Let's talk about exchanges, this thing is like a god in the cryptocurrency circle, standing at the top of the harvesting chain. The income structure is simple: transaction fees, coin listing fees (of course, they don't charge them verbally), profits from contract liquidation, inheritance from "dead users" who forget their account passwords, and income from "moderate control" of self operated stocks. You think you're trading, but in fact you're giving money. First, let's talk about the industry secret of "listing fees". Do you ask if the exchange charges a deposit fee? Of course not, they all wrote it clearly: 'Our platform does not charge coin listing fees, we support high-quality projects'. Then he turned around and inserted a "margin" into the contract, which was deducted if it did not meet the standard. In name, it was to protect the interests of investors, but in reality, it was rarely used to compensate users. The ultimate destination for this' margin 'is very simple - it goes into the platform's pocket. If the project becomes popular and the currency price can be maintained, the project party can redeem the deposit in installments, and the platform will rely on transaction fees to reap profits; If the coin keeps falling, then I'm sorry, this money will become a "curse fee" - the platform knows it's going to be criticized, can't it be criticized for nothing? At this point, it's up to them to bring in a few KOLs to set the pace, control public opinion, and maintain stability. The core strategy of the platform has only two words: attracting new customers. Users are consumables, constantly evolving. During a bull market, pull one batch, and during a bear market, wash another batch. Anyone who comes in has to pay tuition fees. There are many profit sharing platforms on social media, but very few are explosive. However, the reality is that most counterfeit players have lost their bottom line in this wave. As for counterfeit contracts? That's also a VIP passage in the slaughterhouse, whoever enters knows. Exchanges are not vegetarians either. Top platforms have natural advantages: brand, liquidity, depth... the strong always remain strong. Even if second tier platforms offer rebates of up to 80%, they cannot attract real "big players". Big money likes a sense of security, but they also worry every day about the platform "accidentally running away" or "being stolen". Unfortunately, the insurance claims in the cryptocurrency industry seem more like a placebo, and the upper limit of compensation when something really happens is just for fun. So the platform always emphasizes "financial security" on its lips, even if it has already stepped out of the threshold and is ready to run away, it still remembers to emphasize one last sentence: "Please rest assured. Speaking of currency. Story coins such as altcoins and MEME coins are known to be unreliable in the long run. But why do exchanges keep going wave after wave? It's very simple, just a Bitcoin exchange, there's basically no way out. If you want traffic and activity, you have to cater to users. If users love dreams, the platform will help them create dreams. The result is that newcomers feel that Bitcoin is too expensive and "it's better to buy a 0.01 altcoin to take a gamble". They get caught up in a stalemate and start using leverage to recover their capital, then liquidate their positions and recharge their money. Finally, they learn from their mistakes and say, "BTC is still the most stable". So began the awakening path of "only playing Bitcoin, not touching knockoffs and contracts" - this process is called "graduation" in the cryptocurrency industry. But do you think the exchange doesn't understand these? They understand too well. After all, many knockoff projects were originally invested by them, and they know better than anyone what is in those projects' underwear. They certainly know that too many knockoffs will cause financial losses, but it doesn't affect their ability to continue going online. You bleed, they bleed back. The cryptocurrency industry may seem to talk about emotions and ideals, but in reality, most of it is about business. Binance was founded in 2017, and its founder was an OKCoin executive in 2014. Do you understand the risks of counterfeit currencies? Of course I understand. They just know better how to maximize their own interests. As for whether you lost or not, it's your own bad luck. Don't blame the exchange, the platform said, we are just a neutral matchmaking tool.