What Might Be The First Exchange To Close Down or Exit Scam in 2020?

[paramind22]

Tradesatoshi came back online.

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[JollyGood]

Hitbtc?

Never like that exchange lol
It just the matter of time Hitbtc will exit scam/close down

Furthermore
Their withdrawal is very pricey

When I created the thread I thought HitBTC just might make it in to 2021 before going bust but as time goes by I wonder whether they might be around that long. There will be a shake up at some point where the real exchanges will create huge distance between themselves and the fake ones, it is during that point many of the scam exchanges will go bust or fade away.

Which would you say might be to shut down first in 2020?

[Febo]

I think HitBTC is going to be the one to exit scam this year, I do salute their resilient because I have been looking for the day they would get disappear. They exhibit all the features one need to look out for in a scam exchange, fake volume, fake order, endless delay of withdrawals, bad support to name few. I would advice people to only trade their if the tokens is only listed on the exchange

I keep hearing bad things of HitBTC. And this is going on for 5 years. So is very strange. How can this happening for 5 years but they still work. Yes, they could selectively scam. So just pick few most vulnerable and scam them and normally work with others. But still. It is just amazing.

[Leah38]

I have no idea on which exchange will exit scam this year that's why I always trade on top exchanges like Binance and Okex. If ever I trade on Idex and other exchanges, I don't leave my assets there. I withdraw my btc and ETH just to be sure.

[GucciBoy]

It's kinda ironic that we even need to discuss this, as the need for centralized exchanges is slowly fading away, day by day. The demand for DEX's is increasing, and fast. Sure I understand the sceptics out there, but let's face it. It's gonna happen slowly, but surely.

Most people are SICK and tired of KYC, exchange hacks, wallet maintenances at the worst possible times, and the list goes on and on.

Blocknet is leading the DEX development, and is a project I'm personally watching very closely. https://blockdx.com/

It makes me sick, that these centralized exchanges could at any time run away with everyones money, under the disguise of being "hacked". 

Decentralised exchanges would clearly solve the problems of KYC and it would protect users from the excuses of "hacks" that you highlighted. I still think time is needed before these exchanges start shutting down and wide spread use of excellent decentralised exchanges are commonplace.

Do you have any views on what might be the first exchange to close down in 2020?

Why do you even want to know that? I stopped using centralized exchanges awhile ago actually. For large trades I do OTC with escrow, (know few reputable people, which is a must), for smaller trades I use DEX's, which is frankly the future, no doubt.

People who wants to protect their privacy is obviously using DEX's, and their adoption will grow slowly, but surely. Personally speculating on accumulating a few nodes in Blocknet, since I believe they will become extremely lucrative in terms of "profit" in a few years time.

[JollyGood]

I had never heard of that exchange until reading your post but from I understand from their tweet they closed on 10th January 2020 and are opening on 10th February 2020 just for allowing users to withdraw before permanently closing.

Their website is down for now I suppose Cobinhood are the first exchange to close in 2020. Whether they exit-scam or actually allow users to withdraw remains to be seen.

A quick look at their background shows they had a market capital of over $483 million just 24 months ago: https://coinmarketcap.com/currencies/cobinhood

Last year the cobinhood was reportedly bankrupt and it seemed that was true, I got an email from cobinhood that they would shutdown cobinhood. But what makes me suspicious is that users cannot withdraw their funds and cobinhood has the reason to audit and migrate their user data until February 9th. Is it a must? Are they going to exit scam?

You can also see their tweets about it https://mobile.twitter.com/COBINHOOD/status/1215558951778996225

[reallester]

No one can tell exactly which exchange will first exit scam this 2020. All fingers crossed. This is not to disregard the fact that there are a lot of incompetent exchanges out there. Only time shall tell their survival