How Cryptsy can save itself

[jkminkov]

not phantom, they already have a name, and it is BTC_points, LTC_points, XMG_points, etc, as btc and ltc wallet is empty, that emptiness will be filled with points, if XMG wallet however is only missing 10%, than users will get 90% of their balance with real XMG and 10% with virtual XMG_points, that can be traded against real XMG only, once a week some of real XMG profits will be traded to buy XMG_points, as we see initial most probable exchange rate should be 1 XMG_point for 0,9 XMG, however real balances should be transferred into another domain as cryptsy is a dirty word, so everyone will have its real cryptocurrencies back and can either w/d them or trade them with the new exchange, the old should live only with point-cryptocurrency trading pairs. if someone is willing to invest into buying points(and selling them later with profit) it can help some of users that want to get some of their coins back earlier with some loss.

[Snail2]

The problem is that Cryptsy pretty much lost the trust of its customers, and regaining that trust would be a long and hard procedure. Bter survived this way, but it lost most of it's customer base and it's still vegetate on the sideline. I think Cryptsy still salvageable as there are a lot of interest in its survival, but they would need someone to take over.
Actually the way they held back important information and mislead customers used to worth a couple years in jail or at least a rather big fine in most legislations, so I'm not sure if Big Vern will be in the position to carry on with managing Cryptsy.

[sishendaoye]

The problem is that Cryptsy pretty much lost the trust of its customers, and regaining that trust would be a long and hard procedure. Bter survived this way, but it lost most of it's customer base and it's still vegetate on the sideline. I think Cryptsy still salvageable as there are a lot of interest in its survival, but they would need someone to take over.
Actually the way they held back important information and mislead customers used to worth a couple years in jail or at least a rather big fine in most legislations, so I'm not sure if Big Vern will be in the position to carry on with managing Cryptsy.

If cryptsy can survive depends on how much their debts -/-  assets are. It the difference is too big, no other party would want to take it over.
In a way it would be good if they could survive and/or having the 'hacker' return the funds. But in am very sceptic.

[Nagle]

so I'm not sure if Big Vern will be in the position to carry on with managing Cryptsy.

"Big Vern" needs to be found and arrested for fraud. If you lost money in Cryptsy, you need to be talking to the Florida cops.

[mayax]

so I'm not sure if Big Vern will be in the position to carry on with managing Cryptsy.

"Big Vern" needs to be found and arrested for fraud. If you lost money in Cryptsy, you need to be talking to the Florida cops.

they didn't have financial license anyway. it is not necessary to be a fraud. the absence of a financial license can bring them up to 6 years in jail.

[praprata]

so I'm not sure if Big Vern will be in the position to carry on with managing Cryptsy.

"Big Vern" needs to be found and arrested for fraud. If you lost money in Cryptsy, you need to be talking to the Florida cops.

they didn't have financial license anyway. it is not necessary to be a fraud. the absence of a financial license can bring them up to 6 years in jail.

Then let's take some action and get them served.
Total loss is just too much to let them get away with it. Jail time for their team of thieves would be a nice consolidation. At least for me.

[Snail2]

If cryptsy can survive depends on how much their debts -/-  assets are. It the difference is too big, no other party would want to take it over.
In a way it would be good if they could survive and/or having the 'hacker' return the funds. But in am very sceptic.

10k btc, 300k LTC (+ 35k btcd and 230k X11) and maybe these are not everything. Also there are some ongoing class action suit against Cryptsy likely will have to pay not just for the coins but also compensation for damages. So it will be a messy stuff what can last for years. I'm not sure if any investor want to jump into such trouble.

[praprata]

Cryptsy has lost, big vern has lost
No trader will even consider them as an exchange now. They lied, 'got hacked' and then lied about lying.

[Raimonn]

The problem of Cryptsy is that they loosed the trust of its customers, and this is very difficult to recover. If they are not lying (all can be possible) and they had stolen 10.000 bitcoins, why they didn't say it before. Users want transparence to trust them. In my opinion users only can recover an small part of this btw (or another cryptocoin) if they make a denounce.

[MaritiJames3]

The problem of Cryptsy is that they loosed the trust of its customers, and this is very difficult to recover. If they are not lying (all can be possible) and they had stolen 10.000 bitcoins, why they didn't say it before. Users want transparence to trust them. In my opinion users only can recover an small part of this btw (or another cryptocoin) if they make a denounce.

Yes people demand and deserve transparency. Especially when it's about their money.

What Cryptsy did was wrong and since customers could lose a lot of money, they will not forget, nor forgive.

[jt byte]

I doubt cryptsy can be saved.
A lot of debt, no trust. And offcourse the SEC investigation.

How can you even hope they cope up with all this?

[Valuntinam]

I doubt cryptsy can be saved.
A lot of debt, no trust. And offcourse the SEC investigation.

How can you even hope they cope up with all this?

The reputation of Cryptsy has been ruined. So if somebody buy it and use its old name, nobody will trust it.

[MedaR]

It's too late. "Cryptsy.com" is down, the offices are vacant, the CEO is missing, and the assets are involved in a divorce case.

Trust was lost, Cryptsy is gone.
We all must be aware that this can happens any of those exchanges.
When they lose their btcs they come up with lies and stories for kids..
This problem will become major with BTC increasing in price..

[aardvark15]

It's too late. "Cryptsy.com" is down, the offices are vacant, the CEO is missing, and the assets are involved in a divorce case.

Trust was lost, Cryptsy is gone.
We all must be aware that this can happens any of those exchanges.
When they lose their btcs they come up with lies and stories for kids..
This problem will become major with BTC increasing in price..

Can BTC continue to increase in price with issues like these?  Some people will lose confidence in it because of the risks.

[MedaR]

Yes this is bad karma!
But bitcoin also survived GOX and many other exchanges mintpal,coinex..(There is a huge list of ex exchanges..). Idea behind bitcoin is so strong that all those scams and hacks prove only that bitcoin have great value and potencial!
Just don't bother yourself with that, everyone wants to have it..
When demand grows price rise..
My opinion cryptsy won't influence price at all..


How to overcome all those problems is right question!?

[Snail2]

Can BTC continue to increase in price with issues like these?  Some people will lose confidence in it because of the risks.

Only some 13000 BTC had been stolen from Cryptsy and that's nothing in comparison to the Gox theft. In addition a lot of altcoins also disappeared (2.5k-3k BTC worth LTC, BTCD and XC) what will be dumped for BTC at some point, I guess. Even 13k BTC wouldn't have too much effect on the prices.

[Valuntinam]

Can BTC continue to increase in price with issues like these?  Some people will lose confidence in it because of the risks.

Only some 13000 BTC had been stolen from Cryptsy and that's nothing in comparison to the Gox theft. In addition a lot of altcoins also disappeared (2.5k-3k BTC worth LTC, BTCD and XC) what will be dumped for BTC at some point, I guess. Even 13k BTC wouldn't have too much effect on the prices.

13,000 bitcoin is just 4 day supply of bitcoin. It will be absorbed by the market easily. The altcoins are even easier.

[aardvark15]

Can BTC continue to increase in price with issues like these?  Some people will lose confidence in it because of the risks.

Only some 13000 BTC had been stolen from Cryptsy and that's nothing in comparison to the Gox theft. In addition a lot of altcoins also disappeared (2.5k-3k BTC worth LTC, BTCD and XC) what will be dumped for BTC at some point, I guess. Even 13k BTC wouldn't have too much effect on the prices.

13,000 bitcoin is just 4 day supply of bitcoin. It will be absorbed by the market easily. The altcoins are even easier.

But individuals that lost money can't absorb those losses very easily (like me).

[mayax]

Can BTC continue to increase in price with issues like these?  Some people will lose confidence in it because of the risks.

Only some 13000 BTC had been stolen from Cryptsy and that's nothing in comparison to the Gox theft. In addition a lot of altcoins also disappeared (2.5k-3k BTC worth LTC, BTCD and XC) what will be dumped for BTC at some point, I guess. Even 13k BTC wouldn't have too much effect on the prices.

13,000 bitcoin is just 4 day supply of bitcoin. It will be absorbed by the market easily. The altcoins are even easier.

But individuals that lost money can't absorb those losses very easily (like me).

how much have you lost?

[aardvark15]

Can BTC continue to increase in price with issues like these?  Some people will lose confidence in it because of the risks.

Only some 13000 BTC had been stolen from Cryptsy and that's nothing in comparison to the Gox theft. In addition a lot of altcoins also disappeared (2.5k-3k BTC worth LTC, BTCD and XC) what will be dumped for BTC at some point, I guess. Even 13k BTC wouldn't have too much effect on the prices.

13,000 bitcoin is just 4 day supply of bitcoin. It will be absorbed by the market easily. The altcoins are even easier.

But individuals that lost money can't absorb those losses very easily (like me).

how much have you lost?

about 3 bitcoins, for me that's a lot