CALL to all major exchanges, temporally waive trading fees, so we can recover

[CryptoPanda]

I'm asking all major exchanges to temporally lower or waive all trading fees. This will do 2 things.
1. Increase trading volume and increase the price.
2. Show the world that we are united community and can act together in hard times. Coordinated move like that will get TON of positive press.


We know from the bright example of BTC china that it works. Infact they did it again just yesterday. The fee there is just 0.1 now.
6 of the big exchanges already united behind a position about mtgox, I'm asking them to do the same with the trading fees now.


Please if you know someone at any of them call or email them, tell them about the idea or point them to that thread.
I really believe that this move alone, could recover the price fast.

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[LiteCoinGuy]

no

[softbluelight]

Making all exchange's funds completely transparent in such a way that does not hinder security would do significantly more than lowering transaction fees.  Transaction fees are high as is (considering the ridiculous amount of money exchanges make in one day).  Lowering them won't permanently fix anything.  A united front, more stress on security & customer service, and transparency can.  

Nothing will make the price go back up to 1K today.  Time will heal some wounds but unity and transparency will make Bitcoin stronger.

[whtchocla7e]

That's price manipulation.

[Sage]

The free market will sort itself out.

What we need is a truly decentralized exchange.

In the meantime, now's the time to be buying.

Thanks Gox for the cheap coins.  Sorry you had to screw so many to get my orders filled at these prices.

[CryptoPanda]

Making all exchange's funds completely transparent in such a way that does not hinder security would do significantly more than lowering transaction fees.  Transaction fees are high as is (considering the ridiculous amount of money exchanges make in one day).  Lowering them won't permanently fix anything.  A united front, more stress on security & customer service, and transparency can.  

Nothing will make the price go back up to 1K today.  Time will heal some wounds but unity and transparency will make Bitcoin stronger.

yeah but is expecting that from all of them realistic?
temporally waiving the fees is much more doable, and doable now

[CryptoPanda]

That's price manipulation.

everything is

[jbrnt]

Waiving fee does nothing to recover confidence, and surely will not help people get their coins back

[franky1]

if you cannot make funds in the current system then maybe trading isnt for you.

i will however give some good advice..

do not concentrate on the big bitcoin/dollar market.

play the altcoins, that way you are taking the bitcoin away from the sell orders of FIAT, (much like hoarding creates demand) allowing bitcoin/fiat prices to rise due to lack of sell orders. and profitting on the altcoins in the meantime.

there are a few altcoins that are worth 1 satoshi. meaning buying at the lowest price possible means no chance of any further loss. and selling just one order line above it. (2satoshi price) doubles your funds.

its called playing the markets. and seeing as altcoins are useless in any real life practical way, there is no harm in playing with them purely for profit

[Musent]

I voted no. Wouldn't help at all.

[CryptoPanda]

Waiving fee does nothing to recover confidence, and surely will not help people get their coins back

It increases trade volume, that increases price.
Nobody is talking about getting bitcoins back, but recovering the price.

[CryptoPanda]

if you cannot make funds in the current system then maybe trading isnt for you.

i will however give some good advice..

do not concentrate on the big bitcoin/dollar market.

play the altcoins, that way you are taking the bitcoin away from the sell orders of FIAT, (much like hoarding creates demand) allowing bitcoin/fiat prices to rise due to lack of sell orders. and profitting on the altcoins in the meantime.

there are a few altcoins that are worth 1 satoshi. meaning buying at the lowest price possible means no chance of any further loss. and selling just one order line above it. (2satoshi price) doubles your funds.

its called playing the markets. and seeing as altcoins are useless in any real life practical way, there is no harm in playing with them purely for profit

I don't trade for profit. I'm just suggesting a way to help recover the BTC price.

[DeathAndTaxes]

Waiving fee does nothing to recover confidence, and surely will not help people get their coins back

It increases trade volume, that increases price.
Nobody is talking about getting bitcoins back, but recovering the price.

Higher trading volume doesn't mean higher price.  Price can decline on increasing volume.  It frequently does in a crash.

[Musent]

The price will recover without doing away with fees. It already is recovering.

[Meuh6879]

OP live in a dream ?  transaction exchange fee is why platform don't crash.
like virvox ... rock stable, rock 9% of fee ... it's a choice.

[bitgeek]

Price is recovering as we speak without your low fees.

[Wilikon]

I'm asking all major exchanges to temporally lower or waive all trading fees. This will do 2 things.
1. Increase trading volume and increase the price.
2. Show the world that we are united community and can act together in hard times. Coordinated move like that will get TON of positive press.


We know from the bright example of BTC china that it works. Infact they did it again just yesterday. The fee there is just 0.1 now.
6 of the big exchanges already united behind a position about mtgox, I'm asking them to do the same with the trading fees now.


Please if you know someone at any of them call or email them, tell them about the idea or point them to that thread.
I really believe that this move alone, could recover the price fast.

It's good to be the King of Bitcoin

[marcotheminer]

no

Why would they?

[jbrnt]

Waiving fee does nothing to recover confidence, and surely will not help people get their coins back

speak for yourself, I just spent a ton on fees and that was only on the buy side

So how is spending a ton on fees relevant to my comment?

[CryptoPanda]

Waiving fee does nothing to recover confidence, and surely will not help people get their coins back

It increases trade volume, that increases price.
Nobody is talking about getting bitcoins back, but recovering the price.

Higher trading volume doesn't mean higher price.  Price can decline on increasing volume.  It frequently does in a crash.

Yes it can, but the crash already happened.
As we all know one of the biggest reasons for the surge from $130ish to $1000 was the volumes from China, and mostly from BTC china where the fee was 0.00%

Even right now China is moving the price back up, and BTC china lowered their fees from 0.3 to 0.1% yesterday.

[Musent]

Waiving fee does nothing to recover confidence, and surely will not help people get their coins back

It increases trade volume, that increases price.
Nobody is talking about getting bitcoins back, but recovering the price.

Higher trading volume doesn't mean higher price.  Price can decline on increasing volume.  It frequently does in a crash.

Yes it can, but the crash already happened.
As we all know one of the biggest reasons for the surge from $130ish to $1000 was the volumes from China, and mostly from BTC china where the fee was 0.00%

Even right now China is moving the price back up, and BTC china lowered their fees from 0.3 to 0.1% yesterday.

This will play a huge part in driving the price of btc back up.

[maqifrnswa]

Waiving fee does nothing to recover confidence, and surely will not help people get their coins back

It increases trade volume, that increases price.
Nobody is talking about getting bitcoins back, but recovering the price.

Higher trading volume doesn't mean higher price.  Price can decline on increasing volume.  It frequently does in a crash.

Yes it can, but the crash already happened.
As we all know one of the biggest reasons for the surge from $130ish to $1000 was the volumes from China, and mostly from BTC china where the fee was 0.00%

Even right now China is moving the price back up, and BTC china lowered their fees from 0.3 to 0.1% yesterday.

This will play a huge part in driving the price of btc back up.

serious question, how do lower fees help drive price up? fees usually increase spread and decrease liquidity. I don't see how lower fees and higher volume mean higher prices.

[Lauda]

Waiving fees won't magically make more fiat appear on the exchanges.

[CryptoPanda]

Waiving fee does nothing to recover confidence, and surely will not help people get their coins back

It increases trade volume, that increases price.
Nobody is talking about getting bitcoins back, but recovering the price.

Higher trading volume doesn't mean higher price.  Price can decline on increasing volume.  It frequently does in a crash.

Yes it can, but the crash already happened.
As we all know one of the biggest reasons for the surge from $130ish to $1000 was the volumes from China, and mostly from BTC china where the fee was 0.00%

Even right now China is moving the price back up, and BTC china lowered their fees from 0.3 to 0.1% yesterday.

This will play a huge part in driving the price of btc back up.

serious question, how do lower fees help drive price up? fees usually increase spread and decrease liquidity. I don't see how lower fees and higher volume mean higher prices.

ok, what happened at BTC china the last few months of 2013?
They had zero fees and insane volume, and the prices rocketed from 130 to 1000 really fast.

[ISAWHIM]

And this helps how... Here are reasons how that hurts...

1: It stops exchanges from earning, increasing the losses to them, for operation.
2: It makes it easier for people to "take gains" from others, with no costs.
3: It allows more manipulation, using walls and fake-listings that you can just buy back yourself.

End result... No change... Only money and coins change hands, the same volume of money and coins still exists...

But wait... Those who just "earned" may all now "cash-out"... Thus, hurting the market, not helping it.

"Help" fail...

[ISAWHIM]

ok, what happened at BTC china the last few months of 2013?
They had zero fees and insane volume, and the prices rocketed from 130 to 1000 really fast.

What happened was this...

Market was pumped, people deposited money, they purchased (fractions of BTC) for large dollar amounts...

Then... The pump stopped, and the ones who pumped began to dump, taking that money, with little actual BTC lost in the process...

Why did it stop... Because now it takes MORE BTC to get that same $1000 than it did at the top of the pump, where they only lost (fractions of BTC), to get that money.

Now they withdraw cash... and no-one has money left to buy the overpriced BTC. Thus, price fall.

Welcome to the world of "Trades and exchanges"... Hope you learned enough this time, to thrive next time.

[DeathAndTaxes]

Waiving fee does nothing to recover confidence, and surely will not help people get their coins back

It increases trade volume, that increases price.
Nobody is talking about getting bitcoins back, but recovering the price.

Higher trading volume doesn't mean higher price.  Price can decline on increasing volume.  It frequently does in a crash.

Yes it can, but the crash already happened.
As we all know one of the biggest reasons for the surge from $130ish to $1000 was the volumes from China, and mostly from BTC china where the fee was 0.00%

Even right now China is moving the price back up, and BTC china lowered their fees from 0.3 to 0.1% yesterday.

This will play a huge part in driving the price of btc back up.

serious question, how do lower fees help drive price up? fees usually increase spread and decrease liquidity. I don't see how lower fees and higher volume mean higher prices.

ok, what happened at BTC china the last few months of 2013?
They had zero fees and insane volume, and the prices rocketed from 130 to 1000 really fast.

And a ton of yuan being deposited.   They also had zero fees and insane volume when the price collapsed just as fast when the inflows of yuan dried up.  

Lower (or no) fees increase trading volume and that lowers spreads and increases liquidity.  In theory this lowers volatility but that in itself is price neutral.  If the price is going down then it would just go down in a more uniform manner.

[max.]

Who can trust exchanges right now.

If MtGox has issues other exchanges will have the same issues sooner or later.


Don't trust any exchange company and get out your bitcoins right now that you can do it, later you can end like mtgox customers without nothing.

[ISAWHIM]

Who can trust exchanges right now.
If MtGox has issues other exchanges will have the same issues sooner or later.
Don't trust any exchange company and get out your bitcoins right now that you can do it, later you can end like mtgox customers without nothing.

Best words ever spoken...

Oh and USD... until some exchange actually does open with open-audits from a third-party, and some form of "civil regulation"... Not govt regulation.

Demand it of them!

[CryptoPanda]

Who can trust exchanges right now.
If MtGox has issues other exchanges will have the same issues sooner or later.
Don't trust any exchange company and get out your bitcoins right now that you can do it, later you can end like mtgox customers without nothing.

Best words ever spoken...

Oh and USD... until some exchange actually does open with open-audits from a third-party, and some form of "civil regulation"... Not govt regulation.

Demand it of them!

or just ran transparent business, it can be done with bitcoin.

[franky1]

i vote no because exchanges need to make a income to pay their bills and wages. if they are not getting much in fee's they would be more tempted to steal from peoples accounts. the best way is to trade smart on the most profitable exchanges.

[CryptoPanda]

i vote no because exchanges need to make a income to pay their bills and wages. if they are not getting much in fee's they would be more tempted to steal from peoples accounts. the best way is to trade smart on the most profitable exchanges.

that would be just temporal

[God]

I'm asking all major exchanges to temporally lower or waive all trading fees.

bad idea, and it reminds of the zero interest they try to "fix" the dollar/eur with. Bitcoin is not about central price planning.

[CryptoPanda]

I'm asking all major exchanges to temporally lower or waive all trading fees.

bad idea, and it reminds of the zero interest they try to "fix" the dollar/eur with. Bitcoin is not about central price planning.

That's quite far away from central price planning.
You just waive the fees temporally to stimulate the market in time of crisis.
Then the market sets the price. I would call it "help" instead of "central planning"

[God]

I'm asking all major exchanges to temporally lower or waive all trading fees.

bad idea, and it reminds of the zero interest they try to "fix" the dollar/eur with. Bitcoin is not about central price planning.

That's quite far away from central price planning.
You just waive the fees temporally to stimulate the market in time of crisis.
Then the market sets the price. I would call it "help" instead of "central planning"

This is exactly what the politicians said when they put the temporary low interest rates that now are permanent.

[CryptoPanda]

I'm asking all major exchanges to temporally lower or waive all trading fees.

bad idea, and it reminds of the zero interest they try to "fix" the dollar/eur with. Bitcoin is not about central price planning.

That's quite far away from central price planning.
You just waive the fees temporally to stimulate the market in time of crisis.
Then the market sets the price. I would call it "help" instead of "central planning"

This is exactly what the politicians said when they put the temporary low interest rates that now are permanent.

Well I don't think that private companies will keep their profits low for too long.
So, there is no danger that to happen here, it's not a government.

[CryptoPanda]

What was that site that was showing volumes by exchanges?