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?
Bitcoin is very huge and potentiating crypto currency but on the contrary bitcoin is also decentralised crypto currency and thus does not have any proper authentic regulating body and this is the most probable reason why most of the countries are in against of bitcoin and countries including India has illegalised bitcoin in their nation and because of this illegalisation, using those exchanges for transacting bitcoin is now illegal in those countries who has ban banned bitcoin from their nation but still owning bitcoin is not illegal.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?