EXCHANGES AND EORBITANT AMOUNT OF MONEY CHARGED.

SirLancelot

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Quote from: Lawrenzoo on July 25, 2019, 02:52:06 AM

Can someone please tell me why some exchanges like Binance and huobi charge exorbitant amount of money just to list a project on an exchange. I know they will claim intellectual property. What is the intellectual property here, how much exactly did they even pay the developer to build the exchange that they want to make billions out of few thousand dollars exchange site. what exactly do they use the money for, because they mostly operate online, and they cannot tell me that they have thousands of staff doing one or two things that they need to pay for.

Well, I do know that they have staffs that they are paying but I don't know how many staffs they have. And I also know that they have an office, so they are probably paying for the office as well and also bills and tax and the rest.

Nobody starts a business with plans of being poor, I believe that anyone who starts a business plans to succeed and makes lots of money from it, so that's the same with them and since they know their worth and how much it took them to get that far and become a big exchange and how much they spent, so they are going to charge whatever they like. If you think it's easy, then you better setup your own exchange and charge for a cheap price… its up to you.

hugeblack

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The inclusion of shitcoins based on price leads to the creation of more for-profit and increases the possibility of manipulation.
I hope there will be a new standard for adding cryptos such as technical standards and the real addition of the community rather than more currencies.
If the technical standard is set as a base, I expect the number to fall to 10 currencies, but listing it for 50BTC, this means adding more coins for Scammers Whales.

o_e_l_e_o

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Quote from: RealMalatesta on July 26, 2019, 12:32:42 PM

we see wrong doing of person, and we don’t scold them, because it is a mind your own business thing right?

That's how the market works. No coin has a right to be listed anywhere, and no business has an obligation to list your coin. They can charge whatever they want to charge. If you don't want to pay their fees, then don't. If there is a demand for your coin, take your business elsewhere and the exchange in question will be out-competed.

Quote from: RealMalatesta on July 26, 2019, 12:32:42 PM

one of the reason why these project too quotes hardcap that are unnecessary, they have to calculate all these expenses and build it into the cost of running the project

They don't need to though. The amount of funds they raise are usually just for profit, since 99% of ICOs are scams. Coins like Ethereum and Monero get listed on exchanges left, right, and center without ever paying a listing fee, because there is a demand for them, they have a working product, and they bring something new to the table which bitcoin doesn't. 99% of ICOs are just carbon copies of other projects or projects that don't need blockchain technology in the first place, without a working product and with no real world use. If they built a decent coin that solved a real world problem, instead of focusing on lining their own pockets, then they would have no trouble getting listed on various exchanges.

Slow death

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Even if the exchanges used the argument that it has costs, the amount they charge for listing the altcoins is too high and unacceptable. It seems that these exchanges have become a paradise for only the elite, when that's not true... many altcoins that are listed on these exchanges are shitcoins so I see no reason to be charging very high listing fees. These exchanges should prioritize good projects that add something good to the crypto world than being greedy.

RealMalatesta

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Quote from: o_e_l_e_o on July 25, 2019, 07:38:31 AM

~~snip~

You see, this is why the world is not progressing beyond what it is now because we see the truth and don’t speak it, we see wrong doing of person, and we don’t scold them, because it is a mind your own business thing right?, see what you said, if he doesn’t like it,then he should not use it, is it about liking them or not? It is about extortion.

These people are blatantly extorting people and these are also one of the reason why these project too quotes hardcap that are unnecessary, they have to calculate all these expenses and build it into the cost of running the project, I think these exchanges are just over inflating the fees they charged, and seriously, there is need to regulate this industry because people are just taking advantage of other because of one little edge they have over them, I know we all want to make profit, but we still need to consider other too.

o_e_l_e_o

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Quote from: CryptopreneurBrainboss on July 25, 2019, 03:49:58 AM

Most especially when it comes to getting listing on Binance as that act can simply be classified as extortion.

Binance don't have a listing fee. Projects which are interesting in being listed on Binance are encouraged to make a donation to their charity initiatives, but there is no minimum donation, and the size of the donation does not impact their decision whether or not to list you coins. See the links below:
https://www.binance.com/en/support/articles/360017664751
https://twitter.com/cz_binance/status/1028190371719786496

There are set up costs associated with listing a new coin, especially if it isn't a token and runs on its own blockchain. The exchange needs to review it, ensure it complies with any standards or regulations they may have set, set up an interface for it, generate deposit addresses for users, set up hot and cold storage, build back end systems to handle deposits and withdrawals, train staff on using the new coin, potentially insure it, the list goes on. They have ongoing running and maintenance costs, staff wages, and yes, profits.

There's also the factor of high fees being an intentional barrier to entry. If you are demanding $50,000 to list a coin, then you immediately filter out 99% of the new scam coins which are launched every day.

Some of the fees are high, I won't deny that. But exchanges, being private entities, can charge whatever they like. Don't like their fees? Then don't use them.

CryptopreneurBrainboss

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eXch.cx - Automatic crypto Swap Exchange.

No individual who isn't associated or benefiting from these exchanges in his or her right mind, would support the exorbitant fees charged for listing new projects. Most especially when it comes to getting listing on Binance as that act can simply be classified as extortion. Even Vitalik Buterin was against this practice.

Reviewing the practice from a marketing perspective, it can be considered a marketing strategy employed by this exchanges to keep themselves relevant in the industry as humanity tend to associate cost with quality, so they subconsciously tend to value things or services that cost more. On the other hand these projects get approximately the value of what they paid for as listing on those exchange give then far more exposure then the regular exchanges out there. So it's kind of a win win situation for both parties.

Lawrenzoo

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Can someone please tell me why some exchanges like Binance and huobi charge exorbitant amount of money just to list a project on an exchange. I know they will claim intellectual property. What is the intellectual property here, how much exactly did they even pay the developer to build the exchange that they want to make billions out of few thousand dollars exchange site. what exactly do they use the money for, because they mostly operate online, and they cannot tell me that they have thousands of staff doing one or two things that they need to pay for.

Topic: EXCHANGES AND EORBITANT AMOUNT OF MONEY CHARGED. (Read 177 times)