Exactly! Your unwillingness to solve those challenges on the cheap, against an entrenched and well-funded leader, is what creates the "high start-up costs".
I don't think they'd be quite as hard to displace as people assume either. I've not spent very long looking at MtGox but I'm sure that all the usual tricks that real-world exchanges use to boost usage would work against MtGox as well - offering tighter spreads, lower transaction fees, encouraging market makers with incentives such as refunded fees as long as they're covering the market for a certain portion of the month, etc.
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Exactly! Your unwillingness to solve those challenges on the cheap, against an entrenched and well-funded leader, is what creates the "high start-up costs".
I don't think they'd be quite as hard to displace as people assume either. I've not spent very long looking at MtGox but I'm sure that all the usual tricks that real-world exchanges use to boost usage would work against MtGox as well - offering tighter spreads, lower transaction fees, encouraging market makers with incentives such as refunded fees as long as they're covering the market for a certain portion of the month, etc.