McxNOW to add FTC
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For those thinking of using that site, do your research on Coinhunter/Realsolid on the Bitcointalk forums. There is a very shady past to the guy.
I will never use an exchange created/owned/operated by him. Just my two cents of input.
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Yea I remember hearing/reading about that back when MCXnow first came out, but I haven’t really seen any issues with arise with it. Guess only time will tell.
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The problem of MCXnow is if anything really bad happens to CH/RS, the exchange is dead. It is a single man project. No one else has control over it or can substitute CH/RS even for a while.
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MCXnow will provide a lot of added volume for FTC. This is good. We need more users trading FTC.
I am aware RS has kind of a “shady” history, but he is now running an exchange that is drawing impressive volumes. It would not make any sense for him to just disappear. I am not any less worried about my coins being on MCXnow than I am at BTC-e.
With that said, sending funds to any of these exchanges comes with a certain degree of risk.
Apparently David Pate trusts the exchange enough to keep 200,000 LTC there ;)
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[quote name=“birddog” post=“28941” timestamp=“1379952001”]
MCXnow will provide a lot of added volume for FTC.
[/quote]MCXNow’s volume is less than 1/10th of BTC-e for LTC, which has more volume than Cryptsy, which is a whole lot more popular than MCXNow.
I see no reason to believe that it will look any different than any other exchanges: TONS of sell pressure, and almost no buyers.
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[quote name=“Kevlar” post=“28945” timestamp=“1379955707”]
[quote author=birddog link=topic=3754.msg28941#msg28941 date=1379952001]
MCXnow will provide a lot of added volume for FTC.
[/quote]MCXNow’s volume is less than 1/10th of BTC-e for LTC, which has more volume than Cryptsy, which is a whole lot more popular than MCXNow.
I see no reason to believe that it will look any different than any other exchanges: TONS of sell pressure, and almost no buyers.
[/quote]What happens when traders decide to pull their sell orders from BTC-e and move them to MCXnow? The orderbook thins, thus relieving some of the sell pressure.
I don’t see any other services popping up promoting people to fill their wallets with FTC. ;)
Even if it is a small volume boost, It should be seen as a victory.
The rate at which Feathercoins are being minted is what is having a negative impact on the market depth. Lots of coins being made, not enough demand for these coins.
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[quote name=“birddog” post=“28951” timestamp=“1379958457”]
[quote author=Kevlar link=topic=3754.msg28945#msg28945 date=1379955707]
[quote author=birddog link=topic=3754.msg28941#msg28941 date=1379952001]
MCXnow will provide a lot of added volume for FTC.
[/quote]MCXNow’s volume is less than 1/10th of BTC-e for LTC, which has more volume than Cryptsy, which is a whole lot more popular than MCXNow.
I see no reason to believe that it will look any different than any other exchanges: TONS of sell pressure, and almost no buyers.
[/quote]What happens when traders decide to pull their sell orders from BTC-e and move them to MCXnow? The orderbook thins, thus relieving some of the sell pressure.[/quote]
Why would traders decide to do this? The prices won’t be higher than BTC-e, in fact they’re likely to be slightly lower, more in line with Cryptsy’s. The reason WHY they’re all on BTC-e is BECAUSE the price is higher and the volume greater. It’s a chicken and egg problem: Without volume, no one will come. Without anyone coming, no volume.
[quote]
I don’t see any other services popping up promoting people to fill their wallets with FTC. ;)
[/quote]Me either, which is why the price can only decline from here without some news to bolster speculation.
[quote]
Even if it is a small volume boost, It should be seen as a victory.
[/quote]No, as you argued earlier the volume will leave one exchange to join another. That’s a zero-sum equation.
[quote]
The rate at which Feathercoins are being minted is what is having a negative impact on the market depth. Lots of coins being made, not enough demand for these coins.
[/quote]I’d argue the supply is acceptable as it’s steady, it’s the lack of demand that’s causing the problem. If you halted the supply, there still wouldn’t be enough demand to move things upward. IF this was true, then the solution would be easy: Stop the block rewards entirely, make all mining transaction fee rewarded, and watch the price skyrocket.
Problem solved, right?
…right?
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[quote name=“Kevlar” post=“28958” timestamp=“1379961558”]
[quote author=birddog link=topic=3754.msg28951#msg28951 date=1379958457]
[quote author=Kevlar link=topic=3754.msg28945#msg28945 date=1379955707]
[quote author=birddog link=topic=3754.msg28941#msg28941 date=1379952001]
MCXnow will provide a lot of added volume for FTC.
[/quote]MCXNow’s volume is less than 1/10th of BTC-e for LTC, which has more volume than Cryptsy, which is a whole lot more popular than MCXNow.
I see no reason to believe that it will look any different than any other exchanges: TONS of sell pressure, and almost no buyers.
[/quote]What happens when traders decide to pull their sell orders from BTC-e and move them to MCXnow? The orderbook thins, thus relieving some of the sell pressure.[/quote]
Why would traders decide to do this? The prices won’t be higher than BTC-e, in fact they’re likely to be slightly lower, more in line with Cryptsy’s. The reason WHY they’re all on BTC-e is BECAUSE the price is higher and the volume greater. It’s a chicken and egg problem: Without volume, no one will come. Without anyone coming, no volume.[/quote]
Well for one, MCXnow offers interest on deposits. I know for a fact there are some large holders that might see this as an attractive incentive. Why have your FTC locked up in sell orders when you can be earning interest on them at another exchange? For many FTC holders, the added interest is a non-factor as the daily accrued interest will be negligible. But for the larger holders, an additional couple dozen FTC a day on your otherwise overpriced FTC might be enough to make the switch.
Case in point: David Pate sending 200,000 LTC over there last night.
I’ve been checking things out over at MCXnow over the past couple weeks and every day I see more and more familiar names of BTC-e traders popping up in the chat box. Volumes are increasing steadily as well as user count.
Don’t get me started on Cryptsy… that place is a cesspool of crapcoins…
The sell orders on FTC over at BTC-e have a major psychological impact on investors. Its like standing at the base of Mount Everest wearing nothing but flip flops and a t-shirt. There’s not a lot of confidence in making it over that mountain…
If some of those orders decide to move to MCXnow because of incentives like added interest and a little faster trading engine… that mountain may shrink a little and become a little more manageable to climb.
I know… I’m probably being a little overly optimistic, but a man can dream cant he? 8)
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[quote name=“birddog” post=“28963” timestamp=“1379964908”]
[quote author=Kevlar link=topic=3754.msg28958#msg28958 date=1379961558]
[quote author=birddog link=topic=3754.msg28951#msg28951 date=1379958457]
[quote author=Kevlar link=topic=3754.msg28945#msg28945 date=1379955707]
[quote author=birddog link=topic=3754.msg28941#msg28941 date=1379952001]
MCXnow will provide a lot of added volume for FTC.
[/quote]MCXNow’s volume is less than 1/10th of BTC-e for LTC, which has more volume than Cryptsy, which is a whole lot more popular than MCXNow.
I see no reason to believe that it will look any different than any other exchanges: TONS of sell pressure, and almost no buyers.
[/quote]What happens when traders decide to pull their sell orders from BTC-e and move them to MCXnow? The orderbook thins, thus relieving some of the sell pressure.[/quote]
Why would traders decide to do this? The prices won’t be higher than BTC-e, in fact they’re likely to be slightly lower, more in line with Cryptsy’s. The reason WHY they’re all on BTC-e is BECAUSE the price is higher and the volume greater. It’s a chicken and egg problem: Without volume, no one will come. Without anyone coming, no volume.[/quote]
Well for one, MCXnow offers interest on deposits. I know for a fact there are some large holders that might see this as an attractive incentive. Why have your FTC locked up in sell orders when you can be earning interest on them at another exchange? For many FTC holders, the added interest is a non-factor as the daily accrued interest will be negligible. But for the larger holders, an additional couple dozen FTC a day on your otherwise overpriced FTC might be enough to make the switch.
Case in point: David Pate sending 200,000 LTC over there last night.
I’ve been checking things out over at MCXnow over the past couple weeks and every day I see more and more familiar names of BTC-e traders popping up in the chat box. Volumes are increasing steadily as well as user count.
Don’t get me started on Cryptsy… that place is a cesspool of crapcoins…
The sell orders on FTC over at BTC-e have a major psychological impact on investors. Its like standing at the base of Mount Everest wearing nothing but flip flops and a t-shirt. There’s not a lot of confidence in making it over that mountain…
If some of those orders decide to move to MCXnow because of incentives like added interest and a little faster trading engine… that mountain may shrink a little and become a little more manageable to climb.
I know… I’m probably being a little overly optimistic, but a man can dream cant he? 8)
[/quote]You definitely make some very valid points. The interest rates and MXCFee (of which I’m a VERY happy investor) is a pretty big incentive to consider putting your money there, but I don’t think it will be enough to combat the dwindling demand. Real mass adoption is still needed for long term success, since increasing the holdings of a coin that’s losing value can only work for so long.
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FTC is now on mcxNOW.
