About Coinsbit Exchange.

[keyscore44]

Personally, I totally don't trust this exchange and I won't deposit there even 1 satoshi. It is possible that there are no issues with deposits and withdrawals, but for sure this exchange is full of bots and in my opinion a very large majority of volume is fake. If you want to use it for a single transaction, it probably won't be a problem, but if you want to trade there, I strongly advise against it.

[BitHodler]

It is possible that there are no issues with deposits and withdrawals, but for sure this exchange is full of bots and in my opinion a very large majority of volume is fake.

The problem with exchanges faking volumes is that they very likely have very low actual coin reserves, which means that whenever someone withdraws a decent chunk of coins, chances are that you can't withdraw at all.

What these exchanges do is block your account and ask you to submit all sorts of documents they keep rejecting until they have enough to allow you to withdraw your funds. It's one big shitshow that people shouldn't bother with.

[rmhuntley]

Absolutely no reason to use their platform. There are safer alternatives such as Bittrex and Binance. You can take a look at JollyGood's threads[1][2] for more details.

[1] https://bitcointalk.org/index.php?topic=5192497.0
[2] https://bitcointalk.org/index.php?topic=5190706.0

It's a very valid Infonya, I agree there are many more better exchanges like Binance, Bittrex, Coinbase, and others Perfect for crypto-exchange investments. People are tempted by coinsbit because there is a CNB Airdrop event, thus becoming confident with the exchange. Many issues circulate about fraud on the exchange.

[keyscore44]

It is possible that there are no issues with deposits and withdrawals, but for sure this exchange is full of bots and in my opinion a very large majority of volume is fake.

The problem with exchanges faking volumes is that they very likely have very low actual coin reserves, which means that whenever someone withdraws a decent chunk of coins, chances are that you can't withdraw at all.

What these exchanges do is block your account and ask you to submit all sorts of documents they keep rejecting until they have enough to allow you to withdraw your funds. It's one big shitshow that people shouldn't bother with.

I have no evidence that this exchange is doing this, but I am watching tokens listed there and I'm 100% sure that their prices are manipulated. It would also not be a surprise for me if Coinsbit, due to lack of funds, did tricks with blocking withdrawals under the excuse of verifying the authenticity.
As I wrote before, I totally don't trust this exchange.

[LouVandetta]

I've been wondering the same thing.
I've never used it before, but from cmc it has quite a good daily volume there. But since I have a far better exchanges to use, I keep ignoring coinsbit. When I checked their market. It seemed kinda odd, looks like a price manipulation. Perhaps that's the reason why they have such volume. And full of bots. It's on my ignore list for now. Avoid using them would be better.

[its-a-me-mario]

Alright moving past the fact that this post is an obvious not-so-subtle advertisement for Coinsbit...

Everyone makes the mistake of using a smaller exchange, and everyone eventually gets burned. Hacks, exit scams, liquidity problems, you name it. Don't trust your money with small unknown exchanges.

Personally, I stick to exchanges that:

• are based in the US
• are registered with FinCEN as an MSB
• don't report fake volume
• have a long-running history of being reputable (or at least have never gone  down or experienced a noteworthy security issue)

Being registered as an MSB is huge. It not only shows they're serious about being compliant w/regulatory concerns, but MSBs are required to do a lot of practices that help protect consumers and prevent money laundering and other nonsense.

We've all seen the Bitwise report on fake volume by now. Don't trust your money with an exchange that is gaming its own order books, you're the pawn who loses in this game. You can see the list of exchanges that don't game their order books here https://www.bitcointradevolume.com/.

So really if you're in the US your only reliable options (IMO) are:

• Coinbase
• Coinbase Pro
• Gemini
• Kraken
• Bittrex
• ItBit
• Bitflyer
• Binance US

[81AleksandrKra]

Alright moving past the fact that this post is an obvious not-so-subtle advertisement for Coinsbit...

Everyone makes the mistake of using a smaller exchange, and everyone eventually gets burned. Hacks, exit scams, liquidity problems, you name it. Don't trust your money with small unknown exchanges.

Personally, I stick to exchanges that:

• are based in the US
• are registered with FinCEN as an MSB
• don't report fake volume
• have a long-running history of being reputable (or at least have never gone  down or experienced a noteworthy security issue)

Being registered as an MSB is huge. It not only shows they're serious about being compliant w/regulatory concerns, but MSBs are required to do a lot of practices that help protect consumers and prevent money laundering and other nonsense.

We've all seen the Bitwise report on fake volume by now. Don't trust your money with an exchange that is gaming its own order books, you're the pawn who loses in this game. You can see the list of exchanges that don't game their order books here https://www.bitcointradevolume.com/.

So really if you're in the US your only reliable options (IMO) are:

• Coinbase
• Coinbase Pro
• Gemini
• Kraken
• Bittrex
• ItBit
• Bitflyer
• Binance US

On the one hand, you speak correctly. Using small exchanges is fraught with risks. But on the other hand, we remember stories about such exchanges as MtGox, BTC-e ... Therefore, there is no reason to believe Binance and not to believe Coinsbit.

[its-a-me-mario]

Alright moving past the fact that this post is an obvious not-so-subtle advertisement for Coinsbit...

Everyone makes the mistake of using a smaller exchange, and everyone eventually gets burned. Hacks, exit scams, liquidity problems, you name it. Don't trust your money with small unknown exchanges.

Personally, I stick to exchanges that:

• are based in the US
• are registered with FinCEN as an MSB
• don't report fake volume
• have a long-running history of being reputable (or at least have never gone  down or experienced a noteworthy security issue)

Being registered as an MSB is huge. It not only shows they're serious about being compliant w/regulatory concerns, but MSBs are required to do a lot of practices that help protect consumers and prevent money laundering and other nonsense.

We've all seen the Bitwise report on fake volume by now. Don't trust your money with an exchange that is gaming its own order books, you're the pawn who loses in this game. You can see the list of exchanges that don't game their order books here https://www.bitcointradevolume.com/.

So really if you're in the US your only reliable options (IMO) are:

• Coinbase
• Coinbase Pro
• Gemini
• Kraken
• Bittrex
• ItBit
• Bitflyer
• Binance US

On the one hand, you speak correctly. Using small exchanges is fraught with risks. But on the other hand, we remember stories about such exchanges as MtGox, BTC-e ... Therefore, there is no reason to believe Binance and not to believe Coinsbit.

Mt Gox was run by a guy who had no history of running any sort of exchange or fintech company. Binance's CZ was former CTO of OKCoin, there is absolutely no comparison here.

[ololajulo]

why will anyone choose to find out about an exchange with no proved credibility? Are they offering any cheap coin? except they listed a coin you are interested in or invested, if not choose the accredited exchange to avoid worry.

[Casdinyard]

why will anyone choose to find out about an exchange with no proved credibility? Are they offering any cheap coin? except they listed a coin you are interested in or invested, if not choose the accredited exchange to avoid worry.

OP is more likely doing a survey for coinsbit and just taking to look the chances if there's still some use coinsbit.
Anyway, not familiar with coinsbit and don't have any plans to use it even it's on the top 50 on CMC and besides CMC had losing their credibility. I'm better sticking on binance and bittrex than taking my dose of pills.

[81AleksandrKra]

Mt Gox was run by a guy who had no history of running any sort of exchange or fintech company. Binance's CZ was former CTO of OKCoin, there is absolutely no comparison here.

You're right. But I just wanted to say that there are chances to lose money both when using small exchanges and when using large and popular exchanges. History knows enough of these examples.

[Nannden]

OP is more likely doing a survey for coinsbit and just taking to look the chances if there's still some use coinsbit.
Anyway, not familiar with coinsbit and don't have any plans to use it even it's on the top 50 on CMC and besides CMC had losing their credibility. I'm better sticking on binance and bittrex than taking my dose of pills.

Binance and Bittrex also once were young and unknown exchanges. And surely they were also written about them, why is Binance needed if there is a Mt.Gox )))

[Zahmere]

Binance and Bittrex also once were young and unknown exchanges. And surely they were also written about them, why is Binance needed if there is a Mt.Gox )))

Of course, comparing Coinsbit and Binance is not entirely correct. These exchanges are in different weight categories (if we speak the language of boxing). But I agree that the Coinsbit prospects are very good!

[keyscore44]

Mt Gox was run by a guy who had no history of running any sort of exchange or fintech company. Binance's CZ was former CTO of OKCoin, there is absolutely no comparison here.

You're right. But I just wanted to say that there are chances to lose money both when using small exchanges and when using large and popular exchanges. History knows enough of these examples.

Of course you shouldn't keep funds on any online wallet. However, when it comes to one transaction, exchanges are necessary because not everyone has the option of F2F transactions. Of course, then it is better to choose the larger and more well-known exchange, but it is also often the case that the less-known coins are listed only on little exchanges. Unfortunately, then we have to take this risk. The risk is on every exchange, but certainly on bigger exchange is smaller. In this case it looks like someone is forced to use Coinsbit and just want to know opinion of other users.

[adidasler444]

Of course you shouldn't keep funds on any online wallet. However, when it comes to one transaction, exchanges are necessary because not everyone has the option of F2F transactions. Of course, then it is better to choose the larger and more well-known exchange, but it is also often the case that the less-known coins are listed only on little exchanges. Unfortunately, then we have to take this risk. The risk is on every exchange, but certainly on bigger exchange is smaller. In this case it looks like someone is forced to use Coinsbit and just want to know opinion of other users.

Of course, large exchanges have more liquidity and seem more secure. But it is not always the case. We know that volumes of trades are bloated on almost all exchanges. This is often done not by exchanges themselves, but by projects using trading bots.
Plus, such exchanges as Cloinsbit that they feature many young crypto projects that do not have the opportunity to get on top exchanges like Binance and Huobi.

[keyscore44]

Of course, large exchanges have more liquidity and seem more secure. But it is not always the case. We know that volumes of trades are bloated on almost all exchanges. This is often done not by exchanges themselves, but by projects using trading bots.
Plus, such exchanges as Cloinsbit that they feature many young crypto projects that do not have the opportunity to get on top exchanges like Binance and Huobi.

Many traders use trading bots ... many teams of various projects use their own trading bots ... why are all statements about bloated volumes directed only to exchanges? exchanges may have nothing to do with this.

There is a little difference between trading bot and exchange bot. I myself led to the fact that I set a buy and sell offer between which there was not even 1 satoshi difference. For example:
Sell: 0.00003001
Buy: 0.00003000

At this point, the trading bot stops. The smart exchange bot should also stop. This exchange bot did buy and sell transactions at the prices I set and there were no other offers because there were only these two mine. Of course, nothing was bought or sold, but transactions have appeared in history, so it could not be a bot from the outside.

[nelson4lov]

I will apply caution when dealing with exchanges like Coinsbit  and I recommend that members of the community do so too. Coinsbit airdrop/ref campaign is spreading like wild fire. Don't get caught up in the moment. I'll keep an eye on it for now. Let's see how they'll fare in the next couple of months and if their volume isn't fake.

[keyscore44]

I will apply caution when dealing with exchanges like Coinsbit  and I recommend that members of the community do so too. Coinsbit airdrop/ref campaign is spreading like wild fire. Don't get caught up in the moment. I'll keep an eye on it for now. Let's see how they'll fare in the next couple of months and if their volume isn't fake.

I guarantee you that their volume is not completely real. I even suspect that most of their volume is fake.

What Coinsbit airdrop / ref campaign are you talking about? I have not seen any threads on this topic on Bitcointalk. Can you provide any link, please?

[SlobodianiukDim446]

What Coinsbit airdrop / ref campaign are you talking about? I have not seen any threads on this topic on Bitcointalk. Can you provide any link, please?

Obviously, he means the reward for registering on the exchange for new users. Until December 20, if you sign up on Coinsbit exchange, you will receive 2000 coins and another 1000 will be received for each person who signs up using your referral link.

[keyscore44]

Unfortunately its all part of the game, shilling on a treath in order to show/pretend it was done by mistake to justify their comment upon any accusations towards this exchange.

Obviously where this exchange is mentioned, same specific defenders are active in any treath in regards to this exchange.

We have started legal action against this exchange for multiple reasons.

Igo Tech.

Are these legal actions published somewhere? I mean, can we read somewhere about the case? If so, it would be good if you provided some links.