Its all about liquidity isn't it? I'm really excited to see how many developers from fruitless alt-coin projects transition to exchange development and become true market makers. Double edged sword... many will be centralized...
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It's def all abt liquidity. Bitshares will pwn if the liquidity comes. Now........how do we make that happen? I think the recently lowering of the platform commission costs will help, but the interface is still shit and it's too confusing how to fund ur BTS account with other coins (Steem, SBDs, Dash, ETH, Bitcoin, etc)
User Interface will be key to the success of exchanges and wallets. Crypto currency was a hard sell to the masses, largely because it was difficult to understand the core concept of a blockchain and public ledger. However, the value and momentum is causing the not-so-savvy to invest... with struggles. Coinbase has the easiest user interface I've seen which allows them to charge a premium on commissions for ease of use. Existing or new exchanges will need to put ease of use at the forefront of their value proposition (on par with security) to gain new users and market share.