Bitcoin/Crypto exchanges behaviour- what's your opinion?

[Retty]

We are seeing a lot of new exchanges popping up here there and everywhere. Some which are obviously more established, and some that are pretty crap or just looking really shifty.

One thing that stands out to me recently though, is the amount of 'promotions/competitions' these exchanges are running whereby you have to invest or trade the biggest amount of a specific crypto in order to win a prize.

To me this just shouts out GAMBLING.  I personally think its totally irresponsible, it portrays crypto in a really negative manner to someone neutral/not into crypto yet, and above all it could be very dangerous to your finances!

Don't get me wrong here, i think the vast majority of us that are in crypto are risk takers, as realistically we can't be 100% certain that it will ever get to the hallowed 'Mass Adoption' stage, but i'd also like to think that the vast majority of us are looking at future use case/fundamentals of a said project before making an investment.

'Competitions' like this are only going to get us all (more) scrutiny, and sadly, not taken seriously by would-be investors sitting on the sidelines.

Just my opinion and i'd like to hear what you all think?

[farnandezetn]

We all know about bitcoin. This project is safe for invest. That’s why many big investors are also investing on this project. This project is the pioneer. That’s why they get market acceptance. But it also true they maintain their performance.

[samuelsmith]

You are right. This totally stands out like gambling. This portrays many coins negatively and lowers the image of coins by such competitions.

[lizardbtc]

We are seeing a lot of new exchanges popping up here there and everywhere. Some which are obviously more established, and some that are pretty crap or just looking really shifty.

One thing that stands out to me recently though, is the amount of 'promotions/competitions' these exchanges are running whereby you have to invest or trade the biggest amount of a specific crypto in order to win a prize.

To me this just shouts out GAMBLING.  I personally think its totally irresponsible, it portrays crypto in a really negative manner to someone neutral/not into crypto yet, and above all it could be very dangerous to your finances!

Don't get me wrong here, i think the vast majority of us that are in crypto are risk takers, as realistically we can't be 100% certain that it will ever get to the hallowed 'Mass Adoption' stage, but i'd also like to think that the vast majority of us are looking at future use case/fundamentals of a said project before making an investment.

'Competitions' like this are only going to get us all (more) scrutiny, and sadly, not taken seriously by would-be investors sitting on the sidelines.

Just my opinion and i'd like to hear what you all think?

Trading crypto and all these shitcoins is gambling by it's own. Of course we are going to see more exchanges, they see that they can make money with it. Because exchanges are the ones that surely make the most out of this game by establishing trust and loyal users on their platforms. You are probably referring to KuCoin that gives lambos and such, I don't mind that. If an exchange is good established I trade there and I trust it I don't care if they are running any contest it is at least good they do such thing because someone somewhere will be happy by getting the prize.

We just have to wait a bit more for some great DEX to come out, or yet start working on one

[Raypok]

I don't like what i see happening for the last months with these trading competitions on exchanges. Binance for instance offers these trading competition all the time with new listed coins.
It has nothing to do anymore with normal investing or trading, it's a new form of pump and dump if you ask me. The only ones getting an advantage out of this is the Exchange by reeling in a big bag
of trading fee. The Big whales or/and trading proffessionals are the ones winning these competitions imo. For the ordinary crypto investor it's just another trap to lose money to the big guns.
I have 20+ years experience in trading and the financial markets, i skip these events. Just follow your own plan, there is no free lunch out there! Stay safe

[goldminecrypto]

Based on crypto market there are lots of company has been created exchange company is one of them based on this many new exchange company also created and they are giving different types of facilities but it’s really tough to tell which is good or which is bad so from web we can know better result.

[Cult]

That's true that too much focus made on gambling looks fishy. However, how do you imagine a promotion of a small exchange in a competitive market. You need to show that you are trusworthy and people shouldn't be afraid depositing to your platform. Such prizes give extra motivation for doing that.

[TomCarpenter]

There are new exchanges being introduced to us everywhere, some are old and some are new. But it is tough to say which one is reliable and which isn’t. This does portray a picture of gambling but we are all taking a risk in investing in crypto currencies. We just need to investigate thoroughly about the projets.

[Corelianer]

the game is often accompanied by excitement. if you manage it - it's good. if you don't manage, then you don't have to get involved.

[Gaaara]

Well considering the amount needed in able to be qualified as a winner you have a point, it can be called as gambling, but you need to consider too that you don't need to win this if you are just looking for a sort of daily profit and not to win instantly. The exchanges doesn't want traders to give their all and gamble all their coins to be the winner instead the exchanges just want to acknowledge each effort of the traders by giving them a reward for trading in their exchange for that much.

[glider101]

Well considering the amount needed in able to be qualified as a winner you have a point, it can be called as gambling, but you need to consider too that you don't need to win this if you are just looking for a sort of daily profit and not to win instantly. The exchanges doesn't want traders to give their all and gamble all their coins to be the winner instead the exchanges just want to acknowledge each effort of the traders by giving them a reward for trading in their exchange for that much.

This is a  very good way of putting such things- the exchanges make their profit from getting commissions based on buy and sells.  Thats all they care about.

[cuongdola211093]

While we live in a highly technological world and invest in so many inventions, we still did not have one for investing itself. i think dự án will reshape the way capital works, but it is very likely to become a major player in the investments industry, and it definitely will initiate the transformation process for ICOs. 

[Red-Apple]

having promotions is not a bad thing. ALL of the exchanges that you currently see have done something like that in the past or are still doing it. for instance Poloniex had referral program (maybe still has) also had giveaways where you could go and claim free shitcoins every 24 hours like a faucet.
Paypal also had promotions. i think they gave away something like $10 for each sign up in their early days.

there is a lot of things wrong with crypto exchange but this is not one of them in my opinion.

[Pan Troglodytes]

We are seeing a lot of new exchanges popping up here there and everywhere. Some which are obviously more established, and some that are pretty crap or just looking really shifty.

One thing that stands out to me recently though, is the amount of 'promotions/competitions' these exchanges are running whereby you have to invest or trade the biggest amount of a specific crypto in order to win a prize.

To me this just shouts out GAMBLING.  I personally think its totally irresponsible, it portrays crypto in a really negative manner to someone neutral/not into crypto yet, and above all it could be very dangerous to your finances!

[...]

You are right mate. I always thought that tradfing was like gambling in the sense that both are negative sum games (aka negative expected value), bringing one certain lost in a long run. Of course, once or twice one may be successful.

I also think that bitcoin should be used as it was initially intended, i.e. as electronic payment method; and that usecase is unfortunately dying.

[dothebeats]

Most exchange operators would surely come up with a gimmick to attract potential peers and traders into their platform, that's why they will appear with such kind of promotions and whatnot. You can take advantage of these promotions, though you need to see for yourself first if the exchange is registered and legitimate to avoid being scammed. A simple whois is always overlooked by traders and by checking just the details embedded in there, you will have a good idea whether the platform you're dealing with has some sinister plans or acting shady. After all, due diligence is still necessary in investing and these promotions are being grabbed by greedy individuals who only care for the profit and not checking references before throwing their money away.

[HarrisonErnest]

We are seeing a lot of new exchanges popping up here there and everywhere. Some which are obviously more established, and some that are pretty crap or just looking really shifty.

One thing that stands out to me recently though, is the amount of 'promotions/competitions' these exchanges are running whereby you have to invest or trade the biggest amount of a specific crypto in order to win a prize.

To me this just shouts out GAMBLING.  I personally think its totally irresponsible, it portrays crypto in a really negative manner to someone neutral/not into crypto yet, and above all it could be very dangerous to your finances!

Don't get me wrong here, i think the vast majority of us that are in crypto are risk takers, as realistically we can't be 100% certain that it will ever get to the hallowed 'Mass Adoption' stage, but i'd also like to think that the vast majority of us are looking at future use case/fundamentals of a said project before making an investment.

'Competitions' like this are only going to get us all (more) scrutiny, and sadly, not taken seriously by would-be investors sitting on the sidelines.

Just my opinion and i'd like to hear what you all think?

True. I agree to some extent but I think there is competition everywhere in all fields so this is not something absolutely wrong. Yes, I would say that some coins go too ahead in this race. However, some coins like Lisk, KmD and PRG are some great coins and their aim is pretty great.

[JeffreyElvis]

We are seeing a lot of new exchanges popping up here there and everywhere. Some which are obviously more established, and some that are pretty crap or just looking really shifty.

One thing that stands out to me recently though, is the amount of 'promotions/competitions' these exchanges are running whereby you have to invest or trade the biggest amount of a specific crypto in order to win a prize.

To me this just shouts out GAMBLING.  I personally think its totally irresponsible, it portrays crypto in a really negative manner to someone neutral/not into crypto yet, and above all it could be very dangerous to your finances!

Don't get me wrong here, i think the vast majority of us that are in crypto are risk takers, as realistically we can't be 100% certain that it will ever get to the hallowed 'Mass Adoption' stage, but i'd also like to think that the vast majority of us are looking at future use case/fundamentals of a said project before making an investment.

'Competitions' like this are only going to get us all (more) scrutiny, and sadly, not taken seriously by would-be investors sitting on the sidelines.

Just my opinion and i'd like to hear what you all think?

Yes, there is a lot of competition and it is eating all our time away. However, there are coins like TAU, DRGN and ICX that are good in performance as well as their functioning. Their customers are pretty satisfied with them.

[natasharul69]

We are seeing a lot of new exchanges popping up here there and everywhere. Some which are obviously more established, and some that are pretty crap or just looking really shifty.

One thing that stands out to me recently though, is the amount of 'promotions/competitions' these exchanges are running whereby you have to invest or trade the biggest amount of a specific crypto in order to win a prize.

To me this just shouts out GAMBLING.  I personally think its totally irresponsible, it portrays crypto in a really negative manner to someone neutral/not into crypto yet, and above all it could be very dangerous to your finances!

[...]

You are right mate. I always thought that tradfing was like gambling in the sense that both are negative sum games (aka negative expected value), bringing one certain lost in a long run. Of course, once or twice one may be successful.

I also think that bitcoin should be used as it was initially intended, i.e. as electronic payment method; and that usecase is unfortunately dying.
[It is precisely noticed:all this reminds gambling!]

[hacekd]

Although in general, based on the function and usefulness of bitcoin with other coins not too far away. If viewed from the point of exchange value, bitcoin has a higher exchange rate than litecoin or other coin.

[Pursuer]

the market is still young and the number of investors is growing so it is understandable to see that there are more exchanges being created to satisfy the demand of this many investors. in a way it is actually a good thing if you ask me because it is always better to have more than just one option.

for example back in 2013 there was only 1 exchange called Mt Gox which was huge and then there were a couple of others which were small with negligible volume. the hack of Mt Gox and their manipulations damaged bitcoin a lot. today we have at least 10 exchanges which are equally big for bitcoin trading.
the more exchanges we have for bitcoin and altcoins the better it will be.