Topic: Cryptsypoints hacked? (Read 893 times)

Yes others probably did that too, but still I don't feel like this accounts for the multiple and regular >100 points all time low sales of the last few days.

I don't believe it works that way. About twice a week they buy all the points that users have on sell orders until they are worth 0.001BTC again. It would not make sense for them to sell them at the market price of 0.0008 before doing that.

I'd actually been collecting my points since they were introduced and then went to do some coin voting with them a couple of days ago.

I realized that I have to click the button every time I want to spend a point to vote which is slow and annoying so I just dumped all my points and sent btc to the vote address instead.

Just a guess but possibly others did the same?

Isn't it circular though?  You buy points,  transfer them to Cryptsy to vote, they put them back on the exchange for people to buy again?

That actually corroborates my analysis. When people buy votes with Cryptsypoints, they dissapear from circulation, they are not sold. So there should actually be less trade volume since they implemented that system, and now there is more.

Your analysis doesn't seem to take into account the only real purpose of Cryptsypoints which is to buy votes with them.  At the end of the week you analyzed, a large number of points were being converted into votes for various coins.  There was a community pool for DigiByte and probably others too. I don't know Cryptsy's inner workings, but presumably they put the coins up for sale as soon as they get transferred.

I dont benefit if the price goes down, won't put money in something that might be hacked.
Didn't it occur to you that I legitimately wanted to warn people who might want to buy them?

Someone who wants to drive the price down by spreading FUD.

Cryptsy has not bought the value of their points back to 0.001 in a long time now, they used to do it about twice a week.
My theory might be true after all... Also the suspicious selling behaviour has been continuing everyday.

I've been since January, it's great really... You buy points at 0.0008-0.0009 from users, then you sell them a day later to Cryptsy at 0.001

Who the fuck is buying cryptsypoints?

Thanks for the info

Just bumping this, because I though the community should be aware of it.
Thank you.

There was weird behaviours in the Cryptsypoints market this week, it seems like there are more of them in circulation that there should be.

Like you know, they are given based on 5% of the trade revenue generated from a user. 0.05*0.3 = 0.015% of the trade volume of each user is given back to him as points. On cryptostock, Cryptsy distributed 1.8 BTC has dividend for the holders of fee shares, which represent 1.6% of their trade revenue. So they made 112 BTC and thus distributed about 5600 Cryptsypoints last week.

The trade volume was 40000 between March 6 and March 13. That seems disproportionate to the amount in circulation for something that is not traded actively (most people sell their points once and don't buy back). But what I found really suspicious was the trade history. Some people have been selling big orders of cryptsypoints at the all time low price, which means they are not active traders. There were a few of them of exactly 100 points yesterday at regular intervals, like if someone did not one to be noticed by selling bigger amounts. And on March 11 3:00, someone sold 3500 points, which is more than half of the points in circulation for the week, and thus making the value crash to ATL (if he'd have been a regular trader, he probably would have sold higher). Where did he get all those points? If he had bought them, that would mean he sold at a big loss.

Of course that's probably a false hypothesis, but I believe Cryptsy's team should look into it, and I'd advice people not to buy Cryptsypoints in the meantime.