How i lost respect for Cryptsy

[loszhor]

The worst I get with Cryptsy is the occasional long withdrawal times but they always get there.

[DieJohnny]

Shall we start the discussion around Cryptsy employees creating "shitcoins" that automatically get added to the exchange?

Let's start with CASH...how much volume does that do each day?  What makes it different from the 500 other coins out there?

This is the canary in the coal mine, any legit business tries to maintain some level of respect. Cryptsy has no such model. They are business planning in the basement of an unfinished house with stubbed power to their server that is locked with a house lock in the back corner of the room. It smells like beer but it is really the piss from the dog that was locked in the basement for three days when the owner forgot about it during a meth binge a month ago.

[BitJohn]

Shall we start the discussion around Cryptsy employees creating "shitcoins" that automatically get added to the exchange?

Let's start with CASH...how much volume does that do each day?  What makes it different from the 500 other coins out there?

This is the canary in the coal mine, any legit business tries to maintain some level of respect. Cryptsy has no such model. They are business planning in the basement of an unfinished house with stubbed power to their server that is locked with a house lock in the back corner of the room. It smells like beer but it is really the piss from the dog that was locked in the basement for three days when the owner forgot about it during a meth binge a month ago.

Drive on down to FL take a tour I think you'll find the offices and data center to be more than exceptional. Then take a drive to the other alt exchanges and check out their offices and meet their staff.......

[dogechode]

...Then take a drive to the other alt exchanges and check out their offices and meet their staff.......

I think you mean fly, and you better get a hepatitis shot first and bring a deck of pokemon cards as a peace offering.

[BitJohn]

Oh and for those that haven't read it Paul did a great interview the other day talks a lot about some of these current questions.

http://www.coindesk.com/cryptsy-founder-paul-vernon-worthy-altcoins-pre-mining-compliance/

also if you haven't heard this episode of Lets talk Bitcoin we break down a bit more of our stance on things.

https://www.youtube.com/watch?v=hAE8rDQ4tk4

[Nxtblg]

Odd about Cryptsy: its feeshares have plunged over the last week or so.

https://cryptostocks.com/securities/57

So has its latest dividend payout per feeshare...

• 21 Mar: 0.00017992 BTC
• 14 Mar: 0.00023112 BTC
• 08 Mar: 0.00033808 BTC
• 03 Mar: 0.00023617 BTC
• 22 Feb: 0.00037214 BTC
• 17 Feb: 0.00053746 BTC
• 08 Feb: 0.00034018 BTC
• 02 Feb: 0.00052942 BTC

Something's not quite right...

Well that does make a little sense actually since most coins are doing shitty right now and it sure seems to me like overall trading is down. The period of investors diving onto every new shitcoin to hit the market appears to have subsided a bit now that they are realizing that 99% of them go no where, the devs disappear and the coin sits in the gutter for months on end.

I was a big user of CryptoRush, but obviously am not using it right now. I am currently testing the waters with Mintpal and Bittrex. Bittrex has a ton of coins but doesn't seem to have high enough volume for me (yet.)

Funny thing is, the feeshares mostly bounced back since I wrote that first post. So you're probably right.

Nice buy for someone brave enough to step in [ who also had BTC to spend, unlike me  ]

[lajz99]

Alright, let's move on to the next topic...

Paid "votes" (bribes) to add new coins!  One of my favorites!

I LOVE this quote from Paul:  “We have to listen to the majority; try to get a sense of what people like. I wanted to add some transparency of how we added coins.”  

Personally, I don't see how a single person spending BTC on votes for a single coin is listening to the "majority"...  At least they did put the bribes out in the open though.  

[BitJohn]

Alright, let's move on to the next topic...

Paid "votes" (bribes) to add new coins!  One of my favorites!

I LOVE this quote from Paul:  “We have to listen to the majority; try to get a sense of what people like. I wanted to add some transparency of how we added coins.”  

Personally, I don't see how a single person spending BTC on votes for a single coin is listening to the "majority"...  At least they did put the bribes out in the open though.  

I replied to this in the other thread. Coins paid and unpaid voting in our opinion shows financial backing for a coin. If you'll spending money voting for it you'll likely also provide services and care and feeding for the coin. It also seems to be a good indicator of potential volume. It does little for the bottom line honestly it does however pay for the costs in adding the coin.

What system would you propose? I don't think there is a best way, but I do feel this one provides a disincentive to keep building clone coins with no financial support.

[dogechode]

I replied to this in the other thread. Coins paid and unpaid voting in our opinion shows financial backing for a coin. If you'll spending money voting for it you'll likely also provide services and care and feeding for the coin. It also seems to be a good indicator of potential volume. It does little for the bottom line honestly it does however pay for the costs in adding the coin.

What system would you propose? I don't think there is a best way, but I do feel this one provides a disincentive to keep building clone coins with no financial support.

John, this is one area where I disagree with you. I think the culture of accepting bribes to list coins is a really bad one that will not benefit the digital currency scene in the long run. It makes things look shady. If the NYSE held voting to determine which companies could be listed on their stock exchange, and they allowed votes to be "bought," how do you think that work turn out?

The vote buying system indeed encourage pump and dump coins because the devs, who have pre-mined a bunch of coin and want to unload it rapidly, will gladly pay some btc to get the coin listed knowing full well that they will receive a massive return on their vote/bribe investment by being able to dump their pre-mined coins quickly on a high-volume exchange.

I think a much better system would be to eliminate vote buying, and change the voting process so that you can vote ONE TIME ONLY in a voting cycle. The whole "vote x times an hour/day/etc is also very absurd and prone to abuse. It would be much simpler and fairer if each member could simply vote one single time in a voting cycle, then the exchange tallies up the votes at the end and lists the coin that won. Also, only members who have an account and have executed trades should be allowed to vote. Maybe there should be a minimum volume requirement as well (ie you have to have traded at least X btc worth of coins since opening your account) in order to vote. That would deter people from making accounts (and/or multiple accounts) solely to vote.

[lajz99]

^^^ I could not have said it any better myself, there are PLENTY of ways to make the voting more fair, just requires a little effort...

[Carpe Diem Coin]

Please remove the BTC address for paid votes for DIEM. We asked that several times prior to being added to the list, but now we have one. Remove it please, we don't agree with paid voting

DIEM   CarpeDiemCoin   1Hy9Yfqsj4o2YVb7hH9hGnKfH8V2bGH9CN

[jumpmanjay]

Oh and for those that haven't read it Paul did a great interview the other day talks a lot about some of these current questions.

http://www.coindesk.com/cryptsy-founder-paul-vernon-worthy-altcoins-pre-mining-compliance/

also if you haven't heard this episode of Lets talk Bitcoin we break down a bit more of our stance on things.

https://www.youtube.com/watch?v=hAE8rDQ4tk4

Good read, thanks!

Oh, and for people who are complaining about the UI, if you want to try using Cryptsy on a native Android app, give mine a try! (link in sig)