Topic: CRYPTSY stopping withdraw locking accounts without notifying users! Class Action - page 389. (Read 1007090 times)

I watch the communication on the cryptsy chat sometimes...
Also read this thread sometimes too. Btw, great comments and pictures that are posted here by Gleb

It's interesting what all the people write here and there.

I see that admins on Cryptsy write that smaller amounts work better for withdrawals than bigger amounts. And some users confirm this.
Admins ask the users about a cancellation of pending withdrawals to help them somehow. This way users can withdrawal again, by using smaller amounts.
People say less than 0.1 BTC should work better.

Now my a calculation:
A single BTC withdrawal at cryptsy costs: "Withdraw Fee (0.00100000 + 0.50% BTC)"

Lets assume someone want withdraw 1.5 BTC:
It costs 0.001 BTC + 0.0075 BTC
And makes 1.4915 BTC at the end.

If someone withdraw 15 times 0.1 BTC, because it could work better.
It costs 15 * 0.001 BTC + 0.0075 BTC
And is 1.4775 BTC at the end.

Means sending 1.5 BTC in small amounts costs 0.013 BTC more than a single transaction.

As far as i know. The standard wd fee on the BTC network is 0.0001 BTC! But it could be a bit higher if the input is made from dust...
Here are the transactions fees visible that cryptsy pays to the network...
 https://www.walletexplorer.com/wallet/Cryptsy.com

( Lets assume 100 users send each 1.5 BTC in fractions. This could generate ~ 1 BTC extra profit for cryptsy, in my opinion )


The next thing is.
Cryptsy changed the fee structure a while ago and takes fees only on withdrawals now.

Due to the delayed BTC, LTC and other withdrawals at the last weeks/months, people use altcoins to get the funds away from there... This activity pumps the altcoin prices on Cryptsy above trading prices of all other sites.

The fee for altcoin withdrawals is like the example above. (Network fee + 0.5%)
Cryptsy can sell the collected altcoin fees into the pumped markets on their own exchange and gets some additional profits in BTC.


Since a while I ask myself. Does all this happen due to the next block reward halving and the speculation that the BTC / $ exchange rate could raise? Is it staging? And why is the communication so bad, between cryptsy staff and BigVern. Why are users not informed about the problems by a public message on the site?

Finally i don't believe in their tech issues. In my opinion they profit much more from their withdrawal issues at the moment than without them. And i assume that all problems will be solved in the future, when they "collected" enough BTC.

... just my thoughts.

and marshall long invented cryptsy in 2009

I've joined 3 exchanges, but not all have the amount of crypto's and trading volume that cryptsy had. You may need to use different exchanges depending on the crypto's you wish to use. Also, it depends on how big a trader you are. Cryptsy minimum order size was 51 sats.

Minimum order sizes:
Poloniex - 10,000 sats
Bittrex - 50,000 sats
Bleutrade - 0.0001 of any currency tradeable in any of the BTC, LTC, or DOGE pairs. This is the site for small traders, although liquidity in many markets is low.
Vicurex - 1,000 sats, will cancel orders with unfilled remaining less than 1,000 sats. Based in Belieze and pays interest on balances. I didn't like the sound of that one.

All coins are dead... this is all a pump and dump and pump and dump industry. There isn't any coin that is alive, even not BTC.

Cryptsy invented full FODOR!

Good experience at alcurex.org at the moment (there because they are moving CSC, which for me is very profitable) .. and BTC withdrawal fees are HALF what the thieves at Crypty were charging - in fact that is the case in most places.  Poloniex is also good .. no b*.  then maybe Bittrex.

is Cryptsy going full FODOR!!!?

"Most other exchanges do not use the complex security we have."

I have to admit that nobody has yet tried to steal the All Seeing Giant Pointing-north Coin Eye on the east wall watching over Cryptsy's empty vault looking west as Cryptsy goes south.

LOL I almost busted my gut laughing at this ridiculous response by JShock on why Cryptsy is taking so long to fix their issues.

A short chat log from cryptsy:

seems they use random users like Sprite160 to tell people everything is fine. Nice to see them acting like this


Sprite160
I got another small BTC withdraw a few minutes ago.
fanfare257
@JShock:Believe me I don't envy your position. As I'm sure it's hard to keep folks with torches pans pitchforks at bay.
JohnDhere
BTC, DASH, ETH aren't in maint
JShock ♔
@JohnDhere:   "a876543 @JShock:most wallets that are in maint mode here are fine on all other exchanges"
zhaosufang637
@JShock:Is Leah still working at Cryptsy?
naysoekyaw692
@Sprite160:when did u req??
JShock ♔
@zhaosufang637: Yes
JShock ♔
@Sprite160: Thanks for reporting it
JShock ♔
@zhaosufang637: But she has been transfered to a different department and no longer working tickets
matthew873454564
@JShock: Will the effected users of cryptsy be receiving an official apology or something when this is all fixed? Or at least little more explanation
zhaosufang637
@JShock:Haha, I miss her, could you tell me her contact information?
liquidtech909
@JShock: Can you honestly tell everyone here that Cryptsy still has out BTC?  It's been almost 2 months now.  Why do you still believe that?
JShock ♔
@matthew873454564: Your asking the wrong person
fanfare257
@matthew873454564: Hear hear!
Kopyt
@JShock:who and where is the right person to ask
liquidtech909
Does anybody in there right mind really believe that Cryptsy has the BTC?
JShock ♔
@liquidtech909: If i didnt believe it, i wouldnt be here
fanfare257
@JShock:Who is the "right" person?  Vern? He won't answer either.
a876543
@liquidtech909: no
liquidtech909
@JShock: Isn't it your job?
JohnDhere
@liquidtech909:yeah
zhaosufang637
@JShock:??
JShock ♔
@liquidtech909: Isnt what my job
liquidtech909
@JShock: I"m asking you the real person behind the nickname. Not who you're supposed to be to us.
JShock ♔
@liquidtech909: What are yopu asking me
fanfare257
@JShock:Are you like a public affairs ociffer and bouncer? 😋
JShock ♔
Ill tell you anything youd like to know provided i have the answer for it

Bittrex,Poloniex for alts

Btc38 for example isn't trustworthy as it only uses http and provides no encryption at all as it seems

Its sad really to watch jshock ban anyone from chat who dares to suggest there is anything wrong with the service.

Reminding everyone that support issues are not handled in chat, then doing some support from chat anyway... then banning people who are not
happy about the support they are not receiving...  



Seriously, what did you expect? No really... What did you really want people to do? Cryptsy lets people sit unable to withdraw funds (for weeks in some cases)
support gives generic non answers to tickets, and cryptsy wont tell anyone whats going on.  


Cryptsy has created the problems here, not the users, not FUD, not paranoia... cryptsy. Just fix the problem or take your website offline once and for all...  

even if you can withdrawal them, you own worthless coins. imo this is no a good advice it's an advice how to loose everything(as these coins are dead)

After Cryptsy, where would you say is the best exchange for altcoins / bitcoin trading?

It is a way to get out without any lose, or at least with some option to make some money agian. I gave those examples as i know it is working, a lot of wallets on cryptsy are in maintenance so a lot of coins even cannot be withdraw at all... and honestly it won't surprise me if suddenly there would be some problems with DOGE withdraws too ;-)

Holy, if this actually works  
Why didn't I realize doing that    I am pretty sure a lot of people do this and are profiting from it.
Doge is not anymore.
But that reminds me of a neat snippit from year end events last night on a show about things that were done the most in 2015. The most photographed dog (an not this one)was Maru taro the most followed dog on Instagram. Doge does have to work now selling cigarettes.

Post in another thread indicates there may be DOGE withdrawal delays now also.

https://bitcointalksearch.org/topic/m.13415387

TT

I kind of agree, both of these coins are dump coins with missing devs and either non-functional wallets or compiled wallets that can only be acquired from non official sources. I dumped what small coins I had in SYS, with the upcoming SYS developments it was worth a gamble and what might become a good coin.

You can trade both of these coins on Bleutrade too. Bleutrade is good for small traders using the DOGE pair markets. I've also signed up for Bittrex and Poloniex too, but the minimum order size is much higher. (I think one of them also state the auto cancel partially filled orders with less then the minimum order size remaining, so there is the potential to be left with sht coin). Market price API's are so much better than craptsy's api on all of them.

Edit: Just clear up any FUD, its Vircurex that cancels any orders with a remaining balance less than the minimum order size. Didn't fancy having anything to do with that exchange to be honest.

So converting BTC to shitcoins like KARMA or MOON which are traded no where else is a good idea?

I would say, you can just leave your coins on the exchange and let it stay there as you will end up in both situations with nothing.

Please check for yourself and don't follow braindead trading advises like this one.

DOGE seems to be the only high volume currency to get out right now (with ~25% loss)