Hey hey hey! What's up what's up what's up what's up what's up what's up what's up what's up what's UP,
Hey hey hey everybody, My name is Carlos Matos and I am coming from New York
City, New York
Let me tell you guys that I am SO EXCITED, I am SO HAPPY I am really so thrilled to be right now, Sharing this amazing, glorious, SUPER and EXCITING moment of my life with all of you guys -and let me tell you that we are really changing the WORLD as we know it The WORLD is not anymore the way it used to be mmh mmh NO NO NOH.
Trans-fee mining exchanges WOOOoo FCoooooooiiinnn!!!
WOAH WOAH WOAH WOAH WOAH WOAH WOAH WHAT'S UP!!
So it has come to my attention that FCoin trading volume
has gone up to 7.5 billion usd, including 5 billion for Bitcoin
Over 5 times Bitmex (667 million) + the ~10 legit exchanges (Coinbase Kraken the CME Bitstamp
etc that amount for 250 million).
As I am writing this Bitmex is down to 550 million volume
(last 24H). Mkay.
So technically they are not the exact same as Trans-Fee Mining.
"FCoin is no longer using Trans-Fee Mining! Why you ask? They have moved on to a â€˜Daily Dividendâ€™ structure."
It is very hard to find any info about the exchange (go figures), the site is unclear and fees are never mentionned, so bear with me. Might not have everything 100% accurate.
If you did not know, let me tell you exactly what FCOIN is:
1- Decentralized exchange. FCoin is not a company. The overall ownership is with the FCoin community. There is no centralized corporate structure. No CEO
. No board of directors. No one to prosecute. FCoin is not and does not belong to a legal entity. No one to hold responsible.
2- "They" (I have to call "them" "they" since the ones running the show are remaining anonymous and FCoin is not a legal entity) are making impossible claims and guarentees and the returns are abnormally high: For your trading, you pay fees, but what you pay in fees in Bitcoin
that can be sold for cold hard cash, you get FCoins instead. 80% (I think it is 100% right now up to a point) of the transaction fees paid in Bitcoin
are paid back to investors in the form of FCoins: that is the people that are holding FCoins (and not selling them) on the FCoin platform make large returns for simply holding. So you earn FCoins in 2 ways: 1- by trading, 2- by making sure you hold on your FCoins.
The people running the show are claiming they are paying dividends in "cryptocurrencies of their choosing".
3- The company makes it difficult to withdraw your money, claiming that funds are frozen. They encourage people to hold their FCoins, but most importantly you can not redeem your FCoins anywhere but on their site. They can be sold nowhere but on their exchange. We can call them the "development and operation of the platform team" I guess?
FCoin fees - found 'em - are as follow: 0.05% for the big ones ( Bitcoin
ETH LTC...), 0.1% for smaller ones, and 0.2% for FT
(surprise surprise withdrawing is expensive but holding lets you earn large dividends).
Coinbene is still "only" at 500 million.
The Singapore based CoinBene exchange was founded in late 2017, and in June 2018, it became one of the earliest adopters of trans-fee mining model promising a 130% trade fee reimbursement.
CoinBene charge a flat 0.1% on trades made on their platform, the fees are charged in the trade currency. In exchange you get some trollcoin worth 0.
Once again, I might be wrong, this might have changed, very hard to find any info (surprise surprise...).
At 500 million volume
, Coinbene alone, is sucking half a million dollars worth of Bitcoin
every single day.
Oh ok nevermind found it on their page "Pay with Quote coins Pay with CONI" CON-I. They have a nice sense of humor.
So I don't know exactly cannot calculate it but it's safe to say they hold tens of thousands of Bitcoin
and their stash keeps growing.
The big miners are holding huge amounts of crypto's, but who knows how long till they go bankrupt?
The wash trading and ponzi exchanges that make 80 to 95% of Bitcoin volume
are holding huge amounts too, estimating they make 8 billion volume
a day for the past 3 months, and 4 billion a day before that, at a conservative 0.05% fees that's 4 million a day for 90 days and 1 million a day ( Bitcoin
price got cut in half I wonder if they weren't the ones selling btw) for idk 6 months? They might have sold back in november 2018, so let's only consider the past 5 months:
They are holding AT LEAST 100,000 Bitcoins
. It's probably closer to 500,000.
"Smart" players are "making infinite
free" money by trading (so technically it's not wash trading it's only really intelligent people fake trading to gain tokens).
And it does not sound too good to be true to them.
Meanwhile, bears are capitulating. Scared not willing to "risk it". Perfectly fine to "risk it" when the price just went down 60% thought.
"I want to be 100% sure of a move before trading it" - said no successful speculator ever. Only legends aim to be right all the time and never lose a trade.
The really lame move that would hurt everyone would be this:
I really hope this does not happen. Idc
about taking a loss, just don't want to have waited so damn long because of delusional baghodlers for nothing...
Anyway this is going to be FUN!