Bithumb gives new foreign users 20 bucks.

[coinbitbit]

So all non-korean members with a trade volume of over 20K USD get a free 20k in Bithumb Cash, sweet.

[gentlemand]

Would you choose to trust an exchange where Bitcoin Gold has 15x the volume of Bitcoin against KRW? I presume there's a reason or incentive for that. It still won't be a compelling one.

[jillianxxx]

It's actually not 20 dollars, more like 18 but not bad at all.

[not2good]

I think the asian exchanges are taking an aggressive approach to bringin foreign users.

[buwaytress]

Bithumb Cash worth $20? No, I mean $19... er, $17.50 now?

This is the same exchange that a few months back blatantly encouraged wash trading with its "airdrop" of its own coin, this looks basically like the same thing, wash trade $20k (So that's what, 0.5 BTC back and forth 10 times?) and get "free money". Just a marketing ploy to create false volume, they'll earn back a bit from commissions and of course from unsuspecting new users who see Bithumb high up on the charts.

[milewilda]

Bithumb Cash worth $20? No, I mean $19... er, $17.50 now?

This is the same exchange that a few months back blatantly encouraged wash trading with its "airdrop" of its own coin, this looks basically like the same thing, wash trade $20k (So that's what, 0.5 BTC back and forth 10 times?) and get "free money". Just a marketing ploy to create false volume, they'll earn back a bit from commissions and of course from unsuspecting new users who see Bithumb high up on the charts.

Of all the years we do know already how these exchangers do give out these kind of free money just for the sake on increasing volume to look more appealing.We already know on how they do play out but there are still
people who would just dive in for the sake of $20 free money.

[1Referee]

I honestly dislike everything about the Asian exchanges because of their nasty roadmaps. They don't give a single fuck about crypto. The only thing they care about is handing over bonuses for pumping X coin today and Y coin tomorrow. Seriously, $20 is worth letting yourself be used as their cash slaves?

The main purpose of these "free money" promotions is that they hope at least a small percentage of the users continue to use that exchange. The worst thing is that those who end up using that exchange more often face the risks of having a foreign non compliant exchange steal your funds. They'll tell you to submit documents and whatnot to unlock your funds, but they'll keep rejecting everything till you give up on your funds and walk away.

No thank you.

[BitHodler]

Would you choose to trust an exchange where Bitcoin Gold has 15x the volume of Bitcoin against KRW? I presume there's a reason or incentive for that. It still won't be a compelling one.

If you think that's insane already, then you have to keep an eye on that shithole more often, because certain pairs end up generating 50-100x the volume of their Bitcoin fiat pair, which is nuts.

The incentive is that Bithumb has programs running for existing users to wash trade shitcoins in return for whatever token at no cost, which explains why the volumes are so outrageously high.

We already know on how they do play out but there are still
people who would just dive in for the sake of $20 free money.

People here complete tasks for $0.50-$1 so I'm pretty confident that there will be enough demand for this $20 'deal'. It will probably result in users creating multiple accounts for the sake of scooping up free money....

[magneto]

Bithumb Cash worth $20? No, I mean $19... er, $17.50 now?

This is the same exchange that a few months back blatantly encouraged wash trading with its "airdrop" of its own coin, this looks basically like the same thing, wash trade $20k (So that's what, 0.5 BTC back and forth 10 times?) and get "free money". Just a marketing ploy to create false volume, they'll earn back a bit from commissions and of course from unsuspecting new users who see Bithumb high up on the charts.

I think this sums it up perfectly.

You're essentially being incentivised to trade on an exchange which has allegations of fake volume just recently, as well as potential manipulation within the exchange.

Not only do you not have any point in doing so given that you are most likely going to be paying higher commissions than what you are receiving, you are also probably handing over your identification documents to an entity overseas which you don't necessarily have any knowledge of. Also, there is always a risk that they may freeze your funds while they are deposited, and since they are operating from another country, there is pretty much no legal recourse that can be taken.

Given all of these factors above combined, I would not take up their offer, even though on the surface it may look like it's "free money".