Exchanges Tokens - page 18. | Bitcointalksearch.org

Bitze

legendary

Activity: 1638

Merit: 1042

Quote from: HammadAli on October 22, 2019, 12:39:41 AM

I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.

Binance has shown how it can work with BNB. of course, this has directly made all other exchanges
nervous and sensitive. for this reason, everyone wants to be here and get their piece of the cake. Cool

just like the ICO wave started some time ago. that's what has happened recently with the exchange tokens.

Maturnuwun

member

Activity: 92

Merit: 10

Quote from: yazher on October 22, 2019, 01:05:08 AM

Yeah, you're right, According to my own experience, if the exchanges of that tokens got closed, its token will become zero value. There are tokens who become like that. Ziggurat, Octaex, and some other exchanges their tokens are now zero value. because no more investors gonna try to use their token because on no more developments.

I just heard about it, if so, it is important for companies or projects that have their own tokens to prioritize the development of their tokens and not just focus on developing exchanges. because what is worried about the value of the token becomes worthless and left by the user.

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

Quote from: HammadAli on October 22, 2019, 12:39:41 AM

I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.

You are true, exchange tokens are centralized, they can´t work without the exchange. But also many people are buying these tokens just for that. Exchange tokens are backed by a real business and brings a profit from exchange earnings, so this system should work. But if exchange becomes hacked, your token could become worthless easily.

efxtrader

full member

Activity: 924

Merit: 100

GoMeat - Digitalizing Meat Stores - ICO

Quote from: HammadAli on October 22, 2019, 12:39:41 AM

I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.

Investing in a token utility owned by a large exchanger in my opinion is quite safe as long as the token exchanger has large daily transactions. Until now, BNB Coin is a native token that benefits its investors because besides being used for IEO, BNB Coin already has DEX which will make the use of BNB Coin increased

Zeke_23

sr. member

Activity: 868

Merit: 333

Quote from: mamahdedeh on November 05, 2019, 11:49:44 PM

Quote from: gaston castano on November 03, 2019, 01:02:02 PM

I think it has become a risk for every exchange and also in other fields.
Large exchanges such as binance will not easily go bankrupt and also they have expanded their business to various countries.
but there is no harm in also considering the ideas you give.
but I think if the exchange performance is good, maybe in the future someone will ask to cooperate with them, because they have seen their history.

history is a benchmark to see the credibility of an exchange. with the experience they have in providing services to their customers. of course many people will judge from that incident. For example the case of a break-in exchange, the exchange steps to overcome it will be highlighted by investors and the project team, of course

In short, the satisfaction they give to their users from the moment they start their service up until now.
People are actually looking for that as a criteria to see if a certain exchange has the capability and credibility.
Binance has these two factors. Binance has the future, and their BNB will expand its use for sure.

Annexia

jr. member

Activity: 42

Merit: 2

Quote from: HammadAli on October 22, 2019, 12:39:41 AM

I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.

My thoughts exactly. You have said it all. Why will you create a token only to be used on your exchange? Since there are uncertainties on Crypto, its only necessary and needed for an exchange to list its token on another exchange for good utility of the token. I currently hold some of these exchange tokens. Most of which are shut down. Holders are only left without option than to hold till infinity. Waste of funds.

mamahdedeh

full member

Activity: 812

Merit: 100

www.cd3d.app

Quote from: gaston castano on November 03, 2019, 01:02:02 PM

I think it has become a risk for every exchange and also in other fields.
Large exchanges such as binance will not easily go bankrupt and also they have expanded their business to various countries.
but there is no harm in also considering the ideas you give.
but I think if the exchange performance is good, maybe in the future someone will ask to cooperate with them, because they have seen their history.

history is a benchmark to see the credibility of an exchange. with the experience they have in providing services to their customers. of course many people will judge from that incident. For example the case of a break-in exchange, the exchange steps to overcome it will be highlighted by investors and the project team, of course

wozzek23

sr. member

Activity: 1568

Merit: 283

Quote from: BeginToMine on November 03, 2019, 11:48:36 AM

To me exchange tokens are more better as it's a native token and team will ensure to make it stand out. All my days in crypto I have lost but to to an exchange toke. Unless it's an exchat that want to fold which is absolutely rare just few encounters that, depsite dip, exchange token must surely come when it's the right time and it's more trusted . Speaking from observation and experience.

Talking of exchange tokens, not all exchanges that have token should be allowed too in the market, because some of those exchange tokens are also very similar to all other ICO projects. If we really want an exchange token, I think that bnb will be one of the right choice of token to go for, because they have really made sure that their project stand out in the market and also make sure that work is really a quality one, so I am not scared about their future, and every product that they have planted down is going to grow very much in the future.

One other exchange token that I think is in the making is that of kucoin, this is an opportunity that I quickly grab now so that I will not regret again the way I didn’t invest in bnb when it was around $1 usd.

gaston castano

sr. member

Activity: 1526

Merit: 251

I think it has become a risk for every exchange and also in other fields.
Large exchanges such as binance will not easily go bankrupt and also they have expanded their business to various countries.
but there is no harm in also considering the ideas you give.
but I think if the exchange performance is good, maybe in the future someone will ask to cooperate with them, because they have seen their history.

joinfree

sr. member

Activity: 1274

Merit: 260

1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

Well that's a good point yet i think it's unapplicable because all these exchange coin are created to be used in an ecosystem or a platform. So outside the ecosystem it can't be used for any other purpose. However, i think it would be best rather to increase the use cases of such exchange tokens in order to increase its liquidity on the exchange platform through several activities. These activities could be in the form of increase margin trades leverage if done in native tokens, decrease loan rates if done in native tokens etc. All this can increase its usage on the platform and not merely through fees alone.

dataispower

sr. member

Activity: 1330

Merit: 289

Quote from: BigBoom3599 on November 03, 2019, 11:56:05 AM

Almost all exchange tokens are just a way for exchanges to make more profit. They try to promote a token by giving it's users discounts for holding it while they actually hold the majority of tokens in their own wallets. After the token has gotten some traction they can start pumping it more and slowly selling their own bags while the users are buying them all because they get a small discount on fees. Inherently the tokens have no use so IMO there is no reason for them to exist except to make money for the exchange owners.

I like your candid opinion, in as much as its true exchanges principally create token for profit maximization, some exchange tokens have proven great in many ramifications. For instance, KCS can be used to play games on PLAYGAME platform. Others like BNB too have more uses aside the trading fee, listing fee, IEO uses.

enhu

legendary

Activity: 2492

Merit: 1018

Even the exchanges that doesn't have a native token back 2016, now starting to create one for their own. The DEX I have been using now have one like the WAVES dex and I just saw the information yesterday on facebook. They must be doing this so that there won't have tiny bits of BTC taken as transaction fee from traders and instead just the native tokens.

Quote from: asus09 on November 03, 2019, 12:27:19 PM

Quote from: HammadAli on October 22, 2019, 12:39:41 AM

I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.

Almost exchange market have their own coin like BNB for binance exchange, KCS for Kucoin market and IDEX coin for IDEX exchange, they want to promote their self coin to make investor interested with their coin, most profitable for investor with exchange coin because have lower price for first time know to public and higher price after exchange coin listing on market.

They are good to invest with too when the exchange already got some volume. KCS and even the QASH is already getting traction.

lionheart78

legendary

Activity: 2954

Merit: 1153

Quote from: BigBoom3599 on November 03, 2019, 11:56:05 AM

Almost all exchange tokens are just a way for exchanges to make more profit. They try to promote a token by giving it's users discounts for holding it while they actually hold the majority of tokens in their own wallets. After the token has gotten some traction they can start pumping it more and slowly selling their own bags while the users are buying them all because they get a small discount on fees. Inherently the tokens have no use so IMO there is no reason for them to exist except to make money for the exchange owners.

You just stated the obvious that exchange token are there to have discounts to their service. Though, it is true that creating their own token is one way of an exchange to crowdfund their exchanges and bring more quality service to their client but it is better than those ICO/IEO that offers vaporware.

asus09

sr. member

Activity: 1344

Merit: 270

Quote from: HammadAli on October 22, 2019, 12:39:41 AM

I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.

Almost exchange market have their own coin like BNB for binance exchange, KCS for Kucoin market and IDEX coin for IDEX exchange, they want to promote their self coin to make investor interested with their coin, most profitable for investor with exchange coin because have lower price for first time know to public and higher price after exchange coin listing on market.

ableh

sr. member

Activity: 498

Merit: 251

CryptoTalk.Org - Get Paid for every Post!

Quote from: HammadAli on October 22, 2019, 12:39:41 AM

I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.

There are many tokens out there that have no usability, even some of them have been abandoned by the developer, but the tokens still have value. So in my opinion, having "usability" or not, that's not the main problem. Because the value of the token is not determined by its usability, but by the community that is in it.

nreal

full member

Activity: 932

Merit: 100

arcs-chain.com

I think all the exchanges are trying to do what you are talking about. In fact, I find the tokens of exchanges to be the most applicable in practice. If you hold tokens, you will be reduced transaction fees, shared profits (KCS of Kucoin), participate in IEO, enjoy higher commissions from referrals, ...

BigBoom3599

sr. member

Activity: 462

Merit: 250

Almost all exchange tokens are just a way for exchanges to make more profit. They try to promote a token by giving it's users discounts for holding it while they actually hold the majority of tokens in their own wallets. After the token has gotten some traction they can start pumping it more and slowly selling their own bags while the users are buying them all because they get a small discount on fees. Inherently the tokens have no use so IMO there is no reason for them to exist except to make money for the exchange owners.

BeginToMine

full member

Activity: 434

Merit: 101

https://www.payaccept.net/

To me exchange tokens are more better as it's a native token and team will ensure to make it stand out. All my days in crypto I have lost but to to an exchange toke. Unless it's an exchat that want to fold which is absolutely rare just few encounters that, depsite dip, exchange token must surely come when it's the right time and it's more trusted . Speaking from observation and experience.

Anonylz

hero member

Activity: 2562

Merit: 577

Yeah exchange tokens started gaining more recognition ever since the price surge of bnb, it took lots of people by surprise including me how an exchange token can increase that much, because of this many start paying more attention to exchange tokens,
I miss out on bnb when it was very cheap but that doesn't mean am ready to invest on any exchange coin just for the sake of it, majority don't worth the trouble.

Rodeo02

hero member

Activity: 1302

Merit: 577

avatar and signature space for rent !!!

Quote from: freedomgo on November 03, 2019, 05:56:16 AM

Exchanges now are already making their own token because they are inspired by Binance success, but actually its still useless if they will not development their exchange and compete to the top exchange. When people sees you have a good exchange, that exchange token will become useful in the long run and it will be acceptable for different purpose maybe, and they will be confident to spend because they know it has a good liquidity and a lot of people are trusting it.

They want to have thier own token ,for simple reason they want to earn from it. Since binance successfully do that , they think that they can do the same also. They should build use of that token not only in exchange if they want to see it to be successful.

Topic: Exchanges Tokens - page 18. (Read 33510 times)