Opinions on Native Coins/Tokens of Exchanges?

Abiky

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Quote from: fullhdpixel on October 02, 2023, 02:34:46 PM

First of all, a CBDC doesn't work like a cryptocurrency or operates on a blockchain network but they are digital currencies that are controlled by the banks or authorities that release them, so they can't really replace stablecoins in the cryptocurrency market. People will not and can't abandon stablecoins and start using CBDCs even if they are forced to do so because some just don't want to use coins that are totally regulated and centralized.

And, who told you that exchange-based tokens or coins are decentralized? They are not completely decentralized despite the fact that they run within blockchain networks and the transactions aren't really controlled by the parent exchanges but they can easily be modified or manipulated.

I am aware exchange coins are not as decentralized as they claim to be. Especially BNB which is heavily-manipulated by Binance. You can't say that CBDCs "won't operate on a Blockchain network", especially when governments and central banks have expressed their interest towards the tech. They could launch a CBDC that lives within a private blockchain network controlled by one or more banking institutions. Don't expect them to use a public blockchain network like Bitcoin, Ethereum, or XRP, though.

We're going to have to see whenever governments will allow stablecoins to co-exist with CBDCs or not. It's easy to take down a centralized stablecoin than it's the case with a decentralized cryptocurrency like Bitcoin. The future is widely unpredictable, so we can only hope for the best. Wink

Xal0lex

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Quote from: R1dwanRz on September 18, 2023, 10:26:29 AM

So, one thing that's been on my mind is the native tokens of exchanges. You know, those little guys that make the crypto world go 'round within specific exchange platforms.

Basically BNB holds 1st place as the top most native token, and the growth of that coin is really high over time. And it is really also volatile at this point. so I started looking more around native tokens.
And, so MAX token, I recently got introduced to it via its listing on Bitget exchange, so I understand some of you may not familiar with MAX. It is the utility token issued by MaiCoin Asset Exchange based in Taipei, Taiwan and it is a part of MaiCoin Group. Charlie Lee and Vitalik are also advisors of this group and so if you remember, Vitalik was giving an update about ETH 2.0 at Maicoin STO conference in Taipei a long time ago and also did a podcast with Maicoin, discussing Ethereum's transition to Proof of Stake, regulatory challenges, economic disparities in cryptocurrency, innovative solutions from Radical Markets like quadratic funding etc. This native token may not be recognized as top as BNB but still a great native token to have around in my opinion.

What are your thoughts on this? Are you holding any native tokens that may boom?

Exchange tokens are very bad for long-term storage because the exchanges themselves are not permanent. Take a look at the exchange tokens ByBit or KuCoin. They are experiencing constant depreciation right now and that could continue. I wouldn't consider exchange tokens as an investment for 5 or more years. 2 or 3 years at most, and during the bull run all these tokens should be sold, otherwise you risk being among those who stayed with the tokens and missed their opportunities.

GeorgeJohn

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Quote from: Cadaver20 on September 27, 2023, 10:58:49 AM

All major exchanges have their own tokens or coins. Such as Binance's BNB, Kucoin's KCS, MX for MEXC. I often trade BNB, KCS. I trust these exchange tokens more than other tokens in the market. If you hold these tokens now, the possibility of getting high returns from them during the next bull market is very high.

An exchange token do get more influence in the market, because what I know concerning this exchange token is that, before the exchange token been launched their is an airdrops that will be going on to create awareness and people will be ready and ensure that they have a purchased the coins knowing that it will have more increase in adoption, so any exchange token use to have the privilege of accelerating higher from my perspective.

fullhdpixel

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Quote from: Abiky on September 29, 2023, 10:27:18 PM

PYUSD is also "dangerous" to the American government. With rumors of a possible CBDC (Central Bank Digital Currency) launch, it's most likely all stablecoins will cease to exist in the future. Even the EUR-denominated ones. No government wants something they can't control. While stablecoins are centralized, they don't give governments full power/control over transactions performed on the blockchain. Having a proprietary blockchain network where you can control the supply and other attributes of your currency is a lot better than having to depend on a third-party.

It's likely exchange-based coins/tokens (not stablecoins) will eventually survive the tide. That depends how decentralized they manage to be over time. Knowing that centralization plagues the crypto market, it's hard to believe that will be the case in the future. At least, we'll have Bitcoin by our side.

First of all, a CBDC doesn't work like a cryptocurrency or operates on a blockchain network but they are digital currencies that are controlled by the banks or authorities that release them, so they can't really replace stablecoins in the cryptocurrency market. People will not and can't abandon stablecoins and start using CBDCs even if they are forced to do so because some just don't want to use coins that are totally regulated and centralized.

And, who told you that exchange-based tokens or coins are decentralized? They are not completely decentralized despite the fact that they run within blockchain networks and the transactions aren't really controlled by the parent exchanges but they can easily be modified or manipulated.

Abiky

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Quote from: Blitzboy on September 30, 2023, 08:11:40 AM

Governments like control, and PYUSD may threaten them. CBDCs may affect stablecoins, thus its worth considering. You emphasize transaction control, which is crucial. Your point about exchange-based currency and decentralization is valid. Say governments use stablecoins to their advantage. A collaboration instead than eradication? An interesting viewpoint, no? Many dont trust governments or fiat currencies anymore. Collective mistrust drives cryptocurrency growth. We may distrust, but we cant escape their reach yet, can we?

I would be surprised if governments go as far as adopting stablecoins as their own. Instead of launching CBDCs, they could use existing stablecoins as the new digital Fiat currency. Why re-invent the wheel? If they do that, the issuing company will be obliged to provide full access/control to the stablecoin mechanics. It's a wild and crazy idea, but anything's possible.

Exchange-based coins may only be a "temporary venture", especially when stablecoins (or CBDCs) are poised to take over the world. Only truly-decentralized cryptocurrencies (eg: Bitcoin, Litecoin) will survive due to the way they were designed. The future is widely unpredictable, so we can only hope for the best. Just my thoughts Grin

Blitzboy

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Quote from: Abiky on September 29, 2023, 10:27:18 PM

Quote from: bitgolden on September 28, 2023, 03:20:10 PM

BUSD happened like that, it is going away, why do you think that paxos has stopped issuing it and why do you think that it will be fully gone? It's all because we are talking about something that is going to be dangerous for the American government, the yare threatened by someone else to print dollars basically and that is what USDT or BUSD is all about, printing fake dollars.

They are going to come after Tether one day too, they tried and gave them a fee to pay (millions of dollars) but they are rich enough to continue for now, if they keep it up, it is going to be trouble for them too. BNB is not that far off, ok it is not dollars but it is money they created and they are taking money away from others, it could be an issue in the future for the USA government.

PYUSD is also "dangerous" to the American government. With rumors of a possible CBDC (Central Bank Digital Currency) launch, it's most likely all stablecoins will cease to exist in the future. Even the EUR-denominated ones. No government wants something they can't control. While stablecoins are centralized, they don't give governments full power/control over transactions performed on the blockchain. Having a proprietary blockchain network where you can control the supply and other attributes of your currency is a lot better than having to depend on a third-party.

It's likely exchange-based coins/tokens (not stablecoins) will eventually survive the tide. That depends how decentralized they manage to be over time. Knowing that centralization plagues the crypto market, it's hard to believe that will be the case in the future. At least, we'll have Bitcoin by our side.

Governments like control, and PYUSD may threaten them. CBDCs may affect stablecoins, thus its worth considering. You emphasize transaction control, which is crucial. Your point about exchange-based currency and decentralization is valid. Say governments use stablecoins to their advantage. A collaboration instead than eradication? An interesting viewpoint, no? Many dont trust governments or fiat currencies anymore. Collective mistrust drives cryptocurrency growth. We may distrust, but we cant escape their reach yet, can we?

Abiky

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Quote from: bitgolden on September 28, 2023, 03:20:10 PM

BUSD happened like that, it is going away, why do you think that paxos has stopped issuing it and why do you think that it will be fully gone? It's all because we are talking about something that is going to be dangerous for the American government, the yare threatened by someone else to print dollars basically and that is what USDT or BUSD is all about, printing fake dollars.

They are going to come after Tether one day too, they tried and gave them a fee to pay (millions of dollars) but they are rich enough to continue for now, if they keep it up, it is going to be trouble for them too. BNB is not that far off, ok it is not dollars but it is money they created and they are taking money away from others, it could be an issue in the future for the USA government.

PYUSD is also "dangerous" to the American government. With rumors of a possible CBDC (Central Bank Digital Currency) launch, it's most likely all stablecoins will cease to exist in the future. Even the EUR-denominated ones. No government wants something they can't control. While stablecoins are centralized, they don't give governments full power/control over transactions performed on the blockchain. Having a proprietary blockchain network where you can control the supply and other attributes of your currency is a lot better than having to depend on a third-party.

It's likely exchange-based coins/tokens (not stablecoins) will eventually survive the tide. That depends how decentralized they manage to be over time. Knowing that centralization plagues the crypto market, it's hard to believe that will be the case in the future. At least, we'll have Bitcoin by our side.

agustina2

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Quote from: R1dwanRz on September 18, 2023, 10:26:29 AM

What are your thoughts on this? Are you holding any native tokens that may boom?

Native tokens of exchanges are also created the same as other useful altcoins should be. These tokens should have a real use case that can be applied to crypto. No need for any hype or what to make it boom as long it's really beneficial within the said exchange.

Most of the time, when native tokens boomed, it's only because of the hype even if we take the example of BNB by Binance.

The question if we are holding any native tokens is also the same as asking what coins are you holding now that have a chance to make a boom. You are the only one who can answer that question based on your own conclusion if these native coins are worth holding.

Psynthax

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currently these tokens aren't any good, many of them aren't even increasing in value, like BNB even though it has binance smart chain backing it up but its the same value like a year ago.
thats why they are not promising altcoin to invest, even investing in ethereum a year ago might be more future proof than investing in these coin like exchange tokens.

bitgolden

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Quote from: Abiky on September 26, 2023, 08:24:21 PM

Quote from: kamvreto on September 23, 2023, 05:36:33 PM

Pressure from the SEC and several exploits that occurred on the BSC network did have a significant impact but did not last long, the BNB price strengthened again and was quite stable. FOMO will only occur if there are several events or when BNB is being talked about a lot.
But holding BNB long term is also quite worth it rather than having to hold other altcoins that are still unclear. But I still stick with BTC, ETH and BNB for the main coins that have good project development going forward.

There's manipulation happening behind the scenes. You'd think the SEC's actions would take BNB all the way down the drain? Being an exchange-based cryptocurrency, gives it an advantage among others. It's no secret Binance is the largest crypto exchange in the world. The company has a lot of resources to keep BNB afloat for a very long time.

I guess holding exchange-based coins/tokens does come with its benefits (except that they're highly-centralized by design). With projects being built on top of the BSC chain, it should only be a matter of time before BNB goes all the way to the moon. Who knows for how long will exchange-based coins/tokens last? Just my opinion

BUSD happened like that, it is going away, why do you think that paxos has stopped issuing it and why do you think that it will be fully gone? It's all because we are talking about something that is going to be dangerous for the American government, the yare threatened by someone else to print dollars basically and that is what USDT or BUSD is all about, printing fake dollars.

They are going to come after Tether one day too, they tried and gave them a fee to pay (millions of dollars) but they are rich enough to continue for now, if they keep it up, it is going to be trouble for them too. BNB is not that far off, ok it is not dollars but it is money they created and they are taking money away from others, it could be an issue in the future for the USA government.

Cadaver20

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All major exchanges have their own tokens or coins. Such as Binance's BNB, Kucoin's KCS, MX for MEXC. I often trade BNB, KCS. I trust these exchange tokens more than other tokens in the market. If you hold these tokens now, the possibility of getting high returns from them during the next bull market is very high.

Abiky

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Quote from: kamvreto on September 23, 2023, 05:36:33 PM

Pressure from the SEC and several exploits that occurred on the BSC network did have a significant impact but did not last long, the BNB price strengthened again and was quite stable. FOMO will only occur if there are several events or when BNB is being talked about a lot.
But holding BNB long term is also quite worth it rather than having to hold other altcoins that are still unclear. But I still stick with BTC, ETH and BNB for the main coins that have good project development going forward.

There's manipulation happening behind the scenes. You'd think the SEC's actions would take BNB all the way down the drain? Being an exchange-based cryptocurrency, gives it an advantage among others. It's no secret Binance is the largest crypto exchange in the world. The company has a lot of resources to keep BNB afloat for a very long time.

I guess holding exchange-based coins/tokens does come with its benefits (except that they're highly-centralized by design). With projects being built on top of the BSC chain, it should only be a matter of time before BNB goes all the way to the moon. Who knows for how long will exchange-based coins/tokens last? Just my opinion

Apocollapse

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Quote from: poodle63 on September 23, 2023, 09:30:33 PM

BNB should be special case where quite literally its got its own binance smart chain thats quite effective getting utilised by many people even though its infested with many scam projects its still regardless pump the demand for BNB at times.
meanwhile the other exchange token usually exists with no reason, maybe added with little utility and thats it, really useless from the perspective from an investors but useful for those that utilise heavily the exchange itself.
so I guess it really depends on the coin utility too, not entirely depends on exchange but thats just my 2 cents.

Kucoin also have their own token which is KCS and they also have their own chain named KCC (Kucoin Community Chain) and the fees is lower than BSC, so BNB is nothing special anymore. Actually this is not an utility, someone can create their own token and chain, the fees will be very cheap because low volume and centralized are always cheaper than high volume and decentralized.

The drawback of centralization is they can scam whenever they want.

poodle63

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Quote from: The Cryptovator on September 22, 2023, 03:39:51 PM

A native token of an exchange totally depends on how strong that exchange is. Every native token seems popular on their exchange, and the exchange team always tries to push it. BNB is one of the most popular and strongest native coins; it is not just a native token but also a native chain, which is called Binance Smart Chain. Though lately it has been dumped due to an SEC issue, I believe it would recover at any time. However, before investing in any exchange native token, ensure that the potential of this exchange.

BNB should be special case where quite literally its got its own binance smart chain thats quite effective getting utilised by many people even though its infested with many scam projects its still regardless pump the demand for BNB at times.
meanwhile the other exchange token usually exists with no reason, maybe added with little utility and thats it, really useless from the perspective from an investors but useful for those that utilise heavily the exchange itself.
so I guess it really depends on the coin utility too, not entirely depends on exchange but thats just my 2 cents.

serjent05

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Quote from: kamvreto on September 23, 2023, 05:36:33 PM

Quote from: albon on September 22, 2023, 06:02:49 PM

Despite the launch of many projects on the launchpad of Binance and the great use cases of BNB, which could have taken its price to high levels, the price was not significantly affected after the pressures of the SEC [Which is still ongoing] and after the exploitation that happened to the BSC, which was carried out by hackers who stole approximately 2 million from BNB coins. The currency’s recovery depends on the survival and steadfastness of the exchange platform and the strength of its team in overcoming the regulatory and legal issues they facing and their ability to maintain the security of the exchange platform and the network from hacks and thefts and remove the FOMO that is being raised around it because if these matters are not addressed and confronted by the exchange platform team, they will take the price of the native coin of the exchange to at low levels. Frankly, I never prefer investing the native coins of the exchange for exchanges because they are affected by everything the platform/network is exposed to.

Pressure from the SEC and several exploits that occurred on the BSC network did have a significant impact but did not last long, the BNB price strengthened again and was quite stable. FOMO will only occur if there are several events or when BNB is being talked about a lot.
But holding BNB long term is also quite worth it rather than having to hold other altcoins that are still unclear. But I still stick with BTC, ETH and BNB for the main coins that have good project development going forward.

It is quite worthwhile if Binance does not succumb to the pressure of the SEC or if the SEC wins its case against Binance. There is once a coin that is promising, even Floyd Mayweather Jr. advertises it, at the end the SEC filed a fraud case on the team due to their claim about the Visa partnership. This coin become worthless after the leader of this project are arrested and jailed. What I wanted to say is, if Binance failed to justify itself in the court, all this hope of seeing BNB surge will be in vain. It is better to have a reserve attitude towards any coins that the SEC targeted to at least minimize the losses in case SEC won the case.

kamvreto

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Quote from: albon on September 22, 2023, 06:02:49 PM

Despite the launch of many projects on the launchpad of Binance and the great use cases of BNB, which could have taken its price to high levels, the price was not significantly affected after the pressures of the SEC [Which is still ongoing] and after the exploitation that happened to the BSC, which was carried out by hackers who stole approximately 2 million from BNB coins. The currency’s recovery depends on the survival and steadfastness of the exchange platform and the strength of its team in overcoming the regulatory and legal issues they facing and their ability to maintain the security of the exchange platform and the network from hacks and thefts and remove the FOMO that is being raised around it because if these matters are not addressed and confronted by the exchange platform team, they will take the price of the native coin of the exchange to at low levels. Frankly, I never prefer investing the native coins of the exchange for exchanges because they are affected by everything the platform/network is exposed to.

Pressure from the SEC and several exploits that occurred on the BSC network did have a significant impact but did not last long, the BNB price strengthened again and was quite stable. FOMO will only occur if there are several events or when BNB is being talked about a lot.
But holding BNB long term is also quite worth it rather than having to hold other altcoins that are still unclear. But I still stick with BTC, ETH and BNB for the main coins that have good project development going forward.

Abiky

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Quote from: AakZaki on September 21, 2023, 02:48:21 PM

BNB is quite promising for the long term because we know Binance is the largest and most popular CEX currently. The BNB token is also the main token for Launchpad on Binance.
Even though the current price has dropped drastically and this is also a result of the Bitcoin price continuing to fall, it is still worth buying and holding.
I hold the top 3 Coins currently BTC, ETH and BNB. That alone is enough for me and will provide more profits when buying gradually and starting to hold until the highest price can be reached.

BNB has a huge advantage over other exchange-based coins/tokens. After all, Binance is the world's largest crypto exchange. What I don't like is how centralized it is. Would you imagine Binance going out of business sometime in the future? That would "tear" BNB apart. The coin is too tied to Binance anyways. If they seriously want to make BNB decentralized, they should change its name and allow more validators to join the network. But this is very unlikely to happen, especially when Binance doesn't want to lose a "piece of the pie".

At least, we have plenty of options to choose from. We may have to wait until the "regulatory uncertainty" clears, to determine the future of exchange-based tokens. It wouldn't hurt to have a "stake" on them before the crypto market turns bullish again. Who knows how lucky you'll be by the time this happens? Just my thoughts Grin

poodle63

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Quote from: The Cryptovator on September 22, 2023, 03:39:51 PM

A native token of an exchange totally depends on how strong that exchange is. Every native token seems popular on their exchange, and the exchange team always tries to push it. BNB is one of the most popular and strongest native coins; it is not just a native token but also a native chain, which is called Binance Smart Chain. Though lately it has been dumped due to an SEC issue, I believe it would recover at any time. However, before investing in any exchange native token, ensure that the potential of this exchange.

everyone should know that these exchange coin are fundamentally different compared with token or coin in general, it heavily depends on the performance of the exchange itself.
since quite literally the value that it has derived from the value of exchange itself by general public so if reputation tarnished its more likely gonna affect the exchange coin as well.
therefore any exchange coin investors out there should put more attention towards these detail otherwise they gonna get massive loss like what ocurred to the ftx exchange in which honestly
can be anticipated if you are attentive enough towards the news circulating around ftx and make the dumping decision early.

albon

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Quote from: kamvreto on September 22, 2023, 05:11:27 PM

BNB will recover quickly and it is only a matter of time. The most popular exchanges will find it easy to promote their coins. BNB is one of the coins that also has many uses on the exchange. the potential for the long term is also good like other top altcoins. I still have some BNB in my binance account and it can be used for anything on the exchange itself. the potential for a good exchange and being the largest will provide a good future for the token.

Despite the launch of many projects on the launchpad of Binance and the great use cases of BNB, which could have taken its price to high levels, the price was not significantly affected after the pressures of the SEC [Which is still ongoing] and after the exploitation that happened to the BSC, which was carried out by hackers who stole approximately 2 million from BNB coins. The currency’s recovery depends on the survival and steadfastness of the exchange platform and the strength of its team in overcoming the regulatory and legal issues they facing and their ability to maintain the security of the exchange platform and the network from hacks and thefts and remove the FOMO that is being raised around it because if these matters are not addressed and confronted by the exchange platform team, they will take the price of the native coin of the exchange to at low levels. Frankly, I never prefer investing the native coins of the exchange for exchanges because they are affected by everything the platform/network is exposed to.

kamvreto

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Quote from: The Cryptovator on September 22, 2023, 03:39:51 PM

A native token of an exchange totally depends on how strong that exchange is. Every native token seems popular on their exchange, and the exchange team always tries to push it. BNB is one of the most popular and strongest native coins; it is not just a native token but also a native chain, which is called Binance Smart Chain. Though lately it has been dumped due to an SEC issue, I believe it would recover at any time. However, before investing in any exchange native token, ensure that the potential of this exchange.

BNB will recover quickly and it is only a matter of time. The most popular exchanges will find it easy to promote their coins. BNB is one of the coins that also has many uses on the exchange. the potential for the long term is also good like other top altcoins. I still have some BNB in my binance account and it can be used for anything on the exchange itself. the potential for a good exchange and being the largest will provide a good future for the token.

Topic: Opinions on Native Coins/Tokens of Exchanges? (Read 403 times)