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

[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?