Ethbits possible scam

[jenifive]

Long story short EthBits is banning and deleting people from telegram and bitcointalk posts for regular questions regarding platform.
I wasnt the only one who got banned from there.

Here the messages that were deleted from their post

Okay guys!

I think you should know.

I had a little conversation with one of the EthBits devs in Telegram and at the end of it i was banned and messages was deleted from there. I wasn't rude. Just asking questions and waiting to be answered with good arguments. I didnt get one.

The questions i was asking is what could be a guarantee that your another centralized exchange wont be hacked? He assured me that he has a lot security experience and all will be fine.

So to be clear. As i understanded EthBits is a regular centralized exchange where you send your ETH (or any money) to their wallet and you trade on it. Just like Polo, Kraken and other exchanges.
Four major problems im seeing here...

1. We already have another well made exchanges goes through the fire, getting hacked (Polo) and getting stronger every time. And this would mean that if you will be trading on EthBits you are risking your money to lose. Because exchange will be fresh, without any fixes. And every new exchange is more exposed to hacks because developers dont have enough experience developering their own exchange. So there are will be exchange mistakes on which you will be paying by losing your money.

2. We dont need another centalized exchange! We need it decentralized, fast, with good ui/ux. Nothing can happen with such exchange. If it will be hacked its only will be a several addresses with lousy passwords. Nothing more.

3. If EthBits want to make a centralized exchange you dont need blockchain for that. You just regulary creating it without any blockchain crowdsales and shit. If your want money, find it somewhere else!

4. I need to warn you that to get % profit from holding with coins you should be getting a very large sum of it to get something significant. Great example is VDice. They are too giving share % every month to coin holders. But this share is so small that you wont notice it at all. So there will no reason to holding EthBits coins. The only reason to buying coins is to get EthBits dev rich and comfortable. The only guys that will be getting profit from EthBits is developers. Because your gave them a large sum of money.

The great example of how you start a regular exchange is liqui.io.
They somehow managed to not asking for crowdsale money to start exchange. They did that without it.

So i dont see any reason why you should invest in it. Only maybe for quick buy on crowdsale and probable profit dump on trading start. Nothing more.

And one more thing. If the founders can't endure harsh questions without being rude and banning people for it than i would avoid such project at any cost. Very scammy behavior right here.

Another messages that got deleted

Be aware of EthBits guys!

They closed their previous post because there was a lot of negative aspect regarding project.

And also they are using bought bitcointalk account.

https://bitcointalk.org/index.php?topic=1834042.msg18420958#msg18420958

jenifive, you can fud around right after it gets listed on the exchange. there would be no use of that comments as for now. nothing has yet stolen.  
meanwhile its verified they were on coinfest



saw the photos on https://goo.gl/photos/yeiv7b2JYt2GMm4x9 shared by a user here in the forum.

I would only be glad if EthBits is become legit project but their behaviour to people questions and concernes and bans and message deleting give me reason to avoid investing in such project at all costs. Which I want to warn everyone about that.

jesus christ. you can't wait til the ico is over. what would you guys like to do stop the ico? it already had started. if its going to stop, it will take time before the refunds be processed. my suggestion is to create your own unmoderated thread on ethbits, ain't that hard to do?

I aint got a problem about ico. I got problem that someone deleting my messages without explanations and answers to it.

Their original forum post

https://bitcointalk.org/index.php?topic=1852294.200

I wouldn't trust to them. Dudes cant't even hadle a simple quesions and choose to ban people. I wouldn't dare to give money to them or trading on their exchange.








The same happen with ahother guys






Update:

EthBits devs continue deleting my messages from their post without any explanation on why they are doing it.



As i predicted i was banned from their subreddit

http://imgur.com/VqoH5Pc

for posting this
http://imgur.com/a/HWcjv

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[Lauda]

I've been suspicious of the project ever since I've seen it. I've been inclined to give them a negative rating for a while now. They also employed an unstable blackmailer as their campaign manager.
I'd like to see more examples of reasonable questions regarding the project being completely censored.

[Coinonomous]

I've been suspicious of the project ever since I've seen it. I've been inclined to give them a negative rating for a while now. They also employed an unstable blackmailer as their campaign manager.
I'd like to see more examples of reasonable questions regarding the project being completely censored.

http://archive.is/V37ZY

my posts keep getting deleted as well - I have added another negs with archive.is link to ethbits user profile.

[jenifive]

I've been suspicious of the project ever since I've seen it. I've been inclined to give them a negative rating for a while now. They also employed an unstable blackmailer as their campaign manager.
I'd like to see more examples of reasonable questions regarding the project being completely censored.

The questions and answers were.

1. Me: What are the reasons of why you are making a centralized exchange on blockchain?
    EthBits dev from telegarm: Starting a new exchange is very costly. We need money for it. (I assure you that was the answer!)

2. Me: What will be the guarantee that your exchange cold storage where people traders will put money wont get hacked.
    EthBits dev from telegarm: I (he uses I statement so i think it was one of the major founders) have a lot of security experience so EthBits exchange wont get hacked ever.

3. Me: But you cant guarantee that. Especially on new fresh exchange where not everything is properly programmed.
    EthBits dev from telegarm: Yes, i can't guarantee that. All can be possible.

4. Me: So you are trying to make a centralized exchange like Polo on investors money and there is no reason why you should be developing it on blockchain because the percenatage profit from holding coins will be so small that inverstors won't notice it? Like Vdice making a profit % payment every month to a coin holders and this % is very small to the point where there is no reason of it?
  EthBits dev from telegarm: You look like troll to me ................. banned


I can't give you screenshots of this conversation because deleting of me and my messages on telegram happen very fast i didnt managed to do something.

[Lauda]

2. Me: What will be the guarantee that your exchange cold storage where people traders will put money wont get hacked.
    EthBits dev from telegarm: I (he uses I statement so i think it was one of the major founders) have a lot of security experience so EthBits exchange wont get hacked ever.

3. Me: But you cant guarantee that. Especially on new fresh exchange where not everything is properly programmed.
    EthBits dev from telegarm: Yes, i can't guarantee that. All can be possible.

If you had a screenshot of this, I'd tag them right away. It seems that the people behind the projects are either immature kids or just outright idiots/liars. "Won't get hacked ever".
I'll give it some more thought before proceeding.

[Gleb Gamow]

I've been suspicious of the project ever since I've seen it. I've been inclined to give them a negative rating for a while now. They also employed an unstable blackmailer as their campaign manager.
I'd like to see more examples of reasonable questions regarding the project being completely censored.

http://archive.is/V37ZY

my posts keep getting deleted as well - I have added another negs with archive.is link to ethbits user profile.

Yep, I remember Black Arrow employed a script to automatically delete posts of users posting on their venerable thread sounding alarms. Alex Sovu was exposed from day one and folks still sent that fucker millions.

[jenifive]

2. Me: What will be the guarantee that your exchange cold storage where people traders will put money wont get hacked.
    EthBits dev from telegarm: I (he uses I statement so i think it was one of the major founders) have a lot of security experience so EthBits exchange wont get hacked ever.

3. Me: But you cant guarantee that. Especially on new fresh exchange where not everything is properly programmed.
    EthBits dev from telegarm: Yes, i can't guarantee that. All can be possible.

If you had a screenshot of this, I'd tag them right away. It seems that the people behind the projects are either immature kids or just outright idiots/liars. "Won't get hacked ever".
I'll give it some more thought before proceeding.

Lets see how he will answer to this questions

https://bitcointalk.org/index.php?topic=1852294.msg18677484#msg18677484

[aioc]

Used to be a participants in their signature campaign and even agree that they create a moderated thread but after seeing people posting about the immaturity of the devs of not addressing those legit questions I left and did not bother that I have been a participant for two weeks .

[Lauda]

Lets see how he will answer to this questions

https://bitcointalk.org/index.php?topic=1852294.msg18677484#msg18677484

There are 2 types of hacking: hacking the entire network (for example - find and use bugs in blockchain) and exchange platform bugs and erros.
For the first type - It will be not only Ethbits users problems, it will be a global catastrophe for each crypto users and exchanches.

This is complete nonsense. If they implement bugs whilst developing coins, and said bugs get exploited, in no way does that affect any other cryptocurrency.

For the second type - My team is developing 100% secure and successful high-load projects for customers.

There is no such thing as 100% secure. This is either being developed by amateurs or by scam artists.
This has too many red flags. I've left a negative rating and suggest that others do the same (@Gleb).

[onemanatatime]

I agree this project has many red flags. First of all it's like they don't bother at all with the name of the token, and the platforms; seriously? ETHBits, and iTrade?

Also spoke to a team representative, seems like they don't know what they're doing. Proposing a social trading platform to be completed by late 2018 with no MVP in sight, and no way to explain what the social trading site is other than it is their own exchange.

They also seem to have no consideration for feedback from experts or the community. Staying far away.

[mescalito]

Just reading the WP revealed they're quite clueless, it's full of general empty words, almost no technical details

[judeafante]

unfortunately some people are still promoting them,they want to continue with their so called lots of projects,this ethbits investors should look at scam sections,because the thread is moderated and they want full control on what are  going to show in their threads it's right that we give them red tag.

[Termin4tor]

Hmm this is quite an eye opening situation to many investors and promoters out there. I dont know much about this ICO but I suggest everyone to take note of things like these before investing.

[Coinonomous]

Hmm this is quite an eye opening situation to many investors and promoters out there. I dont know much about this ICO but I suggest everyone to take note of things like these before investing.

Scam?? 

https://bitcointalk.org/index.php?topic=1852294.msg19131629#msg19131629