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> You didn't actually buy anything, did you? You used it to trade more bitcoins "bitcoin" is not a generic term for cryptocurrencies. He didn't trade his bitco
by shawabawa3 9y ago
> You didn't actually buy anything, did you? You used it to trade more bitcoins
"bitcoin" is not a generic term for cryptocurrencies. He didn't trade his bitcoins for "more bitcoins", he traded it for a token that represents a share in a company
While I do think the whole crypto market is insanely overvalued, there's definitely a lot of value in there too. In the future I could see stock exchanges replaced with token exchanges, and all stocks being crypto tokens
- joekrill 9y agoWell if that's the case - that he's actually buying shares in some underlying company - then I'm just misunderstanding. Again, my knowledge is very superficial here - at a glance it looks like Kucoin is just an exchange for other bitcoin markets. But if it's actually an exchange to buy shares in real companies, then that's a rather different situation.
- shawabawa3 9y ago> Kucoin is just an exchange for other bitcoin markets Again it sounds like you're confusing the words "bitcoin" and "cryptocurrency". They are a cryptocurrency exchange. You can trade Bitcoin for other cryptocurrencies (such as Ether, Litecoin, etc). They have issued their own cryptocurrency called "Kucoin Shares", which represent a share of the exchange. I'm not sure exactly how this works and if it has any legal weight, but they pay some percentage of their trading fees to holders of these shares