Now that we have the securities opinion letter, I have been steadily submitting Terracoin to exchanges and I started to think about all the exchanges asking for listing fees.
It is interesting to see so many exchanges using listing fees as their main source of revenue. I am not talking about small listing fees either; I am talking about listing fees in the tens to hundreds of thousands of US dollars.
It is almost like they don’t have a revenue stream besides listing fees.
And this is were it gets even more complicated and toxic to the cryptocurrency world.
These exorbitant fees favor scam coins, because legitimate fair launch coins cannot pay these fees, while deeply pre-mined, or waiting to exit ICO coins can.
This causes junk coins to look like they are progressing faster and better then other coins, while ignoring any feature other than that coin’s ability to milk money out of the community at an amazing rate.
What also is interesting about these crazy fees is that they often say that charge tens of thousands of dollars because it takes time, and server space to set up a new coin on their exchange.
But shouldn’t their revenue from trading fees be covering that cost?
What is their long-term revenue stream? Forever listing fees to keep in business?
Listing coins that have scammed people to keep in business?
One site that I recently looked into said that they had a sliding scale for listing fees depending on their own monthly volume.
Ok, I thought. That isn’t too bad, and their listing fee was around $2,500 USD.
Their total monthly volume between all their coins was $500 USD. There is absolutely no way this company can stay in business long term without listing fees, which means it isn’t a legitimate exchange.
A second exchange said we would have to pay over $80,000 USD to be listed and if we wanted to pay more, they also would fake our volume for a monthly fee.
This is a perfect example of causing junk coins to float to the top and why this is detrimental to the whole crypto world.
But don’t worry!
This sort of behavior is starting to fall to the wayside as more and more important exchanges are discontinuing listing fees and instead adding coins based on merit.
As more and more exchanges do this, we will see an increase in quality of exchanges and the coins listed on exchanges.
How can you help?
Don’t trade on exchanges that charge a listing fee and don’t encourage your favorite altcoins to get listed on those sites.
The altcoin community is huge and if we apply our power, we can remove these leeches from the crypto world all together!
Reminder! None of the Terracoin Foundation can talk about which sites we are submitting TRC to because some of them require NDAs.
One month ago, we were at 0.00000587 BTC (.0323 USD) and today we are at 0.0000425 BTC (.0336 USD).
A year ago, we were at 0.00001863 BTC (.1418 USD).
*With the state of dead Cryptopia our volume is low, so our rank doesn’t show correctly. Once a new primary exchange is decided upon, we will see a recovery of volume.
We are ranked 1336 on coinmarketcap with a market cap of $771,857 USD. Last week our rank was 1347 and our market cap was $888,339 USD.
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