unpure
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August 20, 2014, 12:24:35 PM |
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Reputable exchangers can take advantage of trust by their fee. I feel its clear scamming.
what exactly is scamming about this is you take a fee (often a very small one) for providing a service to other people? Right. There is cost involved in providing a place for buyer and seller to meet. And complying with all the crazy AML rules.
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Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
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meadefreling
Full Member
Offline
Activity: 210
Merit: 100
★YoBit.Net★ 350+ Coins Exchange & Dice
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August 20, 2014, 05:27:36 PM |
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MCXNow, Crypsy, BTCT, BTC-E?
I'm conducting a survey to determine the actual profitability of the popular exchanges.
Does anyone have any idea of what the volume is for these exchanges? What these exchanges make weekly or monthly and how we could find out?
You have quote the big boys in the crypto industries leaving poloniex behind, they all feed on us. They make on imaginable amount of money based on the volume of trade.
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montello
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August 20, 2014, 07:18:16 PM |
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Very profitable and i am planning to get my own.
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itsAj
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August 22, 2014, 11:02:53 PM |
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MCXNow, Crypsy, BTCT, BTC-E?
I'm conducting a survey to determine the actual profitability of the popular exchanges.
Does anyone have any idea of what the volume is for these exchanges? What these exchanges make weekly or monthly and how we could find out?
The easiest way to figure this out is look at their 24 hour trade volumes. you can see they take a .2% fee. so take all of the USD or all of the BTC or whatever, add it all up, multiply by .002 and thats how much they made in a 24 hour period. This will only get your their gross revenue. You still need to take their operating expenses into consideration. Things like hosting, security and salary for their staff are far from cheap and will likely eat up a good portion of their revenues.
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KuromaYoichi
Sr. Member
Offline
Activity: 756
Merit: 251
Sovryn - 300-500% APY on USDT Deposit
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August 22, 2014, 11:56:18 PM |
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they make a lot of money from the fees but idk how much money is needed for running their service
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giveBTCpls
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August 23, 2014, 10:24:27 AM |
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If they are making gains without fees there is something fishy for sure. They are probably getting bribed by shitcoin devs and shitcoin holders to add the coins on their markets for instance.
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Dyklotz
Newbie
Offline
Activity: 26
Merit: 0
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August 23, 2014, 01:48:01 PM |
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They are so profitable with their fees, really really profitable, Cryptsy guy is now rich for life i think.
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Ayers
Legendary
Offline
Activity: 2618
Merit: 1023
Seabet.io | Crypto-Casino
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August 23, 2014, 02:32:41 PM |
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what about tax? it must be crazy for them to keeps every move, and they are forced to declare them
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igi00
Newbie
Offline
Activity: 10
Merit: 0
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August 23, 2014, 03:12:05 PM |
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http://www.forbes.com/sites/kashmirhill/2014/06/26/bitcoin-bitstamp/Charging trading fees ranging from .5% to .2%, Bitstamp’s founders make clear in their steady, confident way that they are making bank. Their monthly revenue at current trading volume — which is lower than usual — is between $700,000 and $900,000 USD. “We’re not the richest people in Slovenia, but we may be the richest 20-year-olds,” says Merlak.
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Mybitcoinz
Member
Offline
Activity: 70
Merit: 10
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August 23, 2014, 05:22:27 PM |
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To be profitable an exchange must have a very high volume of tradings, not all of them are making big profits.
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waqas
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August 23, 2014, 05:55:16 PM |
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To be profitable an exchange must have a very high volume of tradings, not all of them are making big profits.
Big exchanges making very good profit because they have too much volume and high fees
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madken7777
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August 23, 2014, 06:49:02 PM |
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http://www.forbes.com/sites/kashmirhill/2014/06/26/bitcoin-bitstamp/Charging trading fees ranging from .5% to .2%, Bitstamp’s founders make clear in their steady, confident way that they are making bank. Their monthly revenue at current trading volume — which is lower than usual — is between $700,000 and $900,000 USD. “We’re not the richest people in Slovenia, but we may be the richest 20-year-olds,” says Merlak. Kind of make me wonder why there are so few exchanges spring up to compete with them if the profit is so high. If some 20-year-olds kids can do it, surely some experience people will be able to do it too.
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JorgeStolfi
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August 23, 2014, 07:42:43 PM |
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http://www.forbes.com/sites/kashmirhill/2014/06/26/bitcoin-bitstamp/Charging trading fees ranging from .5% to .2%, Bitstamp’s founders make clear in their steady, confident way that they are making bank. Their monthly revenue at current trading volume — which is lower than usual — is between $700,000 and $900,000 USD. “We’re not the richest people in Slovenia, but we may be the richest 20-year-olds,” says Merlak. Kind of make me wonder why there are so few exchanges spring up to compete with them if the profit is so high. If some 20-year-olds kids can do it, surely some experience people will be able to do it too. Good question. Actually there are many small exchanges that are not listed on the popular charts (and many more that have folded). One barrier is that it takes a lot of investment, programming, and paperwork to set up an exchange with the quality and features that clients now expect. This initial expense doe snot depend on how much volume the exchange has. So a new exchange starts out in the red and remains so for months. Exchanges serving the same market compete on the basis of features, quality, fees, client service, etc. Larger exchanges can afford more staff so they can improve faster. Finally, given a choice between a small and a large exchange, clients will prefer the larger one, since it has more liquidity. That is, a largish buy or sell will get a better price on the larger exchange, even if the market price starts out the same on on both. Thus the larger exchange will tend to grow, while the smaller one will shrink.
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Academic interest in bitcoin only. Not owner, not trader, very skeptical of its longterm success.
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itsAj
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August 23, 2014, 08:15:44 PM |
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http://www.forbes.com/sites/kashmirhill/2014/06/26/bitcoin-bitstamp/Charging trading fees ranging from .5% to .2%, Bitstamp’s founders make clear in their steady, confident way that they are making bank. Their monthly revenue at current trading volume — which is lower than usual — is between $700,000 and $900,000 USD. “We’re not the richest people in Slovenia, but we may be the richest 20-year-olds,” says Merlak. Kind of make me wonder why there are so few exchanges spring up to compete with them if the profit is so high. If some 20-year-olds kids can do it, surely some experience people will be able to do it too. You need to have a lot of technical skills and a lot of time to setup an exchange. You also need to be somewhat reputable (or enter the market early enough so this is not necessary). I don't think that many people would trust an exchange that no one has heard of with their money.
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mrmousebtc
Newbie
Offline
Activity: 42
Merit: 0
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August 23, 2014, 09:00:11 PM |
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The earnings grow along with trading volumes, it's really difficult to start an exchange from scratch.
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faiza1990
Sr. Member
Offline
Activity: 420
Merit: 250
★☆★777Coin★☆★
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August 23, 2014, 09:02:14 PM |
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The earnings grow along with trading volumes, it's really difficult to start an exchange from scratch.
Absolutely right we watch few exchanges starts few days back and gone very quickly because managing them is not easy job
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lucaspm98
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August 23, 2014, 09:32:51 PM |
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they make a lot of money from the fees but idk how much money is needed for running their service Not much really, they need infrastructure to handle the website and trades plus maybe a few staff to handle support. Not much overhead and almost guaranteed profits.
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waterpile
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August 24, 2014, 02:21:52 PM |
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Its so profitable that new exchangers that are starting from scratch are popping out
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wasserman99
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August 25, 2014, 02:44:07 AM |
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http://www.forbes.com/sites/kashmirhill/2014/06/26/bitcoin-bitstamp/Charging trading fees ranging from .5% to .2%, Bitstamp’s founders make clear in their steady, confident way that they are making bank. Their monthly revenue at current trading volume — which is lower than usual — is between $700,000 and $900,000 USD. “We’re not the richest people in Slovenia, but we may be the richest 20-year-olds,” says Merlak. Kind of make me wonder why there are so few exchanges spring up to compete with them if the profit is so high. If some 20-year-olds kids can do it, surely some experience people will be able to do it too. Good question. Actually there are many small exchanges that are not listed on the popular charts (and many more that have folded). One barrier is that it takes a lot of investment, programming, and paperwork to set up an exchange with the quality and features that clients now expect. This initial expense doe snot depend on how much volume the exchange has. So a new exchange starts out in the red and remains so for months. Exchanges serving the same market compete on the basis of features, quality, fees, client service, etc. Larger exchanges can afford more staff so they can improve faster. Finally, given a choice between a small and a large exchange, clients will prefer the larger one, since it has more liquidity. That is, a largish buy or sell will get a better price on the larger exchange, even if the market price starts out the same on on both. Thus the larger exchange will tend to grow, while the smaller one will shrink. I think the lack of these reasons in bitcoin's early days is the reason why MtGox was able to survive and thrive for as long as it did. For many years it did not have any real competition, however lacked most features that are assumed to be at today's exchanges.
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Nawaytes
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August 25, 2014, 06:34:01 AM |
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they make a lot of money from the fees but idk how much money is needed for running their service Not much really, they need infrastructure to handle the website and trades plus maybe a few staff to handle support. Not much overhead and almost guaranteed profits. of course may need money to build the system and its security, but it is only the beginning, and a little to the cost of maintanance and their employees, but the profit is huge because transactions take place every day, every hour, even every minute, the profits will be greater if the exchanger was popular and had a lot of user.
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