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Author Topic: Exchanges are guilty of preventing Bitcoin mass adoption  (Read 370 times)
Alucard1
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October 19, 2020, 10:24:24 AM
 #41

I get your point OP because every exchange handles the price of every cryptocurrency to be traded but for me, it wont change the fact that the exchange is one of our ways to know more about cryptocurrency, it is really important for every people who are having an asset and want to trade it with other cryptocurrency or USD, the fact that they are doing it, I can say that they are not preventing cryptocurrency for mass adoption but rather promoting it.

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October 19, 2020, 11:05:29 AM
 #42

Without exchanges such as Binance and Huobi, how many of us would have taken cryptocurrency seriously? There are Dex sites, but they have liquidity issues. Peer to peer platforms such as Localbitcoins are plagued with fraud and cheating. So where the users will go, if they want to exchange some of their fiat to cryptocurrency? It will be ungraceful to say that the cryptocurrency exchanges are having a negative impact.

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October 19, 2020, 11:38:01 AM
 #43

Exchanges are giving mass adoption for the world. Its a pretty easy entry point for newbies and they are buying a lot of crypto ads in some countries to share information about crypto for the ordinary people
Sorry but it looks like you are answering in different way because that is not what OP is Pointing,But anyway there are no such thing as easy in crypto,Yeah they can buy Tons of Ads in any place but the question is would the people will response in their advertising?it needs to be true and legit before people starts to adopt and invest.
But exchange is particular specially those legit has no care about the adoption because people still use their service even the bitcoin is not that adopted by the world.

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October 19, 2020, 12:24:26 PM
 #44

There will always be market makers. There will always be whales. There are also manipulators in the market. Exchanges could be one of them. Many exchanges are also involved in fake trading just to make it appear that their platform has a high volume. This is present not just in cryptocurrency but also in other markets such as stock, gold, forex, etc.

The good thing about Bitcoin is that it is not just a million-dollar market. It involves hundreds of billions. So it may not be as easy as it sounds. But there are rich institutions that could indeed influence the market.

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October 19, 2020, 12:32:12 PM
 #45

I strongly believe exchanges are playing a negative role in the space, mainly because of price manipulation. And if -like in any society- evil doers are not going to pay a heavy price, we all stand a lesser chance to succeed in our investment.


Every situation is an opportunity for scammers to take advantage. You don't expect that all exchanges can be trusted. I have witnessed a bad one myself but maybe out of my own mistake. To follow the known and reputable exchanges by other people is a little fair than trying a luck to a new and inexperienced exchange.

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October 19, 2020, 02:17:30 PM
 #46

I strongly believe exchanges are playing a negative role in the space, mainly because of price manipulation. And if -like in any society- evil doers are not going to pay a heavy price, we all stand a lesser chance to succeed in our investment.
I also believe cryptocurrency exchange site have an impact in the reason Bitcoin is not mainstream now but it not through the act of price manipulation you said because thats the role played by the whales and arbitrage traders. However, exchange site are only guilty of fake volume and liquidity.


There should not be a possibility for someone to short or long a crypto, sell or buy, unless he really holds it!
Binance and some other exchange offer this service and I think some problem are caused by naive people in the crypto system.

I watched this debate between Peter Schiff (Gold bug) and Anthony Pompliano (Bitcoin bug), a rare piece of what you call a high quality debate that you could barely watch these days: https://www.youtube.com/watch?v=Wigz8z6Vm3U

In this debate, Peter Schiff said yes his company lists Bitcoin as a payment option but they don't accept it themselves, they have instead a payment provider called Bybit that pays them in dollars. Which makes Bitcoin of course more expensive to pay with since you now have a middle man.

And I think he's right in not accepting Bitcoin. Exchanges would pump the hell out of Bitcoin, dump all the bitcoins they could possibly have to buy gold and then let the market return to its normal place again.... This of course plays against Bitcoin mass adoption.


Anthony Pompliano is genuinely a crypto enthusiast but Peter Schiff accepting crypto payment through a third party is still since he seems to be less experienced about crypto payment and how to stop loss but he claiming exchange site pump and dump bitcoin is just an excuse.

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October 19, 2020, 03:12:55 PM
 #47

     Look man, almost everything that includes money or any valuable assets or even benefits are always bound to be manipulated. In fact it happens way more often than you think. But despite this, there are still gains from every party. Although not fair and square, at least there are still gains. There are a lot of positives for having those exchanges which I believe are pretty obvious along with its cons. This industry is thriving because of the exchanges except those who take things too far.

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October 19, 2020, 03:31:43 PM
 #48

Sure, cryptocurrencies are being killed by exchanges. Centralized exchanges have manipulated much of the value of cryptocurrencies. The majority of exchanges have fake volume. They make up the FOMO mentality more than it builds the crypto space. From the bad events that happened to Kucoin, Metrocoin, Bitmex, OKEX and before that we can see the damage that those exchanges bring. Cryptocurrencies need the serious product and organic growth rather than the current hype and manipulation.

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October 19, 2020, 03:48:23 PM
Last edit: October 19, 2020, 04:49:29 PM by Ucy
 #49

Well, the solution to this is decentralized exchanges and a decentralized mechanism to regulate the price of Bitcoin, all within the Bitcoin Network, and accountable to the Network. The centralized platforms/exchanges are more like foreign bodies outside of the network that are not bounded by its rules/principles..Worst still, they are opaque and mutable. Such setup could easily be used against the Bitcoin Network without the network knowing.



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October 19, 2020, 04:21:50 PM
 #50

Just like every other thing in the world, exchanges have their advantages and disadvantages.
It should be noted that despite the fact that exchanges are unregulated which is exactly the reason there is manipulation of prices, it is the major reason for bitcoin's mass adoption.
Many bitcoin owners, today, won't be able to buy and own these coins if not for exchanges. The absence of exchanges would limit the buying and selling of bitcoin to P2P which is only limited to a particular country and if one's unfortunate not to have a P2P in one's country, then one can't buy, own or sell bitcoins.
I believe the only solution to this problem is for exchanges to be regulated but this will defeat the cause of the Blockchain technology.

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October 19, 2020, 05:44:45 PM
 #51

Without exchanges such as Binance and Huobi, how many of us would have taken cryptocurrency seriously? There are Dex sites, but they have liquidity issues. Peer to peer platforms such as Localbitcoins are plagued with fraud and cheating. So where the users will go, if they want to exchange some of their fiats for cryptocurrency? It will be ungraceful to say that the cryptocurrency exchanges are having a negative impact.
It's true, Exchanges put up a big role in the cryptocurrency world. I'm pretty sure that we won't have so many users continuing to use crypto if there arent a user-friendly exchange. Of course, business is business for those exchange and we can't blame them if they have taken advantage of it. We are the ones who took advantage of the service and it is up to us to stop using their service or make our life hard in having crypto on our wallets.

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October 19, 2020, 10:51:11 PM
 #52

The exchanges have both good and bad impact with regards Bitcoin mass adaption and we must see it on both perspective with no biases and no side to just stand out hiding the other side. Yes, there could be a manipulation being done on exchanges for they are the ones listing different cryptocurrencies we see on the market which is the bad side but on the other good side of it, exchanges are the ones who turns out to be the bridge connecting people and crypto market to gain access on cryptocurrencies doing exchanges into any crypto they wanted and even fiat which is a really good thanks to exchanges for the fact that if they are not around, how could it be possible to have access and exchange into the cryptos we do love to have. Nothing have existed perfect in this world both have cons and pros but we must always look upon the two sides fairly with equal judgement for such things existed with purpose just like exchanges do. Exchanges have a decent role on mass adaption and popularity of not just bitcoin but as well as the whole cryptocurrencies in the market.





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PaperWallet
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October 20, 2020, 04:46:00 AM
 #53

Ok thank you everybody for participating in this thread. The majority think that exchanges are overall good because they are the ones that are the link between fiat and crypto and I agree. But I think, or hope, what should happen is people using decentralised exchanges, with the progressive disappearance of those centralised exchanges who are manipulating the market.
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October 20, 2020, 04:57:31 AM
 #54

Without exchanges such as Binance and Huobi, how many of us would have taken cryptocurrency seriously? There are Dex sites, but they have liquidity issues. Peer to peer platforms such as Localbitcoins are plagued with fraud and cheating. So where the users will go, if they want to exchange some of their fiats for cryptocurrency? It will be ungraceful to say that the cryptocurrency exchanges are having a negative impact.
It's true, Exchanges put up a big role in the cryptocurrency world. I'm pretty sure that we won't have so many users continuing to use crypto if there arent a user-friendly exchange. Of course, business is business for those exchange and we can't blame them if they have taken advantage of it. We are the ones who took advantage of the service and it is up to us to stop using their service or make our life hard in having crypto on our wallets.

Well.. they are not forcing anyone to use their services. We have thousands of exchanges to chose from, ranging from giant-sized exchanges such as Binance and Huobi, to pint-sized exchanges such as StormGain and Omgfin. And the numbers increase with every passing month. Users will chose the most trustworthy exchange with the lowest fees. It is a mutually beneficial relationship.

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October 20, 2020, 08:40:44 AM
 #55

Volatility as they say have been the major reason people are not really adopting Bitcoin, that apart, there are exchanges doing price manipulation. But I do wonder if there was no volatility and Satoshi created Bitcoin to be stable, are people really going to adopt it as much as they are doing right now, even though some of us still say that adoption is less?

I have seen so many stablecoins and no one is really adopting them, except USDT that seems to be trending and increasing its market as of recent, and I believe that’s the work of traders as they are trying to save their losses by switching to USDT when the market of the coin they are holding is dropping.

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October 20, 2020, 12:35:51 PM
 #56

Most "exchanges" are primarily shitcoin gambling sites.

You log in and get popups urging you to "invest" in some latest scammy ICO or pointless shitcoin.

It's really disappointing and I'm sure it slow Bitcoin's growth a little that there aren't many options for sending people to someplace that won't just try to exploit them by dumping garbage on them...  but I doubt it makes a big impact on Bitcoin's adoption.

Changing how money works just takes time.
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October 20, 2020, 10:05:12 PM
 #57

Btw the problem is that exchanges really try bad things. For example, binance bought coinmarketcap, the major cryptocurrency price checker. So, I think it's unfair agreement and is not good for cryptocurrencies.

I don’t see what Binance could do through CMC, other than perhaps better positioning their company on the crypto exchange list that is present there, but nothing more than that. The only thing I noticed after that acquisition is that the CMC page has become much slower to load, regardless of the browser and device I use.

It is in human nature to do bad things, so even strictly regulated banks can do very bad things, let's just take the example of the HSBC or Danske Bank scandals that are worth hundreds of billions of dollars. And anyone who expects transparency and honesty in the crypto sector, which is still a very wild place, is at least completely unrealistic.
Okey, Binance paid $400 million to acquire Coinmarketcap. It's really an insane amount of money for a website but I want to remind you that in 2017, Coinmarketcap has been in the list of top 100 websites globally according to Alexa rank. This directly indicates that the website generates huge traffic.
Now their Alexa rank is 656 but the bull run will be the huge advantage for Binance and I think we will see it soon, halving has already happened.

Personally I don't think it's a good fact that Binance has taken control on almost everything and it's their main aim. Increased centralization on decentralized assets? Doesn't sound good for me. I won't be even amazed to read next time that Binance plans to acquire Cointelegraph. It looks like takeover bid on the crypto world.

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October 21, 2020, 12:32:56 AM
 #58

I definitely see your argument in terms of exchanges arrogating a big chunk of money, but in terms of adoption they're definitely benevolent.
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October 21, 2020, 11:44:32 AM
 #59

-snip

You should had made some valid proofs or documentations that would validate your arguments before making some bold claims. As far as I know, Bitcoin price can't be manipulated easily as traders holds the majorities of the liquidity. Exchanges gave way for people to get cryptocurrencies in convenience so it's the opposite of what you are saying unless you proved the rest of us otherwise.

If only you claimed that exchanges are manipulating their marketcap, then that would actually make sense since this is well known.

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October 21, 2020, 03:14:00 PM
 #60

Agree with some extent but you can not expect any future without Centralized Exchanges.
Plus points - Easy to use, centralized so have someone to help you in compare to DEX, need not to be techie to use it, safer than unknown Dex, reputation can be known, platform for new traders, marketing of projects, tier 1 exchanges list reputed projects and chances of exit scams are less, rare rug pull in compare to Dex.
Minus points - No security, wash trading, shady supply, insider trading, favoring listed tokens, shady projects in name of IEO, No good market maker, All of sudden suspend deposit and withdrawal, Support system not so good, intentional delay on deposit of tokens to kill arbitrage, controlling market even BTC.

So now you need to decided how you balance CEX and DEX usage. Exchanges are also here for making money so manipulation will be there, it happens in traditional stock market too at large scale. Just i want them to be more secure and prevent hack.

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