Sorry We are Closed

[serjent05]

It seems the mistake they made last January create a heavy toll on them.  I think this plays a major reason why they are closing.

(from the article)

Coinnest also lost $5 million in a mistaken airdrop this January. The firm revealed at the time that bitcoin and other cryptocurrencies were sent to customers due to a computer error. The exchange had been trying to distribute We Game Tokens (WGT) when the incident occurred.

my questions is, does we still need more exchange in this industry ?

Monopoly is a bad thing.  I believe competition is better so that exchanges can give their best for the customer.  We need more exchanges that gives new ideas and better service than existing one.

[florac9]

Well I'm sure that in the future we will see many more exchanges that will close down due to one reason or the other and we will keep seeing many more newer exchanges as well but where I'm confused  is why do we need this much exchanges?its way too many

[Dart18]

Competition is good but too much is not.

It ends up just like your example being bankrupt or another reason just so they could get out with their profits.
Better go with the trusted ones. But, although they are one of the top better to secure everything. Do not stay in an exchange for a long time.
Make it a hobby to put it back at your cold wallet as much as you can when you are not trading.

[judyrob]

A Korean exchange closes to create a new exchange that has better and more developed services. This will not make another exchange to follow in his footsteps if he has the right service to the customer. Every exchange has a service and the customer will feel satisfied, the exchange will give a more positive impression.

[Mrsparks]

Cryptocurrency exchange Coinnest, once South Korea’s third largest exchange, is closing down.
you can read more here : https://www.coindesk.com/south-korean-crypto-exchange-coinnest-announces-closure

but, at this moment i see a lot of crypto exchange project born in this industry
my questions is, does we still need more exchange in this industry ?
thank you

Exactly my point.. Too many exchange little adoption.. We can't have the same people trading on the all exchange over and over again.. If new traders and users of cryptocurrencies do not emerge we will be seeing a lot more closure of exchanges soon..

[shimbark123]

but, at this moment i see a lot of crypto exchange project born in this industry
my questions is, does we still need more exchange in this industry ?
thank you

Competition in business is a very healthy scenario in business ventures. It makes other people look for other services that offers another high quality of service. My answer is yes. If that is the need of having a mass adoption in the world then more exchange go.

[aprilnot]

Cryptocurrency exchange Coinnest, once South Korea’s third largest exchange, is closing down.
you can read more here : https://www.coindesk.com/south-korean-crypto-exchange-coinnest-announces-closure

but, at this moment i see a lot of crypto exchange project born in this industry
my questions is, does we still need more exchange in this industry ?
thank you

more and more new tokens are released, making the exchange needs increase. the old exchange average doesn't want to list new coins. but if too much exchange is not good, the trading volume will be divided as well, making coins difficult to develop. I think adding a new 1 or 2 exchange is still pretty good at the moment.

[Mrsparks]

A Korean exchange closes to create a new exchange that has better and more developed services. This will not make another exchange to follow in his footsteps if he has the right service to the customer. Every exchange has a service and the customer will feel satisfied, the exchange will give a more positive impression.

In my opinion this is just an ambitious move to start afresh.. Raise huge sum from another initial coin offering and lastly exit scam. Unfortunately for the perpetrators the crypto space is wiser now. ..

[xenomorphe1]

I think, we need more exchanges as the current exchanges are too well implanted and it is too expensive to list coins on some exchanges. Some more competitors is not bad to make them evoluate.

[coinporch]

The more exchanges I think the better. So that new coins can have a great opportunity to enter on every exchange. With the Stock Exchange closed, of course, open opportunities for other exchanges to increase trading volume.

maybe more exchange will be better,, but look at the case above
why the exchange closed is because of low trading volume my friend
and if a lot of exchange born, wich mean a lot of volume on trading activity will be splited my friend
and some exchange will get more volume, but the other ones will get less volume

[Doging]

Cryptocurrency exchange Coinnest, once South Korea’s third largest exchange, is closing down.
you can read more here : https://www.coindesk.com/south-korean-crypto-exchange-coinnest-announces-closure

but, at this moment i see a lot of crypto exchange project born in this industry
my questions is, does we still need more exchange in this industry ?
thank you

Unfortunately, a large number does not give us high quality. There are a lot of exchanges, but at the same time few of them can boast good results. Competition is needed, but not really a lot of good exchanges. I think that with the introduction of regulation, the situation will change for the better.

[zenhu]

Monopoly is a bad thing.  I believe competition is better so that exchanges can give their best for the customer.  We need more exchanges that gives new ideas and better service than existing one.

Sure you're right, monopoly is bad. but do we really need that much exchange after all? If we want better service that exchanges should improve their service, cause that what us the customer will. And if there will be more exchanges I prefer the one that not requires full KYC just for small trade.

[sctunter]

south korean maybe have many competitor exchange there

more exchange look good for circulation coin/money crypto. so we have many varian price here. we can do arbitrase

[angel55]

We already have too many exchanges anyways and a lot of them got caught faking volume.  AT least they didn't go and steal customers funds this time.

[Blowon]

We already have too many exchanges anyways and a lot of them got caught faking volume.  AT least they didn't go and steal customers funds this time.

So what's the matter for you if there's tons of market? Those market was help trade to easily on trading. and make more people be interested in world crypto, does it good?

[kiwoh123]

i think we dont need more exchange at this time, because i've seen many shit exchanges with low volumes or shit exchange with fake volumes and trading bots.
everyone just want to list their coin in big exchange.

[masterrex]

Cryptocurrency exchange Coinnest, once South Korea’s third largest exchange, is closing down.
you can read more here : https://www.coindesk.com/south-korean-crypto-exchange-coinnest-announces-closure

but, at this moment i see a lot of crypto exchange project born in this industry
my questions is, does we still need more exchange in this industry ?
thank you

Competition is good in any industry to prevent monopoly. But if we look at the present situation in crypto industry i think its not good at this moment to create more exchange platform since the trading volume was not that huge at these particular period.

[Bitcoin_Arena]

Having more exchanges is very advantageous. The only downside on the investors' side is in between the so many exchanges, there is a high chance of bumping onto scam exchanges too.
I did make a list of advantages in some post back then

BENEFITS

Investors
- Lower trading fees
- Wider choice of exchanges to choose from
- Tokens invested in are listed much quicker
- Improved customer support due to competition for traders
- More trade competitons

ICO holders
- Lower listing fees
- Quicker listing and launching of project tokens

The disadvantage is on the exchange side where they will be in so much competition meaning lesser traders and probably some of them will fail in the due process

[Mpamaegbu]

Cryptocurrency exchange Coinnest, once South Korea’s third largest exchange, is closing down.
you can read more here : https://www.coindesk.com/south-korean-crypto-exchange-coinnest-announces-closure

but, at this moment i see a lot of crypto exchange project born in this industry
my questions is, does we still need more exchange in this industry ?
thank you

That won't be the last exchange to shut down, believe me. Many more will follow. But the irony of it is that while some are shutting down, new ones will he established. Novaexchange also closed down. Remember, at a point Poloniex was a leading exchange, together with Bittrex. In fact, Poloniex was my first exchange. Sadly, I haven't traded on that exchange for almost a year now. Again, I think the current number of exchanges now aren't too many. We still need more to be opened so that competition to the benefit of customers will increase.

[Adriano2010]

I also not hear about it. I think we have enough exchange and there are some which are good, i hope exchange will close and people will can withdraw money from them which is ok and not an exit scam.