Telegram plans own wallet and exchange

sana54210

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Quote from: ChillyMatthew on December 07, 2022, 01:05:28 PM

I've recently come across this story about Telegram planning to launch its own wallet/exchange and wanted to see your opinion on the matter, since I don't know how to feel about it or if it's good for the overall crypto space or not.

I am not sure about exchange but IME had it already so this isn't really a big deal. I would guess that it would spread scamming a lot more, that scares me the most. I mean imagine how many scammers are out there right now, and the ease of sending them money would be through the roof soon because of this, that means we are going to end up with something like scammers asking money from telegram wallets basically.

Plus, the security is another question, what if my telegram wallet gets hacked? Or telegram account? Skimming someone’s SIM is easy, so you can join their telegram account via requesting sms and if you have their SIM then you would be able to login and take all their money out.

o48o

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Quote from: yazher on December 08, 2022, 03:32:43 AM

I think they already fixed the problem and they will now come up with another feature because they know how they messed up last time because of the regulations that they failed to do. Most likely this has already been discussed with the SEC and when they gonna launched it, they will have no problem like before. Anyway, there will be some added features like they are now making their own exchanges and this is actually good news for us because since we lose some good exchanges this year, I hope the next one will be good and reliable.

Well original TON was totally different concept to exchange. They violated U.S. securities law by selling it so they set it free. It was easy sale to shut down because of their centralized nature so i am guessing this is the reason Durov is so fond of increasing decentralization now.

I used to have ton but i disliked how they voted it to be thrown away huge amounts for (i think it was for cointelegraph) for ineffective advertising.

Minecache

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Quote from: Oasisman on December 08, 2022, 04:21:40 AM

Quote from: Reid on December 08, 2022, 12:08:56 AM

Perhaps they should focus more on their application first. Clean it up. Because there's so much scam groups lurking in there and uncontrollable.
Before I have been using Telegram but ever since I saw a lot of dirty things happening there, I switched to Discord. Much cleaner, organized, features are better.
How can you trust some company that cannot even clean their own backyard to keep your cryptocurrencies if ever they are sure on creating an exchange?
I have high doubts about this.

And what do you suggest to clean things up in their own backyard?
If scammers want to operate and use a specific platform, it is impossible for a certain social media platform to detect such activities, especially during the first phase of the operation.
Least you can do to such incident is to report it.
Telegram is one of the platform that has been heavily used by several crypto projects, so most likely it's going to work for them, but Telegram being a Binance rival discussion is still unnecessary atm.

It's hard to understand why these people would intentionally blame an app when they've been scammed. I remember not too long ago, there was a thread calling for everyone to join forces to sue telegram for not stopping a group of scammers on it. If so, they should sue all social networking apps, and companies like Microsoft or Apple for making these apps work on the operating system. Scams are everywhere even on this forum and it's human behavior, we can't stop them from doing it.

The dominance of binance comes from the way they work and the reputation they have built over the years, anyone can be a competitor of binance as long as they do as well as binance, telegarm is nothing particularly appreciated.

ice18

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Telegram has 50m daily active users so if this all will be exposed in cryptocurrency then this is really a good addition to users, I hope this is all decentralized and no one can control assets but only crypto owners who will use their wallet and exchange, lets wait for new features not yet available in most dex today.

traderethereum

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I wonder if that's great news for the crypto market or if it's not great news yet but what is clear is that people have other options when trading crypto.
And with this news, those who want to sell or buy through Telegram can sell it immediately, making it easy for Telegram users.
It can also provide them anonymity because Telegram will provide a personal wallet to each user who wants to use the exchange.
We should wait for further news and hopefully it will be good news from Telegram.

Oasisman

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Quote from: Reid on December 08, 2022, 12:08:56 AM

Perhaps they should focus more on their application first. Clean it up. Because there's so much scam groups lurking in there and uncontrollable.
Before I have been using Telegram but ever since I saw a lot of dirty things happening there, I switched to Discord. Much cleaner, organized, features are better.
How can you trust some company that cannot even clean their own backyard to keep your cryptocurrencies if ever they are sure on creating an exchange?
I have high doubts about this.

And what do you suggest to clean things up in their own backyard?
If scammers want to operate and use a specific platform, it is impossible for a certain social media platform to detect such activities, especially during the first phase of the operation.
Least you can do to such incident is to report it.
Telegram is one of the platform that has been heavily used by several crypto projects, so most likely it's going to work for them, but Telegram being a Binance rival discussion is still unnecessary atm.

kelonmusk

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I'am not aware of the specific details of this proposed project, but I have heard that Telegram is not only building its own blockchain, but is also planning to launch other decentralized systems.

I think, if this plan is correct the number of Telegram subscribers alone is enough to give it a bigger market share than most exchanges. However, its long-term vision is to create an entirely new decentralized exchange app ecosystem, making it a potential rival to Binance or other centralized exchanges. In that sense, it may not be a direct rival but rather a catalyst for disruption in the cryptocurrency exchange industry.

yazher

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Quote from: zasad@ on December 07, 2022, 02:40:22 PM

Pavel Durov has already tried to launch a major project and was punished for this by regulators.
Now I have a question: did he agree with the regulators or not?
Pavel Durov says that he has nothing to do with this project and there was this auction recently
https://techcrunch.com/2022/10/27/telegram-announces-username-auctions-on-ton-blockchain/

I think they already fixed the problem and they will now come up with another feature because they know how they messed up last time because of the regulations that they failed to do. Most likely this has already been discussed with the SEC and when they gonna launched it, they will have no problem like before. Anyway, there will be some added features like they are now making their own exchanges and this is actually good news for us because since we lose some good exchanges this year, I hope the next one will be good and reliable.

o48o

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Quote from: ChillyMatthew on December 07, 2022, 01:05:28 PM

-cut-
Do you think that this could actually work, and potentially be a decent rival to Binance?

The fact that scamming and bot problem in telegram has only grown makes me think how much effort they will put in this then. Decentralization in context of all of this seems to echo just lack of responsibility when things turn bad just like in telegram.

However, if they would pull this off maybe they have thought of something others haven't. Telegram has the best GUI in chatting programs out there. It's sleek and intuitive and useful. Minimalistic as IRC, just easier to use. So i am hoping this exchange would be designed to be as intuitive as telegram. Because that would rise crypto adoption. Sadly the amount of scammers in telegram too.

And what comes to binance... I don't see any decentralized service as a rival to them.

DanWalker

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Quote from: Reid on December 08, 2022, 12:08:56 AM

Perhaps they should focus more on their application first. Clean it up. Because there's so much scam groups lurking in there and uncontrollable.
Before I have been using Telegram but ever since I saw a lot of dirty things happening there, I switched to Discord. Much cleaner, organized, features are better.
How can you trust some company that cannot even clean their own backyard to keep your cryptocurrencies if ever they are sure on creating an exchange?
I have high doubts about this.

It's merely an app, it provides a platform for people to use, and people use it for what purpose is human behavior? You can't blame them. Telegram is not the only place scammers operate, you can find them on Facebook, twitter, and even on the discord you are using. Scammers are less active on discord because it is simply not as popular as Twitter or Telegram. If the telegram is really useless as you say, the projects have ignored it instead of using it as an official communication channel to connect with investors.

wxa7115

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Quote from: ChillyMatthew on December 07, 2022, 01:05:28 PM

GN/GM Crypto fam Grin

I've recently come across this story about Telegram planning to launch its own wallet/exchange and wanted to see your opinion on the matter, since I don't know how to feel about it or if it's good for the overall crypto space or not.

Quote

Telegram’s founder and CEO, Pavel Durov, announced today on his Telegram channel that he is planning to build "a set of decentralized tools." These will include non-custodial wallets and a decentralized cryptocurrency exchange. Durov also talked about the state of centralization in digital assets, and the role FTX played in it.

Do you think that this could actually work, and potentially be a decent rival to Binance?

There are many good wallets already so we do not really need this, now if they are planning to release their own centralized exchange we do not really need them either as it is not as if we are lacking in that aspect as well.

The interesting part will be if they actually develop their own decentralized exchange, more than the technology itself the popularity of telegram could draw many traders to use it and bring a lot of volume to it, which has been the main weakness of decentralized exchanges compared to their centralized counterparts.

Reid

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Perhaps they should focus more on their application first. Clean it up. Because there's so much scam groups lurking in there and uncontrollable.
Before I have been using Telegram but ever since I saw a lot of dirty things happening there, I switched to Discord. Much cleaner, organized, features are better.
How can you trust some company that cannot even clean their own backyard to keep your cryptocurrencies if ever they are sure on creating an exchange?
I have high doubts about this.

noorman0

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[Nope]No hype delivers more than hope

Can't rate too early.

If they decide to be an open source wallet, it will be recommended more by technical crypto professionals.
Telegram users have now reached 700 million (according to their claims), I don't think it will take long to catch up with the popularity of competitors if they want to.

Johnyz

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There are rumors about this already last year and if this is going to happen, probably hype will be there and its value will rise more since Telegram is a good platform. I wonder though how they will utilize their own coin/token if ever, are they going to monetize telegram as well and require some users to pay some fees just like the plan of twitter? Telegram should think twice if they are going to do this.

harizen

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Good or bad, we don't know what will be the community's approach to that supposed plan by Telegram.

It doesn't just make sense to me that they will manage something that requires "strong security" and should be away from "craps" and "sh*ts" because in the first place, their platform itself is pure of scammers, gateway to scam, scam bots, etc.

If they were unable to at least make their chat community platform a healthy and safe place to consider, how far worst for a wallet or exchange?

Wakate

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I don't see as any way of being a competitor to Binance because this is a proposal and we don't know when this will be in existence whether he's still going to accomplish this idea. If he decided to create his own exchange and cryptocurrency, that will be appreciated and interesting for his project to join other competitive crypto projects in the market since everyone has the freedom to create there own coin if it will not pose a threat to investors. I so like this attempt and I hope it will become more successful.

poodle63

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I think that telegram doesn't wanna compete with binance. Telegram itself has its name auction and i think the creation of new wallet or exchange site will be related to the this kind of service. I meant telegram wants to facilitate its users to did transactions and the users will be able to converting their tokens that acquired from selling their users name instantly to the stable token or something else else like bitcoin. I think that the main purpose for the creation of wallet must be that. i don't think telegram has a big ambition to become a big thing like binance for sure.

Anonylz

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This ftx collapse could also be a blessing in disguise, I mean after the incident we have seen how exchanges are going the extra mile to provide transparency to the general crypto community.
Now the emphasis on decentralization will increase because nobody wants to witness another disaster as that of ftx, so if telegram is planning to build a decentralized wallet and exchange, it is a good idea if the crypto community will put interest to trade on the platform as they do in centralized exchange.

hugeblack

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Telegram didn't have plans to launch a digital currency and even collect money from users? In general, it is not huge news, for example, Twitter has preceded them in that. The new thing may be the platform, if they succeed in designing a good platform with excellent liquidity volumes, we may witness a new shift in the digital currency market, although I have ruled out that Bitcoin is an option on that platform.

goaldigger

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As long as there’s a funds everything is possible and with Telegram, probably they will enter the market with a huge number of supporter since they are already an established platform and very helpful to crypto community. Let’s see if they are going to create their own wallet, exchange or own coin this will probably depend on the market status the time they will introduce it in the public. This can be a good update for Telegram, let’s see if they can make it since there’s already a rumor before regarding this one.

Topic: Telegram plans own wallet and exchange (Read 170 times)