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?
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.