't.
To me, it makes no difference, but I really dislike how misleading it is for other people who rely on coinmarketcap.
It makes valuations crazy. Look at something like BITOK. I have no idea what it is, pretty sure it's just a scamcoin, but it's value is utterly stupid because coinmarketcap hasn't given it a circulating supply value and thus it's ignored in their calcs. If you did the total supply market cap it's value was $100,000,000,000. Somebody figured that out 2 or 3 days ago and the price cratered from $50 to $0.16. But this is the madness that happens when values aren't calculated properly.