Hi Steemers
I wanted to get your opinion on the downfall of KuCoin βοΈβοΈ, which I think is currently underway. KuCoin started of as a bright and vibrant exchange ππ which claimed to be "the exchange of the people". They returned almost 90% of trading fees back to their users via the KuCoin share dividend and the referral system. ππ
Then things went horribly wrong, they axed the referral system and the platform which was buggy to start with, was never improved π‘π‘. As a result volumes continued to fall relative to other competitors and the community that supported them is all but gone... ππ
Here is what I think they should do to fix the business... but it has to be done soon:
- They need to issue a public apology for closing the referral business
- They should re-start the referral business on the same terms as previous
- They should alter the terms of the KuCoin dividend if profitability is the problem... that is... they should put users ahead of shareholders
- They need to get the community to support them once again... this is hard but they should be humble about their mistakes
- They should stop listing a million coins/ promotions and start focusing on nurturing the KuCoin community
- They need to fix all the outstanding bugs on the platform as soon as possible
I was a big fan of KuCoin and I still want them to succeed ππ... I just think they lost their way a bit... Dont give up KuCoin... You can still be "The Peoples Exchange" π¦π¦
With competitive transaction and withdrawal fees and the absence of a deposit fee, Kucoin seems ready to make his mark as a leader in the field of cryptomoney exchange. Incentives, such as the invitation bonus, should only help extend the platform.
With the launch of promising features, such as the ability to add trading pairs, the daily volume should quickly grow dramatically, allowing Kucoin to reach its target by the end of 2018.
I think it works very good, both exchange and bonus system! :)
but the volumes on the exchange is dropping alot... liquidity is disappearing... maybe I'm being too negative then
Yeah bad numbers last week, it must turn! I am holding shares, got em under 1 dollar at
least.
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I had such high hopes for kucoin π£ this is disappointing, but on the bright side binance has impressed me. I like that they were super quick to act on the recent hack. That was reassuring that they didnβt just throw their hands in the air and say βwell that sucksβ
The overall trade volumes have dropped off yes. But with respect to the referral programme I have no issue with them using it as a promotional tool at their discretion. They need to cut back on users until they can grow with their adoption.
I don't see it as a drastic change or die though. They have a very good business model. Things are tough all around. But as the overall sentiment towards crypto changes I still see kucoin growing and climbing up the ranks.
I don't see a need for apologies. Only buggy due to mass adoption. Cant punish people for having a good product that swamped. Binance the same issues and closed registration. I respect kucoin for trying to keep doors open to those who want to get on board.
Also no reason why they can't hire coders and teams to expand scalability, and at the same time have marketing team and dev mods focus on adding more coins. You really can't ease up and miss your chance at this stage of the game.
all fair points... thank you for the perspective
π
And kucoin could pick the volume up, keep in mind there are so many things going on getting established. Who knows what they are focusing on. Hopefully always looking for improvements to security on the exchange.
Binance is an example of a great exchange
wowwwww.........
Bitbns is growing now a days. They have man powered the support system instead bot which makes them one of the best. Btw never tried kucoin will try soon as u said it was once best:). Hope it gains that success again
π
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