Re: [ANN] Ethbits Local and Ethbits iTrade Token Crowdsale (ICO)

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.

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.