Crypto exchanges not helping Bitcoin! - page 5.

HabBear

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Quote from: Retty on August 03, 2018, 09:26:39 AM

What am i talking about? Trading competitions!

Competition is always good for the consumer.

The more trading platforms that exist for Bitcoin, the greater options we have to access the market. And that competition leads to lower prices or greater services. We always win!

Quote from: Retty on August 03, 2018, 09:26:39 AM

Yet we wonder why the SEC are so reluctant to give crypto its blessing! Roll Eyes

The SEC isn't reluctant to give crypto its blessing because there's "too many" trading platforms. They don't give it their blessing because (A) it can be controlled by a central authority, therefore the SEC has a harder time policing regulation, (B) it hasn't been proven successful by mainstream banking players or markets, and (C) it's size is too small for them to devote the resources to regulating it.

If Bitcoin has greater growth the SEC will be forced to enforce an opinion.

What is it that you're really concerned about?

CarnagexD

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Quote from: jakelyson on August 03, 2018, 04:15:05 PM

Quote from: Retty on August 03, 2018, 09:26:39 AM

With all of these new exchanges popping up here there and everywhere, i am seeing a very common theme and it's one i don't like AT ALL and i feel it gives bitcoin/crypto a bad reputation in general.

What am i talking about? Trading competitions! Where you can win XXX amount of whatever crypto for being the most active or hitting a certain limit. Don't get me wrong, i'm sure there are a few people out there who will do alright from these deals, but i imagine the vast majority end up losing in the short term or the long run.

I do not see anything wrong with this kind of promotions or contests. This gives inspiration to do good trading. If you lose, it may just mean you are not good in trading because of lack of knowledge or you are just very unlucky.

The only concern I have with new exchanges is if they run with the money of their users. That would really put a bad pr for cryptocurrency. But other than than, new exchanges gives options and their competitions gives opportunity to earn.

Quote from: Retty on August 03, 2018, 09:26:39 AM

For me, its targeting the wrong audience. It does absolutely nothing toward our hallowed "mass adoption" hopes, and its encouraging gambling all so that the said exchange can make a profit in fees!

It is not gambling if you know what you are doing.

We have a open crypto currency market, its for everybody, if one group of people joined for a single Venture in posting their market for ICO then it is always the crypto market is open for such business. Somehow this good news to the market, an open competition in the crypto market present a lot of Choices for the possible investor. Yes, this may bring some resistant vs. Bitcoin investment, but it is just normal to have such competition in the market.

jakelyson

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Quote from: Retty on August 03, 2018, 09:26:39 AM

With all of these new exchanges popping up here there and everywhere, i am seeing a very common theme and it's one i don't like AT ALL and i feel it gives bitcoin/crypto a bad reputation in general.

What am i talking about? Trading competitions! Where you can win XXX amount of whatever crypto for being the most active or hitting a certain limit. Don't get me wrong, i'm sure there are a few people out there who will do alright from these deals, but i imagine the vast majority end up losing in the short term or the long run.

I do not see anything wrong with this kind of promotions or contests. This gives inspiration to do good trading. If you lose, it may just mean you are not good in trading because of lack of knowledge or you are just very unlucky.

The only concern I have with new exchanges is if they run with the money of their users. That would really put a bad pr for cryptocurrency. But other than than, new exchanges gives options and their competitions gives opportunity to earn.

Quote from: Retty on August 03, 2018, 09:26:39 AM

For me, its targeting the wrong audience. It does absolutely nothing toward our hallowed "mass adoption" hopes, and its encouraging gambling all so that the said exchange can make a profit in fees!

It is not gambling if you know what you are doing.

jossiel

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That's normal, it's business and there's competition. And you know what? competition is everywhere, not only with these exchanges but as in everywhere as long as there's opportunity.

Those rewards from the competitions are part of their marketing and in that way, they can pull more traders and make the volume on their exchange to grow.

Why this bother you that much?

LeGaulois

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Contests in trading platforms are something usual, not on the crypto market only but with the traditional trading sites too. I remember about one that was offering a Lambo to the winner (it was Instaforex maybe) a few years ago. I don't see anything wrong and it's not giving a bad image to cryptos. If it does it's about the trading platform (fiat or cryptos, no matter). It's just a method to encourage and motivate the users. BTW, banks do the same

stompix

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Quote from: Retty on August 03, 2018, 09:26:39 AM

With all of these new exchanges popping up here there and everywhere, i am seeing a very common theme and it's one i don't like AT ALL and i feel it gives bitcoin/crypto a bad reputation in general.

What am i talking about? Trading competitions! Where you can win XXX amount of whatever crypto for being the most active or hitting a certain limit.

And, what the problem? Is somebody forcing you to trade? I can't see what's the "bad reputation" you talk about.
A lot of things have competition, like the gaming industry and I don't see that getting a bad reputation, on the contrary, it's getting lots of fans.

But, let's say it's indeed bad, what and how are you proposing we should change that?

Quote from: Retty on August 03, 2018, 09:26:39 AM

For me, its targeting the wrong audience.

Probably you're mistaking what an exchange and what BTC is.

An exchange is a private business, they only have one purpose, profit, they won't target people that are not willing to trade, they won't target people without a penny and they don't give a damn about the situation in Somalia.

Bitcoin, on the other hand, it's just a way to move or store funds and value without involving a 3rd party, everyone can use it as it wants, once you try to impose regulation on this, you're saying goodbye to decentralization.

Retty

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With all of these new exchanges popping up here there and everywhere, i am seeing a very common theme and it's one i don't like AT ALL and i feel it gives bitcoin/crypto a bad reputation in general.

What am i talking about? Trading competitions! Where you can win XXX amount of whatever crypto for being the most active or hitting a certain limit. Don't get me wrong, i'm sure there are a few people out there who will do alright from these deals, but i imagine the vast majority end up losing in the short term or the long run.

For me, its targeting the wrong audience. It does absolutely nothing toward our hallowed "mass adoption" hopes, and its encouraging gambling all so that the said exchange can make a profit in fees!

Yet we wonder why the SEC are so reluctant to give crypto its blessing! Roll Eyes

Whats your thoughts?

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