Bitcoin Forum

Hello Everyone,

I just want to start a discussion into possibly convincing Cryptsy to remove dead/shit/scam coins. Before I start I just want to say that I really enjoy Cryptsy. I do alot of trading at cryptsy and I am very pleased with all the hard work that the entire team has put into Cryptsy, making it an awesome Exchange.

But my one pet peeve is the ABUNDANCE of shit/scam/dead coins that exist. This is really hurting the alt coin community. Lets take a look at other exchanges and compare.

Mt.Gox has BTC. Thats it. No further explaination required.

BTC-E has BTC, LTC, NVC, NMC, TRC, PPC and FTC. (side note, NVC has a 1.8 mil marketcap with no real services, and FTC has a 1.9 mil marketcap even though it was instamined and pretty much can be classified as a scam coin) All the other coins listed are unique in their own right and belong to be on BTC-E.

mcxnow has LTC, XPM, PPC, FTC, MIN, SC, DVC, WDC, and CL. Half legit, half pure scam coins. At least most of these coins have active devs, pools and communities to back them up.

Cryptsy has EVERY COIN. from great to scam to dead. Now I don't mind the scam coins, because if you are stupid enough to mine a coin with a 7 mil instamine *cough* FTC*cough* or a coin with a huge premine that was never used for what it was intend (SBC)then you deserve to get fleeced. My problem is with the dead coins.

I will give two examples: RYC and JKC. these coins are dead. no active devs, hash rates are down and slower than a 1x5870 mining solo. I am sure that there are other coins that should be dragged out back and shot in the back of the head but these are the two I can think of at the moment.

Being listed on cryptsy should be a privilege not a right. Cryptsy has the power to force devs to be more active and develop better coins, for miners to not just mine and dump but to actually care about the network they are securing. for traders and investors to feel safe about trading a coin that isn't just a pump and dump premine scam coin and be turned away by altcoins all together.

my suggestion is for Cryptsy to do the following:

1. kill all dead coins
2. hold active devs accountable for premines with public ledgers. no proof of premines being used to benefit the growth of the coin, no adding the coin to the exchange.
3. send new coins to XPM market until they can mature, then promote them to LTC or BTC market.
4. stop adding scam/shit coins.
5. only add new coins when its clear that the coin will benefit not only the exchange but the community as well from being added to the exchange.

please share your thoughts/bitches/complaints/ideas.

I agree.  That is all.

Or you could just mine what you want and not worry about the rest. And look into some anti-psychotics...

cryptsy is simply an exchange.  let the market decide how to value the coins, or not.    If I were running cryptsy, I would simply have a policy that if no trades take place for a coin for X amount of time, then it gets auto-delisted.

(1) If there are buyers, it shows that people can still sell. If the coin is dead there will probably be a massive buy/sell spread.
(2) Yes. 100 times.
(3) Why the XPM market? IIRC the LTC market is for coins whose prices are too low for the BTC market (e.g. CENT got demoted because of low price). I'm not sure what the XPM market is for, though.
(4) Same as (2).
(5) Double-edged. Adding it to an exchange gives a coin a value, but also gives an avenue for people to dump.

Cryptsy has no obligation to do any of these - they are a company, and companies are profit-oriented. Nevertheless, it would be good if cryptsy strongly examines the coins before adding them. (IIRC in recent times they are scrutinising the coins and rejecting/delaying/delisting those with premines, see ORB)

Cryptsy born as exchange which support many new crypto coins, it's advantages of this exchange. If owners feel that Cryptsy big enought and can compete with BTC-E they remove junk coins without our petition :-)