Hi @ethan @canesin
Recently a exchange bitmax (.io) was launched. They had unique trading system , where we mine their platform token by trading. So they were able to attract all kinds of traders and this is their first day and they touched 1 bil trading volume on very first day. So, it’s very important to attract traders. So I suggest you to look at their mining models for traders and come up with something better with the bigger brains we got( team and we community ) . I don’t ask to implement something same , they were innovative in idea so we too need to think of something to attract volume apart from partnerships. As majority of volume is in btc and eth only traders can bring that huge volume .
Hi @ethan @canesin
Seems a lot for the first day
That too in this downfall of market
Probably some heavy wash trading involved…
That’s for sure. It is impossible to hit a volume like that on your launch day.
This one is better to check.
This exchange is been started today, they haven’t updated . Check coingeek it is also reliable to check
Probably fake volume, I think many exchanges fake volume to make it look more attractive to new users.
I think some Plans like what is being used by Bitmax are very hard to be implemented in security exchanges, we have to remember that the crypto industry is moving to Security token, and only Security exchanges will be allowed for trading Security tokens,
NEX is aiming Towards the future of which only security exchanges might survive, so it is designed to be a security Exchange. and the plan is not to be in Market in Six to one year But, for a very long time.
Trading Volume is tricky so much fraud can be done on unregulated exchanges,Are you Telling us their Token is so precious enough to make traders Move their Funds to this Exchange and make 1B $ on the First day? if that is the Case then the ICO was supposed to last for 10min to reach the hard cap, in reality it took Two days.
Small correction , they dint have any public ico. They collected everything in private sales. And remaining tokens are mined by trading.
This is Bitmax Alexa Web Traffic
This is Binance Alexa web Traffic Report
Now where does the Bitmax volume comes from, if no web traffic compared to Binance,???
THEY ARE DOING MINING FROM INSIDE in my opinion
When you talk of $1B daily that is 30B monthly, this is already almost more than Binance. May be possible in BULLRUN but not in this market.
Dude , this post isn’t for bullying bitmax , check their mining model they have got something new which bought volume. Of course it’s by bots. Whatever , they had something to attract volume to exchange. So there are ways we need to figure out for getting volume. Apart from partnerships
Fcoin 2,0 …
NEX is a regulated exchange , that c r a p can only function in some shady Asian exchanges guys , please keep it real
Their scam scheme is made to mimic what a security token like NEX is supposed to do return 80% of trading fees ( in the case of Bitmax ) without calling it a security token because no staking.
They also add burn on top of it.
They also have the biggest market makers in the market and most of the biggest milking VC’s in this space.
I hope and pray and know for a fact that NEX will never go down this path otherwise we are all ded.
Bitmax aim is to achieve high volume trade and they are achieving that through mining. I do like to see how we plan to have this kind of volume in months. Staking is only rewarding is volume is meaningful.and so is a critical part of NEX .
I agree with you, but I see you have chosen the unsuitable model to illustrate to NEX, i think you are already aware that NEX is considered to be of the same line with company like coinbase(has declared interest starting security exchange) or even higher in terms of Innovation and Technology used.Using Ideas like BOT is illegal when it comes to regulation( my opinion I have not verified)
If Bitmex could have attracted really people organically for volume and not from BOT, then we can take it as role model for volume creation. But did you see the RED Flag on the list you shared? look below
That should mean the volume is not seems to be
probably, they basically incentivized wash trading by giving tokens for trading.
The main point that OP should’ve emphasized is not about the $1B trading volume since we know that those are bot trading, but rather, what will NEX do in terms of coming up with innovative marketing strategies to boost organic volume from day 1 on top of the planned strategies such as banking partners etc.
Bitmax took the lessons learned from other trans-mining exchanges and added their own creativity such as reverse mining. Their CEO is a Wall Street guy who is well aware about regulations and has a plan to sustain the exchange organically once the mining tactic dies out in a year.
What do we have in terms of preliminary marketing to jumpstart NEX from day 1 besides just word of mouth and relying on the community?
I’m sure the dev team is hard at work, but the marketing side is untested.
Well if you are a trader and stake nex you can mine dividents
expect from this i beleive that the bot API will be smooth.
My guess they gonna start efficient marketing once release, now there is no interest to do marketing of a product not live