COSS Exchange Moving Forwards: The Future of COSS

cryptoeater (69)in #coss • 7 years ago (edited)

A few days ago, I made this post detailing why I sold all my COSS which I posted on COSS's subreddit. I received a lot of hate and got called a dumb for selling "right before it will moon" and selling at a 70% loss but today I see this.

I'm not a vindictive person by nature, but I do have a I told you so kinda sentiment in my head. However, I'm also quite sad for many that I know who are invested in this coin, some even at MY recommendation. Also, there are certain members of the community like @spielley who have put a lot of effort into the platform and deserves to be well compensated.

The future of COSS's fiat gateway

With the fees of the current fiat gateway, realistically I don't see anyone really using the platform to deposit of withdraw fiat. Furthermore, with the incoming mandatory KYC even for crypto to crypto trading, I feel like COSS will be far behind many of the other exchanges as this discourages new users to join the site, whereas with the help of referral systems, sites like Binance are growing faster than ever.

The only way to help this is if COSS lowers the fees they've put in place for the fiat gateway. At the moment, there are many other sites that simply offer way better rates so why would people go to an unknown website that costs more with 0 liquidity?

COSS 2.0??

There has been screenshots of Rune Evensen on Telegram talking about a COSS 2.0 and how it's a big secret, not sure if this is just him trying to build up speculation or if there's actually something huge in the works, but honestly I'm leaning towards the latter as even a few weeks ago they were hinted at working on something "top secret" on one of their Medium posts, though I can't remember which specific Medium post.

COSS POS

This is what I think could be the game changer. If COSS can launch their merchant gateway COSS will become MASSIVE! I reckon this will be the real moonshot for COSS and COSS hodlers and if they start announcing more about this, I'm surely going to reinvest in COSS!

COSS Public API

This is a big reason for the lack of volume and liquidity. I am very impressed by @spielley who managed to actually create a bot that helps liquidity but it isn't enough. A large amount of trading done on large exchanges are done by bots and they need the public API to do their thing, which COSS is lacking as of now. Surely once they have this released COSS will start taking off again!

Thanks for reading!

What do you guys reckon about my predictions, tips and advice? Discussion is welcome!

Follow me for more informative posts and your chance to win free Steem every week by simply being active! More information here

#cryptocurrency #blog #money #life

7 years ago in #coss by cryptoeater (69)

$113.10

Sort:

Trending

[-]

techwizardry (65) 7 years ago

COSS has profit sharing, which makes it a security. Secondly, the competition among exchanges is getting stiff and Bianance is already on track to launch a DEX, not to mention upcoming DEXes like NEX, which will be running on NEO. There are too many exchanges out there already and COSS seems to be late to the game.

My 2 Satoshi.

$1.69

3 votes

[-]

cryptoeater (69) 7 years ago

I agree with you in terms of coss being too late. I've held them for many months and finally came to the same conclusion which is why I've sold at a loss.

$0.00

[-]

oktapako (56) 7 years ago

Well the KYC is an essential condition for trading with FIAT, or they would get in trouble with the GOV't and the high fees for the Gateway are the Bank's fees not theirs. Yes, It is a high risk, high reward investment and I also sold almost 75% of my Stakes a few days ago , but I still believe ,they can have a future in the Cryptoworld.

$0.09

2 votes

[-]

cryptoeater (69) 7 years ago

I too believe but for now, I wanna stay away from it due to the reasons outlined in this post. However, if things begin to look up again, I'll be buying back in :)

$0.00

[-]

ehtesham123 (56) 7 years ago

Well, crypto is like a business in which you should spend what you can easily bear (in terms of loss) and you sold that at the time before this down trend and you saved more than the person's waiting for that to go to Moon and they got a huge loss. And spending on any coin without any prior knowledge of their back end project's and trust factor is not a wise act.

$0.03

2 votes

[-]

reinaldoverdu (67) 7 years ago

Hello friend, I thank you for your analysis and the support you give steemit. they are very helpful to those of us who are learning from the world of cryptos . I find it very positive what you did to sell, sometimes you have to let yourself be guided by intuition. I bet on projects like Mannabase that I think is a solution for so many people in need. There is much hunger and need in the world. Yesterday I added to their contacts a person from Africa asking for help because he did not have money to feed his children. He showed me the pictures of the boys crying, the truth was very dramatic. As I myself can not help him because my situation is difficult, I told him about Steemit, I guess that way he can get support here by publishing his stories as I do. I believe that it is always a good idea to hold and sell when one senses that it will go down. thanks to you for sharing these reports, I am convinced that many other people will support you. and I apologize that I can not give you my vote, but I have my little sp to support you, however I will give it to your post to be seen by my followers. count on my support even if am a plankton!