14 ms·

Crypto exchange revenue jumps by 600% and surpasses traditional markets in 2021

37 points by cinquemb 5y ago

PragmaticPulp 5y ago
Crypto exchange profits are very high right now, but I'm surprised that they aren't falling faster. Stock trades went to $0 long ago, yet crypto exchanges continue to charge around 0.5% (with some discounts if you're savvy) and nobody bats an eye. But then again, I can send money anywhere for basically $0, yet everything I do with cryptocurrency comes with transaction fees and waits. I wonder if crypto users are basically more primed to expect fees and crypto exchanges are better at making users forget about it with clever UX? Either way, I expect exchange profits will decline slowly as they begin competing with each other more.
- 323 5y ago
  > yet crypto exchanges continue to charge around 0.5% That's not true. Coinbase charges 0.5%, but little trading is done there. The derivatives exchanges, where most treading actually happens (Binance, FTX, ...), charge around 0.05-0.10%. Some even charge 0% if you use limit orders.
  - j_walter 5y ago
    Coinbase Pro used to charge 0% for years...I'm talking 2016-2018 timeframes.
- daniel-cussen 5y ago
  I don't know, it's just they're such such a juicy target for hacking. They're like real life banks. Every thug wants to rob a bank. Online it's even worse, no need to go to the bank to probably get shot, you can rob the biggest banks from the comfort of your grandmother's basement, all you have to do is find a glitch in the matrix, but like the shittiest matrix ever. Like the matrix in The Matrix, from 1998, the graphics in that movie were full of artifacts.
- nickff 5y ago
  They're also just starting to accrue the sorts of liabilities which tend to lag behind growth (legal issues & overhead specifically).
- BitwiseFool 5y ago
  I'd also venture that a decent amount of the people trading crypto today weren't familiar with traditional brokers and investing in the stock market. I'm one of those people and truth be told I had no frame of reference for what is an acceptable fee schedule. I just wanted to trade, and did. Hopefully competition brings fees down, but for the longest time you really didn't have a lot of options when it came to finding an exchange that let you trade the coins you wanted.
- vkou 5y ago
  > I wonder if crypto users are basically more primed to expect fees and crypto exchanges are better at making users forget about it with clever UX? They aren't, because crypto has no users. Unlike with dollars, where useful main street economic activity dwarfs the horse-trading that's happening on Wall Street - it's the other way around in the crypto space. What it has are speculators, and they will eat that 0.5% transaction fee, if that's the cost of their investments going #tothemoon.
- pcthrowaway 5y ago
  The largest exchanges generally have much lower rates. Spot trading fees on Binance (the largest centralized exchange by a landslide) are only 0.1% per order, less if you trade a lot of volume.
- IfOnlyYouKnew 5y ago
  Volatility is so much higher, people don’t notice 0.5 %
- xiphias2 5y ago
  ,,I can send money anywhere for basically $0'' This book (Check your financial privilege) written by a human rights activist is just for you: https://www.amazon.com/Check-Your-Financial-Privilege-Gladstein/dp/B09V2NM9VJ https://www.amazon.com/Check-Your-Financial-Privilege-Gladst... ,,anyone born into a reserve currency like the euro, yen, or pound has financial privilege over the 89% of the world population born into weaker systems.''
  - UncleMeat 5y ago
    Yet all of the people getting rich on cryptocurrency seem to live in those 11%. So much for "power to the people."
    - xiphias2 5y ago
      They may live there, but a lot of them are immigrants. I'm an example for that: I migrated to western countries and started to feel that the direction they are taking is similar to what I have experienced in my country when I was young. I decided to quit the government based financial system, as I lost trust in it. Sadly lot of people who don't understand the reason just do lots of day trading, which is a modern version of casino, that's how exchanges make so much profit.
    - kobalsky 5y ago
      the part that matters is that everyone has access to it, not that someone who isn't you is making money with it.
      - glutamate 5y ago
        Who do you think they are making money from?
      - UncleMeat 5y ago
        When the wealthy deign to give "access" to the poor while using the arms of capitalism to enrich themselves, that's not charity. People getting rich off financial derivatives of the transactions of the rest of the world are just getting rich. They aren't providing value.
- eweise 5y ago
  I'm guessing most people are speculators and expect huge returns so the trade cost is incidental.
- vmception 5y ago
  Although I expect the law of diminishing returns to kick in with regard to commissions eventually, I expect it to be made up in other ways. Its a whole second decade of crypto exchanges and traditional finance (tradfi) exchanges still dont have REST APIs or anything remotely close to free or accessible for programmatic trading, while crypto exchanges have always had that for free right out the gate. Every day they have 3x as many trading sessions as tradfi exchanges. And thats even before we start talking about selling the data, the international customer set, unilateral discretion in listing anything with a community of potential traders, using company treasury (or customer deposits) in DeFi products for passive yield, and more.
  - kasey_junk 5y ago
    The lack of free api’s for traditional exchanges is by design. It’s a risk mitigation technique that only members or sponsored traders can trade on those exchanges. This allows for there to be real ramifications if the sponsor doesn’t do due diligence and allows a counterparty into a trade that can’t settle. Perhaps this limitation is precisely what the trustless features of the coins gives us or perhaps the crypto exchanges just haven’t been bitten by a really bad counterparty risk incident yet. Time will tell.
    - vmception 5y ago
      Its a poor implementation crafted by skittish legal doing cookie cutter things for decades, implemented by certificate chasing IT staff who couldnt launch a tool by a script kiddie if their life depended on it. And then there are also structural differences, such as in crypto the trade is the settlement. So other markets could have a different approach, and then have to deal with settlement.
- asdff 5y ago
  >I wonder if crypto users are basically more primed to expect fees and crypto exchanges are better at making users forget about it with clever UX? That's pretty much what it is. No one knows the actual spot price of the coin they are buying. They just say "give me $5 of shitcoin" and whatever number of coins is spat out is fine.
  - fleddr 5y ago
    And an example of clever UX: On Coinbase, a crypto to crypto conversion has no fees. However, in that conversion the market price of the target coin is higher than the spot market price. So a hidden fee. Clever UX is quite an optimistic term for such a pattern.
- romeros 5y ago
  >> and nobody bats an eye. Because most people in crypto are utterly convinced that their "investment" of $1000 in crypto will become $100k or even $1M in no time.. so the 0.5% seems negligible.
  - shtopointo 5y ago
    > most people [citation needed]
    - FridgeSeal 5y ago
      Gestures broadly at the behaviour of basically every crypto subreddit, YouTube channel and forum; to say nothing of the advertising by crypto businesses.
    - ForHackernews 5y ago
      https://www.youtube.com/watch?v=9hBC5TVdYT8 https://www.youtube.com/watch?v=9hBC5TVdYT8 Matt Damon says line goes up, you coward!
    - root_axis 5y ago
      Excepting darknet commerce, cryptocurrency has no other purpose besides speculation, so it's pretty obvious that speculation is why most people are buying it.
      - danielheath 5y ago
        I wouldn't assume that "wants to buy drugs" is an insignificant component of the market.
        giaour 5y ago
        I know that controlled substance e-commerce was a key market for bitcoin ~10 years ago, but given crypto's current volatility, transaction fees, settlement times, and vulnerability to forensic accounting, is bitcoin still a viable way to buy drugs?
- deleted 5y ago
  [deleted]
- akrymski 5y ago
  Stock exchanges have a central limit order book. Crypto exchanges are like foreign exchange brokers at airports: they act as market makers, earning the majority of their fees from the bid/ask spread rather than some fixed comms afaik. So comparing NYSE to Coinbase revenues is apples to oranges. Coinbase is thus closer to a market maker like Citadel, both having similar revenues (7B)
- cyanydeez 5y ago
  Casinos give free drinks also.
HstryrsrBttn 5y ago
datalopers 5y ago
exchange fees and commissions are irrelevant when that NFT is going to buy you an island
- syspec 5y ago
  Yeah, but you could have had an archipelago
vmception 5y ago
Don't forget the lucrative margin products! The “perpetuals” this industry has seemingly invented charge high rates to keep a position open, daily. I’ve seen swaps and CDS has similar cost models but not usually to the swap dealer.
- FabHK 5y ago
  > The “perpetuals” this industry has seemingly invented charge high rates to keep a position open, daily. There is a funding charge to keep the perpetual in line with spot, but note: one side (typically longs) pays, the other side (typically shorts) receive. This is akin to the good old spot/future arbitrage.
  - vmception 5y ago
    Ah thanks, so yes similar to other products
csdvrx 5y ago
Long term they're toast if Defi succeeds. Their only place would be as fiat onramps, and that means they should be pushing for harsher KYC laws, because increasing the cost of business is the usual strategy of incumbents.
- rainsil 5y ago
  There's an inherent trade-off between decentralisation and computing price+performance, so it's likely that centralised exchanges will continue to be cheaper and faster for higher-frequency activities such as day trading, transaction processing, etc. Their utility for speculation decreases with harsher KYC/AML/accredited investor regulation, so it doesn't make sense for them to support that.
  - csdvrx 5y ago
    > it's likely that centralised exchanges will continue to be cheaper and faster Only if the action doesn't move to defi; if it does, the main advantage of centralized exchanges (being able to double as market makers) vanishes. > Their utility for speculation decreases with harsher KYC/AML/accredited investor regulation, so it doesn't make sense for them to support that. Notice how I only cited the first one (one time costs per customer) and not the other 2 :)
- cinquemb 5y ago
  > Long term they're toast if Defi succeeds. Agreed. > Their only place would be as fiat onramps, and that means they should be pushing for harsher KYC laws, because increasing the cost of business is the usual strategy of incumbents. I think this is a short/medium term perspective. Long term, crypto expands the existing eurodollar system (decentralized permissioned [via global banks] ledger money -> decentralized permissionless ledger money) and defi has a multitude of on chain credit origination (aka. not reliant upon off chain stablecoin flows/fiat) while friendly jurisdiction have some kind of fiat on/off ramp (and even deeper cash on/off ramps via cryto atms or "localbitcoin"-like markets). People much more researched than I on the inner workings of the eurodollar system think so as well [0]. Even now, I've seen workers for CEX's engage with DAO's of tokens that they've listed (so some CEX's are investing in their eventual demise, on top of being validators/miners of different chains). [0] https://alhambrapartners.com/2022/03/22/the-monetary-answer-undoing-the-biggest-money-mistake-of-the-past/ https://alhambrapartners.com/2022/03/22/the-monetary-answer-...
syspec 5y ago
The fees are just so nuts on crypto exchanges, Binance charges 0.1%! That means that if you buy, then sell 1 BTC (~42kUSD right now), it cost you 82 dollars for the privilege.
- KennyBlanken 5y ago
  The white elephant in the room is that crypto has terrible transaction efficiency. I think someone figured out that Visa or Mastercard can process around 200,000 credit card transactions for the power required to process one etherium transaction. Crypto only really works for people for whom moving a very large amount of money, that has a very high cost otherwise. You know, the kind of people who have to wash their money...
- FabHK 5y ago
  Right, and on Coinbase a round trip costs you 1%, or USD 420. Last time I looked (when they IPOd), Coinbase alone syphons off 0.4% of the entire crypto market cap in fees every year. Traditional equity exchanges are dreaming of margins like that.
  - syspec 5y ago
    So true! I even picked Binance in my example because their relatively "low" fees, I should have noted Coinbase as an even more egregious example
  - jacinabox 5y ago
    The fees for buying using credit or debit card are still 2.5% (5% round trip). I always assume that savvy users use coinbase pro by moving crypto in from other exchanges where trade fees are better; but then an exchange where you have to do that isn't exactly the full package experience.
paxys 5y ago
There is always a lot more commission to be made for an unpredictable and risky asset. The trick is really to keep the fees within the bounds of daily or even hourly volatility. If you buy $1000 worth of Bitcoin, and expect to see anywhere between $800 or $1200 in your account a little while later, you don't really care that the exchange has kept $5 out of it.
jasfi 5y ago
- xwdv 5y ago
  Wow automated trading, never seen this before.
- 1270018080 5y ago
  What's the minimum karma needed so can you start reporting comments on HN?
  - jasfi 5y ago
    This is a project I built myself, and is actually quite technically interesting. My comment was flagged nonetheless.
- agilob 5y ago
  New frontend to one of 100s repos on github?
  - jasfi 5y ago
    No, this is my own work. It includes a web UI I built with my own Nexus Dev Tools (https://nexusdev.tools/ https://nexusdev.tools/) and a trading engine I wrote in Nim. I wrote the Open Source client in Python. It does utilize the Binance REST API. The objective is No Code for crypto trading.
monkeydust 5y ago
It's a nascent market, wide bid/offer spreads relative to other products, no to little regulatory overheads (for now!) and for the most part build on modern technology stack ... So yea this is not surprising, what is though is that none of the traditional exchanges or venues have yet to make a serious play. Once they do this gravy train will end.
Animats 5y ago
Most crypto exchanges are not just exchanges. They're brokers, dealers, market makers, non-bank banks, and clearing houses all in one. Regular stock exchanges are not allowed to be both exchanges and players.
akrymski 5y ago
Stock exchanges have a central limit order book. Crypto exchanges are like foreign exchange brokers at airports: they act as market makers, earning the majority of their fees from the bid/ask spread rather than some fixed comms afaik. So comparing NYSE to Coinbase revenues is apples to oranges. Coinbase is thus closer to a market maker like Citadel, both having similar revenues (7B)

37 points by cinquemb 5y ago

Crypto exchange profits are very high right now, but I'm surprised that they aren't falling faster. Stock trades went to $0 long ago, yet crypto exchanges continue to charge around 0.5% (with some discounts if you're savvy) and nobody bats an eye. But then again, I can send money anywhere for basically $0, yet everything I do with cryptocurrency comes with transaction fees and waits. I wonder if crypto users are basically more primed to expect fees and crypto exchanges are better at making users forget about it with clever UX? Either way, I expect exchange profits will decline slowly as they begin competing with each other more.

323 5y ago
> yet crypto exchanges continue to charge around 0.5% That's not true. Coinbase charges 0.5%, but little trading is done there. The derivatives exchanges, where most treading actually happens (Binance, FTX, ...), charge around 0.05-0.10%. Some even charge 0% if you use limit orders.
- j_walter 5y ago
  Coinbase Pro used to charge 0% for years...I'm talking 2016-2018 timeframes.
daniel-cussen 5y ago
I don't know, it's just they're such such a juicy target for hacking. They're like real life banks. Every thug wants to rob a bank. Online it's even worse, no need to go to the bank to probably get shot, you can rob the biggest banks from the comfort of your grandmother's basement, all you have to do is find a glitch in the matrix, but like the shittiest matrix ever. Like the matrix in The Matrix, from 1998, the graphics in that movie were full of artifacts.
nickff 5y ago
They're also just starting to accrue the sorts of liabilities which tend to lag behind growth (legal issues & overhead specifically).
BitwiseFool 5y ago
I'd also venture that a decent amount of the people trading crypto today weren't familiar with traditional brokers and investing in the stock market. I'm one of those people and truth be told I had no frame of reference for what is an acceptable fee schedule. I just wanted to trade, and did. Hopefully competition brings fees down, but for the longest time you really didn't have a lot of options when it came to finding an exchange that let you trade the coins you wanted.
vkou 5y ago
> I wonder if crypto users are basically more primed to expect fees and crypto exchanges are better at making users forget about it with clever UX? They aren't, because crypto has no users. Unlike with dollars, where useful main street economic activity dwarfs the horse-trading that's happening on Wall Street - it's the other way around in the crypto space. What it has are speculators, and they will eat that 0.5% transaction fee, if that's the cost of their investments going #tothemoon.
pcthrowaway 5y ago
The largest exchanges generally have much lower rates. Spot trading fees on Binance (the largest centralized exchange by a landslide) are only 0.1% per order, less if you trade a lot of volume.
IfOnlyYouKnew 5y ago
Volatility is so much higher, people don’t notice 0.5 %
xiphias2 5y ago
,,I can send money anywhere for basically $0'' This book (Check your financial privilege) written by a human rights activist is just for you: https://www.amazon.com/Check-Your-Financial-Privilege-Gladstein/dp/B09V2NM9VJ https://www.amazon.com/Check-Your-Financial-Privilege-Gladst... ,,anyone born into a reserve currency like the euro, yen, or pound has financial privilege over the 89% of the world population born into weaker systems.''
- UncleMeat 5y ago
  Yet all of the people getting rich on cryptocurrency seem to live in those 11%. So much for "power to the people."
  - xiphias2 5y ago
    They may live there, but a lot of them are immigrants. I'm an example for that: I migrated to western countries and started to feel that the direction they are taking is similar to what I have experienced in my country when I was young. I decided to quit the government based financial system, as I lost trust in it. Sadly lot of people who don't understand the reason just do lots of day trading, which is a modern version of casino, that's how exchanges make so much profit.
  - kobalsky 5y ago
    the part that matters is that everyone has access to it, not that someone who isn't you is making money with it.
    - glutamate 5y ago
      Who do you think they are making money from?
    - UncleMeat 5y ago
      When the wealthy deign to give "access" to the poor while using the arms of capitalism to enrich themselves, that's not charity. People getting rich off financial derivatives of the transactions of the rest of the world are just getting rich. They aren't providing value.
eweise 5y ago
I'm guessing most people are speculators and expect huge returns so the trade cost is incidental.
vmception 5y ago
Although I expect the law of diminishing returns to kick in with regard to commissions eventually, I expect it to be made up in other ways. Its a whole second decade of crypto exchanges and traditional finance (tradfi) exchanges still dont have REST APIs or anything remotely close to free or accessible for programmatic trading, while crypto exchanges have always had that for free right out the gate. Every day they have 3x as many trading sessions as tradfi exchanges. And thats even before we start talking about selling the data, the international customer set, unilateral discretion in listing anything with a community of potential traders, using company treasury (or customer deposits) in DeFi products for passive yield, and more.
- kasey_junk 5y ago
  The lack of free api’s for traditional exchanges is by design. It’s a risk mitigation technique that only members or sponsored traders can trade on those exchanges. This allows for there to be real ramifications if the sponsor doesn’t do due diligence and allows a counterparty into a trade that can’t settle. Perhaps this limitation is precisely what the trustless features of the coins gives us or perhaps the crypto exchanges just haven’t been bitten by a really bad counterparty risk incident yet. Time will tell.
  - vmception 5y ago
    Its a poor implementation crafted by skittish legal doing cookie cutter things for decades, implemented by certificate chasing IT staff who couldnt launch a tool by a script kiddie if their life depended on it. And then there are also structural differences, such as in crypto the trade is the settlement. So other markets could have a different approach, and then have to deal with settlement.
asdff 5y ago
>I wonder if crypto users are basically more primed to expect fees and crypto exchanges are better at making users forget about it with clever UX? That's pretty much what it is. No one knows the actual spot price of the coin they are buying. They just say "give me $5 of shitcoin" and whatever number of coins is spat out is fine.
- fleddr 5y ago
  And an example of clever UX: On Coinbase, a crypto to crypto conversion has no fees. However, in that conversion the market price of the target coin is higher than the spot market price. So a hidden fee. Clever UX is quite an optimistic term for such a pattern.
romeros 5y ago
>> and nobody bats an eye. Because most people in crypto are utterly convinced that their "investment" of $1000 in crypto will become $100k or even $1M in no time.. so the 0.5% seems negligible.
- shtopointo 5y ago
  > most people [citation needed]
  - FridgeSeal 5y ago
    Gestures broadly at the behaviour of basically every crypto subreddit, YouTube channel and forum; to say nothing of the advertising by crypto businesses.
  - ForHackernews 5y ago
    https://www.youtube.com/watch?v=9hBC5TVdYT8 https://www.youtube.com/watch?v=9hBC5TVdYT8 Matt Damon says line goes up, you coward!
  - root_axis 5y ago
    Excepting darknet commerce, cryptocurrency has no other purpose besides speculation, so it's pretty obvious that speculation is why most people are buying it.
    - danielheath 5y ago
      I wouldn't assume that "wants to buy drugs" is an insignificant component of the market.
      - giaour 5y ago
        I know that controlled substance e-commerce was a key market for bitcoin ~10 years ago, but given crypto's current volatility, transaction fees, settlement times, and vulnerability to forensic accounting, is bitcoin still a viable way to buy drugs?
deleted 5y ago
[deleted]
akrymski 5y ago
Stock exchanges have a central limit order book. Crypto exchanges are like foreign exchange brokers at airports: they act as market makers, earning the majority of their fees from the bid/ask spread rather than some fixed comms afaik. So comparing NYSE to Coinbase revenues is apples to oranges. Coinbase is thus closer to a market maker like Citadel, both having similar revenues (7B)
cyanydeez 5y ago
Casinos give free drinks also.

HstryrsrBttn 5y ago

datalopers 5y ago

exchange fees and commissions are irrelevant when that NFT is going to buy you an island

syspec 5y ago
Yeah, but you could have had an archipelago

vmception 5y ago

Don't forget the lucrative margin products! The “perpetuals” this industry has seemingly invented charge high rates to keep a position open, daily. I’ve seen swaps and CDS has similar cost models but not usually to the swap dealer.

FabHK 5y ago
> The “perpetuals” this industry has seemingly invented charge high rates to keep a position open, daily. There is a funding charge to keep the perpetual in line with spot, but note: one side (typically longs) pays, the other side (typically shorts) receive. This is akin to the good old spot/future arbitrage.
- vmception 5y ago
  Ah thanks, so yes similar to other products

csdvrx 5y ago

Long term they're toast if Defi succeeds. Their only place would be as fiat onramps, and that means they should be pushing for harsher KYC laws, because increasing the cost of business is the usual strategy of incumbents.

rainsil 5y ago
There's an inherent trade-off between decentralisation and computing price+performance, so it's likely that centralised exchanges will continue to be cheaper and faster for higher-frequency activities such as day trading, transaction processing, etc. Their utility for speculation decreases with harsher KYC/AML/accredited investor regulation, so it doesn't make sense for them to support that.
- csdvrx 5y ago
  > it's likely that centralised exchanges will continue to be cheaper and faster Only if the action doesn't move to defi; if it does, the main advantage of centralized exchanges (being able to double as market makers) vanishes. > Their utility for speculation decreases with harsher KYC/AML/accredited investor regulation, so it doesn't make sense for them to support that. Notice how I only cited the first one (one time costs per customer) and not the other 2 :)
cinquemb 5y ago
> Long term they're toast if Defi succeeds. Agreed. > Their only place would be as fiat onramps, and that means they should be pushing for harsher KYC laws, because increasing the cost of business is the usual strategy of incumbents. I think this is a short/medium term perspective. Long term, crypto expands the existing eurodollar system (decentralized permissioned [via global banks] ledger money -> decentralized permissionless ledger money) and defi has a multitude of on chain credit origination (aka. not reliant upon off chain stablecoin flows/fiat) while friendly jurisdiction have some kind of fiat on/off ramp (and even deeper cash on/off ramps via cryto atms or "localbitcoin"-like markets). People much more researched than I on the inner workings of the eurodollar system think so as well [0]. Even now, I've seen workers for CEX's engage with DAO's of tokens that they've listed (so some CEX's are investing in their eventual demise, on top of being validators/miners of different chains). [0] https://alhambrapartners.com/2022/03/22/the-monetary-answer-undoing-the-biggest-money-mistake-of-the-past/ https://alhambrapartners.com/2022/03/22/the-monetary-answer-...

syspec 5y ago

The fees are just so nuts on crypto exchanges, Binance charges 0.1%! That means that if you buy, then sell 1 BTC (~42kUSD right now), it cost you 82 dollars for the privilege.

KennyBlanken 5y ago
The white elephant in the room is that crypto has terrible transaction efficiency. I think someone figured out that Visa or Mastercard can process around 200,000 credit card transactions for the power required to process one etherium transaction. Crypto only really works for people for whom moving a very large amount of money, that has a very high cost otherwise. You know, the kind of people who have to wash their money...
FabHK 5y ago
Right, and on Coinbase a round trip costs you 1%, or USD 420. Last time I looked (when they IPOd), Coinbase alone syphons off 0.4% of the entire crypto market cap in fees every year. Traditional equity exchanges are dreaming of margins like that.
- syspec 5y ago
  So true! I even picked Binance in my example because their relatively "low" fees, I should have noted Coinbase as an even more egregious example
- jacinabox 5y ago
  The fees for buying using credit or debit card are still 2.5% (5% round trip). I always assume that savvy users use coinbase pro by moving crypto in from other exchanges where trade fees are better; but then an exchange where you have to do that isn't exactly the full package experience.

paxys 5y ago

There is always a lot more commission to be made for an unpredictable and risky asset. The trick is really to keep the fees within the bounds of daily or even hourly volatility. If you buy $1000 worth of Bitcoin, and expect to see anywhere between $800 or $1200 in your account a little while later, you don't really care that the exchange has kept $5 out of it.

jasfi 5y ago

xwdv 5y ago
Wow automated trading, never seen this before.
1270018080 5y ago
What's the minimum karma needed so can you start reporting comments on HN?
- jasfi 5y ago
  This is a project I built myself, and is actually quite technically interesting. My comment was flagged nonetheless.
agilob 5y ago
New frontend to one of 100s repos on github?
- jasfi 5y ago
  No, this is my own work. It includes a web UI I built with my own Nexus Dev Tools (https://nexusdev.tools/ https://nexusdev.tools/) and a trading engine I wrote in Nim. I wrote the Open Source client in Python. It does utilize the Binance REST API. The objective is No Code for crypto trading.

monkeydust 5y ago

It's a nascent market, wide bid/offer spreads relative to other products, no to little regulatory overheads (for now!) and for the most part build on modern technology stack ... So yea this is not surprising, what is though is that none of the traditional exchanges or venues have yet to make a serious play. Once they do this gravy train will end.

Animats 5y ago

Most crypto exchanges are not just exchanges. They're brokers, dealers, market makers, non-bank banks, and clearing houses all in one. Regular stock exchanges are not allowed to be both exchanges and players.

akrymski 5y ago

Stock exchanges have a central limit order book. Crypto exchanges are like foreign exchange brokers at airports: they act as market makers, earning the majority of their fees from the bid/ask spread rather than some fixed comms afaik. So comparing NYSE to Coinbase revenues is apples to oranges. Coinbase is thus closer to a market maker like Citadel, both having similar revenues (7B)