A Foot in Finance and How Spiking Makes a Difference
As it is when it comes to the trading of stocks, bonds and mutual funds, those privy to first hand info will definitely have an edge over the average joe.
Similarly, this seems to be a perennial issue in the crypto sphere, where gripes about how the whales are the ones manipulating the prices of crypto abound with a fervour. Cryptocurrency was born out of the desire for there to be a more decentralised ecosystem — no one institution can have absolute control of the flow of money in an economy. Yet, it appears that the advent of cryptocurrency is unable to truly overthrow such an archaic way of society as large institutions or people occupying the upper echelons of society or those with insider knowledge would always have first dibs on an advantageous price. This in itself, already significantly questions how purposeful then, is the existence of crypto.
This is when Spiking comes in. Spiking aims to flatten the societal hierarchy by creating a fairer ecosystem and they may have concocted the right solution to existing pain points of the average joes. Spiking has this crystal clear and forward-looking vision of empowering traders in the highly volatile and unregulated world of crypto by enabling them to mirror the trades of the whales (cryptocurrency founders, miners or anyone who have the key information before it is made public).
To put it simply, think about how in order to improve the grades of students, teachers will provide the model answers of the better students (A, which is akin to the whales) in the hopes that the weaker students can understand the train of thought of A and achieve good results (execution of better and profitable trades). By leveraging directly on the expertise of the whales, traders would also feel more comfortable with their trades given that it is not unchartered path they are treading on, thus, significantly minimizing their risk exposure.
Hold on a second. Is such a “utopia” ecosystem even conceivable when humans are innately selfish beings? Is there a catch behind it?
Not to worry, for Spiking to even come up with such a concept and convey it to the masses out there would mean that significant amount of brain juices would have been squeezed. In order to facilitate such a process, Spiking has come out with a well-thought rewards model.
For Whales to be incentivised or even have a reason to be part of this “Edenic” ecosystem, we can look at it in 2 ways. According to the Maslow’s Hierarchy of Needs, tangible rewards (eg. Monetary benefits) is an aspect which humans value, followed by the need to have a sense of accomplishment.
Firstly, the whales are very much well-compensated. Out of all the earnings, a sizeable amount of 21% would be given to them. Thus, the whales would be incentivised to ensure that they capture a good trade so that they can increase their earnings.
Secondly, this platform allows the Whales to have a sense of accomplishment. When a follower sends rewards to the Whales, the whale would feel empowered that their “expertise” is valued. When the Whale’s followers start increasing in numbers, it is an innate instinct to want to uphold their positive image. Therefore, the Whales would exercise a good trade and in the process of doing so, reward his followers directly.
All in all, both parties stand to benefit from this model. Just as the name of the platform itself suggests, may readers find new spikes in their ways of trade.
By Khoo Chu Yi, Economics Student at SIM Global Education
Drawing from its successful and rich experience in the stock market since 2016, Spiking is expanding to cryptocurrency trading! With its unique and powerful trading tool and its AI robot Robobull, Spiking enables traders to easily find whales and mirror the trades automatically. At Spiking, we strive to help traders make better decisions and take the steps toward fulfilling their dreams of achieving financial freedom. Check out Spiking App, Top Grossing Finance App at App Store & Google Play.
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