Topic: ★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS] - page 163. (Read 1009280 times)

No Worries, at my old age I am hard of hearing , LOL  

UKI , one of the great things about the Knights is that we are all very Opinionated , and we can always count on each other to Voice their Honest Opinion in open forum.
That is what is so refreshing about ZEIT and you fellow Knight.  

Here is our current status, maybe you will see something I am missing.
Ray our Amazing Dev , does the programming and maintains & funds the website at his own cost.
I monitor the Block Explorers, keep a snapshot for download and make sure Chainz stay funded.
Lion's Presence alone has the fudders seem extinct in the ZEIT forum , while they run rampant in other forums.

All of the Knights give Value to ZEIT , by holding 100 million, and give support in ways we have yet to discern.
The ZEIT Community striving to become Knights or just trading on the exchange provide valuable services.

You Sir UKI,
will no matter how high a status ZEIT achieves in the Future, always point out possible cracks in our foundation in an effort to make ZEIT stronger.
IMO, Our current 3 exchanges will grow into what you are looking for.

However , We are a round table, and I am willing to fight alongside or follow my fellow Knights into any battle, whichever they prefer.
So in your opinion, what exactly do you want to see in a ZEIT exchange, give estimated numbers for volume and any other criteria you deem pertinent.
Then pick an exchange , that you believe will meet these numbers, then You can contact them and see what is required.
We then place the requirements on the forum and see if the community wishes to make it so , understanding that any requiring payment , will depend on your ability to convince others to join this course of action. If enough agree to your choice and are willing to pay, go ahead and put me down for $50 towards your venture, payable when you have received enough pledges to cover the rest of the required costs.  

 

He has been quite negative about Bitcoin for a longer while already. If you scroll in his blog: https://medium.com/@octskyward/ (which is btw. a must read for these really interested in Bitcoin), you may see that his disbelief has been growing in the last year or more. It is a real pity to see he is gone for good, but the real core of the idea behind Bitcoin is that it is not dependent on a single person and the life may continue afterwards.

Some 'bigger picture' stuff that may have an impact on us...

https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.mvldlypk1

(Snip)


Depressing, yes, but burying heads in sand won't solve anything

I also got burned back then. Finally got my coins after more than three weeks and than gave them one more chance. It was like playing with fire.
As soon as I heard about other people having problems with their transfers being stuck, I stopped trading there and withdrew all coins. That was mid-2015, and since then I was on the sidelines, watching how it goes worse and worse. Already back then I started calling for some alternative exchanges for ZEIT, but most of the knights seem happy with what we have. Don't understand me wrong, I am strongly AGAINST any exchange that request a fee to list you, but I really believe we need an exchange with SIGNIFICANT volume, to get more people into ZEIT. . Otherwise (sorry kiklo, don't take it personal) we will be vegetating and posting how happy we are that the daily volume exceeds 1BTC in one day out of six months (as recently happened to yobit.net).

I take little pleasure in being proved right, but as y'all know I've been in the anti-crapsy camp since they fucked us over back in spring 2014.

I've had ZERO coins on there since, and everybody with an ounce of sense hasn't either.

S'pose what I'm saying is "Don't expect any sympathy from me if you got burned."

Said that 2 months ago. My Zeits are not Craptsied

Here the Cryptsy Story , in the Believe it or Not News!
http://blog.cryptsy.com/
______________________________________________________________________

Announcement

Cryptsy has had problems for some time now and it’s time to let everybody know exactly why.  These problems were NOT because of any recent phishing attacks, or even a ddos attack, nor does it have anything to do with me personally.

About a year and a half ago, we were alerted in the early AM of a reduction in our safe/cold wallet balances of Bitcoin and Litecoin, as well as a couple other smaller cryptocurrencies.   After a period of time of investigation it was found that the developer of Lucky7Coin had placed an IRC backdoor into the code of wallet, which allowed it to act as a sort of a Trojan, or command and control unit.   This Trojan had likely been there for months before it was able to collect enough information to perform the attack.  It does not appear that this was the original developer for LK7, as on 5/22/2014, we received this message from the new developer who wanted to maintain the codebase:

—

Hello,

Lucky7Coin is not maintained and I would like to take care of it. I have announced that on bitcointalk.org in Lucky7Coin thread. You’re the only exchange for this coin and I hope you will let me take care of it. I’m responsible. You don’t have to be afraid of errors or forks. I’m developing multipool and I know bitcoin internals and protocol.

https://bitcointalksearch.org/topic/m.6861797

For a start I’ve changed irc network, so clients could synchronize blockchain. Please upgrade as soon as you can.

Github repo:
https://github.com/alerj78/lucky7coin

Branch “master” will always be for stable version, branch “devel” could be dirty. In a 2-3 weeks I’ll release new version with p2pool support and checkpoints. Before that I’ll contact you to check few blocks hashes for checkpoints and make sure there is no fork.

I hope we can cooperate and make this coin live again!

Jack

—

These are the approximate figures taken:
Bitcoin:  13,000 BTC
Litecoin:  300,000 LTC

This of course was a critical event for Cryptsy, however at the time the website was earning more than it was spending and we still have some reserves of those cryptocurrencies on hand.   The decision was made to pull from our profits to fill these wallets back up over time, thus attempting to avert complete closure of the website at that time.   This worked fine for awhile, as profits decreased due to low volume and low Bitcoin prices, we would adjust our spending accordingly.  It wasn’t until an article from Coinfire came out that contained many false accusations that things began to crumble.   The article basically caused a bank-run, and since we only had so much in reserves for those currencies problems began.  

Our current customer liabilities for BTC is around 10,000 BTC, so as you can see we would like to see the Bitcoins returned for both our users and for ourselves.

Here are the transaction details from the Bitcoin wallet:

https://www.walletexplorer.com/wallet/0c07e0bec1002bd2

As you can see,  2014-07-29 13:17:36 is when the event occurred.   A very interesting fact here, however, is that those Bitcoins have not moved once since this happened.    This gives rise to the possibility they can be recovered.   In fact, I’m offering a bounty of 1000 BTC for information which leads to the recovery of the stolen coins.

If you happen to be the perpetrator of this crime, and want to send the coins back no questions asked, then you can simply send them to this address:  

1KNi4E4MTsF7gfuPKPNAbrZWQvtdQBTAAa

If they are returned, then we will assume that no harm was meant and will not take any action to reveal who you are.  If not, well, then I suppose the entire community will be looking for you.

Some may ask why we didn’t report this to the authorities when this occurred, and the answer is that we just didn’t know what happened, didn’t want to cause panic, and were unsure who exactly we should be contacting.   At one time we had a open communication with Secret Service Agent Shaun Bridges on an unrelated matter, but I think we all know what happened with him – so he was no longer somebody we could report this to.    Recently I attempted to contact the Miami FBI office to report this, but they instead directed me to report it on the I3C website.  I’ve not heard anything from them.

I think the only real people who can assist with this are the people of the Bitcoin community itself.

Trades and withdrawals will be suspended on the site indefinately until some sort of resolution can be made.

Here are our options:

1. We shut down the website and file bankruptcy, letting users file claims via the bankruptcy process and letting the court make the disbursements.

- or –

2. Somebody else comes in to purchase and run Cryptsy while also making good on requested withdrawals.

- or –

3. If somehow we are able to re-aquire the stolen funds, then we allow all withdrawal requests to process.

I’m obviously open to any other ideas people may have on this.

    Jan 14th, 2016
_______________________________________________________________________________ __________________________________________

Funny he announces this after They get hit with a Class Action Suit.  

When the Real Truth comes out, I bet it includes FAST CARS , FAST WOMEN ,  White Powder , and maybe a Yacht or 3.  

Just some speculation between US, I think Cryptsy has been skimming off the top for over a year,
instead of keeping all of the coins there and only keeping the fees earned,
they decided to be like a Fractional-reserve bank and only keep a % of the coins deposited so they sold more coins than they took in.
Fractional-reserve banking is the practice whereby a bank accepts deposits, makes loans or investments, and holds reserves that are a fraction of its deposit liabilities.[1] Reserves are held at the bank as currency, or as deposits in the bank's accounts at the central bank. Fractional-reserve banking is the current form of banking practiced in most countries worldwide.[2]
Fractional-reserve Banking fails when more people withdraw funds than deposit.

The erratic payouts from them means they were playing fraction reserve with all of their coins, also explains why they kept dead markets open, closing the dead market would have gave reason for those coin holders to remove their BTC & LTC from cryptsy.
_______________________________________________________________________________ ______________________________
The Bank runs in the 1930s led to the creation of The Federal Deposit Insurance Corporation (FDIC)
an independent agency of the United States government that protects the funds depositors place in banks and savings associations.
FDIC insurance is backed by the full faith and credit of the United States government.
Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds.

FDIC insurance covers all deposit accounts, including:

    Checking accounts
    Savings accounts
    Money market deposit accounts
    Certificates of deposit

FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual funds, life insurance policies, annuities or securities.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
_______________________________________________________________________________ ________________________________

Before the last bank run a few years ago, that amount was only $100,000 per depositor.
And many people that had more than that did completely lose everything over that amount when the banks defaulted.
It's funny how the press never mentions those people.
Also anything in a safety deposit box has 0 insurance protection.
If you are fortunate enough to have that kind of funds, don't keep more than $250,000 with 1 bank, as those weasels find a way to justify only paying out on 1 account , and somehow exclude your other accounts, paranoid yes , but did it happen to some people during the last bank closures, sadly yes it did.

FYI:
This one line always make me Laugh! 
FDIC insurance is backed by the full faith and credit of the United States government.
How can anyone have faith in someone that is almost ~19 Trillion Dollars in Debt.
The US Credit Card should have been cut up decades ago, default is not an IF, but a When!
http://www.usdebtclock.org/

ZEIT has no Debt build in , you either have some or you don't.
So just know that buying 1 million ZEIT for $5 won't last forever,
when the big one hits , $1 million dollars might not be able to buy 1 ZEIT.

 

If Cryptsy doesn't go Mt. Gox, I recommend withdrawing any assets you have left the moment they authorize withdrawals again. After this, I doubt I will return to using this exchange. I just hope it's not too late. I managed to withdraw a small amount of Zeitcoin right before this happened, so the wallet is working. I just hope they enable withdrawals again soon.

It's because of stupid shit like this that there is so little liquidity on these exchanges. It is also why there is so much regulation and policing of the fiat exchanges, and why we have federal insurance of banking accounts up to $2.5m (so if a bank goes under, the US tax payer will ensure you don't lose your savings, and everyone ends up eating the net cost...if any).

This is what the 1900s was like for fiat banking in the US by the way, complete with bank closures and robberies.

Just goes to show, having a new currency to compete with fiat is not enough. You have to have stable financial institutions (including exchanges) and businesses to go with it. Digital currencies just won't reach their potential without them.

http://www.altcointoday.com/class-action-lawsuit-officially-launched-cryptsy/

Here is a copy of the snapshot on Mega.
https://mega.nz/#!OQJDVDzQ!ejL94Qiqycou7Yc4i7PGh16ok15C6BTf3fWuyn69Fro

Snapshot install Fastest
Make sure Zeitcoin is closed
Go under
c:\Users\"username"\AppData\Roaming\Zeitcoin (for Windows) or in the Zeitcoin data folder for other OSes
Then Delete 5  files :  .lock & blk0001.dat & blkindex.dat & db.log & debug.log
Then Delete 1 folder named : database
Then Unpack and copy the files from ZeitcoinBlockchainSnapshot into
C:\Users\"username"\AppData\Roaming\Zeitcoin
Then open Zeitcoin and it will start syncing the BlockChain from the last snapshot.

Option 2: BootStrap  , 2nd Fastest Way
(Takes Between 24 to 36 hours)
After Downloading the snapshot.

Make your own Bootstrap.dat from the Snapshot
COPY /b blk0001.dat bootstrap.dat

Make a Zeitcoin folder under C:\Users\"username"\AppData\Roaming\
Copy the bootstrap.dat file in the folder c:\Users\"username"\AppData\Roaming\Zeitcoin (for Windows) or in the Zeitcoin data folder for other OSes. Run the Zeitcoin software to import the BootStrap , once finished it will then begin synchronization to retrieve any blocks found after the Bootstrap was created.

 

Hey, kiklo!

Please upload the actual bootstrap to another (alternate) filehosting. mediafire is not working with Download master.

Pretty much. Those that knew knew.

I'm going to stick my neck out and say ... Cryptsy is not dead.

Today was Good News Day, Today BTC started crashing .. all just in time for Cryptsy to admit they cocked it all up, and make a triumphant return proclaiming nothing was lost to "haxors" ... and all will be well in crypto fairyland.

Also, Dash big announcement is 8 days away, takes about a week to clean up 2 months mess and back in business, in time to lead DASH charge. And probably way more importantly, LTC whales ahoy.

Love it. That pretty much sums it all up. Cryptsy was still an ok exchange in the early 2014, but since then it was a continuous problem. A pity that ZEIT was included there and thus suffered collaterally at least twice because of Cryptsy. Yet, now they are history, and we are left without a solid volume exchange.

Hmm looked in the OP and found the blockchain dump from the end of December. Thanks guys that saves me a lot of time! Will have zeit.presstab.pw up within a few hours I expect, sorry for the delay - will add some time onto the account.

stay classy cryptsy. insolvent since 2013.

http://www.coindesk.com/digital-currency-exchange-cryptsys-problems-partners

Wonder if this was a planned exit strategy , since they also left their physical building without letting anyone know where they were going.  

This is at the top of their WebSite.

Important System Notification

NOTICE: UNTIL WE ARE ABLE TO DETERMINE EXTENT OF ATTACK, ALL WITHDRAWALS AND MARKETS ARE PAUSED

This is on their Twitter

BigVern @cryptsy34m
A new phishing attempt is out. It is not from cryptsy. Do not acknowledge it


 

FYI:
Agree with Atronite, the Refund link is a scam, received mine by email,  if you still have any coins with cryptsy, hit up their support ticket instead.

Uggh: This means whoever sent the sms and emails , now has all of the information , any of us gave to cryptsy for the so-called Fincern requirement.
Hopefully no one gave cryptsy their social security #, if so your SS# has been compromised.

The cryptsy refund link domain was just registered today
Domain Name: CRYPTSY-REFUND.COM
Registrar: PDR LTD. D/B/A PUBLICDOMAINREGISTRY.COM
Sponsoring Registrar IANA ID: 303
Whois Server: whois.PublicDomainRegistry.com
Referral URL: http://www.PublicDomainRegistry.com
Name Server: 1A7EA920.BITCOIN-DNS.HOSTING
Name Server: A8332F3A.BITCOIN-DNS.HOSTING
Name Server: AD636824.BITCOIN-DNS.HOSTING
Name Server: C358EA2D.BITCOIN-DNS.HOSTING
Status: clientTransferProhibited http://www.icann.org/epp#clientTransferProhibited
Updated Date: 12-jan-2016
Creation Date: 12-jan-2016
Expiration Date: 12-jan-2017

guys, just a heads up, just got a sms from my 2-factor login number that cryptsy was hacked and closed, this is only partly false. It's a phishing attack, and somehow they managed to compromise the number that 2fa phone number that Cryptsy uses. Don't fill out the cryptsy refund link as it is a definite fake.

That being said, according to the cryptsy site:

"NOTICE: UNTIL WE ARE ABLE TO DETERMINE EXTENT OF ATTACK, ALL WITHDRAWALS AND MARKETS ARE PAUSED"

So something has definitely been compromised.