Bitcoin Forum

Hey Guys I started buying coins on coinbase bought my first legit coins on coinbase. Then I moved them to cryptsy. I gained .040btc from trades on my 3rd and 4th day. First day i got .010 next day .007 and then lost .016 same day. Its legit even though all the negative comments about it. So try it out and you can use my referall trade address. Don't think about it just try it...I got .092 starting from .050 in four days (learning also how to read the charts being more and more successful at it) now I added some more btc to my trade account to make more.  ;)


cryptsy: 4bae7ba0975340339bd3816f946133d93b1c6cd3

I would be very wary of using Cryptsy -- they recently had a serious bug which allowed users to withdraw BTC from their wallets that they didn't actually have.  (Thereby subtracting them from other peoples' wallets, of course.)

I'm guessing there is still no site that has anywhere near as many alts as cryptsy? I wouldn't mind playing around with a bit of alt trading but a bit wary as cryptsy seems to always be overloaded and slow from what I read on here.   

Please tell us more about how to trade, when to buy and when to sell. I am in AUS so I can't verify my account as I don't have a US bank account. I am trying to figure a way to get around that.

dam, i'm in Aus too but havn't even tried cryptsy yet, i guess i will have the same prob  ; /   would be interested to see how Aus people are trading??

For what it's worth -- I recently used JustCoin (justcoin.com; they're a Norwegian company) to exchange USD for BTC via wire transfer.  Was relatively quick (3 days or so) and painless.  JustCoin is a pretty new company, though, so their exchanges have larger spreads than would be ideal.  Of course, once you've got BTC, you can move them to a local wallet, or to MtGox, or wherever.

Another service I've been looking into is Peercover (peercover.com), which apparently lets you use a credit card (!) to buy BTC or XRP (Ripple).  Their interface is a bit buggy at the moment, but when they're up, I imagine they're by far the easiest way to get some coins.

Well I'm still looking BitStamp seem ok you need to send all these documents to get verified.

Idk, all these "OMG a software ERROR!!!!" Seem a bit overblown. These things happen with major banks too--not always where they'll even cover you after. Cryptsy has good capabilities (though I would like to see the fees fall, especially withdrawal fees) and is seeking to become a compliant entity. I think it would be wise for them to do some re-architecting of the back-end after that issue and test it from all sorts of ends, but the moral of the story (for any exchange) is probably that, if you have the option, put eggs in multiple baskets.

Although cryptsy is under huge server stress, I still believe it's the best place to trade alternative crypto.

It's like minefield out there.

I think I will venture into BitStamp.

I used Cryptsy during the middle of the night and all of my transactions occurred within the hour so I think its just a traffic problem.

Newbie warning: You are NOT guaranteed to make money off of altcoin day trading

For Australians the best way to get bitcoins is coinjar.com. I've been using them for the last couple of months and they've been flawless.

From there you can transfer your btc over to cryptsy and start trading.

Welcome to crypto currencies and happy trading :)

maybe you can try

https://www.coins-e.com

or

https://vircurex.com/

First of all, be wary of anyone who's strongly endorsing Cryptsy.  It's not a terrible company, but I can think of few compliments. Technically speaking, they clearly have a weak system architecture and I fear they won't be able to scale-up their current system to meet demand.  They've got serious growing pains in their future.    

I've been using Cryptsy for about three weeks.  I chose Cryptsy because I wanted to use an exchange that was based in the US so I would have legal recourse if the event things got sketchy.  Cryptsy is based in FL,  so they've got that going for them-- but that's about it.  My experience with their site has been varied.  I know that they have had a big increase in traffic over the last few weeks and the site hasn't been able to handle it.  They lost 5000 QRK when I attempted to sell at a record high price.  The QRK was gone, it just disappeared for 4+ days.  Their customer service was nonexistent.  I fixed the problem (inadvertently) myself after I bought 10 more QRK a few days later.  

One good thing about Cryptsy is they have 93 or so markets to trade in.  Some altcoins can only be found on one or two exchanges and Cryptsy seems to have a good selection.

The good about Cryptsy: they (probably) won't steal your money.  The bad: everything else.

There seem to be few credible, quality options.  

Cryptsy is very slow..  ???

Cryptsy is a nice site and has the potentials to be really profitable if you are a really good trader or can predict the movement of alt-currencies. though you shouldn't advertise your id like this (though I have no issue with that).

Yes, and there are problems with people losing coins while trying to trade.

I have made some nice profits with Cryptsy  :)
It is not a site for daytraders I think, but more for an investment on the long term.
Have seen many crypto's going up x10 in 2-3 weeks.

Just double check the daily reports we get here about users complaining Cryptsy balance stolen/Cryptsy password stolen.

Someone just filed a fraud complaint against Cryptsy with the Florida attorney general: https://bitcointalk.org/index.php?topic=361514.0

If you have any money in Cryptsy right now, my very strong advice would be to get it the hell out of there -- if the AG decides something is out of whack with Cryptsy, no one's getting their coins back, ever.  And, let's be honest here -- what does Cryptsy look like?  It looks like an unregistered retail Forex market.

And it's not like the picture gets prettier if you dig deeper.  Many (most?) of these altcoins are basically Ponzi schemes with zero protections for people who aren't computer security experts.  Right?  Pump-and-dump = Ponzi scheme.  Get in early, pump up the value, and get other chumps to do the same thing; the perceived value is based on increased cash flow from later buyers.  Even if this wasn't the intention of the developers, it's certainly the way the *coin markets work today.

What's worse still is that the altcoin markets closely track the Bitcoin market, except the coins are cheaper, less liquid, and have wilder percentage-changes.  Sounds a lot like a derivative, doesn't it?  I bet the SEC and CFTC would think so, too.

I find the altcoin markets to be fascinating.  However, I'd be extremely careful about "investing" any non-trivial amount of money in them, particularly with Crypsty.

Thanks for the tip on how to buy btc in AUS. Still a bit undecided on Cyptsy though. I might try one of the others someone recommended first. Glad to get everyones opinion though. Don't worry I won't be putting my life savings on an exchange hehe.

So at the moment its...

cryptsy

https://www.coins-e.com

https://vircurex.com/

can anyone else vouch for the other 2, i will do some more research later today.

Sorry didn't reply. I didn't realize I had replies.

 Vircurex was kinda hard after registering I couldn't get it without verification key (ubikey). Which is a physical key. Idk...I tried took too long figuring it out dropped that thought.

Also coins-e you need to get verified (if you are ok with that then try it and let me know how it is) Cryptsy is by far Great. The quality in transactions has improved although you have to keep an eye on btc market also cuz when btc goes down most altcoins do too. Its great cuz you don't need any verification only email and about florida lawsuit idk...I hear alot of negatives but i don't see it. The only thing you gotta remember......

.......WHEN WITHDRAWING CHECK EMAIL TO CONFIRM

That was my thought also just a small amount and then I put out more. Complete success until btc went down and all markets started going panic and i held alts and lost and got back to what i originally put in. lol sad i know.


 NXT is soon to be the new Next crypto i think this one will actually make it (DOGECOIN IS STUPID). Trying NXT out right now. I'm buying from DGEX exchange. I'll let you know if your interested.


PS. Thanks for helping out with Australian buying question answering. I'm in US but I could have searched but still experience beats searching.

I took it on pure luck lost .20 next day being cocky with different trades. I'll tell you something I don't understand cryptsy's market depth chart.

What I learned on the way was (PS IM NO PRO AND THIS IS JUST SOMETHING I SAW MYSELF LEARN AND I PROBABLY LEARNED MORE THAN THIS BECAUSE I AM BETTER AT TRADING BUT STILL FEELING LIKE ITS RISKY AND SOMETIMES HOLDING JUST GETS BORING lol)

Check under "trades tab" Look at which recent trades are closer to low and then click on those

Then look at chart how it has been going (the wave) It's really unpredicable considering so much altcoins. But you kinda research what people are liking. What benefits (mining block rate) and how much are existing.

Then look at green bars on the chart (that is the volume) which basically shows if people like the coin or is the green bar disappearing. People getting bored of it. (sometimes you can gamble still and just hold)

YOU HAVE TO WATCH BTC MARKET if it goes down quite a bit other altcoins do to. Make sure your not holding the coin that is going to go down. get rid of it because theres a high chance price will drop.

IDK theres definately more. But experience is best. Learn while trying. Thats how I did it. Lost and gained now I'm trying to get on NXT currency because this could be the next great thing. It's new (NEW FEATURES NOT COPIES)

Crytspy had some iussues due to the exponantial user increment (like any other Exchange - I'm waiting since 42 days for my SEPA deposit on Btc-e now...).

48h hours ago Crytspy moved to new servers and is much faster now.
Besides, on the "dashboard" you always get updates on what's happening. It's just that people freak out before they read the updates, or because they did not understand the cause of the lag.
In any case I'm using Crytspy since 3 months and it's really getting better each day...

Agreed seeing improvements always. They're more and more invested in this with time and money to get everything perfect. IDK if you read the post earlier but people are getting on the nextcoin (NXT) boat. NEW TECHNOLOGY (really interesting) potential to be the new BTC but you judge for yourself. I dont doubt it growing to litecoin price.