Nova Exchange is closed. | Bitcointalksearch.org

electronicash

legendary

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Quote from: logfiles on October 07, 2019, 05:05:05 PM

Nova Exchange died a long time ago, the attempted relaunch was just the last kick. So much has changed in the crypto climate and if you are not able to adapt, you are out of business.
Lots of factors such as
- Increased competition
- Increasing regulatory pressure
- The death of ICOs etc

that i guess was the first sign of them getting wear out of the changes. nova started out at the same time where coinexchagne and mercatox also surfaces in bticointalk, its not going to be surprising if mercatox will follow. not much difference to what is going on in the offline businesses, something or someone is going to sell out in the end.
yobit survives all these changes, ain't that surprising?

magneto

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Is absolutely no one noticing what terms the users are subject in order to just withdraw their funds?

Quote

Obviously you, as a trader, are encouraged to withdraw your funds as soon as possible. Our team stands ready to help you get a smooth withdrawal process, however, the rules regarding identification (KYC), as stated in the terms of service that you have accepted when opening your account, must, and will, stand.

No identification - No withdrawal.
It is as simple as that. Even though trading will close, we must comply with the law, and make sure that all funds end up with its rightful owner.

The Nova platform will be open for regular withdrawals for one month after this announcement; that is until October 25 at 23:59 (CEST). After that date there will be additional fees charged, and we can’t guarantee at what rate we can accommodate your requests. It might take up to 30 days, depending on the load. So please make your withdrawals at your earliest convenience and DO NOT deposit more funds in the now obsolete addresses that you have used in the past.

- Starting from October 28th until November 27th, there will be an equivalent to 0.0001 BTC custody fee charged at the time of the withdrawal request.

- Starting from November 28th until December 19th, there will be an equivalent to 0.005 BTC custody fee charged at the time of the withdrawal request.

- Starting from December 20th until January 27th, there will be an equivalent to 0.01 BTC custody fee charged at the time of the withdrawal request.

This screams predatory behaviour to me. I highly doubt that they would have any issues processing withdrawals without conducting KYC, when they had previously done so with no problems when the site was running smoothly. It's just an excuse for holding funds, imo.

Furthermore, the "custody fees" is completely unreasonable to me, especially for people with smaller balances. Firstly, it doesn't cost that much to hold funds in a cold wallet. Secondly, it's not the user's choice that you're shutting down, it's your own.

It does seem like Nova is planning on reopening in some way shape or form according to the wording of this announcement, but I would avoid it like the plague. They've proven to be incompetent in keeping themselves relevant or even offering basic customer courtesy and service.

logfiles

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Nova Exchange died a long time ago, the attempted relaunch was just the last kick. So much has changed in the crypto climate and if you are not able to adapt, you are out of business.
Lots of factors such as
- Increased competition
- Increasing regulatory pressure
- The death of ICOs etc

exstasie

legendary

Activity: 1806

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Quote from: Fesatmas on October 07, 2019, 08:02:37 AM

Why do old exchanges continue to close such as cryptopia, coinexchange and the new nova exchange, what is the reason for the lack of users or teams that are no longer solid?

Cryptopia got hacked. So that one's easy.

Coinexchange simply never attained enough popularity to be profitable. They have over 500 markets listed and not even 30 BTC daily trading volume. It wasn't sustainable so they decided to fold......unsurprising in this saturated market.

With Nova Exchange, I'm not sure. I always thought them closing down and reopening (alienating their entire user base) was a ridiculously stupid business move. As I expected they never recovered. The closure could just be a matter of business as with Coinexchange. Or it could be more nefarious as some people allege:

Quote from: MadMac on September 28, 2019, 12:07:58 AM

This was a long orchestrated scam. Now they not only have your coins, the fees for re-listing from already burnt Cryptopia victims, and the KYC data.

micalith

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Well, I think it is not a warning for the people. Consider it a bad-managed company and surely they failed to move on. This is normal in crypto as well as traditional company system. If you don't have skilled people and PR, you are doomed to fail. There will be more like this one. Check cryptopia, they didn't have a solid system and they got hacked and closed.

abel1337

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Quote from: ableh on October 07, 2019, 11:34:35 AM

Based on Coindesk's article there are only 5% of traders who traded daily since falling of the price of bitcoin in 2017, and the rest prefer to hold long-term. Logically, if new exchanges continue to be launched, but the number of traders has not increased, it's no wonder that many exchanges are currently closed. On the other hand, currently most fresh traders prefer to trade in exchange with a high level of liquidity, because it is faster to get profits.

More traders chose to trade into bigger exchanges, As you said it has a high level of liquidity that makes other exchanges lose its customers. One of the factors that the new/low traffic exchanges attract a new customer is their listing of coins that other exchanges don't have and the promotion they give to their customers. Somehow old experienced traders trust big exchanges for the great services they provide and the familiarity that the big exchanges gave to them.

BitHodler

legendary

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Quote from: ableh on October 07, 2019, 11:34:35 AM

Logically, if new exchanges continue to be launched, but the number of traders has not increased, it's no wonder that many exchanges are currently closed.

There are cycles of price growth where people tend to sign up to an exchange to get starting. 2018 was a horrible year overall, where 2019 started off much better, but it seems that we're going back to much lower levels.

It costs a lot to keep an exchange running, and without sufficient income the reserves they have will run out usually in 6-12 months. It's sad to see exchanges close their doors, but something impossible to avoid.

Quote from: ableh on October 07, 2019, 11:34:35 AM

On the other hand, currently most fresh traders prefer to trade in exchange with a high level of liquidity, because it is faster to get profits.

That explains why a lot exchanges are inflating their volumes through wash trading to get people to sign up. If they didn't do that, people would flow into Binance, Coinbase and so on.

ableh

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Based on Coindesk's article there are only 5% of traders who traded daily since falling of the price of bitcoin in 2017, and the rest prefer to hold long-term. Logically, if new exchanges continue to be launched, but the number of traders has not increased, it's no wonder that many exchanges are currently closed. On the other hand, currently most fresh traders prefer to trade in exchange with a high level of liquidity, because it is faster to get profits.

Experia

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Quote from: asyakashi on October 07, 2019, 04:19:46 AM

This year there have been several exchanges decided to close. After Coinexchange then now Nova said it would close their exchange.
Their Official News Link:
https://novaexchange.com/news/

Is this a warning to trading activities?

There are lots of exchange will follow due to the market situation there are lots of exchanges in the market but few are using it for their daily transactions or the marketcap of coins on their exchange cant sustain the daily operation of an exchange and also traders are trading on well known exchange that is why those small exchanges will lead to closure.

spadormie

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Quote from: asyakashi on October 07, 2019, 04:19:46 AM

This year there have been several exchanges decided to close. After Coinexchange then now Nova said it would close their exchange.
Their Official News Link:
https://novaexchange.com/news/

Is this a warning to trading activities?

Not exactly a warning in trading activities in general. It's all about the novaexchange closing, not a decline in trading activities.

The only reason I'm seeing in here is their profit on their business. It probably isn't enough to support their running business.

electronicash

legendary

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there might be some other exchange that will close after nova. they are small exchanges though, kinda like the liquid exchange that sprung out and then decide to sell out.
could this be an exit to give way the newly exchange they created? an exchange releasing their own native coin is the trend so its possible that they already have created a new one. there are tons of them created last year and this year as well, one of those newly created could be owned by them. this is just my suspicion.

adroitful_one

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Quote from: Fesatmas on October 07, 2019, 08:02:37 AM

Why do old exchanges continue to close such as cryptopia, coinexchange and the new nova exchange, what is the reason for the lack of users or teams that are no longer solid? but new exchanges continue to evolve but users are few and they last long.

Cryptopia closed down because they got hacked. The others however, I think the issue was too many coin wallets. If you have 10,000 coins listed, you have to pay for servers to keep those wallets going. If no one is trading them after a while, they're not worth keeping them going. Both Coinexchange and Novaexchange had a bunch of coins you've never even heard of with absolutely no volume on them that they had to pay to keep going. They both should have removed coins that were under a certain amount of volume and I think they would have been fine.

Fesatmas

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Why do old exchanges continue to close such as cryptopia, coinexchange and the new nova exchange, what is the reason for the lack of users or teams that are no longer solid? but new exchanges continue to evolve but users are few and they last long.

MURONDI

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Nova Exchange is less popular among traders, I have an account there but rarely open it,trade there is very quiet, maybe that's the cause,
then what about traders whose funds are still stored there, can make a withdrawal?

carter34

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The closing down of some exchanges is expected because they have bunch of shit coins in their market, those shits are not traded. So, no transactions, no fees and then no money to service the business. No money coming in to service the activities of the exchange including salaries.
I'm not surprised that coin exchange too has announced to shutdown before December 1st.
The stronger in business are left to carry on. This is better than to have bunch of exchange accepting shit projects.

asyakashi

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Quote from: Mahanton on October 07, 2019, 05:58:57 AM

~snip~
They are closing for some changes? or totally close its doors? Lucky if they do came back.

I'm not sure, the same thing was said by coinexchange.
He said he would back after the bear market left.
this is just their way of communication to avoid disappointment.

Quote from: Rodeo02 on October 07, 2019, 06:03:49 AM

~snip~
not a warning but those exchange feel the pain of bearmarket.

For me it is a warning to avoid trading in low volume exchanges.
except hit and run.

NathanJB

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Quote from: asyakashi on October 07, 2019, 04:19:46 AM

This year there have been several exchanges decided to close. After Coinexchange then now Nova said it would close their exchange.
Their Official News Link:
https://novaexchange.com/news/

Is this a warning to trading activities?

Nova exchange is not growing anymore. They appear stagnant. They lost footing when the influx of new and aggressive exchanges came out. If my memory serves me right, it was already closed before and assumed by a different company or owner. I am not sure but I was a Nova Exchange user in the past and I received an email that it will close or do a major renovation, or rebranding, or something like that. And then it resumed operation. But it still lacks aggressive marketing just like what other exchanges are doing. That must be its last breath already.

d3nz

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Nova exchange once a great exchange (for me) since trading on their platforms are in realtime and a lot of volume too. They already closed down their exchange before and they came back also helping some other tokens got listed on cryptopia after they have been hacked.

And it looks like they cannot keep up it other exchanges and maybe lakc of traders are coming on their website.

Rodeo02

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Quote from: asyakashi on October 07, 2019, 04:19:46 AM

This year there have been several exchanges decided to close. After Coinexchange then now Nova said it would close their exchange.
Their Official News Link:
https://novaexchange.com/news/

Is this a warning to trading activities?

Not a warning but those exchange feel the pain of bearmarket. I dont know why ,there are many new exchange our coming out despite of the continues bear market . Most of them will be close also if they dont get enough volume and daily earnings .

btc_angela

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Just sad to hear that another exchanges is going to shutdown because obviously, there is no money to be make in this market because of the bear market. But I'm sure someone will step up again. It's good though, I mean we have some sort of cleansing, those who are going to be left are the strong hands, similar to what we traders experience, just saying.

Topic: Nova Exchange is closed. (Read 243 times)