The fees are charged for both the seller and the buyer (average 0.2% per side of every trade based on my research) so you need to double it. Nevertheless, they are making a ton of money on a daily basis, even if it is lower than what I said above, it's still at least 1 million USD. Does that look like change to you?
Let's be honest here for a second. They are producing software. It's not like they need factories and thousands of people and paying for materials etc. Software. Comes out of developers minds through computers. How much overhead would you need to produce high quality software? With one million USD on their hands on a daily basis they can get the brightest minds in the friggin world to create their software and develop the technology. The problem is they don't. And that's shitting on your customers.
I agree that maybe even half that money goes on insurances, servers, security, legal stuff etc. but you're still left with a crapton of money so there's no excuse.
Also, on a side note as you clearly don't know what dealing with customers is, what Customer Experience is. Being there for your customers alleviates their concerns, even if there are issues, even if the technology is not where is should be, being there and communicating transparently with your customers is key to retain them and continue to cash in that daily million.
a sell and a buy from two people counts as two trades not one. One sell and one buy, that's simple.
The thing is while you're in the middle of crisis you cannot just look for brightest talent, you just have to cop up with what you got. Maybe they can do better but it's not as simple as you think, they are under huge pressure and I believe they did a great job during last days of huge pump of XRP.
Yes customer service is important but that's not my argument here. They can simply do better but not every company is perfect. All I'm saying is that they don't deserve the critiques they are receiving. They are a revolutionary company and bringing a lot of value to the community. I don't care if they don't send me hi or anything like that.
Their volume is clearly showing they are popular and they have something great on their hands. Is anyone denying that?
Let's also make a difference between poor, good and great companies. Good companies don't see the ways out while great companies benefit from sinkholes and rise higher than they were before. Polo has failed here. Their crisis is around for a long time. What stops the average user from thinking that if Polo wasn't able to take care of their scalability, how can I trust them on the security side? Or on the fairness side?
There's exodus from POlo everywhere I look.
Your quotes:
You can't separate them. Polo is offering a service. All Polo users are customers. Tech and CX need to work hand in hand.
Wrong. This is the most important time where you should acknowledge your limitations and accept where you can't raise the bar to meet the expectations. This is the most important moment to look for help from specialists. Especially when you have the means to do it (brand and finances). If you fail here, you fail bad and have no future. Relying only on what you got is a mistake.
There is no excuse in my books for what is happening with Polo.