How Does Someone Compete With Poloniex?

[senyorito123]

That's true this is one of the reason why I seldom use my account,because they don't have all the coins I'm trading from other exchanges but I believe hey are top exchange I read a lot of positive things about this exchange and every coin's goal is to get here.

A considered top exchange that already established a good name in the world of cryptocurrency will never list all altcoins in an instant. Poloniex have standard that coins must have in order to be listed in their exchange.

That's why as you can see, once the coins was listed in Poloniex, it will turned that coin into a stable one that worth to trade. While having such features like that, they are also delisting coins that doesn't established a decent volume in a certain period of time which is good for altcoin traders to stay away from those coins that will turned to a shit one.

thats a good points to suggest since shitcoins can turn bad to his exchange and instead of people would love it they will spread some fuds due to rage since they doesn't want the  scam listed on exchange,

He should do some deep analytical background checking so that he would list the good coins, a voting system like c-cex could help in his wants.

[xuan87]

It is impossible to compete that huge company if you got no reputation, you need to build up your reputation before you can equal to Poloniex, but if I were you I will go to other business I think gambling business is more profitable than exchanger business, and small gambling site got more chance to survive than small exchanger site

[jpoker272727]

If you were a startup business, how would you compete with Poloniex?

What kind of services would you offer that are not currently offered by them?

Would you create an exchange or go in a completely different direction?

What I don't like in poloniex is that they are a bit slow in adding new coins there even though the ceo/developers offer good amount of bitcoin to be listed there.

Good things is that they have a good support/moderators in the trollbox where they can help for small things about stucked transaticon etc.

That's true this is one of the reason why I seldom use my account,because they don't have all the coins I'm trading from other exchanges but I believe hey are top exchange I read a lot of positive things about this exchange and every coin's goal is to get here.

Every exchange has it pros and cons but poloniex is really a good one, you can read also negative feedback but they are not much important as they are usually for small things.

OP, I'm not aware about the laws and legal things but if you ever open an exchange then open it for all people, dont make people be angry just because they have to send you the documents to verify their identity and or very phone number or similar things, make it worldwide and you will see how many people will join there.

Thank you...

[Nahl]

poloniex already have everything from cryptocurrency world from withdrawal low fees untill huge volume BTC market and they has established since few years ago and if we compete with them with similar service i think this is suicide because impossible compete with poloniex with the same service and maybe why not ask them to collaborate only or bought some of their stocks with honest profit share because i think this is more safe rather than compete them because the results is more better

[romanlanskoj]

YObit already have competed With Poloniex ))

[LuanX3]

poloniex already have everything from cryptocurrency world from withdrawal low fees untill huge volume BTC market and they has established since few years ago and if we compete with them with similar service i think this is suicide because impossible compete with poloniex with the same service and maybe why not ask them to collaborate only or bought some of their stocks with honest profit share because i think this is more safe rather than compete them because the results is more better

It is still possible. If it was impossible then do you think iPhones would have beaten Nokia? Nokia was once the biggest phone manufacturer in the world. Back then it was Nokia or other phones. Now we see Samsung and Apple battling for it, they were nobodies in the cellphone industry back then. Maybe if you want to compete against Poloniex, you have to offer something different from it.

[Omega Weapon]

I would go in a completely different direction. Their service is very good and reputable, hard to compete with them. I think this exchange market is already very saturated, better to try another business.
Crypto currency world is a vast world undiscovered yet, many options and possibilities of new creations and ideas. The success is in the new, original, if you create your own business based in your own idea the success will be higher.

This, unless you can create something a lot more efficient than the competition then the best thing to become a success is to create a product or service people will want and that it does not exist yet or to create something similar but with a new twist that makes your service or product unique.

[Amph]

the only way i see if you have no trust at the beginning, is to make your exchange very fast, no confirmations needed for any deposit, and no limit, also zero fee on every trade and a good chat like the one of poloniex

withdrawals also must be witht he lowest fee possible, and problem related to any kind must be solved asap, so you can begin to build your positive trust

[mkmdoc]

Till now i din't find any compete for poloniex because many crypto are listing in all exchanges but some exchanges won't reviews any thing about their dev information etc. But poloniex does all these, and also they need to be unique project which should not copy cat of others. When compared to other exchanges poloniex will generate huge amount volumes because most of the coins reputable one.

[pinkflower]

It is impossible to compete that huge company if you got no reputation, you need to build up your reputation before you can equal to Poloniex, but if I were you I will go to other business I think gambling business is more profitable than exchanger business, and small gambling site got more chance to survive than small exchanger site

Another business that has potential could be a lending platform for people to loan and borrow cryptocurrencies in. Ive not seen a successful lending platform anywhere and the use of cryptocurrencies could help change that. Maybe one of the reasons why is because it might become a playground for scammers. A perfect reputation system and escrow system could change that. The illegal markets in the darknet could be a good example of how to do a reputation system.

[soul-impact]

It is impossible to compete that huge company if you got no reputation, you need to build up your reputation before you can equal to Poloniex, but if I were you I will go to other business I think gambling business is more profitable than exchanger business, and small gambling site got more chance to survive than small exchanger site

Another business that has potential could be a lending platform for people to loan and borrow cryptocurrencies in. Ive not seen a successful lending platform anywhere and the use of cryptocurrencies could help change that. Maybe one of the reasons why is because it might become a playground for scammers. A perfect reputation system and escrow system could change that. The illegal markets in the darknet could be a good example of how to do a reputation system.

Lending is not as good since they support scammers. Poloniex can be competed if there are a big company like google or Microsoft decide to open a service which related to the cryptocurrency. And As long as the number of Bitcoin users keep increasing, I think that online casino can be a good competitor since there are many people love to gamble

[Rinder]

Besides the high security around poloniex, they have the best moderators staff, if you need anything there is always someone there to help you and assist you, they invest deeply into those, besides that they only work with coins with volume, and not shitty coin in general, listing ico and something similiar would turn your exchange into yobit new version. I would use an exchange that could handle my questions, the volume would come with time, trust and staff its required if you wanna to have a big exchange.

[olubams]

If you were a startup business, how would you compete with Poloniex?

What kind of services would you offer that are not currently offered by them?

Would you create an exchange or go in a completely different direction?

I will say, instead of trying to compete with Poloniex or an established brand why not just run your own race its like say a new stat-up company into technology just wake up and say we have to start competing with Apple or Samsung or even Microsoft when you are better are humble beginnings, I am sure people will patronize and the expansion will start from there after all. Poloniex also start from a point before becoming what it is today...

[pinkflower]

It is impossible to compete that huge company if you got no reputation, you need to build up your reputation before you can equal to Poloniex, but if I were you I will go to other business I think gambling business is more profitable than exchanger business, and small gambling site got more chance to survive than small exchanger site

Another business that has potential could be a lending platform for people to loan and borrow cryptocurrencies in. Ive not seen a successful lending platform anywhere and the use of cryptocurrencies could help change that. Maybe one of the reasons why is because it might become a playground for scammers. A perfect reputation system and escrow system could change that. The illegal markets in the darknet could be a good example of how to do a reputation system.

Lending is not as good since they support scammers. Poloniex can be competed if there are a big company like google or Microsoft decide to open a service which related to the cryptocurrency. And As long as the number of Bitcoin users keep increasing, I think that online casino can be a good competitor since there are many people love to gamble

You are so wrong I thinking that a huge company like Microsoft or Google will get into the business of cryptocurrency exchanges. That would be a legal nightmare for them and it could also smear their image. Cryptocurrency businesses are perfect for small start ups because it is something very new.

[Forbiddenone]

It is impossible to compete that huge company if you got no reputation, you need to build up your reputation before you can equal to Poloniex, but if I were you I will go to other business I think gambling business is more profitable than exchanger business, and small gambling site got more chance to survive than small exchanger site

Another business that has potential could be a lending platform for people to loan and borrow cryptocurrencies in. Ive not seen a successful lending platform anywhere and the use of cryptocurrencies could help change that. Maybe one of the reasons why is because it might become a playground for scammers. A perfect reputation system and escrow system could change that. The illegal markets in the darknet could be a good example of how to do a reputation system.

Lending is not as good since they support scammers. Poloniex can be competed if there are a big company like google or Microsoft decide to open a service which related to the cryptocurrency. And As long as the number of Bitcoin users keep increasing, I think that online casino can be a good competitor since there are many people love to gamble

You are so wrong I thinking that a huge company like Microsoft or Google will get into the business of cryptocurrency exchanges. That would be a legal nightmare for them and it could also smear their image. Cryptocurrency businesses are perfect for smal start ups because it is something very new.

He was just giving example by mentioning google or Microsoft, poloniex is undoubtedly dominate over exchange but it will soon meet its match as there many exchange with good potential.

[pinkflower]

It is impossible to compete that huge company if you got no reputation, you need to build up your reputation before you can equal to Poloniex, but if I were you I will go to other business I think gambling business is more profitable than exchanger business, and small gambling site got more chance to survive than small exchanger site

Another business that has potential could be a lending platform for people to loan and borrow cryptocurrencies in. Ive not seen a successful lending platform anywhere and the use of cryptocurrencies could help change that. Maybe one of the reasons why is because it might become a playground for scammers. A perfect reputation system and escrow system could change that. The illegal markets in the darknet could be a good example of how to do a reputation system.

Lending is not as good since they support scammers. Poloniex can be competed if there are a big company like google or Microsoft decide to open a service which related to the cryptocurrency. And As long as the number of Bitcoin users keep increasing, I think that online casino can be a good competitor since there are many people love to gamble

You are so wrong I thinking that a huge company like Microsoft or Google will get into the business of cryptocurrency exchanges. That would be a legal nightmare for them and it could also smear their image. Cryptocurrency businesses are perfect for smal start ups because it is something very new.

He was just giving example by mentioning google or Microsoft, poloniex is undoubtedly dominate over exchange but it will soon meet its match as there many exchange with good potential.

I know. The point is the more established corporations dont have the advantage of the start ups of being able to maneuver and pivot in the fast paced business of cryptocurrencies. The best case scenario for Microsoft or Google is to set up a small and independent company if they want to get involved with cryptocurrencies.

[ipanks]

If you were a startup business, how would you compete with Poloniex?

What kind of services would you offer that are not currently offered by them?

Would you create an exchange or go in a completely different direction?

i think if we want to start a business, we need to make reputation first with the customer. to compete poloniex, we need hard work and much of thing that we should do because poloniex is one of the largest market and they are really good market. i think its better to start business that is not related with any market, we can start to build our own store to sell some product.

[Silberman]

If you were a startup business, how would you compete with Poloniex?

What kind of services would you offer that are not currently offered by them?

Would you create an exchange or go in a completely different direction?

The time where you could create your own exchange has probably passed, you can do it if you want but you will need a few million dollars or even more money just to try to compete and I doubt many people in the forum have that amount of money at the moment, if I were you I would go in a completely different direction but if you have no business experience your chances of success are very low.

[Cointoli]

It is impossible to compete that huge company if you got no reputation, you need to build up your reputation before you can equal to Poloniex, but if I were you I will go to other business I think gambling business is more profitable than exchanger business, and small gambling site got more chance to survive than small exchanger site

Another business that has potential could be a lending platform for people to loan and borrow cryptocurrencies in. Ive not seen a successful lending platform anywhere and the use of cryptocurrencies could help change that. Maybe one of the reasons why is because it might become a playground for scammers. A perfect reputation system and escrow system could change that. The illegal markets in the darknet could be a good example of how to do a reputation system.

Lending is not as good since they support scammers. Poloniex can be competed if there are a big company like google or Microsoft decide to open a service which related to the cryptocurrency. And As long as the number of Bitcoin users keep increasing, I think that online casino can be a good competitor since there are many people love to gamble

You are so wrong I thinking that a huge company like Microsoft or Google will get into the business of cryptocurrency exchanges. That would be a legal nightmare for them and it could also smear their image. Cryptocurrency businesses are perfect for smal start ups because it is something very new.

He was just giving example by mentioning google or Microsoft, poloniex is undoubtedly dominate over exchange but it will soon meet its match as there many exchange with good potential.

I know. The point is the more established corporations dont have the advantage of the start ups of being able to maneuver and pivot in the fast paced business of cryptocurrencies. The best case scenario for Microsoft or Google is to set up a small and independent company if they want to get involved with cryptocurrencies.

The cryptocurreny market is seeing a lot of changes when it comes to seeing a lot of new exchanges that have been established not long ago but have had a huge trading volume and a lot of investor support. There are new exchanges like Binance and Houbi, Asian exchanges are developing quite well in this market.

[milewilda]

If you were a startup business, how would you compete with Poloniex?

What kind of services would you offer that are not currently offered by them?

Would you create an exchange or go in a completely different direction?

This is already a 7 month old thread and hope op do able to see on the current situation happening with poloniex as of now.
Nothing on the top spot do remain forever where there would really be a time that it would be replaced by much better exchange and now we are seeing currently binance is on top tier as of now and poloniex drop off below any other exchange on rank -30.
This proves out that anytime where exchange can lose its popularity if it cant retain its good service.