Topic: Cryptsy Bait -n- Switch on MN2 Market Opening (Read 2674 times)

Anyone wanting to join me and file at the Attorney Generals office for Bait n Switch on MN2 here is the link:

http://www.myfloridalegal.com/Contact.nsf/Contact?OpenForm&Section=Consumer_Protection_Division

We may need more numbers of people complaining, feel free to copy segments of this post to explain what transpired.

Do not click that link. -------^^^

http://quttera.com/detailed_report/www.ripoffreport.com

https://www.virustotal.com/en/url/719529562b4da8215550a9e7d17466d4ec48fb02a65879042eaeeca5f4126518/analysis/1401166738/

EDIT

http://sitecheck.sucuri.net/results/www.ripoffreport.com

oops... I should have cropped that one. lol

I meant BCX.

Noooow I get it. OMFG.. I should have seen this much sooner.

You're a crapsty shitcoin shill !

You should have seen how BCX trying to spook people by claiming he was planning to attack/take down craptsy and some coins. I can imagine that quite a few decided to dump/ pull orders.. just to get the hell out.

Now they're on this "operation shitcoin cleanup". https://bitcointalksearch.org/topic/operation-shitcoin-cleanout-and-clean-up-has-begun-join-the-revolution-re-open-522235

Baad craptsy BAAD !

No, I had nothing to do with that. I guess my nickname is not that original. Please don't affiliate me with them. I am just a regular user of Cryptsy and had no problems with them ever until the MN2 market fiasco. I don't promote any disruption or things of that matter.

I am left with no recourse now as Cryptsy has shut us down and out on MN2. I only want what is fair and legal. Cryptsy created a Classic Bait -n- Switch along with other improprieties with the MN2 Market. These issues could be easily solved by Cryptsy. They want to force someone to go the legal route obviously.

I never thought that Cryptsy would treat us like this. It appears I am not the only one either. But I am not sure how many people out there who bought MN2 even understand what transpired. Most people trust the authority and don't really get how the advertised price of .180 in time increments vs .190 was given as a position and call to action, and then taken away along with any shares at that position. This causes liquidity problems and stability along with just the fact that Cryptsy may not understand Financial markets at all. They could just be programmers and only know sell high buy low and do whatever you want to open a market since they can make up the rules as they go.

I would never have bought in if it was not worded this way. Plain and simple I saw half the market would be .1 above my buy in, this is a great advantage for when I need liquidity from my buy in and I can leave my profits working and still keep leverage. Either Cryptsy really knew what they were doing and manipulate markets at their whim or they don't understand the first thing about financial markets. If it is the first case then I really need to contact the Attorney General to put them in line. If it is the second case then I just need the Attorney General to make it known to them and then they would willingly agree at that point since they can say they were not aware and will take care of the matter. Which they can say even if they did it on purpose.

I have to hold my shares now though if recourse comes by the way of splitting the shares from 10,000 to 5,000 this will be the only way to get my money back. 

Was that you threating to take Cryptsy down, some months ago ?

Someone with your name was giving the users fair warning about a cyber or ddos attack.

Does anyone want to contact the Attorney General of Florida? Class Action Lawsuit? Cryptsy just gave away 200 MN2 shares to someone by selling off 100,000 Entry's of .1 Cryptsy Points. These points are taken out of circulation so this was a payment rendered to Cryptsy for Stolen Property. At the least bait and switch but the 5,000 shares can never be owned by Cryptsy since they were to be sold in an open market. Why would they do something so stupid?

The name has also changed for the recipient 3 times. DYT141 was one name, but originally the name shown was different and I didn't get a screenshot but now it says energo345 is the winner. I love how each winner has sets of numbers at the end like energo has 345 different accounts. lol This was strange to see different names but possibly they redrew?

Well the Drawing pretty much sealed the fate of MN2 and I am sure Cryptsy will continue giving the 5000 shares away as a promotion. This is how little they care about baiting people into a market. It is like Screw everyone we will just give the shares away since the holders of MN2 want to leave lets make new investors happy.

Complete nonsense and no response at all now. Cryptsy was made aware of all of the items addressed but never one word. Banned from Chat for talking about it and any support tickets were closed with no response.

Time to have the Attorney General just call and say hello please take care of this issue.

Another one stuck with Cryptsy...
I requested an withdraw, confirmed more than once and still pending...its been about 4 hours...last time i went there...
Have a good trade with your bots.

BTW this is BitCoin GHash not some goofy alt coin.

I just became aware with this MN2 transaction, now I am stuck in their fraudulent market. I am also making other people aware. So I am not putting the CRY in CRYptsy, just getting the word out.

Since Surly,
CryptoNick

Yeah but in this case kwilliams has a good point, and I can understand your frustration first hand, and I don't know what to ever expect from Cryptsy now either. I would have only hoped for negligence since that can be remedied, but I am afraid they are either overwhelmed/negligent or don't care at all, and seeing how they haphazardly open markets and outright lie to people there may be more to it. This is truly an outrage and the one company I was hoping would be a great exchange has severely let me down now.

Another victim here. On April 28 , 2014 I’ve attempted to withdraw some coins from Cryptsy.com. The withdrawal got stuck and never came through. After opening two separate tickets (#128955, #131570) and having bunch of futile exchanges with a person(s) named “Phoebe”, it became apparent that:

a) I won’t see my money back.

b) Cryptsy managed to lose track of my funds, could not provide transaction numbers and was not interested in working with me on finding the problem.

Other, be ware - Cryptsy.com may be operated by a negligent and likely incompetent crew.

I actually use the bots in my favor. You have to be quick though or someone may buy your position before the bot goes 1 sat below your sell or vice versa.

Oh man sorry to hear you took the loss right away.

1. I don't think emails are gonna make a difference. Unless you are talking about contacting for Class Action then a court can force Cryptsy to divulge all the initial buyers of MN2 and get recourse legally.
2. Yes you get your fraction of the dividend for one share. But the trick here is we had to buy in at 1 to 1 share. Now when buyers buy from the sell sheet they can extract fractions and volume will suffer and we lose on our positions.

And Guess what? Cryptsy is Selling the 5000 shares now! They have a Weekly Drawing for 200 shares of MN2! They can say they are giving them away but it costs Cryptsy Points just to buy Drawing submissions! Right now if you take the Cryptsy Points value vs. the MN2 value of 200 shares they are at about 10 percent of the cost of the MN2 about 2.8 Bitcoins and it only just started today!!! 12000+ Submissions. 12910/.1=1291x0.00220003(CyptsyPoints Cost per point in BTC)=2.840 vs. 200x0.13999999=27.999998.

I didn't think they would come out and sell the shares so blatantly. And what is worse, even if they say they can give them away why not give them to the people who got baited into MN2? Give to someone for free what they took from us! Ridiculous!

A couple of questions guys.

1. Would a mass e-mailing campaign with our demands that Cryptsy rectify or situation work?

2. If you can but fractions of Mn2 shares, do you still get the daily dividend payout?

I already sold my MN2 share and closed my Crypsty account, so I doubt I can could get any recompense but I would be willing to email them and complain if it would help those who are still holding.

Thanks

Very easy to manipulate volume with bots.  That's probably the last indicator I would use for trading.  Atomic-Trade has low volume on some days because it's all people trading and no bots at all trading back and forth for 1 sat profit. 

That is funny I didn't even think about if they wouldn't be there 300 days from now... lol I have to reconsider now, also strange how the MN1 market went up to .002 and made MN2 look like a good deal and then everything falls flat. The initial buy in was for blocks of 10 and now you can buy fractions of shares so now our positions can be shorted even further. I guess people don't like being lied to... This is about the strangest arrangement of a market I think I will ever see. I only say think I will ever see since Cryptsy will open more markets lol.

Moved to where? I've looked at the charts for the past 24 hours and it looks like Cryptsy still has a lot of volume.

will crapsy be here in 300 days? place is a nightmare. If you trade regularly you will eventually get burned there by their slow ass site timing out or fucked up bugs. Most traders have moved from there, I use it only when i have to.

try it right now, slow or times out. I wouldn't advise long term  investment in that place.

Entire site needs ripping down and recoding up from scratch.

Yes anyone just holding the shares should eventually break even.

You know the Division of the payout is by 10,000 yet only 5,000 shares were sold to the public to be traded. The other 5000 are supposedly owned by Cryptsy.

The remedy would be kind of like a shareholder reward. I thought they may do this since they opened at 5000 but no response from Cryptsy. The other option was to pay the difference of .190 and .180 but this doesn't substantiate the fact that those shares are not in play and if Cryptsy owns them they are getting Transaction Fees and getting Dividends. It is a win win for them and we were baited into their market at that point. So this would not be a viable option after thinking about it. Unless both were done while paying out progressively over time.

Making the dividends pay for 5,000 instead of 10,000 would double the payout to the shares. This would increase the market price well past .190 most likely since it would be stupid to sell a more rare commodity at that point that just doubled. It could either be done progressively over time or immediately. I vote for immediately since Cryptsy is getting Transaction fees and will make a profit from those selling their portion of the 5,000 shares to higher positions. It would go for what the market would bear. Or if investors were smart they would hold and take the dividends until 150 days instead of 300 and then sell. But either way they would get their money back and other investors would be willing to risk the market at the same time.

Here is a Hypothetical situation that should have been allowed to transpire. The MN2 market stays closed, no one buys in for months. We get our dividends and we can also play the MN1 market with those dividends (what I was planning on doing). Lets say that BitCoin doubles in Value and suddenly there is a demand for GHash at .190. All the shares sell, the market opens and it keeps climbing. This would generally be the case but there may be investors dumping out low to get liquidity. But in general the price should climb with speculation and those that hold will gain even more benefit at this point, since we were positioned at .180 better than the recently bought in shares at .190... AND it was at .190 to open.

This was the beauty of getting in at .180 even if the market didn't open. I gambled all my coin and pulled coin at a loss from my other investments just to get in on this. Only to have the rug pulled out from under the market. Did they figure many people would sell on this day and take advantage of us selling our other coins? Who knows but ultimately there was Fraud perpetrated. Tort liability is in play for phrasing the market stipulations the way that they did. Tort liability would actually be the proper term too as I believe that Cryptsy fumbled the ball here and did not intend to Criminally defraud. Yet no response from Cryptsy makes this case turn towards another direction. Again they may not want to be held to their words now keeping quiet trying to decide what to do. But they could say we are Considering the matter please be patient. And that would be acceptable too.

Since Early,
CryptoNick

I just read your comment and it makes sense, but you kinda lost me on the possible remedy. Also , I don't see Crypsty doing anything about it honestly. When I bought my MN2 shares I was excited because everyone was saying they would quickly Double in price. But when I noticed that the shares weren't selling fast I got worried, I realised that having taken so long to sell enough shares to open the market that there would be a lot of anxious people wanting to quickly sell their shares when the market opened. I realized I had a net loss on my hands, but I'm happy to hold onto the shares and receive the daily payout.

Do you or anyone have any idea on how long the daily payouts will still be valuable? I calculated about 300 days to break even on the investment and still own the shares. So hopefully the payouts will stay the same or get better, it's there any chance of that? Thanks!

You can invest at any price since you will always get a return on investment, it would just take longer at a higher price. Or if you just trade the shares obviously buy low and sell high. People think this was an overpriced market to pay for GHash, but there are no Maintenance Fees and these fees always change with CEX.io. The fact that the 100 THash is on a more than 3PHash network means you will get a good return. Now we were not told which network though which is kind of iffy. But any network will grow their network and keep expanding the PHash so this should mean good returns still but diminishing eventually since it is always 100 THash on their network that keeps growing. Then you have difficulty so it is really just like a way to earn savings on your bitcoin while it sits. You get paid every day so if you were to reinvest you can follow the market down and hedge your positions. It isn't really that bad of a deal other than the fact that we were Bait -n- Switched into it. Had I known they would open below .190 and only sell 5000 shares I would not have invested and just waited to see what the market did. I figured it would go down and sure enough it may never reach the .190 ever.

The least Cryptsy could do is take the difference of .190 and .180 which is .01 and refund the accounts that bought in, or actually across the board now since they have to pay people who bought the shares others dumped for some reason. This was the stupidest move to buy in and dump the day after. But they probably felt like they got lied to and left.

So at the minimum 50 BitCoin refund to show Cryptsy owns that position since we don't know if they are going to sell the shares and can not prove whether the shares are being sold. Actually I take that back 100 BitCoin since they have to pay us for their position too. The shares are in play though since the dividend is divided by 10,000. This is a fact and you can look at the market payout and divide per share. So we bought in on a false premise, then we find out we are in competition with Cryptsy and won't know if our shares are being under cut. Chances are that Cryptsy just holds them though since they pay off after about 1 year. But this was not why we bought in or truthful since these shares will never be traded and can not hedge our positions for liquidity or Profit for that matter either.

The Total buy in for this 100THash was 5000 at .180-.185 leaving 5000 shares not sold at .190. That means investors spent 900 BitCoins at whatever the market price was at the time for BitCoin to buy in. 100 BitCoin is a pittance and in order to be a proper market the shares must be in play. But if Cryptsy just pays the 100 BitCoin refund they still profit since they paid Wholesale for the shares and only paid the difference of the buy in price. See how we are now in competition with Cryptsy? If they Refund that and sell the shares we are undercut. If they put a 5000 share buy wall at .190 this would be acceptable after the refund. Since they are obligated to sell at .190.

Ideal Solution is to Divide by 5000 instead of 10,000 delete the shares. Then the market goes haywire to readjust and Cryptsy makes higher trade fees since the price will double. Or trickle the dividends to divide the payout for the Market everyday until disbursed. Example lets say in one day 10 BitCoins are mined, this is normally divided by 10,000 shares right now illegally. So to remedy the impropriety Cryptsy should reduce the amount of shares they divide the Daily Payout (in this case 10 BTC) for 1 year until they get to 5000 shares. 10 BTC divided by 10,000=.001 per share. The next day there would be 13.69 shares less to divide from creating a better payout. 10 BTC divided by 9986.31=0.00100137087673 although it is not always 10 BTC per day you get the gist of it. The next day would be divided by 9972.62. This may become difficult to keep track of though so why not just do the full stock split and let the market readjust. Or delete 416.66666666666667 shares per month to make it easier to manage.

Technically Cryptsy should do both options and only pay back the 50 BTC when doing the monthly or daily decrease of shares since Cryptsy is getting residual payment on the shares while we were told they would be in play immediately at .190.

There are many solutions and Cryptsy is not talking to anyone about it and they took the 900 BitCoins and are now making money off the Transaction fees and making a daily dividend like everyone else in the market. They are at a total loss for words since they don't want to take a loss of any kind but would rather we take the loss and lose us as clients. They figure we won't go anywhere since there is not many good choices out there.