Bitcoin Forum

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Meaning they trade the BTC elsewher making profit on it and they slow down withdrawals so it does not become obvious when the crowd wishes to cash out? That would be a serious breach of operational trust. but that is true, lately there have been withdrawal issues at inopportune times. i've always wonderedif it isnt easy to just keep another copy of the blkdata and wallets elsewhere, which can then be used at a moments' notice should something happen to the main one in use? it would be quick and efficient.

inopportune for the users, opurtunistic for cryptsy. kind of hard to prove it though.

I could see it being possible. I mean, banks do it all the time...except you can always get your money from a bank. There is no FDIC for crypto

Although I've heard of people having problems like your describe, it hasn't happened to me. In fact, the night Bitcoin hit $900 on Gox I sent an alt coin in to sell and transferred out one Bitcoin with no problems.

i never saw him admit that. all i saw was conjecture from barwizi. as to the apparent bitcoin "unavailabilites" could it be possible they are keeping the majority of coins in cold storage?

The problem with cryptsy has always been they lack of upgrades.  Their hardware/software updates have never kept up with trading demand.  The problem is all the fools panic sell alts and withdraw when BTC hits new highs (Most have the worst timing in terms possible returns).  Nothing sinister just bad management.

I'm pretty sure all the exchanges do it. I tried to sell some BTC on coinbase when it was up around $750 a couple days ago and got the message that they had exceeded their daily quota for sales. I was not too happy about that, especially considering the next morning it dropped down to $515.

not sure you were still online when i spoke with him, but i also have the response to my ticket. furthermore it seems people knowledgeable about that kind of situ have already given it a name. hahaha, what part of my actually being in a guy's account and posting from it is conjecture?

well, vern is not completely dense ... it would be wise of him to invest monies held just like banks do.... plus there is this.. if no one read the tos when u signed up...

k. Delays

Neither we nor any third party software provider accepts any liability in respect of any delays, inaccuracies, errors or omissions in any data provided to you in connection with an Electronic Service.
We do not accept any liability in respect of any delays, inaccuracies or errors in prices quoted to you if these delays, inaccuracies or errors are caused by third party service providers with which we may collaborate.
We shall not be obliged to execute any instruction which has been identified that is based on errors caused by delays of the system to update prices provided by the system price feeder or the third party service providers. We do not accept any liability towards executed trades that have been based and have been the result of delays as described above.



whether or not he has the right to use these funds to create more funds is a whole other argument ill leave you all to continue. im not really familiar with the laws of banks... or exchanges

Can anyone shed light on where the law books say he can or can not do this ? Id be curious to see what exactly the laws are with this type of situation....

But I admit they do it in english way, which I recently got incorporated myself.  ;D

Yes, BEX they fuck on every single 1 hour...

I lost my Last believes in cryptsy.

My auth codes that I requested yesterday arrived both today. Did scare me for a bit and I thought at first that my account got compromised (the password at least).
This made me withdraw my bitcoin (no errors or delays) to offline storage, good decision.

yup and which is why i pulled my BTC out of there as soon as the price started going up about a week or two ago..
and i was right and i called it in advance and sure enough precisely what you said happened at Cryptsy
and as usual at other exchanges..

you are 100% correct

Now you can vote your shitcoin in.  :D Cryptsy never ceases to amaze.

Ah, this ol' chestnut again eh?

I thought they were past "that phase" but the latest move knocked me off my feet.

I believe in the cold storage theory. When the hot wallet becomes empty, manual intervention is required. An operator has to go to a separate machine, enable networking, initiate a transfer of funds, and then the Bitcoin network has to produce the required confirmations.  During that period, withdraws become pending or fail.

Considering so many exchanges or online wallet services have been stolen, it's good practice.

Wouldn't take any chances.. they are playing a shady game.  No chance I would leave a satoshi on there.

Considering your sig, I'm pretty sure you wouldn't ::)