How Cryptsy can save itself - page 3.

X68N

hero member

Activity: 672

Merit: 500

Quote from: MentalCollatz on January 15, 2016, 10:20:38 PM

Step 1: "Phantom BTC" credits
Create a new, fake currency called "Phantom BTC", which cannot be deposited nor withdrawn. Credit all users with Phantom BTC equivalent to their current outstanding BTC holdings and set BTC holdings to 0. Future BTC deposits will be credited as BTC.

Step 2: BTC to Phantom BTC exchange
Create a new trading pair between BTC and Phantom BTC. Collect a Phantom BTC commission on every trade. This means that on every trade the amount of Phantom BTC in existence will decrease.

Step 3: Phantom BTC buyback
Use profits from other trading pairs to buy back Phantom BTC, further accelerating the rate at which it disappears. If the stolen funds are recovered, all of the Phantom BTC can immediately be bought back. Eventually there will be no more Phantom BTC and Cryptsy can close that trading pair.

Having a BTC to Phantom BTC exchange will allow pessimistic bagholders to withdraw their BTC at a loss, while allowing opportunistic traders to essentially buy Cryptsy's debt, with the possibility of significant returns when Cryptsy finally gets everything back on track. Patient/optimistic bagholders can simply wait until a favorable exchange rate or until the buyback.

great ideas. i would prefer a soft loss (% butremain the original coins)
over a process by a judge, since they have no technical clue.

i think there should be an "official" vote only for people who have funds on the dge there, since cryptsy haters and fanboys might distorrd the public picture.

Nagle

legendary

Activity: 1204

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It's too late. "Cryptsy.com" is down, the offices are vacant, the CEO is missing, and the assets are involved in a divorce case.

mtnsaa

legendary

Activity: 1568

Merit: 1000

Well I didn't lose any money there as I've never used the exchange but after reading their declaration I must say that if it's true then it really must've sucked for them. I don't agree on how the covered it all for more than an year but really, a theft of those proportions will sink any ship. Honesty would be better from an ethical point but perhaps they really tried to keep the ship from sinking until the end. I don't know, maybe I'm too naive.

LuckyYOU

sr. member

Activity: 280

Merit: 250

No Phantom coin can help cryptsy.
They made sure we can't trust them, so why would we?
Like said above, it would just give them more time to get away with stealing our coins.

ivanst776

legendary

Activity: 1540

Merit: 1003

As far as i know only bitcoin and litecoin are affected so the only way it trading other coins like eth doge ripple in other exchanges and earn a little bit to cover the loss.

phreaky

hero member

Activity: 546

Merit: 500

I would like to see something like this happening. It's better then to wait for them to pay for the withdrawals...
Which won't be happening offcourse.

mad.enchantment

newbie

Activity: 42

Merit: 0

That is stupid, creating another altcoin in a dying exchange is not going to help anything, it's just making people more scared from them
With that "Phantom BTC" you are only giving cryptsy more chance to running away from people's money furthermore Sad

White sugar

legendary

Activity: 1232

Merit: 1005

Add another market is kind of stupid and too complicated, no one gonna use it.
Do like Vircurex, freeze the funds and release as long they get profit. But they need to be transparent and don't delay withdraws.

jt byte

hero member

Activity: 994

Merit: 500

I agree with the sentiment that cryptsy did lie but it's for users to decide whether to trust them or not.
Having an option to sell at loss is great since i can't see they will be saved other wise.

No way this hacker will return the funds...

Cs87kxy

full member

Activity: 185

Merit: 100

https://BoostCrypto.com - Earn 250% in 200 Hours

Quote from: Phildo on January 16, 2016, 10:44:34 AM

Would people really be stupid enough to buy these phantom btc and/or leave any other coins on the exchange if it opened again?

well after see for x times "history repeats itself" I hope no...
Mintpal, Moolah, Bter, Mtgox... Too many exchange bankrupted, "hacked"... well I hope a decentralized exchange in this economic situation.... a sign that "a safe exchange is possible".

Phildo

legendary

Activity: 1526

Merit: 1000

Would people really be stupid enough to buy these phantom btc and/or leave any other coins on the exchange if it opened again?

WENGER

sr. member

Activity: 274

Merit: 250

Negative rating was requested by me (SFR10)

I wouldn't like the idea personally as your giving some more freedom to them (they had their chances since the start and they screw up) and the only way they could save themselves would be to calculate each persons losses over time and give them the exact amount by calculation breakdown for everyone together with some bonus as part of it.

Cs87kxy

full member

Activity: 185

Merit: 100

https://BoostCrypto.com - Earn 250% in 200 Hours

Quote from: MentalCollatz on January 15, 2016, 10:20:38 PM

Step 1: "Phantom BTC" credits
Create a new, fake currency called "Phantom BTC", which cannot be deposited nor withdrawn. Credit all users with Phantom BTC equivalent to their current outstanding BTC holdings and set BTC holdings to 0. Future BTC deposits will be credited as BTC.

Step 2: BTC to Phantom BTC exchange
Create a new trading pair between BTC and Phantom BTC. Collect a Phantom BTC commission on every trade. This means that on every trade the amount of Phantom BTC in existence will decrease.

Step 3: Phantom BTC buyback
Use profits from other trading pairs to buy back Phantom BTC, further accelerating the rate at which it disappears. If the stolen funds are recovered, all of the Phantom BTC can immediately be bought back. Eventually there will be no more Phantom BTC and Cryptsy can close that trading pair.

Having a BTC to Phantom BTC exchange will allow pessimistic bagholders to withdraw their BTC at a loss, while allowing opportunistic traders to essentially buy Cryptsy's debt, with the possibility of significant returns when Cryptsy finally gets everything back on track. Patient/optimistic bagholders can simply wait until a favorable exchange rate or until the buyback.

step 1 is the same that made bter, a chinese exchange.
well it's over months that all users don't see anything back, and exchange work again (with low volumes)...
When exchange scam, money gone....

Master of Puppets

newbie

Activity: 9

Merit: 0

LOL. "Phantom btc" would drop to 10$ within 4 or 6 weeks. So basically you're suggesting to donate all users' balances to cryptsy.

The idea is very idiotic. "Phantom-btc" tanks and burns the minute trading starts ...

PM me; i'll sell you 5 Phantom-BTC for every 0.5 btc you send me. Easy 10-begger for you. Just let me know how much you want to order. We'll deliver any size of trade.
Get rich quick with "phantom-bitcoin" Wink

Valuntinam

newbie

Activity: 13

Merit: 0

The money was stolen in 2014 and Cryptsy did not tell us about the hack and keep on deceiving us. So it lost our trust.

The Sceptical Chymist

legendary

Activity: 3528

Merit: 7005

Top Crypto Casino

Lol, it looks like you spent a good deal of time in thinking about what you wrote but I think Cryptsy is, at this point, beyond saving. And the simple reason for it is that any exchange/trading firm/whatever has to have the trust of its customers. It's that simple. People have to know that if they deposit funds on the exchange or trade currencies, they're going to be able to get them out. Cryptsy has badly violated this trust and I don't think it's going to be fixable.

sorryforthat

hero member

Activity: 994

Merit: 500

This just sounds like a easy way for them to garner more time to try and escape having to pay back funds. No need to create hope.

MentalCollatz

newbie

Activity: 40

Merit: 0

Step 1: "Phantom BTC" credits
Create a new, fake currency called "Phantom BTC", which cannot be deposited nor withdrawn. Credit all users with Phantom BTC equivalent to their current outstanding BTC holdings and set BTC holdings to 0. Future BTC deposits will be credited as BTC.

Step 2: BTC to Phantom BTC exchange
Create a new trading pair between BTC and Phantom BTC. Collect a Phantom BTC commission on every trade. This means that on every trade the amount of Phantom BTC in existence will decrease.

Step 3: Phantom BTC buyback
Use profits from other trading pairs to buy back Phantom BTC, further accelerating the rate at which it disappears. If the stolen funds are recovered, all of the Phantom BTC can immediately be bought back. Eventually there will be no more Phantom BTC and Cryptsy can close that trading pair.

Having a BTC to Phantom BTC exchange will allow pessimistic bagholders to withdraw their BTC at a loss, while allowing opportunistic traders to essentially buy Cryptsy's debt, with the possibility of significant returns when Cryptsy finally gets everything back on track. Patient/optimistic bagholders can simply wait until a favorable exchange rate or until the buyback.

Topic: How Cryptsy can save itself - page 3. (Read 3387 times)