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Author Topic: Exchanges Tokens  (Read 1710 times)
Zdraste16
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December 08, 2019, 11:57:25 AM
 #241

This is a very interesting topic.  Since at the close of the exchange, the token of this exchange will not find useful and the price will collapse to zero.  Probably to at least somehow reduce the risk of losing funds invested in the exchange token, this is to make the minimum investment that is required for various exchange actions.
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December 08, 2019, 12:08:21 PM
 #242

This is really a good choice to talk about. I was thinking this thing deeply. Binance says “slowly but surely” for the adoption of crypto. If you look at their exchange, you will never see any Exchange token such as OKB, KCS or Huobi token get listed on their platform. On the other hand, Including Binance, all of the exchanges are aware of using, utilizing their native token only on their own exchange. If this is the case, how the exchange coin will survive in the mainstream? They should not be liberal and helpful or strategic for their own?

This is where conflict arises. For us - customers or users - a much better solution would be if tokens of exchanges were tradable on other exchanges. However, there is no trust between exchanges, there is competition for customer attraction. By giving the option of trading with their own tokens on another exchange they give away part of the market, which nobody wants to do.
Binance listed coin exchanges such as KCS, OKB, and even Huobi Tokens namely to add trading volume on their platforms,
it is good and makes Binance able to compete with them

In my opinion it is very good for everyone. This behavior confirms investors that exchange has good intentions, is not afraid of competition and wants to strengthen its market position. This causes the token's price to rise and everyone is happy. In my opinion, this is what a healthy free market looks like.

If it were so, it probably be good for crypto industry. The competition for different platforms are too good also yet there is no single reward for a tight competition because we need to unified here and exchanges don't need to challenge others because there are coins that want to be listed on one exchange but not with others.
They need to strengthen their bond so that they can attract more investors.
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December 08, 2019, 12:17:38 PM
 #243

I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.


I do not agree with you completely there are exchanges in the world like Binance, who have a very Intelligent owner. BNB is being traded on other exchanges too. If you want to check this then go to CMC and you will find the details there. 

IDEX is a DEX based on the ETH platform, so as long as ETH exist it will to also why will IDEX close? it is one of the biggest ERC20 traded token exchange. They are profitable.

I do not know about the other two as I do not trade on those exchanges.

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December 08, 2019, 12:46:22 PM
 #244

New exchanges even DEX are creating tokens, I an one of the supporter of Vitex exchange and you can see it with my avatar, this exchange distributes dividends to its VX holder which feels good to hold than using native tokens for the trade frees. DEX today are doing these to gain support, Weidex is just one of them and I think they are also starting to get some trust from users.



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December 08, 2019, 06:18:36 PM
 #245

I have seen many exchanges have launched their own token like Binance with BNB, Idex with IDEX, Hotbit with HTB, Yobit with YO etc. where exchanges use their own tokens as another way to pay fees to support token. In addition to it, different strategies are used to create a hype like decrease in supply etc.
But if an exchange goes through a hard period of time and shuts downs then ultimately that token will come to its end because there is no community other than that exchange supporting the token simply because it has no usage outside the exchange.
According to me exchanges should promote the usage of their coins/tokens outside the exchange to build a community in support of it. If your community consists of huge individual entities who believe you then a great community can be formed. Otherwise lack of applications would lead these things to disaster.

This is really good and a nice point of view, but let's take it from another perspective, every coin in this space has its use case or the reason it is being created for right? Like, to launch a new project on Ethereum blockchain, ETH is needed etc. So, in the same way, in every exchange the utility of their token lies within that exchange in question and might be hard having another uses outside the exchange because there might be competition with those already existing. This is a nice suggestion though, but in my own opinion, might not work as it might bring distraction to the team; there is no harm in trying though if only they can wish to try it out.
The real usage outside of exchange is not cased unless there is a risk of exchange shutdown. Even if there are dark clouds over the exchange, the market will be priced at the right time, it is hard to prepare for such events. What will happen to Kucoin shares if the hackers wash the cold wallet of exchange in 10 minutes? The news will spread on social media and everyone will rush to the Kucoin for selling. Guess what, the exchange froze the deposit/withdrawals and the order books are paused right after the panic in the exchange. The big long red candle will appear on the chart and no one will be able to get rid of their trades. Possible scenario.

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December 08, 2019, 06:48:10 PM
 #246

New exchanges even DEX are creating tokens, I an one of the supporter of Vitex exchange and you can see it with my avatar, this exchange distributes dividends to its VX holder which feels good to hold than using native tokens for the trade frees. DEX today are doing these to gain support, Weidex is just one of them and I think they are also starting to get some trust from users.


More recently, Vitex became the Binance community coin. I also think that if this project is supported by such an exchange as a Binance, then you should pay your attention to it. But now it’s not a good entry point to this coin, because, after the news about the Binance, the price rose very quickly. Better to wait for the correction

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December 08, 2019, 07:25:42 PM
 #247

BNB has a large community supporting it outside the Binance exchange. Is not it? The success of an exchange coin directly depends on the reputation of the exchange itself. BNB is a great example when the exchange’s reputation has allowed its coin to become successful.
So if binance gets hard times would BNB the same as it is now? Binance just manipulates the price of BNB by supporting it so it cannot drop through non influencencial demand and supply. Are they afraid of it?
If binance gets hard time , which is the least likely to happen cause they are performing so well, maybe they'll just manipulate it to attain such balance. I guess they were creating their own coins to back their business, it is like a plan B whenever they are getting hard times. Mostly these coins are just a market strategy giving themselves a chance to make a reputable platform, like binance coin, it is listed on many exchange so people could see it paired with other coin and come to think of it eventually.

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December 08, 2019, 08:14:53 PM
 #248

Nowadays, every exchange wants to have their native token, and many end of scamming people by dumping heavily after first pumping it to attract traders. Just check CET, Xbase, Catt. It's not a most that exchanges create coins.

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December 08, 2019, 08:25:50 PM
 #249

New exchanges even DEX are creating tokens, I an one of the supporter of Vitex exchange and you can see it with my avatar, this exchange distributes dividends to its VX holder which feels good to hold than using native tokens for the trade frees. DEX today are doing these to gain support, Weidex is just one of them and I think they are also starting to get some trust from users.


More recently, Vitex became the Binance community coin. I also think that if this project is supported by such an exchange as a Binance, then you should pay your attention to it. But now it’s not a good entry point to this coin, because, after the news about the Binance, the price rose very quickly. Better to wait for the correction

Better to wait for a price correction than to follow the flow to buy it. but if he has strong research then the biggest decision is in his hands, but for me it is better to wait for correction than to follow to buy it. Even though it is supported by Binance exchange, we have to look again at whether it is only FOMO or really profitable

 
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December 08, 2019, 10:00:13 PM
 #250

New exchanges even DEX are creating tokens, I an one of the supporter of Vitex exchange and you can see it with my avatar, this exchange distributes dividends to its VX holder which feels good to hold than using native tokens for the trade frees. DEX today are doing these to gain support, Weidex is just one of them and I think they are also starting to get some trust from users.


More recently, Vitex became the Binance community coin. I also think that if this project is supported by such an exchange as a Binance, then you should pay your attention to it. But now it’s not a good entry point to this coin, because, after the news about the Binance, the price rose very quickly. Better to wait for the correction

Better to wait for a price correction than to follow the flow to buy it. but if he has strong research then the biggest decision is in his hands, but for me it is better to wait for correction than to follow to buy it. Even though it is supported by Binance exchange, we have to look again at whether it is only FOMO or really profitable
There are actually lots of exchanges produced since cryptocurrency started and there are also lots of scam exchanges in which they can easily take away your money.  Because of that, we should be aware of our choice because it may cause loss of money which is very important to us. There are exchanhe that can recommend by other traders in which you can really trade safe because the security is high and you can trade easily because they have a lot of features in ehich they can give you fast transaction. There are lots of exchange now giving every trader a bonus for a reason maybe for giving them your loyalty, for you to use their exchange always.
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February 23, 2020, 07:34:49 PM
 #251

Exchange tokens is one of the most popular tokens in the cryptocurrency space. Several exchanges, have their own tokens which is used majorly for transaction fees within the exchange. Some good exchange like binance have their tokens trading on several platforms and this has contributed to the increase in the value of the tokens. Its wise if other exchanges, imitate this strategy to boost their token presence in the cryptocurrency space.
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February 23, 2020, 07:59:00 PM
 #252

Your idea is a good one but remember every altcoin's utility is tied to the project itself, like Ethereum, any project launching on its blockchain will use its coin for various purposes, in the same way, all exchanges tokens are used for various services within the exchange as well. Although it is possible to integrate a token into another platform, but even if the token is integrated into other services, any day the project fails who will be encouraged to hold? No one. So it still comes down to, any platform be it exchange or not to continue developing so that their token will be valuable. There should be services, features, events etc which will make users to be attracted which of course will lead to more activities in the exchange.

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February 23, 2020, 08:48:46 PM
 #253

New exchanges even DEX are creating tokens, I an one of the supporter of Vitex exchange and you can see it with my avatar, this exchange distributes dividends to its VX holder which feels good to hold than using native tokens for the trade frees. DEX today are doing these to gain support, Weidex is just one of them and I think they are also starting to get some trust from users.


vitex is really one of the very powerful projects that were selected by the centralized exchange Binance during the community vote. the coin has a very strong growth potential. the most important thing is that these exchanges will continue their development

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March 26, 2020, 05:20:45 PM
 #254

Yes, you are right. At this moment almost every exchange have their own coin. Centralised and decentralised both. And most of these coins have no use than fees paying and some priority based rewards. Suddenly if the exchange face a  crash the coin would surely go to zero.
But now many exchange like binance is doing some good some like separate chain and make exchange coin main coin of they chain. Dec based on that chain. Partnership with other projects to use that chain .  I think In this structure if someday exchange start to collapse then somehow the coin and the community will survive.

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March 26, 2020, 05:52:29 PM
 #255

For now exchange tokens will majorly the purpose of being used on the respective exchange. Majority of exchange platform build their token to function in capacity of the exchange platform. I think that is enough for them if they serve the purpose rightly.

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March 26, 2020, 06:00:58 PM
 #256

OP done good job with good topic but recently we have some good things about these tokens as now Binance is doing MoU's for using their tokens for many other ways like now we can book hotels and resorts with these tokens and few other exchanges like Hotbit is also doing some good marketing for this which is going in right way for investors as this will bring more revenue and profit with investors confidence also rise for these tokens.

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March 26, 2020, 07:56:59 PM
 #257

You are absolutely right, most exchange tokens even ends up dumping on investors , I have really seen many especially those that folded on the long process. If exchanges could adopt thus measure stated above by you it will certainly make their native token potential and worth investing even if they ends of folding as they could be traded on other exchanges than just going like that. I do appreciate this idea brough by you.

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March 26, 2020, 08:05:32 PM
 #258

I know exchanges with their tokens are in trend but still i will advice to never get into fomo to invest in any similar project because i have already seen projects like these failing and closing, just research about cobinhood with token cob, similarly ironx with irx token seems dead and bcnex exchange with their token also seems to have scammed investors, only legit i know is binance with bnb coin which has proven to be a great investment as the exchange periodically buys back bnb from a percentage of fee they earn from traders.

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March 26, 2020, 08:52:05 PM
 #259

I am holding part of my portfolio in Exchange tokens like OKB, BNB, HT, GT. and i can say that compare to other altcoins, they are much more stable in general. For example when hole market falling by 25% Exchange tokens may lose 15-20%. Thats kind of my  monitoring for the last year.

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March 26, 2020, 09:54:43 PM
 #260

I think that exchange tokens will be alive, because exchanges are the enter for all people in crypto world, so when there will be hype, and I`m sure that hype will be and exchange tokens price will be very high because of it

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