Great Day for Bitcoin. Cryptsy finally admitted theft and Mike Hearn rage quits

[BurtW]

This is indeed a great day.  

I have been waiting for an obvious drama driven market overreaction buying opportunity just like this for a while now!

Just need to feel out the bottom now.

[LiteCoinGuy]

I lost some money in Cryptsy, I had some altcoins... I don't really care, it wasn't that much money, it was so little that I was too lazy to open a ticket for my stuck withdrawals. Fuck them, they have been such a pain in the ass for months now, so many people complaining on the chat and getting banned because they wanted their money back.

Edit: Actually they have cancelled my withdrawal, now the BTC is back on my Cryptsy account. Are they planning to give us our money back, or are they going to close the site while we have the money sitting there?

  ...

Yeah, why do I even ask right? lol. But seeing the BTC pop up on my wallet instead of being on the limbo of an unfinished withdraw request gave me some hope. I guess it's the final fuck you, like "hey, HERE'S how much money you are going to lose exactly, thought luck!" Then they close the site.
Glad it's not even 50 dollars.. still really annoying.

  correct. money is gone. that was one of the biggest scam sites in bitcoinland.

[bugsywugsy]

I lost some money in Cryptsy, I had some altcoins... I don't really care, it wasn't that much money, it was so little that I was too lazy to open a ticket for my stuck withdrawals. Fuck them, they have been such a pain in the ass for months now, so many people complaining on the chat and getting banned because they wanted their money back.

Edit: Actually they have cancelled my withdrawal, now the BTC is back on my Cryptsy account. Are they planning to give us our money back, or are they going to close the site while we have the money sitting there?

Good, you saved yourself frustration because their support is on par with Comcast. I lost coins in their exchange and they just gave me the old run run around... I had to email them about "investment opportunity" just to get responses to my emails.

[defaultking]

Haha rage quits. I never thought I'd see that term associated with bitcoins. I guess there is a first for everything.  Post just made my day.

[nichu]

Was wondering why the coins are running down. so it was an all round shake up. good 

[bocobit]

Andreas said, "the writing was on the wall for those who were paying attention" after Mt. Gox went down.  It's safe to say that investors and customers of Cryptsy had plenty of warning that it was in dire straits.  For example, Cryptsy was not paying dividends to shareholders on cryptostocks on time, people were losing money because their trades were not being executed on time.

I agree with OP, the free market can be a b*tch as it weeds out weak hands.  Bitcoin and the bitcoin economy are better off in the end.

[gravitate]

Was wondering why the coins are running down. so it was an all round shake up. good 

Back to 200 usd is very stable.... I think thats the real value and not making the miners rich

[gravitate]

Andreas said, "the writing was on the wall for those who were paying attention" after Mt. Gox went down.  It's safe to say that investors and customers of Cryptsy had plenty of warning that it was in dire straits.  For example, Cryptsy was not paying dividends to shareholders on cryptostocks on time, people were losing money because their trades were not being executed on time.

I agree with OP, the free market can be a b*tch as it weeds out weak hands.  Bitcoin and the bitcoin economy are better off in the end.

bitcoin growth and profit from trading relies on weak hands dont they? Where else would the money come from? a tree?

[Yakamoto]

Was wondering why the coins are running down. so it was an all round shake up. good 

Back to 200 usd is very stable.... I think thats the real value and not making the miners rich

I think it is less making the miners rich and more making it to they can cover their costs and continue mining.

Typically, even giant industrial mining corporations do not earn enough to make huge ROIs quickly, and is a long and drawn-out investment.

I personally think $200 USD is a bit low, anywhere between $500-$1000 is good for Bitcoin in it's current state.

[bocobit]

Andreas said, "the writing was on the wall for those who were paying attention" after Mt. Gox went down.  It's safe to say that investors and customers of Cryptsy had plenty of warning that it was in dire straits.  For example, Cryptsy was not paying dividends to shareholders on cryptostocks on time, people were losing money because their trades were not being executed on time.

I agree with OP, the free market can be a b*tch as it weeds out weak hands.  Bitcoin and the bitcoin economy are better off in the end.

bitcoin growth and profit from trading relies on weak hands dont they? Where else would the money come from? a tree?

The bitcoin tree giveth and taketh away.

[gravitate]

Andreas said, "the writing was on the wall for those who were paying attention" after Mt. Gox went down.  It's safe to say that investors and customers of Cryptsy had plenty of warning that it was in dire straits.  For example, Cryptsy was not paying dividends to shareholders on cryptostocks on time, people were losing money because their trades were not being executed on time.

I agree with OP, the free market can be a b*tch as it weeds out weak hands.  Bitcoin and the bitcoin economy are better off in the end.

bitcoin growth and profit from trading relies on weak hands dont they? Where else would the money come from? a tree?

The bitcoin tree giveth and taketh away.

Lol I wish I bit the apple

[pereira4]

Was wondering why the coins are running down. so it was an all round shake up. good 

Back to 200 usd is very stable.... I think thats the real value and not making the miners rich

I think it is less making the miners rich and more making it to they can cover their costs and continue mining.

Typically, even giant industrial mining corporations do not earn enough to make huge ROIs quickly, and is a long and drawn-out investment.

I personally think $200 USD is a bit low, anywhere between $500-$1000 is good for Bitcoin in it's current state.

It's indeed super low.. specially in june when we reach the halving. The natural price should be at around 1500 even, and we should see a pump way higher than this, assuming that more trolls like Mike Hearn don't appear to announce doom and gloom.

[Amph]

Was wondering why the coins are running down. so it was an all round shake up. good 

Back to 200 usd is very stable.... I think thats the real value and not making the miners rich

that would kill their profit, see the diff, big jump there, and because of this there is no more 200 maybe sub 300 at worst case scenario

[Zarathustra]

It is indeed a great day for Bitcoin.
Game over for Core:

https://www.reddit.com/r/btc/comments/413w2s/check_out_bitcoinclassics_miners_support_list_now/

[spazzdla]

It is indeed a great day for Bitcoin.
Game over for Core:

https://www.reddit.com/r/btc/comments/413w2s/check_out_bitcoinclassics_miners_support_list_now/

Does classic support this cancelling unconfirmed tx BS?!?

[var53]

I lost some money in Cryptsy, I had some altcoins... I don't really care, it wasn't that much money, it was so little that I was too lazy to open a ticket for my stuck withdrawals. Fuck them, they have been such a pain in the ass for months now, so many people complaining on the chat and getting banned because they wanted their money back.

Edit: Actually they have cancelled my withdrawal, now the BTC is back on my Cryptsy account. Are they planning to give us our money back, or are they going to close the site while we have the money sitting there?

  ...

Yeah, why do I even ask right? lol. But seeing the BTC pop up on my wallet instead of being on the limbo of an unfinished withdraw request gave me some hope. I guess it's the final fuck you, like "hey, HERE'S how much money you are going to lose exactly, thought luck!" Then they close the site.
Glad it's not even 50 dollars.. still really annoying.

Two Florida law firms filed a class action lawsuit against Cryptsy and big vern. I don't think they will give you your money back unless you are part of that class action. If Cryptcy goes bankrupt any money it has will be split between all its creditors who sue it, and nobody else.

[charlton]

I somehow doubt this is the last we hear from Mike Hearn though.

I doubt it too.

IMO Mike Hearn and Gavin have tried to hurt bitcoin more than anyone on the planet.

1) Taking advantage of the blocksize limit problem and eventual solution, they propose Bitcoin XT and then deceive everyone into buying into it because of technical reasons when the truth is their hard-fork is about governance reasons, with Hearn to be the supposed 'benevolent dictator'.  Dictator of what could potentially be the future global reserve currency?!  That would never work!

2) Then they propose 'Bitcoin Classic', 'Bitcoin Unlimited'.  All altcoin hard forks!  I'm personally offended by the names alone.

3) After pumping bitcoin, he has now sold and spent his reputation just to badmouth bitcoin.  His points are all invalid and/or completely addressable.  In his post, he insinuates he uses bitcoin everyday.  How can he call it a failure?

This will all pass.

I have high hopes for the lightning network layer, with blocksize limits increased thereafter only as needed.
It is far from certain what will be needed with this new layer as of yet, perhaps we will 10-fold or even 100-fold capacity with no block limit increase what-so-ever.
Glad to see Mike & Gavin fail in their take-over of the bitcoin protocol.

[newcripto]

It is really good thing happened to Bitcoin that Cryptsy is finally out as this was rogue exchange which brought bad trading experience to almost everyone.Mike Hearn left bitcoin will not effect this because there will many person come into Bitcoin and will go.Bitcoin is future of digital currency and change has begun so Bitcoin is safer and strong like always.

[pumz]

I do agree with OP at least now we are clear at Cryptsy and I also see it good thing happened and is great day for Bitcoin.We need more acceptances and adoption.My trust in Bitcoin is same no matter what comes next.

[ShrykeZ]

A few people were expecting something like this to happen to Cryptsy for sometime.