Topic: Cryptopia Cryptocurrency Platform Services and Development - page 82. (Read 173849 times)

FLAWLESS LOGIC!

Imagine all those irritate customers complaining that they couldn't sell LTC @ $27 when the current market rate is $60.

Also ignore the fact that 1 year ago you'll shut down the LTC and DOGE markets for 3 months, and ... auto canceled all orders.

Flip Flop much?

The week is about to end and there's still no NEW update about the status of the offline coins. Only the worthless coins are being activated at a time and look's like they don't care about the coins that provide big volumes.

And when hotwallet? when withdrawal?

A. they didn't inform people that where not monitoring their twitter feed 24/7
B. Force closing the orders would be the Only fair thing to do 400 LTC was sold way under market value those people just wanted to lose money and didn't care ?
C. To resume trading without announcing it way in advance  and without canceling all the orders probably borders on the criminal.
D. The last email I got said the site was in Read only nothing about resumed trading why not ? (19/3/2019) care to explain that ?

I received the mail this morning.

Please answer who knows. If the user of cryptopia did not cancel Open Orders on their own, but Open Orders were automatically canceled by cryptopia itself - the situation looks like this: in the Balances section, cryptocurrency is present in open orders, and in the section: "Exchange": there are no Open Orders (they are canceled by exchange, this is understandable), but the same in this section: "Exchange" instead of automatically closed Open Orders - there are no corresponding balances or even at least smaller ones. Will there be later coins relevant Open Orders from the section: "Balances" - also displayed in the section: "Exchange"?

FYI, I received the update mail on 20th March, which is after trading resumed. Assuming this wasn't a random glitch for my account only, there will be other customers who were not informed in time that they had the option to cancel trades.

You won't find official financial data anywhere because they are not a publicly traded company (not listed in a stock exchange).

But just think of this... they're asking 4000000 DOT to get a coin listed, for 2018 this was averaging to 8 BTC but during the 1 month of peek in the start of 2018 it was averaging 16 BTC for a single listing.

This is their listing announcements: https://support.cryptopia.co.nz/csm?id=kb_category&kb_category=6313f58bdbeddf009990f6fcbf96190d&spa=1
However they haven't put dates on their old announcements, so in order to see when was the coins listed I went to their BTCT ANN threads and guess what? Their list of announcements is not ordered by date, it looks pretty random as far as I can tell! (what a mess)
Therefore I'll do a guess and say that out of the 95 coins they've listed, 50% were listed during the peek of 2 months. Let's say about 40 coins in two months.
That'd be 640 BTC in just January, or $6.4m - $9.6m depending on when/if they sold for dollars.

Before the hack, during most of 2018, their average volume was about 7m daily. With 0.2% trading fee that'd be a daily income of 14000$. On top of it there's an incalculable amount they receive from the withdraw fees which are usually much higher than the network's real fee.

We can't know what their expenses are, but judging by their slow support they shouldn't have a lot of employees to pay.

So yea... with trading happening 24/7, they were making about 420000$ from trading fees every month and with an average of 2.3 listings / month (after January) an extra 18.4 BTC (if for 2018 1BTC = 6000$, then about 110400$).

So even if they didn't sell during the price peek, they were making about 0.53millions every month during the bear market based on the averages of 2018. I'd say those are some conservative estimations though, I believe their income was higher as long as they sow the price drop coming and sold earlier.

Now, there should be a more precise estimation of their loses but I couldn't find it, please let me know of a newer source than what I've found which is this,

Can you even imagine the backlash, especially on here if Cryptopia had forced users to close their open trades whether they wanted to or not?

Consider both options,

A. They let users close their trades if they want to, other users complain they didn't force cancel all orders whether all users wanted that or not.

B. They force close all orders whether wanted or not, people complain Cryptopia forced them to cancel their orders.

Yup , they should have just cleared all orders themselves.
Just restarting trading at some point without fixing withdrawls first and not announcing it a couple of days in advance also very shady.
It definitely  leaves one with the feeling customers are getting worked over by creating room for people to make lucky under market value buys like this really leaves a bad taste in ones mouth.
Its just a accumulation of small and bigger mistakes that leads one to think they cant just be mistakes.

who is making the nice quick&dirty $$$$?

maybe same guys deciding when and what markets to bring online??

also didn't cryptopia have a standing rule of not allowing trading for coins LOCKED in 'maintenance'?

slime shady all the way.

WITHDRAWS;

not trade, not gas from anon mods,

WITHDRAWS

.

My point is that orders on markets with lost coins are essentially no longer valid.

Say someone had an open order to sell 1 LTC at the time of the hack.
Their LTC balance drops by 57% at the point of haircut.
There's no longer the full 1 LTC in their account to support that 1 LTC sell order.

What is haircut?


The term haircut is most commonly used when referencing the percentage difference between an asset's market value and the amount that can be used as collateral for a loan.

https://www.investopedia.com/terms/h/haircut.asp

Did we ask for some loan from this exchange?

The most incredible thing is having enabled trading with no prior notice and without enabling withdrawals and deposits

all orders should have been cancelled automatically after 2 months downtime as i wrote before. they didnt do that.
Even though traders were allowed to cancel them manually for a few days, not everyone had time to do it... i guess someone made nice quick&dirty $$$$ from their old quotes

maybe cryptopia added those BTCs and LTCs to the hacked ETH coins, blame the hacker for BTC and LTC while they bag it   maybe give some too for the unofficial cryptopia team wondering around the internet...they need to eat too  

Hmm, for any coins which have taken a haircut, ALL orders in EVERY market for that coin would have to be cancelled, since the customer's adjusted balance no longer supports the order value. I wonder if this happened?

Still, they waste time...

They should have taken some LTC back from inactive traders in a "legal but unethical" way at least, though 400 LTC is a drop in the water I guess.
Look at that: https://www.cryptopia.co.nz/Exchange/?market=LTC_BTC
They've lost 50% of their LTC but suddenly they re-enabled trading of it yesterday. It seems that a total of 400 LTC were bought under their value, either by the few users who were unlucky enough to hold BTC in Cryptopia or from Cryptopia themselves.

But I'll be honest... judging by the timestamp of their tweet and the time of the LTC-BTC trading, I believe that the tradings was done by users and not from Cryptopia.

go back to one month ago and see I knew the haircut had been the "solution" from the beginning, and I was also criticized for that.

This is getting better and better!

• First they lock your coins with "maintenances"
• Then they bring down the site because of a hack
• Then they reopen the site, having traded people's coins for bellow their current value for a "promise" without value
• And yesterday they suddenly re-enable trading without a prior notice and without the option to deposit and withdraw, allowing themselves to sell the shitcoins they hold (and have now dropped in value) to people who haven't cancelled their old orders; selling them in the old price in cases where it was higher or buying the cheap in cases where it's now more expensive.

I was of the opinion that Cryptopia is not doing shading business and they're just a bit incompetent... maybe I should reevaluate this opinion of mine...