Manipulation in the cryptocurrency world… Absence of regulations or the authority of cryptocurrency exchanges?
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Answer Manipulation in the cryptocurrency world… Absence of regulations or the authority of cryptocurrency exchanges?
uPlexa CEO Kyle Pierce recently spoke about the financial and ethical dilemmas that alternative cryptocurrency projects face in the crypto arena.
There is an unfavorable picture that Pierce notes of an industry that may have already been taken over by its worst people, including hackers, scammers, and many other undesirable traits.
Central platforms have authority in the crypto arena, especially the famous ones, as they turn from just a platform for trading digital currencies to become a major player and influencer in the crypto arena and their impact appears more, especially on small cryptocurrencies.
The CEO of DigiByte previously claimed that he was asked for $300,000 to get listed on Binance. In addition to ordering about 3% of the total circulation of the cryptocurrency DigiByte.
Read:An ICO Project Closes Its Doors and Returns 27,000 Ethereum (ETH) to Shareholders
Kyle Pierce commented on this by saying:
The demands made by the trading platform Binance were outrageous.
From our side we got an offer of 50% of the first offer to get the listing on the platform.
50% of our pool is dedicated to exchange, marketing, recruitment, founding team, core members, security reviews, etc.
They somehow think that one hour of their time is worth roughly 6000 hours of our current working hours on this project.
Kyle added:
The saturation of central platforms only makes matters worse.
With more than 1,500 rigs fighting for a territory in the crypto arena, this number is increasing day by day, with some ending in tragic ways.
There are more than 1,500 cryptocurrency exchanges offering the exact same service, and they are starting to lose trading volume.
So they artificially increased the volume while employing every possible avenue in the hope of quickly obtaining a quick profit before the watering hole dries up.
Read:Ripple cryptocurrency processed $54 million in digital transactions to Mexico in one week
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