Crypto exchanges not helping Bitcoin!

[bjmpoker001]

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?

Some exchanges just want to attract many peoples into their exchange by that competition.
The unhealthy competition can harm the network like causing ETH network need high gas price to transact.
This should not happening if the competition have a better way to do.

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[julielyn]

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?

Actually, the crypto exchanges in bitcoin really help very much because you can see where your tokens exchanges and where you market it can trade and you can convert it to bitcoin i can say that big three to me the crypto exchanges.

[irsada]

my opinion about the number of exchanges that are circulating is true does not affect the price of bitcoin.
however, it has a big impact on the alt coin because a large exchange will be able to boost the alt coin price from those who have little value, to be valuable to have.

[FXTradingPro]

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?

It sounds like some of the old binary options brokers made their way into crypto. That was a common marketing ploy for those brokers to have a trading contest and offer the winner a car or cash prize.

[kulsuma]

I don't think it encourages gambling or something like that. Cryptocurrency is not all about trading and exchanging money, that way it'd just be monotonous, so I think of it as some kind of contest to make the whole thing even more interesting and exciting. And as far as losing money is concerned, that depends on the wish of the participants, now they of course do participate with the mindset that they might lose their currency, but that's what they choose or decide to do. So, overall I don't think trading competitions are bad and they are causing harm to the community.

[Baimovic]

of course, because exchange doesn't have a big influence to save bitcoin from decreasing. exchange only makes the volume easy to control. but some exchanges affect some altcoins for the better, meaning that they are relative.

You must know that ETF has a long history, ETFs first appeared in 1989, in 2014 came with the different theme that is  OTC, and in March of last year, the ETF was rejected again by the SEC.

this process will take a lot of time, if approved, this will make the market sentiment become satisfied and will be the first thing on the American stock exchange.

[gharjas2517]

We can note that the number of exchanges has increased rapidly in the last half of the year, while the value of the whole encrypted market has been declining. That means these exchanges are making huge profits, and we can even think of them as whales, robbing the industry of a lot of wealth. I suggest that you boycott these exchanges and keep all your coins in your wallet.

[Al Muhaimin]

in my opinion it is not unhelpful but quite helpful, this can still be maximized.

[ExceedBlue012]

They are doing this kind of thing because it is running through a bad situation and also they can not take risk because the price fall frequently.

[jpnl0008]

i really think everything concerning the price of bitcoin is 95 percent driven by the exchanges as the exchanges are the working with the decentralized system which has different traders offering different trading options and the prices in which they bid for are low and that is not at all helping the bitcoin

[SistaFista]

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?

If the exchange holding a trading competition like that, actually it will only make the coin network very busy. If you look at some token listing competition months ago, it was causing the ETH network congested. The gas fee was very high and many transactions failed.
Creating more exchange won't help spreading the awareness of crypto i guess.

[tetyulfania]

Is not cryptocexchaneg will help bitcoin, but investor are have big effect for helping bitcoin to be higher price, just see how can bitcoin will growing up without buy and invest all investor. Many people still sell their coin and make it drop.

[Stephen.88]

In the market next year, Bitcoin will grow as a whole. In fact, the days of centralized exchange can be numbered as decentralized trading floors become more user-friendly. With what I see, bitcoin does not have any reputation, mostly I do not think if anyone has the power to boost bitcoin on the second exchange market there is not any power to increase the price. The only thing that can really improve bitcoin and help it revisit the government and others is that bitcoin is trusted, showing them in our own experience and for example that it is something good and it's not a bad thing.

[JC btc]

In the market next year, Bitcoin will grow as a whole. In fact, the days of centralized exchange can be numbered as decentralized trading floors become more user-friendly. With what I see, bitcoin does not have any reputation, mostly I do not think if anyone has the power to boost bitcoin on the second exchange market there is not any power to increase the price. The only thing that can really improve bitcoin and help it revisit the government and others is that bitcoin is trusted, showing them in our own experience and for example that it is something good and it's not a bad thing.

That is for sure I know that one day it will really come! And as far as the crypto exchange I know that it still has some part in the crypto world, for sure that it has an impact and it is not useless, so we should not think that way, they are a big help actually.

[Natnat213]

On my opinion of it they are doing manipulating it. And there are some of them that is making their own way of it because they want it to make it in their self and this is not heplful for us.

[St4yInTh3D4rk]

It is true that exchanges are not helping the bitcoin towards the mass adoption in direct way but they also have some contribution towards it like if bitcoin is crypto currency which has value but not accepted as form of payment so if there is no exchange then it won't be this much popularity for bitcoin so it helping to make trust towards the bitcoin.

[khaled0111]

Those exchanges can not affect Bitcoin price.
Such prises are offered by exchanges that want to attract new users, any reputable exchange won't do so.
Big exchanges have real tradors trading billion of dollars and all they get is their fee, any thing expect that is being done by new exchanges(as I montioned with Zero effect on Bitcoin price).

[TravelMug]

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.

I don't know where you get the idea that exchange are giving out a bad reputation in general. For me, they're putting crypto to the next level.

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.

Competition is healthy. Back then we only have Mt. Gox as the dominant trading exchange. But what happen afterwards really damaged the market (Mt. Gox heist), why? Because traders doesn't have any options that time.

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!

Only gullible people are going to enter without doing their homework. If there's someone to blame for 'gambling' here then its their fault.

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

Whats your thoughts?

SEC doesn't like the market because its prone to manipulation and not because of trading platforms popping out like mushrooms.

[KryptoKai]

These competitions weren't that common before, but now there are so many new exchanges entering the market that they need something like this to keep them going. If not then people will trade elsewhere and the exchange will not make any money

[jaloto]

Sorry, but I disagree. Crypto exchanges are wonderful as they attract newcomers to the crypto world. Where’d we all be without exchanges? How’d we all get our first coins? Miners are the very small caste of crypto community so far as the majority simply purchases coins. Some exchanges do a nice job of simplifying the process of getting crypto for fiats. For example, my first crypto, which I obtained from CEX, was xrp (https://cex.io/xrp-usd). There are only a few buttons and clear instructions for newbies, so they don’t feel confused. Surely, there are some speculations but, c’mon, nobody forces you to trade! Let it to whales or experienced investors if you don’t like this approach. Don’t blame on exchanges, they are useful for the community.