Bible Pay

Read 342 times

  • Rob Andrews
  • Administrator

    • 2146


    • 29
    • June 05, 2017, 08:09:04 pm
    • Patmos, Island Of
    more
New Exchange - Coinsbit
« on: October 19, 2019, 10:07:41 am »
All-

Togo has been searching for new exchanges lately, and out of (I would say, almost all of the top 100 exchanges we either tried to contact or have successfully reached), Coinsbit is one of the few that has replied, talked to us via email, gave us what appears to be a very good offer to be on their exchange, and appears to be a high quality partner.

First I want to say, Im more than a little dissapointed with the past deals, and it would be unprofessional for me to name any specific companies at this point.  But, let me say - Im dissapointed that we have been placed with companies during our launch that failed to meet minimum business practices of honesty and have gone out of business.  Im dissapointed we ended up paying good money for a very limited result for an exchange deal that had almost 0 volume per day and then went out of business.  And then the straw that almost broke our back, we have been unequally yoked with players who are not creating purely real volume and have lower trust scores.  I prayed about this today and asked Jesus to step in.  I have faith, that he will fix all things.

Moving on to the issue at hand, Coinsbit has a trust rating of 8.  They have 20,000 twitter followers.  They have 1+MM similarweb visits on coingecko (Ie traders/users).  They do $250MM or $20,000,000 mm normalized volume (meaning they may be bigger in volume than bittrex).
https://www.coingecko.com/en/exchanges/coinsbit#trust_score

I already explained to Nick, who btw seems to be a very nice guy and appearing to work with us (and Togo spoke to him also on discord) - that we are over budget.  He came down in price for us. 

I view this deal as basically - a very good deal, I dont want to walk away from - and as you all might imagine  - our last exchange deal for quite a while.  If we do this, we need to walk away from new exchanges for a year and pay off our deficit, unless of course God steps in and our price rises significantly over the next 6 months.

The deal is:


.50 BTC - go live right after proposal wins
.50 BTC in BBP
_______________
TOTAL Deal: 1 BTC

Rob will have to front the BTC and BBP; we get to go live by Nov 1st if we agree to these terms.






  • sunk818
  • Sr. Member

    • 274


    • 9
    • April 24, 2018, 02:02:20 pm
Re: New Exchange - Coinsbit
« Reply #1 on: October 19, 2019, 11:35:18 am »
What do you see as the benefit of getting on another exchange?


Do you think additional exchange will dilute the volume?


What trade pairs are initially being offered?


Do any of the non-profits that wish to liquidate benefit from a new exchange? For example, a BBP to USD pair and easy withdrawal might streamline the process for USA non-profits?


  • togoshigekata
  • Sr. Member

    • 466


    • 25
    • September 01, 2017, 10:21:10 am
    • USA
    more
Re: New Exchange - Coinsbit
« Reply #2 on: October 19, 2019, 02:06:03 pm »
Website
https://coinsbit.io/

Trade
https://coinsbit.io/trade

Alexa Site Info
https://www.alexa.com/siteinfo/coinsbit.io
(interesting overlap with p2pb2b exchange)

===

CoinGecko
https://www.coingecko.com/en/exchanges/coinsbit

CoinMarketCap
https://coinmarketcap.com/exchanges/coinsbit/

===

Telegram
https://t.me/coinsbit_chat
11,249 members

Facebook
https://www.facebook.com/coinsbit.io.cr/
16,545 followers

Twitter
https://twitter.com/c0insbit
20,031 followers

Twitter Audit
https://www.twitteraudit.com/c0insbit
From 4 months ago, says 76% of the followers are real

===

KYC (Know Your Customer)

https://www.facebook.com/coinsbit.io.cr/posts/coinsbit-kyc-procedures-what-and-why-weve-received-quite-a-lot-of-questions-from/2018574118446483/

https://www.publish0x.com/cryptofun/coinsbits-kyc-face-capitalist-oppression-xwvezg

=

Withdraw - "In what cases the payment can be delayed?

User did not pass KYC

User passed KYC but did not set up 2 factor authorization - the withdrawal amount exceeds up to 500 dollars in the equivalent

User passed KYC and set up 2 factor authorization - the withdrawal amount exceeds up to 100 000 dollars in the equivalent"

https://coinsbit.io/faq

===

Bitcointalk Thread
https://bitcointalk.org/index.php?topic=5185065.0
(Looks like its a lot of low level accounts saying 1 sentence back and forth to each other, dishonest marketing strategy but it does help bump your thread)

Another user JollyGood sees similar thing
but then he goes on to claim they are a scam linked to p2pb2b
https://bitcointalk.org/index.php?topic=5190706.0
https://bitcointalk.org/index.php?topic=5146438.0
(scroll to bottom of 1st post)
I didnt dig all the way but nothing really popped out to me,
he just seems to really not like the sockpuppet accounts

===

More Info

https://www.cryptowisser.com/exchange/coinsbit/

https://www.crunchbase.com/organization/coinsbit-io#section-overview

https://nomics.com/exchanges/coinsbit/info

===

Comments:
- I like how they support 12 languages

Questions:
- They seem pretty new, launching summer of last year, how did they get so many traders?
- Who is the team? Are there bios?
- They accept credit card deposits? I saw support for Visa and Mastercard
- Has anyone tried to sign up and use the exchange yet?


  • togoshigekata
  • Sr. Member

    • 466


    • 25
    • September 01, 2017, 10:21:10 am
    • USA
    more
Re: New Exchange - Coinsbit
« Reply #3 on: October 19, 2019, 02:21:30 pm »
Yes, over a week ago, I applied to most of the top 50 exchanges on CoinGecko, sorry for all the emails you probably got Rob LOL, and are probably still getting (and before that I applied to 10-15 exchanges on CoinMarketCap)

Looks like I filled out listing request for Coinsbit 8 days ago, Nick reached out to me over email 4 days ago, I explained our situation up front, his standard offer seemed to be (1.5btc) and he was confused how we donated so much to charity but our budget was so low haha, I meant to email him back explaining further but it got pushed down my email list, glad he reached out to you Rob


  • Rob Andrews
  • Administrator

    • 2146


    • 29
    • June 05, 2017, 08:09:04 pm
    • Patmos, Island Of
    more
Re: New Exchange - Coinsbit
« Reply #4 on: October 19, 2019, 06:28:33 pm »
What do you see as the benefit of getting on another exchange?


Do you think additional exchange will dilute the volume?


What trade pairs are initially being offered?


Do any of the non-profits that wish to liquidate benefit from a new exchange? For example, a BBP to USD pair and easy withdrawal might streamline the process for USA non-profits?


These are good questions, and be assured that I am of course very cautious now after getting burned and seeing some of the assumptions go down the toilet.

However fortunately I also had (a short run) at success, when we were listed on bittrex with gridcoin (although, later they dropped us due to the NY SEC regulations), but, this is still a relationship that makes a stand as related to bbp.

So I feel that our non-profits would not gain much of a benefit by having us on yet another exchange, unless liquidity deepens and our price rises.
However, I don't feel that our price is diluted by being on an additional exchange; I feel adding Europe to the mix strengthens BBP in areas where we don't have traders.  I do believe the unique monthly web visits and unique accounts on coinsbit may increase our total volume, but this is speculative.

When GRC was listed on Bittrex, the price went from 30 satoshi to about 100 overnight and stayed there for as long as we were on bittrex.  So, the unique account breadth can certainly help BBP, if Coinsbit is as big or bigger than bittrex.

This is the point I feel we missed with our last deal.  I was relatively certain that the deal would be at least a lateral move (where we increase our price a few sats and are able to pay for the deal).  I didnt expect it to do absolutely nothing.

So, this is the essence of the deal, if coinsbit has "real" volume, and not "fake" volume, and "real" distinct accounts, I think it would be worth 1 btc - primarily because of how much we have at stake now - another words, this additional deal may 'average out' our last bad deals if we are lucky, and pull us out of the dumps, or at worst we go sideways and have a long back bill to pay - but gain a quality exchange for the future.


EDIT:

The pair would be BTC/BBP.  I sent an e-mail to Nick to double confirm this would be the case.


« Last Edit: October 19, 2019, 07:09:53 pm by Rob Andrews »


  • Rob Andrews
  • Administrator

    • 2146


    • 29
    • June 05, 2017, 08:09:04 pm
    • Patmos, Island Of
    more
Re: New Exchange - Coinsbit
« Reply #5 on: October 19, 2019, 06:29:37 pm »
Yes, over a week ago, I applied to most of the top 50 exchanges on CoinGecko, sorry for all the emails you probably got Rob LOL, and are probably still getting (and before that I applied to 10-15 exchanges on CoinMarketCap)

Looks like I filled out listing request for Coinsbit 8 days ago, Nick reached out to me over email 4 days ago, I explained our situation up front, his standard offer seemed to be (1.5btc) and he was confused how we donated so much to charity but our budget was so low haha, I meant to email him back explaining further but it got pushed down my email list, glad he reached out to you Rob

And thanks for doing the project, we learned a lot - and with any luck we might have the best deal we ever had if they are bigger than bittrex!



  • Rob Andrews
  • Administrator

    • 2146


    • 29
    • June 05, 2017, 08:09:04 pm
    • Patmos, Island Of
    more
Re: New Exchange - Coinsbit
« Reply #6 on: October 25, 2019, 09:21:37 am »
Togo just made us all aware that Coinsbit does not support US citizens.

Lets discuss what should we do, offer .10 btc for the listing, or cancel the deal until they offer services to US citizens?

Time is of the essence so that we can either vote this down, or change the terms;

Community, what should we do?





  • sunk818
  • Sr. Member

    • 274


    • 9
    • April 24, 2018, 02:02:20 pm
Re: New Exchange - Coinsbit
« Reply #7 on: October 25, 2019, 10:39:25 am »
Togo just made us all aware that Coinsbit does not support US citizens.

Lets discuss what should we do, offer .10 btc for the listing, or cancel the deal until they offer services to US citizens?

Time is of the essence so that we can either vote this down, or change the terms;

Community, what should we do?


Not being able to serve USA is a pretty big deal killer IMO. SouthXchange is nice because it seems to be welcome person from anywhere.


I believe crex24 has been requested before but they do not serve USA nor Canada either.


  • Rob Andrews
  • Administrator

    • 2146


    • 29
    • June 05, 2017, 08:09:04 pm
    • Patmos, Island Of
    more
Re: New Exchange - Coinsbit
« Reply #8 on: October 25, 2019, 11:09:22 am »

Not being able to serve USA is a pretty big deal killer IMO. SouthXchange is nice because it seems to be welcome person from anywhere.


I believe crex24 has been requested before but they do not serve USA nor Canada either.

Good points; so Nick just reached out to me to ask me whats going on and I told him, sancs are about to vote for this today, and we just learned Coinsbit does not accept US customers.

I told him the community has not fully reacted yet, but I asked him, would you consider lowering the deal to .10btc now that we know most of our customers cannot use your exchange, or - should we put this deal on hold until your exchange changes the rules for US customers, etc?

I will update when he replies.

Im open to more suggestions all, but Im agreeing with Sun currently that I may change my vote before end of day to no for this unfortunately.

It was such a nice deal, too good to be true.

(And I remember where that saying usually leads us). 


  • togoshigekata
  • Sr. Member

    • 466


    • 25
    • September 01, 2017, 10:21:10 am
    • USA
    more
Re: New Exchange - Coinsbit
« Reply #9 on: November 05, 2019, 04:28:11 pm »
Just curious, Did Nick ever reply?


  • inblue
  • Newbie

    • 40


    • 4
    • December 20, 2017, 03:41:42 pm
    more
Re: New Exchange - Coinsbit
« Reply #10 on: November 08, 2019, 02:16:57 am »
Just curious, Did Nick ever reply?

+1, wondering the same thing.