is Cryptsy about to fold over???

[The Sceptical Chymist]

You know, no one's said this I don't think, but even if Cryptsy wasn't insolvent, there's a serious loss of confidence in them and I cannot imagine they can sustain their business if everyone flees.  I know I have; I wouldn't deposit a single DOGE there anymore, much less any bitcoin. 

This is the same shit that happened with Enron years ago.  Can't trade if people don't trust you.  It really sucks, because I did some trading with them not so long ago and it went pretty well.

[Duomo]

I wouldn't trust my money on there if that says anything. Numerous individuals have been having issues withdrawing.

[mickiya]

They still have funds locked up in trust that can be used to cover the losses of their users. That's one major difference between Cryptsy and Gox...

If it has this kind of insurance, it is good. Is there any independent audit of the funds to see if they are still there?

[NorrisK]

They still have funds locked up in trust that can be used to cover the losses of their users. That's one major difference between Cryptsy and Gox...

If it has this kind of insurance, it is good. Is there any independent audit of the funds to see if they are still there?

I doubt it will be enough to cover the losses if they have indeed been running on fractional reserves..

I'm glad I got my coins out in time. Took a week for litecoin to move, but managed to get them out in the end.

There are appearently some coins that you can still withdraw, so try converting your coins to one of the other currencies to withdraw.

[pungopete468]

Google money transmission license...

A money transmitter must be licensed in every state they operate or serve customers in. This usually ends up equalling a substantial amount of money...

It's a surety bond...

[Paul Revere]

Google money transmission license...

A money transmitter must be licensed in every state they operate or serve customers in. This usually ends up equalling a substantial amount of money...

It's a surety bond...

Aaaaaaand, you are suggesting that Cryptsy has actually DONE this? LMAO. Not sure if simply naive or a shill.

[pungopete468]

Google money transmission license...

A money transmitter must be licensed in every state they operate or serve customers in. This usually ends up equalling a substantial amount of money...

It's a surety bond...

Aaaaaaand, you are suggesting that Cryptsy has actually DONE this? LMAO. Not sure if simply naive or a shill.

What? Explain yourself...

https://bitcointalk.org/index.php?topic=316748.0;all

[VirosaGITS]

I withdrawed my ETH from a Cryptsy account in just a few hours. Accusation of Cryptsy withdrawals problem only rumors ?

No but the problem could be more specifically BTC related, at least thats where all my issue with Crypsty were. The few altcoins i traded at Crypsty, well they were slow to withdraw, but not a problem per se.

[LuckyYOU]

I am not sure what is happening but it is affecting cryptsy. First the negative balances, now the 1 BTC withdrawal limit.. it is just said, since i counted them of 1 of the main alt crypto exchanges.

These days just Bittrex and BTC38 are over, if Bittrex falls, I am out!

[Paul Revere]

Google money transmission license...

A money transmitter must be licensed in every state they operate or serve customers in. This usually ends up equalling a substantial amount of money...

It's a surety bond...

Aaaaaaand, you are suggesting that Cryptsy has actually DONE this? LMAO. Not sure if simply naive or a shill.

What? Explain yourself...

https://bitcointalk.org/index.php?topic=316748.0;all

Cryptsy is NOT "licensed" in every state. They scammed out the supposed licensing fees to morons investors as "shares" and then never did jack shit about getting licensed after collecting money from suckers. This fraud investment scheme also likely qualifies as an unregistered security. Sorry to burst your bubble of delusion.



Edit to add: Perhaps you did not actually read the thread you linked to as "proof" that Cryptsy is licensed and registered (NOT) in every state. Check out the last post in that Cryptsy Shares thread:

I don't understand why the volume of cryptsy increased twice or more, and dividends on shares IPO, decreased by more than twice?

When introduce USD? Already past month, and on this site next week next week, all the time

Well, MAYBE the plan was to collect money from suckers investors and when they felt that they had saturated the market they then stopped putting sugar on the crap cakes they were selling and made off with all of the collected loot. Duh. The shares were a fucking SCAM.

[Nameless Coin]

The downfall of a great exchange has happened after they partnered up with Josh Garza, after that it went downhill.

They try to focus on new things (creditcard, websites fixes etc) but in fact nothing new has happened. In fact it got worse.

By having users wait days for a withdrawal they take your money hostage.. really sad to be honest.

[LuckyYOU]

The downfall of a great exchange has happened after they partnered up with Josh Garza, after that it went downhill.

They try to focus on new things (creditcard, websites fixes etc) but in fact nothing new has happened. In fact it got worse.

By having users wait days for a withdrawal they take your money hostage.. really sad to be honest.

Exactly, it is just a farce, they create new services but in fact don't improve there main service. Offer a fast and neat withdrawal option, which is never good for an exchange.

And it don't stops there, look at the new withdrawal fee. It's ridiculous. And every withdrawal i have to pay an addiotinal 0.5% fee.

WTF? Why didn't they offer there users to withdrawal first and proposed the fee increase in a newsletter. Which any normal business would do?

[bitlancr]

The downfall of a great exchange has happened after they partnered up with Josh Garza, after that it went downhill.

They try to focus on new things (creditcard, websites fixes etc) but in fact nothing new has happened. In fact it got worse.

By having users wait days for a withdrawal they take your money hostage.. really sad to be honest.

Exactly, it is just a farce, they create new services but in fact don't improve there main service. Offer a fast and neat withdrawal option, which is never good for an exchange.

And it don't stops there, look at the new withdrawal fee. It's ridiculous. And every withdrawal i have to pay an addiotinal 0.5% fee.

WTF? Why didn't they offer there users to withdrawal first and proposed the fee increase in a newsletter. Which any normal business would do?

I understand your frustration, but they had to do that. Seeing the market cap and volume of most of their altcoins shrinking, they need to cover hosting cost etc.

True they should had a paycoin controller, but I don't think Big Vern and his team or in this business to scam people.

[LuckyYOU]

The downfall of a great exchange has happened after they partnered up with Josh Garza, after that it went downhill.

They try to focus on new things (creditcard, websites fixes etc) but in fact nothing new has happened. In fact it got worse.

By having users wait days for a withdrawal they take your money hostage.. really sad to be honest.

Exactly, it is just a farce, they create new services but in fact don't improve there main service. Offer a fast and neat withdrawal option, which is never good for an exchange.

And it don't stops there, look at the new withdrawal fee. It's ridiculous. And every withdrawal i have to pay an addiotinal 0.5% fee.

WTF? Why didn't they offer there users to withdrawal first and proposed the fee increase in a newsletter. Which any normal business would do?

I understand your frustration, but they had to do that. Seeing the market cap and volume of most of their altcoins shrinking, they need to cover hosting cost etc.

True they should had a paycoin controller, but I don't think Big Vern and his team or in this business to scam people.

Well it is not juts frustration, it's mostly disbelieft, since i never though they would be able to do something so horrific. An A+ exchanges when rogue in just a few weeks.

[Nameless Coin]

The downfall of a great exchange has happened after they partnered up with Josh Garza, after that it went downhill.

They try to focus on new things (creditcard, websites fixes etc) but in fact nothing new has happened. In fact it got worse.

By having users wait days for a withdrawal they take your money hostage.. really sad to be honest.

Exactly, it is just a farce, they create new services but in fact don't improve there main service. Offer a fast and neat withdrawal option, which is never good for an exchange.

And it don't stops there, look at the new withdrawal fee. It's ridiculous. And every withdrawal i have to pay an addiotinal 0.5% fee.

WTF? Why didn't they offer there users to withdrawal first and proposed the fee increase in a newsletter. Which any normal business would do?

They give 3 f'ree withdrawals, which is pathetic right, Anyone else there have at least 3 altcoins they invested in, so they take much profit.

[PolarPoint]

If an exchange has all the coins they hold for their customers, there is no reason for any delay. They might have coins locked up in cold wallets, that shouldn't take more than 24 hours to move to hot wallets. The delays must be caused by something not right.

Whatever happens, when withdrawals are resumed with no delays, confidence is lost and it will be difficult to rebuild trust. I think Crypsy is not going to fold, it think it is going to fade out of the crypto scene in a year.

[The Sceptical Chymist]

I think charging a fee for withdrawing funds is kind of crazy, don't you think?  If you have any sort of stock market brokerage account, withdrawing funds is free.  Withdrawing funds from PayPal is free, for Christ's sake.  Withdrawing from Coinbase is free.  Why is there 1) a minimum withdrawal and 2) a fee for withdrawing from Cryptsy???

[LondonTrader]

Hi

It is best if you try and withdraw your coins asap.

Also try not to keep too many coins on any 1 exchange as we know how some can just run off with the money e.g mtgox

Thanks

[vorazvora]

If an exchange has all the coins they hold for their customers, there is no reason for any delay. They might have coins locked up in cold wallets, that shouldn't take more than 24 hours to move to hot wallets. The delays must be caused by something not right.

Whatever happens, when withdrawals are resumed with no delays, confidence is lost and it will be difficult to rebuild trust. I think Crypsy is not going to fold, it think it is going to fade out of the crypto scene in a year.

I think exactly the same. It doesn't look good. Big troubles always start from small problems. If someone is holding there bigger amounts, I would suggest withdraw them in small amounts and forget about this exchange..

[favdesu]

cryptsy is struggling for months now. anyone who still uses this wannabe exchange asks for getting robbed. avoid them like the plague