Crypto exchanges not helping Bitcoin!

[Retty]

With all of these new exchanges popping up here there and everywhere, i am seeing a very common theme and it's one i don't like AT ALL and i feel it gives bitcoin/crypto a bad reputation in general.

What am i talking about? Trading competitions! Where you can win XXX amount of whatever crypto for being the most active or hitting a certain limit. Don't get me wrong, i'm sure there are a few people out there who will do alright from these deals, but i imagine the vast majority end up losing in the short term or the long run.

For me, its targeting the wrong audience. It does absolutely nothing toward our hallowed "mass adoption" hopes, and its encouraging gambling all so that the said exchange can make a profit in fees!

Yet we wonder why the SEC are so reluctant to give crypto its blessing! 

Whats your thoughts?

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[stompix]

With all of these new exchanges popping up here there and everywhere, i am seeing a very common theme and it's one i don't like AT ALL and i feel it gives bitcoin/crypto a bad reputation in general.

What am i talking about? Trading competitions! Where you can win XXX amount of whatever crypto for being the most active or hitting a certain limit.

And, what the problem? Is somebody forcing you to trade? I can't see what's the "bad reputation" you talk about.
A lot of things have competition, like the gaming industry and I don't see that getting a bad reputation, on the contrary, it's getting lots of fans.

But, let's say it's indeed bad, what and how are you proposing we should change that?

For me, its targeting the wrong audience.

Probably you're mistaking what an exchange and what BTC is.

An exchange is a private business, they only have one purpose, profit, they won't target people that are not willing to trade, they won't target people without a penny and they don't give a damn about the situation in Somalia.

Bitcoin, on the other hand, it's just a way to move or store funds and value without involving a 3rd party, everyone can use it as it wants, once you try to impose regulation on this, you're saying goodbye to decentralization.

[LeGaulois]

Contests in trading platforms are something usual, not on the crypto market only but with the traditional trading sites too. I remember about one that was offering a Lambo to the winner (it was Instaforex maybe) a few years ago. I don't see anything wrong and it's not giving a bad image to cryptos. If it does it's about the trading platform (fiat or cryptos, no matter). It's just a method to encourage and motivate the users. BTW, banks do the same

[jossiel]

That's normal, it's business and there's competition. And you know what? competition is everywhere, not only with these exchanges but as in everywhere as long as there's opportunity.

Those rewards from the competitions are part of their marketing and in that way, they can pull more traders and make the volume on their exchange to grow.

Why this bother you that much?

[jakelyson]

With all of these new exchanges popping up here there and everywhere, i am seeing a very common theme and it's one i don't like AT ALL and i feel it gives bitcoin/crypto a bad reputation in general.

What am i talking about? Trading competitions! Where you can win XXX amount of whatever crypto for being the most active or hitting a certain limit. Don't get me wrong, i'm sure there are a few people out there who will do alright from these deals, but i imagine the vast majority end up losing in the short term or the long run.

I do not see anything wrong with this kind of promotions or contests. This gives inspiration to do good trading. If you lose, it may just mean you are not good in trading because of lack of knowledge or you are just very unlucky.

The only concern I have with new exchanges is if they run with the money of their users. That would really put a bad pr for cryptocurrency. But other than than, new exchanges gives options and their competitions gives opportunity to earn.

For me, its targeting the wrong audience. It does absolutely nothing toward our hallowed "mass adoption" hopes, and its encouraging gambling all so that the said exchange can make a profit in fees!

It is not gambling if you know what you are doing.

[CarnagexD]

With all of these new exchanges popping up here there and everywhere, i am seeing a very common theme and it's one i don't like AT ALL and i feel it gives bitcoin/crypto a bad reputation in general.

What am i talking about? Trading competitions! Where you can win XXX amount of whatever crypto for being the most active or hitting a certain limit. Don't get me wrong, i'm sure there are a few people out there who will do alright from these deals, but i imagine the vast majority end up losing in the short term or the long run.

I do not see anything wrong with this kind of promotions or contests. This gives inspiration to do good trading. If you lose, it may just mean you are not good in trading because of lack of knowledge or you are just very unlucky.

The only concern I have with new exchanges is if they run with the money of their users. That would really put a bad pr for cryptocurrency. But other than than, new exchanges gives options and their competitions gives opportunity to earn.

For me, its targeting the wrong audience. It does absolutely nothing toward our hallowed "mass adoption" hopes, and its encouraging gambling all so that the said exchange can make a profit in fees!

It is not gambling if you know what you are doing.

 
  We have a open crypto currency market, its for everybody, if one group of people joined for a single Venture in posting their market for ICO then it is always the crypto market is open for such business. Somehow this good news to the market, an open competition in the crypto market present a lot of Choices for the possible investor. Yes, this may bring some resistant vs. Bitcoin investment, but it is just normal to have such competition in the market.

[HabBear]

What am i talking about? Trading competitions!

Competition is always good for the consumer.

The more trading platforms that exist for Bitcoin, the greater options we have to access the market. And that competition leads to lower prices or greater services. We always win!

Yet we wonder why the SEC are so reluctant to give crypto its blessing! 

The SEC isn't reluctant to give crypto its blessing because there's "too many" trading platforms. They don't give it their blessing because (A) it can be controlled by a central authority, therefore the SEC has a harder time policing regulation, (B) it hasn't been proven successful by mainstream banking players or markets, and (C) it's size is too small for them to devote the resources to regulating it.

If Bitcoin has greater growth the SEC will be forced to enforce an opinion.

What is it that you're really concerned about?

[samiul12]

Is their is a competitor there is a challenge. So if digital market have open platform for every one then there will be a lot of investment. People will judge comparing each other and they will follow the best. So if it happens they no one can stop us.

[StringFire]

BTC is a totally decentralized crypto-currency which will not act as other so-called currencies in the world. Though gambling, trading for good and bad, gaming etc are done with BTC, that doesn't mean BTC is liable for that as may you have to accuse a car to kill a man, not the driver. Moreover, who told you to trade if you are so conscious about it, that means you are not compelled to invest your time and assets if you dislike.

[BitcoinHodler]

it is not targeting any "audience" outside of those that are already in. so there is nothing negative about it in my opinion. for example a new exchange that is giving rewards to the top traders will get the traders that have already been trading a lot in another altcoin exchange. not someone from outside that never knew what altcoins are. look at Binance for example. it got all the volume from the scammy Bittrex and terrible Poloniex and became number 1.

[Ava Duvall]

Contests in trading platforms are something usual, not on the crypto market only but with the traditional trading sites too. I remember about one that was offering a Lambo to the winner (it was Instaforex maybe) a few years ago. I don't see anything wrong and it's not giving a bad image to cryptos. If it does it's about the trading platform (fiat or cryptos, no matter). It's just a method to encourage and motivate the users. BTW, banks do the same

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It is a method to encourage users, but usually people doubt contest like that, they don't think they are real, specially when the prize is so unrealistic,and not very trustworthy

[johnokeefe09]

It doesn’t seem wrong to me. Because crypto exchanges are came to do business. They only care about their profit. So i don't think they are against bitcoin.

[coralwoods18]

I think Is their is a contestant there is a confront. So if digital market have open platform for every one then there will be a lot of asset. Investor will judge compare each other and they will go after the best. So if it happen they no one can stop us.

[ICOKite]

It doesn't necessarily lead to a bad reputation. Every individual makes his or her own decision before trading.

[rudox]

It is good that you have highlight your observation with is happening on the new exchanges that is popping up these days. They will claim to be running a promo to attract users to their platform. I will not blame them  despite the enticement every trader should know their level of experience and standing before trying to gamble with the new tempting exchanges.

[VogueaNON]

Why should they spread bad reputations for bitcoin or crypto? Their main target is gaining profit from these coins so i don't think they will do that.

[Tappertit]

Yeah i am also agree with. I have noticed these things too. Actually i am confused about their motive. They should spread positivity about crypto.

[Nanagyasi]

I don't see the effect of some of these policies on Btc itself. I was hoping you were going to talk about the frequent cyber attack on the exchanges and how investors are losing their coins and hence preventing more investors from coming in.

[Gaurav11kb]

There is nothing wrong with any kind of trading competition. Competitions are always good for market and people would do more than usual to win the rewards of competition. Where is the bad reputation?

[hessanseen]

I think there are many falls in the market that may be all related to trading. We all know that coins are not safe to store on an exchange. The exchange often misappropriated our coins. When each market has FUD, the exchange may play the role of whale and quickly sell coins and buy the coins when the price is very low. . In addition, the exchange still has many opaque operations in futures trading.