As the public interest in digital currencies increases, more and more digital currency exchanges spring up like mushrooms lately. What’s the reason behind the phenomenon? What’s the secret beneath? DINNGO invited the curious public and hosted the discussion on July 1st in Taipei to share the observations over the subject “Exchange No. 1001 — The reason why everyone wants to open up an exchange.”
During the event, six speakers from different backgrounds joined the discussions (they are lawyer, securities trader, consultant, founders and leaders of AI and blockchain projects). We talked about the importance of an exchange, as it is the foundation of future banking, the center of current communication between various token markets, and its profitable business model with transaction fees. Despite the entry barrier to become an exchange with great liquidity is high, there are still new teams with dreams joining the journey accordingly.
In addition, there was a heated discussion over the size of the digital currency market and the regulations among countries. The consensus was that the market size will boost when the institutional investors step in, which would probably happen very soon. While a clearer guideline from regulators toward the digital currency market could fasten the pace of institutional investors, the blockchain industry is actually looking for a clear principle but not a detailed regulation, to support the development but not to hinder it.
Quotes of the day:
“ The institutional investors are still on the sidelines of digital currency market. There are 2 impact factors: pricing, and regulation. Though the pricing is good lately, the regulation is still unclear.” — Joseph Tsou, QEX.
“ Every regulator is talking about the regulations toward digital currency. But since there is no border for digital currency, which regulator have the rights and power to oversee the cross-border activities?” — Arthur Chang, LCS & Partners.
“ The growth of digital currency is like a déjà vu if you know the history of the traditional investment market. The creation of the stocks and tokens is with fixed quantities; The need of storage brings the custodian and wallet; The different currencies and tokens are exchanged in marketplaces.” — James Huang, Chinatrust.
“ There are still rooms for more exchanges to open up, as to meet the different needs in various subcategories. The current exchanges focuses on altcoins and main coins. While there could also be exchanges focusing on bond-alike digital assets or stock-alike digital assets.” — Ocean Liu, Adenovo.
“ If you are looking for a secure exchange, i would say an hacked exchange would be recommended. As their leaks have been found and blocked, and the security should have be reinforced.” — David Tsai, CoolbitX.
“ Most of the public still don’t have any digital currency yet, which means that there’s a great potential for the market size to grow. And a better service could attract the public to be onboard.” — Scofield Yeh, Blockplus.
QA Session:
Question 1: “The entry barrier for general public to enter the world of digital currency is higher due to the fact that there are too much choice on exchanges and wallets.” -> Feedback: “Select the one with the highest transaction volume.” — David Tsai, CoolbixX. “There will be more and more traditional trading platforms expand their service and pack digital currency into an underlying asset.” — Scofield Yeh, Blockplus.
Question 2: “How to filter the clients in ICO advisoring market?” -> Feedback: “Most of our ICO clients are with IPO experiences. And we don’t take clients with only ideas, but with existing or developing products and teams.” — Joseph Tsou, QEX.
Question 3: “ What’s the view of a cold wallet company on the cooperation with various hybrid exchanges?” -> Feedback: “ For CoolWalletS, we are open to connect with all sorts of exchanges for better user experience.” — David Tsai, CoolbixX.
Question 4: “What’s DINNGO’s plan for cross-chain technology?” -> Feedback: “ The main reason for the gap of transaction volume between a centralized exchange and a decentralized one is the ability to trade between BTC and Ether/ERC-20 tokens, which would involve the developing cross-chain technology. DINNGO will support the cross-chain transactions in Q2 2019 to meet the demands.” — Hsuan-Ting Chu, DINNGO.
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