The Problem with COSS

Hello Veeky Forums. You might be thinking this is the next KuCoin, but I have to strongly advise you against investing any funds into COSS.

For those who don't know, COSS is two things. There is the COSS ERC20 token (the actual coin), and the COSS crypto exchange. COSS token holders get 50% of the trading fees from the exchange in dividends every week, which is the main selling point of the coin. Sounds good, right? There are charts floating around showing the potential returns by number of COSS tokens, up to $1000/week or more if the exchange ever reaches GDAX level.

There's the problem: it won't. Kucoin's exchange volume has increased 100x since mid-December, and COSS has increased about 10x. But Kucoin has added a unique coin to its exchange nearly every day since then, while COSS just has major cryptos you can find anywhere else. Kucoin is easy to sign up to and has a lucrative referral program, and 90% of all trading fees are currently given out to KCS holders and inviters. Think of it in terms of immigration - only 10% tax rate and open borders, every pajeet and hispanic on Earth would want to do business there.

COSS, on the other hand, is like a shitty African country that believes itself to be the master race, but only has mud huts and gazelle shit to export. They are implementing mandatory KYC (know your customer) ID verification this month for every single COSS user. You will have to give them your personal information just to withdraw funds you already have on the exchange, even if they're under the previous limit for unverified transactions. They're also attempting to stay in the good graces of Singaporean and US regulators to get fiat trading pairs on their platform.

Other urls found in this thread:

sso.coss.io/api/invite/CNHOFYU081
twitter.com/NSFWRedditVideo

Why close the borders so early? Virtually the only thing trading on the COSS exchange is the COSS token itself (80%) of the volume, while another 10% of the volume is just the ETH/BTC trading pair. There is virtually no liquidity either, and ETH was selling for nearly 15% lower than other exchanges during the recent pump.

In addition to that, COSS has a basic website and has been working overtime just to upgrade their servers to handle a measly 5 million USD in volume per day. Withdrawals take hours or days to process, and deposits don't show up for the same amount of time. The COSS telegram is filled with bitter users and the support ticket system is backlogged at the moment. Good luck trying to get your funds off the exchange during a market rally or crash.

COSS believers will tell you that fiat gateways and USD trading to any alt pair will give the exchange volume, and justify the price of the COSS token increasing. The problem with this is that there's no way to keep Crypto-fiat trading pairs and stay open and booming with increasingly tight regulations. Bittrex is already delisting coins that are deemed as securities by US regulators. COSS promises to pay out dividends - how will they do this for their fiat pairs without becoming a literal stock exchange? They've floated the idea of using Tether-like tokens, but you can kiss that goodbye the second US regulators get wind of it. Kucoin is at 350m volume because they are anonymous, and still verifying new users during the alt boom.

With no unique coins to currently trade, and only a select few to trade in the future due to heavy regulation, how can COSS thrive as an exchange? Volume is already down 50% from the pump. COSS is steadily bleeding as people try to sell it off, but since they can't get it off the exchange quickly most are just waiting and hoping.

I sold my COSS near the peak, I advise you to dump whatever you have now and invest in more promising projects.

>Kucoin has added a unique coin to its exchange nearly every day since then, while COSS just has major cryptos you can find anywhere else.

They've already run 2 ICOs that only trade on Coss. Move along liar.

They have a couple shitcoins that have $20,000 daily volume, so what? KuCoin has fucking loads of those.

I'm warning you Veeky Forumsraelis, don't buy this shitcoin or you'll lose money and lose out on catching real moon missions.

isnt that the whole reason to invest?
People buy this coin hoping that in the future it does reach higher volume and more coins every day. If coss already had all of that then there wouldn't be any room to speculate on future price.

The FUD is real. Especially enjoyed the part where he says COSS will fail when regulators catch wind, but then talks up Kucoin's payouts in the next sentence.

You know the drill, biz. Do the opposite of what biz says.

the only reason why people buy this shit is because they think it might be another KuCoin and proceed to FOMO
i tried using their exchange (sadly) and its fucking garbage. they've missed all (as far as I know) of their update deadlines so far, and their engine can barely handle any traffic whatsoever. my fucking SONM is stuck on their exchange as well because they disabled sending ERC20 tokens

If someone is dumb enough to buy COSS he deserves everything coming his way.

>Especially enjoyed the part where he says COSS will fail when regulators catch wind
I didn't say it would fail, I said they will never go for dividend payouts in USD-pegged cryptocurrency without crushing levels of regulation. Kucoin isn't US-based and isn't trading fiat so the government can only do to them what it does to the entire crypto market.

Kucoin has become nearly half my portfolio due to its mooning off the charts. I kinda feel bad about having a non-ICO ERC20 token taking up so much now but it also keeps being a steady gainer so I have not sold it yet.

COSS was a great buy when it was sub 20m market cap but there's no reason to expect anything out of it now.

Ok but I'm not selling

yeah because USDT is oh so very regulated

fucking retard lmao

I payed 1650 to get 10k in btc off that piece of shit coss exchange
The fud is REAL if you want to lose money send it to coss

Maybe you didn't hear but the government is starting to regulate crypto. The government is slow and inefficient but you can bet you're retard ass that USDT and analogs are the first thing they will go for, especially if a crypto exchange is paying out DIVIDENDS using them.

Let's see:
> KYC required
Already required by most exchanges for advanced verification and will be more and more prevalent in the future. Most users don't have a problem with this.
> Can't handle volume and other scaling issues
This is a really mature area in software development and there are may solutions. They just need to hire moderately competent people and have most likely done so already and solving it as we speak. It't not rocket science in 2018.
> US regulators, token is a security
As you said they are based in Singapore and it doesn't really affect them. At worst they can prevent US users from staking or buying COSS on their platform. Even if unsolvable there id plenty of market outside US.
> No new coins
More new coins then most other exchanges

If the SEC comes after Tether, you're gonna have a lot more to worry about than whatever COSS is up to.

1/3 off of total crypto marketcap within a week, easily.

what should i invest in after getting my money from coss?

thanks for your input, ill be in the corner with my comfy coss

it took like 2 min to transfer my ETH to coss

I saw the new design and I'm sold it looks very slick now if they fix their laggy server I will definitely use it. Did I tell you they are also adding fiat?

Next kucoin is bibox. Buy it or stay poor. Referal program comming check reddit

Coss is in the middle of a dip caused by some exchange problems. That's the only thing that stopped it from hitting $5 already. Now that transfers are starting to work again 12 eth of a 160 eth sell wall has already been eaten on Coss.io. That wall is coming down no matter how much FUD you spread. See you at $20

What if it is still alive in 5-10+ years?
The dividends would really be a weekly salary.
It is still a new project in beta, they are focusing on future regulations and they have recently hired more devs.
I would take the chance

You also forgot that COSS isn't a Chink runaway scam.

>That's the only thing that stopped it from hitting $5 already.
don't forget the 140 eth sell wall!

Do you get anything for holding them?

exchange is dogshit. half doesn't work properly and prices/volume on a lot of stuff is shit

Is COSS going to go down a little more?

Possibly. Depends on if they miss the UI update this week and if BTC shits itself. But it's held its value remarkably well. I was expecting a pullback to sub $1 but it's been sitting around $1.5 for a while now. The whole point of the coin is to HOLD, so maybe people just arent selling?

COSS at 0.06
>The exchange sucks! It's not going anywhere!
COSS at 0.50
>The exchange sucks! It's not going anywhere!
COSS at 1.00
>The exchange sucks! It's not going anywhere!
COSS at 1.50 - YOU ARE HERE
>The exchange sucks! It's not going anywhere!
COSS at 3.00
>The exchange sucks! It's not going anywhere!
COSS at 20.00
>The exchange sucks! It's not going anywhere!
The absolute state of Veeky Forums

this piece of shit site wont accept my orders, i just wanna dump my coss

enjoy your 15% dividend kucky until your chink government shut that thing up

Coss is a shit exchange. Hilarious to see coss bagholders dedending incompetent devs.

I tried to use the exchange but its a piece of shit, and it ate .1 eth out of nowhere, then the fucking eth wallet changed

stay away at all costs...already cost me 100 bucks.

Even if the price of coss has gone up (like everything else in the cryptospace, it's absolutely the most broken, slowest exchange I've ever used. Period.

Coss doesnt add coins last days for new ui

Next weeks you will se a lot of new coins

This chink slow ass exchange.

Buy buttons don't work 90% of the time good job.

thx for posting this

>coss bagholder

chose one

I know the exchange has had problems but desu this thing is in beta. I’m okay with putting up with the crappiness of the exchange if it means I can get my COSS now and thank myself a year from now when I’m getting sweet weekly dividends unlike the liars who run Kucoin and BNB who don’t seem interested in giving much back to its users.

If the COSS exchange gets as much volume as Kucoin and you had a few thousand coss you’d make enough in a week to not have to work. That sounds good to me.

Where can you buy fucking coss?

sso.coss.io/api/invite/CNHOFYU081

unsurprisingly on coss.io

It's 50% dividend, and it's been at 250mil volume for a week. Enjoy bagholding for months before you break $1 in daily dividends.

>stay in the good graces of Singaporean and US regulators to get fiat trading pairs on their platform.
This sounds like a great idea

Thanks. Just sold 100k COSS

>$1 daily dividends.
Long since passed, bucko.

Biz only wants to buy coins after they're already successful. If the whales who bought in at ICO aren't sipping mai-tais on the beach yet, it's a shitcoin and must be FUDed into oblivion.

May your coins moon, and your hodl last forever.

You are retarded. COSS is literally designed to NOT be a security, dividends are paid through the DAO smart contract and not through COSS (unlike kucoin). There is a reason why half their staff is compliance people

Theres alot to complain about COSS, but regulation is not fucking one of them

They have the best looking exchange in the game, if they can get their back-end working and actually get fiat pairs going there is nothing more normie friendly then an all in one crypto exchange that looks way better then the chink exchanges.

well that was pretty stupid you just gave up a potential weekly salary for life

pretty much this
the other small exchange tokens started taking off at the beginning of this month because people wanted to replicate the success of Kucoin...without taking into account what made Kucoin grow so quickly in the first place

it acts like BNB, no dividends

its amazing how insecure these kucoin holders are tho lol

Do you get half the fees if you pay them with he token?

You can withdraw them now, it's been re-enabled,

Where can I see this?

COSS is literally going to moon again in a few days, perhaps even tomorrow as the new UI is added. Also they have a couple of (semi)rare shitcoins with decent volume. OP is just trying to scoop up some cheap COSS, don't do this to your bros. Go FUD on r*ddit or something

Should be on your dashboard as soon as you log into the site.