There is lack of trust in major exchange like Poloniex due to its incompetence in handling transactions from member. In addition, attacks from hackers on exchanges like Bitrex and Bithumb have shown that none of these exchanges are 100% safe and a big reason for Steemit to start conceptualizing on ways to open up its own decentralized plus centralized hybrid exchange for cryptocurrencies.
Why Steemit should kick the Ass of Major exchanges / Trading Platform like Poloniex and Start its Own
Below are some reasons:
1) There are always issues with exchanges like Poloniex. Moreover, some steemians examples, @barrydutton and @teamsteem have warned members about using the platform to exchange their steem & SBD . Even if the issue might be better now, we are not actually sure that it is over . This argument is supported by @fyrstikken who reiterated the issue in his blog post and even suggested getting our own trading platform: When Steemit.com becomes the largest crypto-exchange in the world.
2) External Revenue Stream: Imagine Steemit having its own trading platform, hooray!!!! This will certainly bring in a lot of external income. Examples are trading commissions, exchange fees, withdrawal fees etc which in return will add huge external revenue to steemit.com and thus more value for our investments- especially in steem power.
3) More membership signups: Having our own trading platform will lead to thousands of more daily signups on steemit.com due to people looking for great trading platform/exchanges. This is a win win strategy for all of us.
4) Rest of mind: This relates to the first ponit however, in addition to that, many members will actually enjoy it if they can trade directly from their steemit account and do transactions very easy and fast internally.
For me , steemit is and will remain the best platform to blog , make new friends and do transactions due to its transparency, reward for hard work and honest management. It is, however , time for steemit to evolve and think outside the box in order to take over the blockchain and social media space.
Conversely, however, I do understand that it will be a difficult task to start due to complexities involved in creating and managing such platform -especially security issues. However firms that take up new challenges, using innovation and design thinking strategies always succeed in the long run.
Do you agree? send in your comment, and pls resteem and upvote in order for others to join the discussion.
Also click here and see my former blog : Stop whining, time to buy steem and power up
I agree. Change (a little) or die. Everyone likes a shiny new platform or features. Get the STEEMIT name out there and let's grow together!
Good point, welcome.
I think you have some great ideas here. I'd love to see steemit add a trading platform / currency exchange options in the future. I think it'll come eventually. At least I hope it does.
Great post. Gonna follow you, upvote etc
Thanks . That is the point as it will add value to all of us..keep steemig to more success.
totally agree ! I have followed @fyrstikken for a long time , and have already commented and upped his post as well as yours ! Great post !👍👍👍resteemed as well !!
Thanks, I know you will like it. Just imagine steem managment seeing my post and acting on it( I can help) and steem reached 100 to 1K , then you will be very rich and can send me my tons of yummies
Haha ! You bet !! So this is your allterior motive !!! 😂😂😂
Absolutely...due to the cheap price of steem, I am very worried to ask...but when it reaches 100 to 1K then goes my yummies in ship containers to Bavaria..Hiyyyaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
hence why my posts will focus on promoting the shit out of steem and steemit
Haha ! Great idea !! 👍👍👍😂
I agree, sleep well
thanks ! Good night!😴😴😴
Totally agree.
Well done @charles1
Thanks for your comment and resteeming my posts. More success
See this post by @ogoowinner https://steemit.com/steemit/@ogoowinner/what-it-cost-an-average-nigerian-to-be-active-on-steemit it relates to you
Yes I agreed with all the point raised. If steemit.com succeeded in having its own trading platform, it will be a plus to the community. Nice article as usual. Upvoted.
You are welcome, keep steeming to more success.
Okay
welcome
Good point as always @charles1
I hope after the purported August 1st issues...all goes back to normal and steemit starts implementing some of these suggestions by experienced strategist like you and many other steemians. Keep it up ...upvoted as always
Thanks, and keep steeming
WELCOME
Steemit has its own issues it needs to work through first. Finish becoming one of the best social media sites before moving on to become the best exchange, or it will just become a poor version of both.
I understand however a good strategy is to continue and improving on what you are doing and have an open mind in new areas ..a win win strategy
Correct I just don't want to see steemit creators spread to thin. Get steemit to 80% "implemenation" before moving on to new things. Then the rest of the creators can move on to expanding steemit while a few remain behind to polish. I would be all open for steemit being a one stop shop for me!
Good point , I agree hence why I indicated that it will not be an easy one and that conceptualization should be the current process
Got to agree with you here. While what @charles1 is saying sounds awesome and I would love to see it implemented, steemit should get to the point where it is out of beta, the front-end is improved, onboarding is easier for new users, vote/power disparities are resolved (not everyone seems happy with the outcome of HF19), people should be more willing to upvote without it being such a cost to their voting power, etc etc.
Get these core steemit issues addresses before implementing new, awesome things like @charles1 is describing here!
This is a fantastic idea! Maybe users could vote for new coins instead of having to wait and wait and wait for quality new coins like iconomi or antshares to be listed...
It would give Steem a bit of solid value and we could trade Steem directly for other altcoins.
Yes I agree but will management see my post and act?
"Why Steemit should kick the Ass of Major exchanges / Trading Platform like Poloniex and Start its Own "
Yes it is really will be great to have our own trading platform
Thanks for good content
Wish you a great day
Thanks buddy, and more success to you
Hi, Welcome to Steemit.
I can Follow You.
You can follow me.Thnx
@muhmmadjamshed
thanks bog
Had troubles with Poloniex too... Nearly turned grey:)
Hope all is ok now...share this post with managment of steemit so that they can reat it and act
100% agreed. But, first Steemit should complete Beta version.
I agree, good point.
I think bitShare is adressing that issue?
I think so too
Good idea hope will work any soon :)
The same here, thanks a lot for your comment my friend...wish you more success
It is a super idea!!
I think this is an interesting concept and I'm sure Steemit.com has the brain-power to do it.
I agree @michelle.gent I hope that it will be done in the near future. A win win for all of us.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by charles1 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
100% agree with you
Thanks a lot, you are welcome. Let us hope that our management will read and start the conversation
This Steemit exchange would really be a good ... no -- great -- idea.
Have a good day @slowwalker !!
Upvoted & RESTEEMED! :)
Thanks
I hope there will be a solution soon. Not sure which exchanges can be trusted nowadays.
Good point, lets keep our fingers crossed. Thanks for your comment
Excellent work dear friend @ charles1, very interesting information, thank you very much for this interesting material
Have a great day
Thanks a lot my friend, for your kind comment
it is a great idea and i reckon we need a platform we can trust to transfer our steem into bitcoin and dollars - i reckon we need a steem debit card linked to current price and use it for spending as required
That is a great idea..I like the debit card thing.
You have a good point here @charles1
On the other hand I would like to ask you and the rest of you steemers out here:
I'm planing on buying some btc and eth and I am lookin maby for some advice on what would be your choices concerning this matter?
Thank you!
This should be your decision to make. Price might fall before August 1st or it might go even higher. If all goes well with bitcoin on August 1st then expect hike in prices.
I don't think I was very explicit, I was referring strictly to what exchange your would personally recommend, what exchanges do you personally use if for personal reasons you refrain on giving recommendations, with I totally understand, but I like your answer. This is what I'm doing i this very moment, searching for a good exchange and hoping that prices would have another downfall by the end of this month. I personally don't think that btc will spit and I have a feeling that after this finger crossing 1 of August btc will significantly go up by the end of the year.
Best of luck to all of you!
Ok, great. I recommend exhange like Bitrex and wallet like coinbase
For coinbase use this link if you do not have an account https://www.coinbase.com/join/584fb8f94d3af240251d5cef
you will recive 10USD if you sign up with the code.
I agree that bitcoin might survive and if it does, then expect price reaching 5k by year end
@charles1, this is a good idea, but let's face the social network first and get out of the beta version.
Good point hence why I indicated that it is time for conceptualization
great
Thanks, keet steeming
It's a stellar idea, gave this a good UV for you.
Keep up the good work here Charles!
Thanks for the shoutout. I do really care and just try and help.
Very good one indeed @barrydutton thank you so much for the good work too and adding a lot of value to steemit.
You are welcome and I am happy that we will stay in touch. Bless you.
Thanks my man, that means a lot to me, honestly.
You are welcome, always. Keep steeming and more success.
Followed.
Wow, glad , the same here
I agree. My favorite part is all the friends I have made. Along that comes knowledge, which is so powerful. Thanks for all of these articles about krypto. I'm a noobie when it comes to topics as such, so I always love to learn more.
You are welcome my dearest @karensuestudios -always. Glad that we are connected here and thus will always share ideas.
Keep steeming to more success, bless you.
:) Yes yes! We sure are. Love our community! Steem on!
Great...thanks and welcome
I love the idea of having a revenue stream for Steem. I'm all for the Steemit exchange having things like other coins to Steem and SBD...so ETH/Steem, BTC/Steem.
But, there are already bitshares and etherdelta as decentralized exchanges for the other coin combos....just wondering if we really need another decentralized exchange for those. Not to mention that creating an exchange is a whole other world...feels outside of Steem's core competency.
I dont think that it is outseide of steem core-competence because it relates to blockchain technology. I , however, recommend to start conceptualization phase. In thefuture, exhanginh altcoins via your steemit wallet will be a great idea isnt it? and a win win for all because our steem power value will rise a lot due to lost of revenue coming in.
It is always good to plan for the future.
It is blockchain...but does Steem want to be the Walmart of blockchain? I do admit that it would be pretty cool though.
Lol, tell that to google or Amazon..lol
Great post! Agree! Let's make it happen (but how?) :). Upvoted :)
@xaero1 It is not difficult if the right people see this post and we start talking / conceptualizing stage. Google and Amazon did not grow big thinking small!!!!
We should continue our social media strategy here with some smart group of people and at the same time , start planning this strategy plus even steemit debit card with another group. The 1st stage will be conceptualization which involves strategic benchmarking , feasibility etc if all goes well then implementation start.
I do not know who to express all my plans for steem and steemit (non of the big guys see my posts) however if my plans are implemented with the right team, then this firm will be a multi billion firm in few years time and members with steem power will be moving with smilling big time (you my buddy) haha
Awesome motivational stuff! Please keep on with that :). Will continue to upvote/resteem when I can! 😁
Thanks a lot buddy, I appreciate all your support via resteem and upvotes- and remember me when steem prize reaches 100 USD to 1K haha..I will invite you then for a cold Bavarian beer and
Nurnberger Bradwurst..hiyaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaate
Look forward to it.... and in that scenario I would take my private jet to get there lol 😁
I know that...looking at your steem power now, if steem reaches 100 to 1K then POTUS will be your friend...haha.
I keep my fingers crossed and will hope that the managment will see our plan and work on it ( I can help). Bless you and more success.
Cheers & best wishes.
Yes I have been thinking the same for some time now... I am surprised this hasn't been suggested more by the big guys yet... perhaps it is quite a hassle to run an exchange? Also we already have blocktrades...
@jrcornel good point, I agree. I think that big guys (except you) will not even see my posts which are based on constructive suggestions. So I just post it here and no action or comment from any of them.
Yes it will be a hassle to run exchange however google and amazon did not grow so big thinking small.
Exchange is not outside our segment because it relates to trading on cryptos and will even help steemit to solve the problems with Poloniex et al. I am ready to help in the conceptualization stage however I do not know who to even express my plans .
Image the ROI on your steem power if we succeed in having an exchange plus steemit debit card...you will surely have a big smile in your face due to the spike in steem price if all goes well (and it will if we gradually start the conceptualization with some team...and let the social media team continue their work)
That's a great idea
Welcome, thanks.
Great point @charles1 followed upvoted and resteemed
Same here , following you and thanks
Totally agree,
Thanks
You are right about it i totally agree with you
Thanks, you are welcome. Keep steeming
I agreed with this idea. Then it will be easier for us to buy Steem and SBD directly with0ut going to a third party.
That is the point...great comment indeed. Feel free to share the post with your contacts. We need the top guys to see and start thinking about it. Following you in order to stay in touch.
This is something the top guys should consider. Thanks for following me.
welcome, hope that they at least see the post...which is not certain
Totally agree, 💪👍👌👏 @charles1
I hope Cliff High is right about Bitcoin hitting 13k this fall. I need some money, damn it.
Amen
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STOP@charles1
It would feel really good if Steemit becomes like one as mentioned above.
Well, talking about risks like hack on exchanges.
The Decentralised exchange concept is prevailing with new startups like Bancor (BNT), etc. But, it is in infancy state and shall be ready by atleast 1 year.
And if Steemit wants to become like one, then possibly @dan , the creator of Bitshares, Steemit shall have to be on-board.
And he is busy with another project called EOS - often referred to as Ethereum 2.0.
Let's see the future of Steemit.
Yes I know..@Dan is very busy but steemit has other top managment gurus
Ok..thanks for info...
But this update is not at all a simple one. Rather one needs to change from the crypto algorithm side (Mining) as well.
You can do it with innovation and design thinking
Don't be emo, it's annoying. I don't like people that feel sorry for themselves.
Oh I feel great @fyrstikken , fired up and ready to go. I think you will like me for that-thanks .
Do you think autism is more a curse or a blessing?
It depends...for those who understand it..its a blessing but for those who do not understand or can even handle it, it turns to be a curse for them. Most Autistic people are smarter than the average people. I volunteered and worked with them here in Germany and learnt to love them. And you? what do you think?
I don't know, that's why I am asking you.
Ok now you know. have you worked with Autistic people? do you love and respect them?
Many attempts to fly like birds have failed.
I asked your opinion of the human race. Do you have an opinion?
Yes I always have an opinion of something...
Well, if you liked it, then you should have put a ring on it.
Never put a ring in everything you like... Remember the principles of blockchain technology????
In the closet, that's my stuff. Yes, if I bought it baby please don't touch.
Depends on how you cherish the matter
And how do I see time?
It's the second time since this conversation started.
You are changing the subject. The subject is Hatsune Miku, not bunnies.
Just look at the entire chat. We have been talking about hatsune miku since the beginning.
I'm actually a Vulcan. I feel very little. I do have a few friends, though.
I won the contest already even against your bog...show some love to my posts and we can play anoother game
I don't see how. I have not changed my opinion of you since the start of this conversation.
you and your bog gave up the ghost and fainted in bed . I was still fired up
I want to restart our conversation if you don't mind.
you and your bog showed weakness yesterday by giving up..game?
But I don't have a boyfriend. Who is my boyfriend?
I completely agree. I am an American expat living in Ecuador, and it has been impossible to sign up for any stateside exchanges. So I have had to use Coinmama, which I have had no problems with whatsoever, but my purchases always cost more than compared to other exchanges. Charles, do you know, at this time, who IS the best exchange out there, and if they would allow an expat to qualify on it easily? Thank you, excellent post again! :)
see the below excoin with many functions. Use the link to sign up ....
Xcoins.io https://xcoins.io/?r=v93e2z
Investor: https://xcoins.io/investors?r=v93e2z
https://xcoins.io/affiliates?r=v93e2z