Topic: [ANN] KRAKEN.COM - Exchange with USD EUR GBP JPY CAD BTC LTC XRP NMC XDG STR ETH - page 335. (Read 628889 times)

Thanks for sharing ideas about how to promote the exchange everyone. We certainly plan on doing more in the way of promotion soon, but as it says in the OP, we've planned a gradual launch from the start to give ourselves time to get things working smoothly. Our momentum of new accounts continues unabated since the Fidor announcement, but it hasn't translated into volume as much as expected. The volume seems to be growing overall, but it varies a lot, and really dropped off over the weekend. Getting more users to the exchange will certainly help, but I'd say the other half of the puzzle is getting users who've already joined to step up and put some limit orders on the book.

Thanks for the suggestion - I'll make sure this gets considered. One of my (stock) brokers doesn't have email confirmations and it's a feature I always miss.

I... if that's how you honestly think making a splash in a competitive industry works, I guess we'll just skip straight to the shovel and gravestone scene.

Come on, mentioning the name of a fictional movie character will not make your argument valid nor will it add any kind of glory to it.



True.



This is where we disagree. Kraken already has very low fees and incurs heavy costs of their most modern platform. There are no cost / low cost possibilities that Kraken should explore prior to giving up their income and prior to incurring costs.

What could Kraken do at no or at low cost? They could have a YT channel and publish at no cost the videos of their platform's features, like:
- trailing stops, example: http://www.infinityfutures.com/ATtrailingstop.aspx
- leveraged trading: I wouldn't mind somebody from Kraken communicate to me what leveraged trading is about, how they calculate interest on fiat and how on crypto; I would like to know if I am making profit in fiat when long or in crypto when short, or is it rather vice versa, or rather in fiat irrespective of being long or short, etc.? Why wouldn't they tell me this in a short video?

I can imagine some of their staff due to no volume are already getting bored at work. They might do these videos to while away the boring time they have at the office.

YT channel is one of countless actions a marketing person at Kraken can do at no / low cost.



Maybe it will, maybe it will not. We don't know it. Would you spend $25k of your own money to test it?



Please spare this talk for your greedy boss.



In high tech intensive services and in a market such dynamic as crypto expectations of being profitable quickly are justified. If you don't get quick results then your business was either badly planned or your business plan was badly executed.

Despite what Gordon Gecko might have you believe; Unfettered Greed is not good.

Kraken appears to be the most competently engineered exchange - bar none...but no one is using it. Consider that Payward are at a juncture; they are the *first to market* with a second generation exchange that offers many features professional investors have been clamoring for (Trailing Stops, Limits etc) but conversely they are also entering a market now *saturated* by lesser competitors. Volume trumps all and Kraken will not retain its advantages for long - early capitalization on the platforms obvious technical advantages should be a no-brainer.

So, to win customers (and volume) they have to offer something the others do not - something to entice the sheep to see for themselves that the grass really is greener...0% fees for three months backed by targeted advertising is the most logical place to start. This approach will entice volume away from the market leaders in this space (Bitstamp, BTC-E and Mt Gox), some customers will inevitably leave at the end of the free period but given the features on offer (and barring any cock-ups on Paywards part) and the already competitive fee structure - it's pretty likely a significant portion will remain. The situation Payward are in now is no different than PayPal at their inception. PayPal actually *gave away* money to acquire new customers - no strings attached.

Remember; The key is not to be greedy in the short term; 3 months will entrench a degree of loyalty in the customer base - the same way it's working for the incumbents (BTC-E, Bitstamp etc).

As an aside; any investor who expects a platform entering such a competitive marketplace to be profitable off the bat is frankly deluding themselves as to the realities of real world business. Spend money to make money...

There is some volume. Ergo there is some income. It should at least cover the cost of office coffee. The current income is surely not satisfactory for Kraken.



So true 

I think Kraken's offer is near sufficient to be called different from its competitors, e.g. leveraged trading! I would love to try it. Out of curiosity: what is the interest at which you lend? I didn't find that info on the website.

I think Krakens communication is not sufficient for what is needed to achieve success.



Dargo, could this slow volume picking up be due to your jurisdiction ? Can you change jurisdiction?

There is no income anyway, even with fees.

Stupidity is doing the same and expecting different results.

Something needs to change as the volume is not picking up, right?


I'm not sending anymore fiat for the time being since I couldn't deploy it when the market corrected (price didn't go down due to lack of liquidity).

I'll take my chances with btc-e and bitstamp, never again a startup exchange for me.

I think you need to start with the little fish to get liquidity going. The big fish will only come when some liquidity is already available.

However, why would the little fish come?

0% fees for 3 months = no income for Kraken for 3 months.

Heavy advertising campaign = costs for Kraken.

Both = loss for Kraken's investors.

Perhaps it's time for you guys to incentivize some volume traders onto your platform by offering - say - 0% fees for three months across the board, alongside a heavy promotional advertising campaign (take a leaf out of the Chinese exchange book).

Kraken is a fantastic platform and you've all clearly put a lot of work into it, so it seems a real shame to see it continue to languish at the bottom of the pack, especially when it deserves so much more.

Maybe because there aren't that many bots yet?



Another request: (Optional) email confirmations, once all orders are filled (per currency pair) would be nice.

Yes


I understand. It does seem a bit odd, but it could be that this is from before when the precision was so low - maybe that induced people to go with whole amounts. It's my preference too to just completely open the order book, but some of the devs disagree. But this is a big improvement at least.

Thanks for the quick response! I can see the updated precision in the API now. Here's a snapshot dump:


I can see that the first ask is of volume 1.000. Can I therefore assume the lowest ask is, in reality, between 0.9991 1.0000?

It just seems that there are a high percentage of orders with volumes around whole integers, which given order books on other exchanges is highly unusual...

It does feel like going around the houses a bit. My use case is simple, I want to find the lowest asks or highest bids, and match them exactly with the opposite trade on another exchange. If the difference is greater than the fees involved, profit! The wonderful world of arbitrage :-)

However, to do this I need to be certain that my volume calculations are highly accurate, especially when the trade might span multiple orders. Due to the binning approach, I can make guesstimates on the minimum, but the trades present now on your orderbook seem a bit too conveniently rounded to be realistic. Bit confusing...

My honest advice is just open your orderbook and be transparent, like all the other exchanges. Sure, dark orders, if you want. People will come if you are easy to use. This binning is far too confusing and undocumented to interpret.

 

^^^ There was an issue with API, but it's fixed now so you should see 3 digit decimal place precision via API as well.

It's live on our market data page, but I'm checking on API now.

This sounds great and thanks for listening! I'll be pushing some trades your way as soon as this goes live :-)

Final question: when does this go live?

https://api.kraken.com/0/public/Depth?pair=XBTUSD