is there a reliable cloud mining service mining altcoins and instantly converting them to btc?
No man, nothing out there is reliable.
And especially not at these cryptocurrency prices at the moment.
I do not think there is a single one operational. Does Zeus still offer their overpriced service? Genesis Mining has shut down their scrypt operation.
is legitimate.
Bit-x may be legitimate but as an exchange might play by using a fractional reserve based mechanism.
Are you in charge of bit-x?
I am not in charge of Bit-X.
The sum of cold and hot wallets total to at least all users' funds. I'll have your doubts cleared as soon as possible, stay tuned for an official response.