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peanut56

binance base currency for people like me

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In the last 30 days according to coinmarket cap binance daily trading volume was around one billion dollars per day. Which means daily volume of trades with xrp could increase price and exposure. If XRP works well then everyone trading could essentially be exposed to xrp the way alot of people have been exposed to bitcoin. Because you have to use it. then some will buy bitcoin and be like this is slow and stressful. Hell exchanges could be a catalyst for banks to begin using XRP by the exchanges being like we can send you this money for basically nothing, what was is like getting it to us.

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I have to ask how this base currency thing works in detail. So far I was of the believe that defining some coin as base actually only is a marketing stunt. The message is that everything is compared against this one base asset. For instance charts are then defaulted to the base depending wich pair you look at. What I do not see or quite understand is how the actual usage of an asset increases besides the delayed implicational effects of the marketing stunts. Now exchanges using a certain asset to transact using it is a different story and decoupled from the idea of a base currency as of my understanding. Binance is not transacting all their channels via BTC. This is not how anything of this works. The market decides what is used and the market depends on a lot of individuals. These individuals are not magically jumping onto the XRP train only because Binance decides to use XRP as a base currency to compare everything against it. As I said, there are for sure certain implications but this does not work like flipping a switch and out of a sudden XRP is exposed to all that traffic. 

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3 minutes ago, xh3b4sd said:

I have to ask how this base currency thing works in detail. So far I was of the believe that defining some coin as base actually only is a marketing stunt. The message is that everything is compared against this one base asset. For instance charts are then defaulted to the base depending wich pair you look at. What I do not see or quite understand is how the actual usage of an asset increases besides the delayed implicational effects of the marketing stunts. Now exchanges using a certain asset to transact using it is a different story and decoupled from the idea of a base currency as of my understanding. Binance is not transacting all their channels via BTC. This is not how anything of this works. The market decides what is used and the market depends on a lot of individuals. These individuals are not magically jumping onto the XRP train only because Binance decides to use XRP as a base currency to compare everything against it. As I said, there are for sure certain implications but this does not work like flipping a switch and out of a sudden XRP is exposed to all that traffic. 

Think instead of btc being traded against everything, it's xrp.

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4 hours ago, Dutchpinoy said:

Think instead of btc being traded against everything, it's xrp.

And you have a plan how to do this? It is not only two steps where the first is making XRP the base and the second is everything is just traded against XRP. This is not how the market works and I was asking how this is going to happen which you did not explain. 

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I worded that badly...  what I said is true if it is the SOLE base but if it is one of the bases then of course there are more options in pairings.  

But the long and short of it is that making it a base on an exchange is good for XRP usage.

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1 hour ago, xh3b4sd said:

And you have a plan how to do this? It is not only two steps where the first is making XRP the base and the second is everything is just traded against XRP. This is not how the market works and I was asking how this is going to happen which you did not explain. 

Why the attitude brah?

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6 hours ago, xh3b4sd said:

The market decides what is used and the market depends on a lot of individuals. These individuals are not magically jumping onto the XRP train only because Binance decides to use XRP as a base currency

Not the individuals -- the arbitrage bots. Individuals should still mainly be interested in the Tether and BTC pairs. 

DCEX is trying something more realistic for now, trying to be a kind of XRP hub, maybe it works if liquidity from different exchanges can come together there 

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1 hour ago, xh3b4sd said:

And you have a plan how to do this? It is not only two steps where the first is making XRP the base and the second is everything is just traded against XRP. This is not how the market works and I was asking how this is going to happen which you did not explain. 

You're weird. I'll entertain you nonetheless, entitled fellow forum-goer.

"And you have a plan how to do this?" What kind of question is this? I'm pretty sure I'd be the last person to come up with anything. Ask @miguel about plans.

"It is not only two steps where the first is making XRP the base and the second is everything is just traded against XRP. This is not how the market works". This is exactly how the market works. The current experience is laggy and costly and the market is looking for a solution. Whether it be XRP or any other asset, a party that leverages the right asset for the experience wins the race. The market decides, the exchange provides. If the XRP experience goes bust, the exchange flops and the idea is dropped.

Don't bother me with technicalities or how it's done. It's being done. Stop going around thinking you're entitled to a detailed explanation when, really, it's on you.

 

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1 hour ago, Tinyaccount said:

But the long and short of it is that making it a base on an exchange is good for XRP usage.

I agree it is a good thing. What I asked for is an explanation of why or how it is good for it. 

 

44 minutes ago, FixnUrPowerline said:

Why the attitude brah?

I don't follow. Just asking the real questions here. I want to understand. 

 

2 minutes ago, Dutchpinoy said:

You're weird.

Why do you think so? What is your problem? 

 

2 minutes ago, Dutchpinoy said:

I'll entertain you nonetheless, entitled fellow forum-goer.

I do not think I am entitled and neither did I intentionally behave like that. I am not the enemy. I am just asking questions to understand what is going on. I know it is on me, which is why I try to dig deeper. So I asked a question and what I got was your circus here. 

 

4 minutes ago, Dutchpinoy said:

Don't bother me with technicalities or how it's done.

It is no problem when you do not know how it works. Fair. I do not know either but I would like to understand that and you did not explain anything so far. 

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8 minutes ago, xh3b4sd said:

I don't follow. Just asking the real questions here. I want to understand. 

Maybe you didn't intend on coming off douchy but you did .. This game of "I have real questions please someone waste your time fixing my ignorance but I'm going to be a douche to people who try to answer to the best of their knowledge" is getting old. :feminist:

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10 minutes ago, FixnUrPowerline said:

Maybe you didn't intend on coming off douchy but you did .. This game of "I have real questions please someone waste your time fixing my ignorance but I'm going to be a douche to people who try to answer to the best of their knowledge" is getting old. :feminist:

So did you now. Feeling any better? Care to return to the table so we can sit down and talk? 

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35 minutes ago, jcdenton said:

Not the individuals -- the arbitrage bots. Individuals should still mainly be interested in the Tether and BTC pairs. 

DCEX is trying something more realistic for now, trying to be a kind of XRP hub, maybe it works if liquidity from different exchanges can come together there 

I like to think of this as the beginning of the end for shady exchanges who might do what I sort of jokingly refer to as "selling you the asset they've told you they've sold you"... :)

The liquidity / arb / equalization stuff is, of course, nice, too - but the exchanges that are intransparent (3 Guys in Huangdong, LLC) introduce counterparty risks that have costs.

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