Topic: [Ultracoin] [Est. Feb 2014] ~ ASIC Resistant & Ultrafast 6 Second Transactions! - page 108. (Read 381003 times)

Hello everyone,

I wanted to touch base on a few things and offer full disclosure at the same time.

First off, I wanted to speak about development and wallet issues, as well as Bittrex. I am in talks with Bittrex now to extend Ultracoin on their exchange, especially with the recent Cryptsy debacle. I am confident that exchange volume on Bittrex will increase dramatically now that users are losing faith in Cryptsy. Concerning the wallet, Kracko will be finishing up any wallet bugs that have been reported as well as wallet optimization. If you are experiencing any issues with your wallet, please message them to me or post them here so he can take care of them on the next patch. I have spoken to Kracko, and this will also be the last project he does for Ultracoin. He will stay around until all immediate developments are completed, at which point I will take development into one of two directions, hiring another in house developer who will be paid a salary and work on projects and fixes as needed, or two, contract all work to a third party on a freelance basis. The first option would call for someone can become more familiar with the code and UTC platform over time, but the second option would allow multiple projects to be completed in shorter intervals. Both options will be explored. This will of course mean that Ultracoin will be out of a developer for a time, this is nothing new and something we have experienced in the past. Kracko has assured me he will make sure we are on solid ground and that all work is completed before such a time comes. Please send me any bug reports now, so that they can be taken care of, including network concerns. Once Kracko leaves it will be up to the community to take up small projects, some members would like to step up I can help with projects including possible capital support.

The next item I would like to touch on specifically is Cryptsy, it is felt throughout the entire crypto currency community every time an exchange risks going defunct. Vivid memories of Mt. Gox and Mintpal still stain the world of cryptocurrency and the pockets of users. I personally have funds that are locked away somewhere in the ethereal vaults of Cryptsy that I may or may not see again, I want to remind everyone that exchanges and pools should only hold your cryptocurrency for the shortest period of time possible before it is safely withdrawn to your personal address. Never trust an exchange with your money, exchange are not meant for safeguarding currency unlike services like Coinbase or Bitpay which are much professionally secure. Even then however, there is no guarantee. Cryptsy headquarters is not far from me, they are located in South Florida several hours up the road. If there is anyway I can represent the Ultracoin community, in court or in person, I am setting myself up to do so and have had a few things in mind. Not many other cryptocurrencies have this option.

Sincerely,

Steven "Rapture"
Management Director
[email protected]
Ultracoin

The pool wallet had more than 16 peers before fork has happened. Now it has only 2 peers connected.

The number of online wallets has been dramatically decreased. The less wallets are staking the less of the orphans.

Original ultracoin has exactly the same situation now. There are no orphans at all.

@ Roister01

The recent changes were damn unlucky to coincide with the Cryptsy issues.  The changes did not really screw this coin.  Cryptsy may feck things up for an extended timeframe.

Yes - the orphans are down on staking and mining.  So great improvement on that front.

Mining is stabilising slowly and starting to look good. Still it needs more miners.

Cheers usukan

Also, why are there not so many orphans these days with the stake amounts? Is this a result of the changes?

Cheers,

Roister01

Hi folks,

wrt to cryptsy, I have used them for quite some time, and have had no problem withdrawing as of yet? Perhaps not quite the volumes of you folk though!

Anyway, still can't understand why the recent changes have left UTC in the state it currently is? What is it about the last lot of changes that has caused all the problems? Must say, I haven't had the wallet problems that some have, mine synchronises fine, and is starting to give stake amounts regularly (but only small amounts), but why is the block time so long these days? Does this mean that the 6 second transaction is no longer possible?

Cheers,

Roister01

It would be brave beyond my comprehension to buy UTC on Cryptsy - when you can buy 25% cheaper at Bittrex. So little wonder no depth on Cryptsy - then add the withdrawal issues at Cryptsy.

Yes - my UTC and other coins with same issues are written off too - into the Cryptsy black hole.

Except if you have UTC you are stuck because there is no market depth at all. You cannot sell UTC because there are no buy orders. I've got 900K there which I've basically written off as a loss already, oh well.

But the BTC can still get out through some alts at the moment (just have support cancel any BTC withdrawal and check which alts are best suited to get out)

Seems only DOGE is still working as of a few hours ago - with maybe a few LTC (but DASH is reporting issues now).  ETH was good last week - but withdraws stuck now. Slowly one by one the exits are drying up.

Check this post by Northstar
https://bitcointalksearch.org/topic/m.13122448

(by Northstar) I posted my 2 cents on this topic here:

https://bitcointalksearch.org/topic/m.13117828

Here is the gist of it:

I am going to call it out as it is, Cryptsy is insolvent in terms of BTC, either due to a hack or outright theft by insiders. Either way, we are not being told the truth. There are many things that point to all this. Where do I even begin?

1. The most obvious problem: many, many users are reporting slow withdrawals of BTC. I have been observing the Cryptsy chat for the last two days, as well as other places online and especially since around Nov 25th, no one is getting their BTC withdrawals. It gets stuck in "pending". I myself tried withdrawing 5.5 BTC and it was stuck for half a day. I created a support ticket and it was ignored for a few hours. They responded with the generic "we are working on an issue" that everyone else is getting. I made a DOGE withdrawal around the same time, and that cleared within 5 minutes. So from that and from reading others' responses, I knew some alts withdrawals are working.

2. Not an issue with their site - Their support staff are working, as evidenced by their response to my tickets. Their system receives deposits correctly and timely, and DOGE withdrawals work well too. I withdrew various amounts several times and they all happened within 5 minutes. So the issue is specific to BTC/DASH/ETH and some other more popular coins. Which leads me to believe they simply have no coins to cover the withdrawal requests.

3. Complete silence on the issue: you will not find any statement or anything that remotely resembles an acknowledgement that there is a serious problem. People who cause too much fuss in the chat get banned, some for one year.

4. Big Vern himself posted a tweet on Oct 21st, right around the time when the Tier system was incorporated, that "there are some good deals to be had on Alts right now". This seems like a marketing ploy to boost volume slightly and make money off commissions, but the main added effect would be BTC coffers swelling at the expense of Alt coin wallets. It is possible the problem with solvency has began back then, and it does coincide with the first reports of delayed BTC withdrawals.

5. The importance of trust - from other big sites going belly up, exchange operators know that once users' trust is gone, it can never be fully regained again. If there was a technical issue, like a prolonged DDoS attack, they would have admitted it in a timely manner, everyone has problems once in a while, but admitting to it boosts trust in the user base. In this case, there is complete silence despite a very obvious serious problem, and it's only getting worse. I think the only logical explanation is that Paul Vern knows that the only way to save the ship is "a la pyramid style", if mass panic is avoided and if he can hold off on people withdrawing their BTC for just long enough, he can recuperate enough funds to keep going (in case Cryptsy was hacked). OR, if the funds were stolen by an insider, then he is just buying more time. It is obvious they are trying to avoid a run on the BTC wallet, and it's probably already completely insolvent given that no one has been able to withdraw even the smallest amounts in the last 4-5 days. (I even tried withdrawing small incremental amounts, as small as 0.049 BTC, and still it didn't go through).

Basically, I am confident this is the end of Cryptsy, there is no good reason for what's been happening and the silence on Cryptsy's part. Save your funds and GTFO while you still can. While we are on the subject, here is how I was able to get my ~9btc out of there since yesterday:  buy Doge. Yes, you will take a hit. You only have a couple of viable options where to sell them later, right now you can buy them for 38-39sats on Cryptsy and sell them back on Poloniex for 32-33 sats, the situation is the same on BTC38, you can sell them for CNY and then buy BTC with CNY with the same result. You are losing about 15% in the process. From my research (and I stayed up most of the night yesterday looking at all sorts of options) Doge is the only currency that you can still buy on Cryptsy in large amounts and withdraw without issues.

If you have a stuck pending withdrawal of BTC, you can create a ticket asking to cancel your withdrawal. It's amazing how quickly they responded to 2 such tickets that I created. It's like they don't want you to even try taking out BTC, could it be because they don't have any?

Again, this is one option that you have, take it or leave it, I lost ~1btc in this process but I saved 8, to me it was worth the risk, because I am pretty sure this ship is not salvageable. Their shady practices combined with the fact that this is a wide-spread issue now, leads me to believe Cryptsy is, as of yet, unofficially insolvent.


One more thing, for anyone who wants to know where to look for their coins, here is the Founder and CEO's name and home address:

Paul E. Vernon
8656 Tourmaline Blvd.
Boynton Beach, FL 33472

This is publicly available information that can be discovered by anyone who does a little digging.
I wish everyone best of luck, and I hope this was helpful to at least some of you.

Edit: someone pointed out that this address might be out of date now, please update me if I am wrong. This was the official address of registration of his corp, and it was used early in 2015 again.

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We should all scurry over to Bittrex and put some volume there so they don't close UTC trading - but to be honest I have seen this mssg many times before on Bittrex and they never delisted UTC

you should try to withdraw with other coins for example buy some LTC, or DOGE, or DASH  and  withdraw a small amount <20LTC at the time.

I had aprox 1BTC on cryptsy 2 weeks ago and I managed to exit through that strategy, they will more likely not pay you on BTCs but they may have some surplus of other coins, good luck.

It is to expect that Cryptsy dont come on line again and that everybody is scammed by BigVern, just like MTGoX, MintPal and other exchanges.
At least it looks like that way becous of the radio silence at cryptsy and BigVern. If you have coins at Cryptsy, like me (2BTC + 138K UTC), keep in mind you and i lost them (almost for shore).

Whit that said, if Cryptsy dont come online again, then we lose one of our biggest trading platforms for UTC.

If then also BittRex will shut down the trading of UTC, just becouse of to low trading volume, then is seems it will be over for UTC and the coin will die.

So were is Steven at this moment ?

What kind of actions are needed now Steven ?

And what can we al do  for UTC to stay arround ?

@STEVEN    ..... where are you ?

With  Cryptsy going down, UTC is on risk of being delisted of the last exchange bittrex :


so the future doesnt look very good for utc...

Hi folks,

What is happening to my favourite alt?

Is there any realistic hope for this coin now? Can anyone fill us in, in a simplistic way, where this coin is heading, and if there is a future for it?

Many thanks,

Roister01

Please notice: if miner submits duplicated shares then account will be banned and all earnings canceled.

Damn when cryptsy wallet will work? Can anybody from dev finnaly contact it and resolve a problem?

6 months, you ripped us !

That occurred to me as well, actually great news, as this will force more people to close their wallets and sell a Coin and will keep em out forever. Everything is bad and buggy, I think, we need to leave this house. Crypto is not the way we will be going.

Payouts run like clockwork!

What is your username on the pool?

The payouts on utc14.yacoin.club doesn't work.

It wont rise with a dev that doesn't code properly and isn't developing anything which makes people buy it

May I suggest we do something different from other altcoins and peg it making the price more stable? Maybe that will catch the eye of investors and become for adoptable for companies etc. We have to be different in order to stand out! UTC isnt ultra fast anymore (which is why 90% invested) To peg it would require a good developer though .. . .