Why make New Crypto Exchanges - page 5.

AmoreJaz

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Quote from: Oceat on November 26, 2020, 04:14:27 PM

I think you have to ask some business owner or a crypto exchange owner if you can't fathom the idea of how businesses work. You see, if a certain places is having a business that is trendy to the people then there are chances that other business minded people will copy the business idea because it's on the trend. And you know what makes the trend so trendy? It's the demand of the people.

So if you are a business minded person or want to start a business, what would you do?

of course, put up your own business also. however, setting up a business is not for all people. theres more than meets the eyes here. building a legit business has a lot of paperworks to accomplish. but those fly-by-night businessman will not bother looking at paperworks.
competition is good in the market. the more you have options, the better. because if they are competing with each other, the tendency of offering quality services will be there. so up to the client how he will choose from them
so im ok with these sprouting new exchanges, in the end we will know which ones are worth dealing with

Rengga Jati

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Because that is business where it can earn money to them. In fact, sometimes, we also like new exchanges (especially local exchanges) that give much easier than the previous one. And I don't mind if the exchanges are really good enough, providing lower fees, easy trading features, and also of course about trust. As long as it is not a scam and it can really give better exchanges, why not? I believe that every new exchange must have thei9r own positive sides in order to be able to attract users. however, if it is only about that kind of usual exchange without any better features and benefits, I think it will be only ended as shit exchanges.
That is why this is our case, should be more and more careful when going to use a new exchange, not only about the hype of the exchange but really how we analyze the exchange carefully.

Quote from: Rikafip on November 26, 2020, 03:45:09 PM

..snip..

That's right. A big exchange comes from zero also, and they are also ever a new exchange at that time. Moreover, right now, Binance also supports some new exchanges in several countries, it makes sense.

Oceat

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I think you have to ask some business owner or a crypto exchange owner if you can't fathom the idea of how businesses work. You see, if a certain places is having a business that is trendy to the people then there are chances that other business minded people will copy the business idea because it's on the trend. And you know what makes the trend so trendy? It's the demand of the people.

So if you are a business minded person or want to start a business, what would you do?

mindrust

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Quote from: KoochieMane on November 26, 2020, 03:51:59 PM

I mean theres a much higher demand for doctors then crypto exchanges.
Becoming a doctor youll most probably find a job because everyone needs doctors, and most of the time you can only go to a doctor in your local area, where the "supply" of doctors can be lower then the demand therefore leaving you space. On the internet there is almost no localized limits and the supply is much much much higher then what we need, especially if you dont bring something to the table.

Read my last line.

They can still make money.

I know there is a need for doctors, but it looks like new exchanges make money too.

Why create a new altcoin? Because it costs nothing and some of them become quite big in time.

tldr; if there is money to be made, it will be made.

Same with the online casinos...

KoochieMane

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Quote from: mindrust on November 26, 2020, 03:34:59 PM

Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate. All exchanges that promise "no KYC fiat trading" is either a scam or will be shut down due to AML policies.
Exchanges which allow anyone to list their own coin ( exists ) are very vulnerable to Dip and Ditch schemes.

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

Why study medicine and become a doctor while there are hundreds of thousands of doctors that are very good at what they are doing?

Why become a software engineer and make apps while there are apps with the same functionality exist already?

Why open up a Chinese bistro when there are many?

Why?

Because they can do it and they can still make money of it. That's why.

I mean theres a much higher demand for doctors then crypto exchanges.
Becoming a doctor youll most probably find a job because everyone needs doctors, and most of the time you can only go to a doctor in your local area, where the "supply" of doctors can be lower then the demand therefore leaving you space. On the internet there is almost no localized limits and the supply is much much much higher then what we need, especially if you dont bring something to the table.

Rikafip

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Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

I find that creating new exchanges these days isnt profitable anymore....

Tell that to Changpeng Zhao, CEO of Binance. Even though it might seem to some that Binance is around for many years considering how popular it is at the moment, the fact is that CZ launched Binance a bit more than 3 years ago, which you will agree is not long period of time. Who would have thought 3 years ago that some new exchange like Binance will be way more popular than some of the leading exchanges back then like Bittrex and Kraken.

I do agree that 99% of the new exchanges are crap and don;t bring absolutely anything new, but that's how it goes. One of those new ones will eventually make it and offer us better service. More competition is a good thing for us customers, and will make those at the top to work in order to keep that position.

dunfida

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Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

We cant deny that exchange platforms are lots already on this market or in short its a bit saturated and we dont need lots of exchange platforms but
you cant really stop those people who do tend to create new one.If you do consider on how big you would able to profit once you do make such business
and when it boom up then you would really be a rich guy in no time.Just like on what happened in Binance.It did start from nowhere and then later
on had been recognized by the community.If they do create something new then try to compete with the best and do the best service out there.
You wouldnt know the result if you wouldnt try.

mindrust

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Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate. All exchanges that promise "no KYC fiat trading" is either a scam or will be shut down due to AML policies.
Exchanges which allow anyone to list their own coin ( exists ) are very vulnerable to Dip and Ditch schemes.

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

Why study medicine and become a doctor while there are hundreds of thousands of doctors that are very good at what they are doing?

Why become a software engineer and make apps while there are apps with the same functionality exist already?

Why open up a Chinese bistro when there are many?

Why?

Because they can do it and they can still make money of it. That's why.

KoochieMane

newbie

Activity: 9

Merit: 0

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate. All exchanges that promise "no KYC fiat trading" is either a scam or will be shut down due to AML policies.
Exchanges which allow anyone to list their own coin ( exists ) are very vulnerable to Dip and Ditch schemes.

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

Topic: Why make New Crypto Exchanges - page 5. (Read 920 times)