Exchanges Tokens - page 21. | Bitcointalksearch.org

Oneandpure

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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.

Many exchange have publish their own coin like Binance open fof BNB coin and Kucoin exchange market open his KCS coin, many exchange have added their own coin for peer trading where Binance have support with many altcoin by trading with BNB peer, if have potential to higher price than how much price knowing to public first is fine for own exchange coin but if lower price than ICO or IEO is not good investing for trader.

BlackFor3st

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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.

So far these are the only usage of their coins/tokens, I can say that your idea is great but the big challenges that they are going to face is how they are going to do it?

Because if there is a way to do it, I am pretty sure that those big exchanges are already doing it as it is part of their marketing plan to widen the usage of their coins/tokens in order to increase the demand. Maybe in the future we can see this kind of evolution, let's just see how the big exchanges will do their own tricks.

royalfestus

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Quote from: Thanasis on October 22, 2019, 02:50:09 AM

Quote from: Darooghe on October 22, 2019, 01:32:44 AM

I don't agree. As long as exchange users benefit from tokens, it will not be worthless and will attract other exchanges users to it for more profits. As a BNB holder, you directly benefit from the profits binance makes. Because profits from the exchange are used to burn coins, this creates a basic supply/demand incentive.

If there were only 100 BNB tokens left, and binance made $10 million dollars for the quarter, they would spend $100,000 to buy back and burn each coin. Obviously a lot of people will hold, so the value will keep increasing and attracts more investors. I am a BNB maximalist, and i regret selling my $10,000 BNB into shitcoins and now building back my pile. But sadly shitcoins all fell on average over 90% while BNB is about to hit new highs soon.

OP is talking about what if that exchange completely shuts down or lose their reputation after years? If that means those exchange's tokens might not have any value right.

I think it is worth thinking about but BNB is not in the same level with other coins and most exchanges in the feat of binance dont just quit the business. Binance is so progressive that scare most exchanges with large volume trade but sometimes I think the exchange coin can't be has profitable as bitcoin when use as reward and sorts, bitcoin looks to be most consistently volatile coin..

Herbert2020

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the only purpose of these exchange tokens, like any other centralized cryptocurrency, is for the company creating them to make a shit ton of money in the easiest way possible meaning out of thin air. these tokens, like anything centralized, are suffering from the same flaws. they are useless and very dangerous to invest in while at the same time they can get the biggest pumps.
the problem with your suggestion is that no exchange is going to be willing to use other exchange tokens! they create their own to sell it to others not to buy other companies tokens!

Javi_Anibarro

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Native token is created to empower the platform, no matter what they do to the native token nothing will change if the platform shuts down.
what the team needs to do is not to promote the usage of the native token but improve the platform that holds the native token. The survival of the native token depends on the platform performance, not about the usage of the token.
it is different story if we are talking about the value of the native token, it is important for the team to promote the usage and the advantage in holding the native token if they wish to increase the price.

CryptopreneurBrainboss

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If we're to grow as an industry then we have to learn how to use things rightly. Tokens are mostly for utility purpose and exchange token's utility should go beyond the exchange platform. The moment we use them outside the exchange it becomes a misused just as technically ethereum shouldn't be used as a currency like bitcoin. Each token/coins has specific purpose that way the industry can grow cooperatively together as a unit.

In my opinion, exchanges technically shouldn't have native tokens per se simply because they don't have utility outside the exchange. If there was no selfishness in the industry by this exchanges then a universal exchange token would had been the best option instead of every exchange creating worthless native tokens and dumping them on their patronizers (customers). I don't buy into your ideas as exchange tokens are worthless outside the exchanges and they shouldn't have been investment privileges in the first.

Simple precaution to avoid your fear of tokens becoming worthless is only buying few that'll be used to cover the exchange charges and not consider the tokens to be investment vehicles like bitcoin.

NathanJB

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I cannot exactly imagine how a certain exchange token could be of use outside the exchange. If it has other purpose such as being a currency or what, it cannot be an exchange token anymore. It has to be a token which is independent from the operation and function of the exchange. Exchange tokens are normally used within the exchange itself, whether as a share or as a token for lower fees and other functions.

FLHippy

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Exchange tokens with passive income or regular token burning is a good invesment choice. But many of these exchange tokens do not offer that, they are good only for discounts on trading fees or for voting = useless and there is a little chance that the token will increase in value in the future.

amulaamula

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All token are risky to trade and hold, prices can be up or down, so crypto market is risky overall.

OasisDre

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Just because bnb token and okex or huobi tokens are good doesn't mean all exchange token are good or will be good, these tokens are from top crypto exchanges with highest trading volumes so of course the tokens will be good, my advice is to be careful which exchange token you will invest on, its safer with old top exchanges than new or bad exchanges like idax, latoken , p2pb2b

Kyraishi

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It really depends on the token and the uses of it. BNB for example, isn't just a utility token anymore, it's basically a popular coin that can be used for a variety of stuff. But, it does reflect what the company is doing, and if the company goes through problems (look at the token price when there was a KYC leak and a hot-wallet hack), the token does as well.

That's one of the risks when your buying into one of those projects, you are essentially buying shares at that point and the prices of those tokens always reflect how the company is doing.

Thanasis

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Quote from: Darooghe on October 22, 2019, 01:32:44 AM

I don't agree. As long as exchange users benefit from tokens, it will not be worthless and will attract other exchanges users to it for more profits. As a BNB holder, you directly benefit from the profits binance makes. Because profits from the exchange are used to burn coins, this creates a basic supply/demand incentive.

If there were only 100 BNB tokens left, and binance made $10 million dollars for the quarter, they would spend $100,000 to buy back and burn each coin. Obviously a lot of people will hold, so the value will keep increasing and attracts more investors. I am a BNB maximalist, and i regret selling my $10,000 BNB into shitcoins and now building back my pile. But sadly shitcoins all fell on average over 90% while BNB is about to hit new highs soon.

OP is talking about what if that exchage completely shuts down or lose their reputation after years? If that means those exchange's tokens might not have any value right.

tenakha

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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 right about what you said but, exchange's token is useful in their exchange, you can not use it in another exchange. Instead of using it, another exchange creates its own coin. Even though, uses only for trading. Greed is everywhere. Anyway, they need to find a solution to this case, but not with the use of another exchange. It should have a vision that can be useful.

Darooghe

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I don't agree. As long as exchange users benefit from tokens, it will not be worthless and will attract other exchanges users to it for more profits. As a BNB holder, you directly benefit from the profits binance makes. Because profits from the exchange are used to burn coins, this creates a basic supply/demand incentive.

If there were only 100 BNB tokens left, and binance made $10 million dollars for the quarter, they would spend $100,000 to buy back and burn each coin. Obviously a lot of people will hold, so the value will keep increasing and attracts more investors. I am a BNB maximalist, and i regret selling my $10,000 BNB into shitcoins and now building back my pile. But sadly shitcoins all fell on average over 90% while BNB is about to hit new highs soon.

Twinkledoe

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Quote from: rmhuntley on October 22, 2019, 12:58:37 AM

I don't think that the tokens from some of the exchanges you mentioned will die. An example is BNB, besides being used on the binance market as a trading pair, BNB is also traded in many markets. Don't you think they now have a strong community in the market ?

Its basically useless if binance somehow closes. You end up with token that has no value, since the token is only being used or traded in the binance exchange unless companies accepted it as a payment then that creates additional demand for bnb.

Even giant networks fall. One wrong move and might define their future. I am not saying that Binance will fall but you are right, if they close down for some reasons, what would it be usage afterwards? So those exchange coins are only as good as they are up and running. Once out in the market, I don't think they will be valuable as when they are in operations.

erickastella

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not all are like that, they make coins that are identical to them because they also want to attract potential investors and increase their market popularity so they make coins specifically for them. an example is the binance that made BNB for IEO very booming, until it was released in several markets because the community was very strong.

Thanasis

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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.

Exchanges build their token to decrease trading fees for the traders and it will not have any value on the any other exchanges so how it is possible for the extent to promote on the other exchanges.
These tokens don't have any applications other than trading purpose so investing on this tokens for the long time is just a stupid idea so don't it hold these tokens for any purpose other than decrease your trading fee.

yazher

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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.

Winscosinally

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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.

Exchanges tokens are really useful, for any new projects that want to carry out IEO on binance exchange they have to buy a portion of bnb token for listing, i think around 1500 bnb token and i am not sure that this amount of token is the end of the requirements, to me i think bnb token will always grow in value due to this, its a token with real use case

rmhuntley

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HALA MADRID

I don't think that the tokens from some of the exchanges you mentioned will die. An example is BNB, besides being used on the binance market as a trading pair, BNB is also traded in many markets. Don't you think they now have a strong community in the market ?

Topic: Exchanges Tokens - page 21. (Read 33517 times)