Cryptsy customers: Do you favor a buy out scenario?

[Fontas Returns]

If someone had 10 000 btcs sitting around or enough money to aquire about that many, they could probably buy cryptsty out for that cheap. With the now-declining price 10 000 btc will probably be worth about 2 million dollars pretty soon here. The basic business model of cryptsy was making about 3000 BTC/year profit. Vern should try to sell cryptsy as fast as possible. Otherwise, the more he drags it out, the more chance he has to get himself into trouble. The faster he can sell cryptsy the less chance he goes to jail for fraud. He should have a strong incentive to want to sell. If you are a cryptsy user you may be mad at Vern and want to see him go to jail but I think it's better for the customers if he stays out of jail. It would be harder and slower to distribute out the coins and sell cryptsy from jail. If he goes to jail the assets would probably be seized and divided up or auctioned off to repay creditors. If there is to be a buy out and new ownership I think it could work much better for customers.

[nakedbitcoins]

If someone had 10 000 btcs sitting around or enough money to aquire about that many, they could probably buy cryptsty out for that cheap. With the now-declining price 10 000 btc will probably be worth about 2 million dollars pretty soon here. The basic business model of cryptsy was making about 3000 BTC/year profit. Vern should try to sell cryptsy as fast as possible. Otherwise, the more he drags it out, the more chance he has to get himself into trouble. The faster he can sell cryptsy the less chance he goes to jail for fraud. He should have a strong incentive to want to sell. If you are a cryptsy user you may be mad at Vern and want to see him go to jail but I think it's better for the customers if he stays out of jail. It would be harder and slower to distribute out the coins and sell cryptsy from jail. If he goes to jail the assets would probably be seized and divided up or auctioned off to repay creditors. If there is to be a buy out and new ownership I think it could work much better for customers.

wait how much does it cost to buy cryptsy ?

[Fontas Returns]

I'm thinking 10 thousand bitcoins. So probably under 4 million dollars. If bitcoin tanks maybe cheaper. For a business that can probably make a couple million a year if it's taken over and run by someone who could do it right. For the right investor with a couple million bucks I think it could be a good buy.

[nwfella]

I'm thinking 10 thousand bitcoins. So probably under 4 million dollars. If bitcoin tanks maybe cheaper. For a business that can probably make a couple million a year if it's taken over and run by someone who could do it right.

Would love to see Cryptsy go on as it was the first alt-coin exchange I really started trading on.  But obviously needs a complete site overhaul and security overhaul which wouldn't be cheap and downtime likely significant if not going with some pre-packaged offering.  Also, would 10k BTC even cover the outstanding liabilities if 13k BTC and 100k LTC have gone missing?

[Fontas Returns]

In the year-and-a-half since the hack Vern says they put 3k BTC (exchange profit) into the exchange. I would think if someone walked into Cryptsy right now with 100k in LTC and 10000 in BTC they could just take it over. Buy it for a dollar or some token amount. It has become a toxic asset for Vern. Every second he holds onto it he risks being sued into ruin beaten up on the street or arrested and sent to jail. I would think he would basically give it away for free at this point(as long as they could pay out the customers and thus keep him off the hook from getting sued). Remember, if fraud is found, the customers will be able to pierce the corporate veil and the lawsuits will have him lose most of everything he owns. He will be sitting in court for years pleading the fifth hoping he manages to stay out of jail while having to sit through depositions where he'll be asked some possibly incriminating questions. He should welcome any out at this point even if it means he walks away with a loss. If this exchange makes about 2000 BTC/year in profit then taking it over with 10k/100k in ltc in btc seems like it could be a nice investment.

[Fontas Returns]

Who would be a good person to take over and run cryptsy? Please don't tell me Mark Zuckerburg.

[The Sceptical Chymist]

I'm thinking 10 thousand bitcoins. So probably under 4 million dollars. If bitcoin tanks maybe cheaper. For a business that can probably make a couple million a year if it's taken over and run by someone who could do it right. For the right investor with a couple million bucks I think it could be a good buy.

Dude they ran the exchange into the ground with lies and deceit and in the process tarnished their brand name. Someone who had that amount of money would be better off starting a new exchange than buying Cryptsy.

[mexicantarget]

I'm thinking 10 thousand bitcoins. So probably under 4 million dollars. If bitcoin tanks maybe cheaper. For a business that can probably make a couple million a year if it's taken over and run by someone who could do it right. For the right investor with a couple million bucks I think it could be a good buy.

Dude they ran the exchange into the ground with lies and deceit and in the process tarnished their brand name. Someone who had that amount of money would be better off starting a new exchange than buying Cryptsy.

I wouldn't agree with your opinion.

Their user database is pretty big. I remember talking with Horus 6-7 months ago. He told me they have more than 300.000 unique accounts.
(That's e-mails, and other private information which are related to a niche)

Since cryptocurrencies are still being traded today and people who own big amounts of BTC or some other "big" cryptocurrencies would see this as a good chance to jump into this business.

If I personally had 10k BTC, I would consider buying their exchange, re-make it from scratch and start paying everyone who's lost money.
It would be hard of course, but achievable.

[mayax]

I'm thinking 10 thousand bitcoins. So probably under 4 million dollars. If bitcoin tanks maybe cheaper. For a business that can probably make a couple million a year if it's taken over and run by someone who could do it right. For the right investor with a couple million bucks I think it could be a good buy.

Dude they ran the exchange into the ground with lies and deceit and in the process tarnished their brand name. Someone who had that amount of money would be better off starting a new exchange than buying Cryptsy.

I wouldn't agree with your opinion.

Their user database is pretty big. I remember talking with Horus 6-7 months ago. He told me they have more than 300.000 unique accounts.
(That's e-mails, and other private information which are related to a niche)

Since cryptocurrencies are still being traded today and people who own big amounts of BTC or some other "big" cryptocurrencies would see this as a good chance to jump into this business.

If I personally had 10k BTC, I would consider buying their exchange, re-make it from scratch and start paying everyone who's lost money.
It would be hard of course, but achievable.

You forget one important aspect. Cryptsy is based in USA and you(as new owner) will need a financial license if you want to trade without the fear that someone may knock at your door one day.
If you want to take a financial license in Florida(where Cryptsy is based), it will take up to one year and a LOT of money and tons of papers.

So, any investor with half of brain will not put any money in Cryptsy. What do they offer? Yes, a database with customers(I doubt they have 300k) , a company and nothing more. Yes, they do offer a lot of problems you have to fix. You have to fix their platform too. That means a new one with a huge cost and so on.

So, you would better put the money in bank than throw them away.

[Fontas Returns]

Reasons an investor would/should want to invest in Cryptsy:

1. They have a turn key business with a big name and customer base
2. They have developed one of the most sophisticated Web trading engines. Yes it's not perfect but it would be a huge task to re design a better design.
3. The bad publicity can be turned around into good publicity with the right "take over" story -I think Vern has to step down though. The bad publicity could actually turn into good publicity for the "hero".
4. Motivated seller(I would think anyway)
5. Own a big chunk of alts
6. Can stake pos alts
7. The cryptsy debit card thing is actually a good business idea
8. Cryptsy was positioned to move into the USD - to BTC brokerage aspect as well as being the main player in the alt world which would potentially make it a bigger business than it is/was.

[Newcoins2020]

This is all wishful thinking.
In reality there is no investor who will buy a business with such a big debt, tainted brand name and possible lawsuits.
Especially not in the crypto-currency industry.

Even if the buyer get hold of the current funds it won't be attractive at all to take it over.
For starters, it's not even sure the current software is virus fee/ without backdoors.

[Phildo]

Reasons an investor would/should want to invest in Cryptsy:

1. They have a turn key business with a big name and customer base
2. They have developed one of the most sophisticated Web trading engines. Yes it's not perfect but it would be a huge task to re design a better design.
3. The bad publicity can be turned around into good publicity with the right "take over" story -I think Vern has to step down though. The bad publicity could actually turn into good publicity for the "hero".
4. Motivated seller(I would think anyway)
5. Own a big chunk of alts
6. Can stake pos alts
7. The cryptsy debit card thing is actually a good business idea
8. Cryptsy was positioned to move into the USD - to BTC brokerage aspect as well as being the main player in the alt world which would potentially make it a bigger business than it is/was.

They do not have a turn key business.

How much work would it take to make sure that there are no other "trojans" in the other wallets.

They have a tarnished name, a ton of broken wallets, that have been maintained by incompetents, massive debts, and a name that means shit. I have no idea how "sophisticated" their trading engine is, but it makes no sense to me to bail out vern. You are going to have to start from the ground up anyway to make sure there are no more viruses lurking in there and to repair all the "broken" wallets.

[WENGER]

Some buying it out would be good but imagine the problems they have to face even after buying it, it's not worth the effort and money specially after what happened and I don't think anyone would spend money just to get into this mess in which is in a deep whole so someone creating something from scratch would make him spend a lot lesser than just buying cryptsy out and for that matter, Cryptsy is and will be gone from our memories.

[jkminkov]

You forget one important aspect. Cryptsy is based in USA and you(as new owner) will need a financial license if you want to trade without the fear that someone may knock at your door one day.
If you want to take a financial license in California(where Cryptsy is based), it will take up to one year and a LOT of money and tons of papers.

So, any investor with half of brain will not put any money in Cryptsy. What do they offer? Yes, a database with customers(I doubt they have 300k) , a company and nothing more. Yes, they do offer a lot of problems you have to fix. You have to fix their platform too. That means a new one with a huge cost and so on.

So, you would better put the money in bank than throw them away.

Cryptsy International LTD, a Belize Company

[pickupcoin]

Reasons an investor would/should want to invest in Cryptsy:

1. They have a turn key business with a big name and customer base
2. They have developed one of the most sophisticated Web trading engines. Yes it's not perfect but it would be a huge task to re design a better design.
3. The bad publicity can be turned around into good publicity with the right "take over" story -I think Vern has to step down though. The bad publicity could actually turn into good publicity for the "hero".
4. Motivated seller(I would think anyway)
5. Own a big chunk of alts
6. Can stake pos alts
7. The cryptsy debit card thing is actually a good business idea
8. Cryptsy was positioned to move into the USD - to BTC brokerage aspect as well as being the main player in the alt world which would potentially make it a bigger business than it is/was.

Cryptsy reputation today is worst than new from scratch. where is the guarantee if paying everyone who's lost money, that those users stay on cryptsy after all trouble.
This looks like just as hope  someone who was left without coins on cryptsy

[crazyivan]

If someone would buy Cryptsy for 10k BTC and this is a big IF, that someone would have to invest at least 10k BTC more to fix their reputation which is currently BIG TIME BS.

I think the easiest option is to let them go under.

[X68N]

Who would be a good person to take over and run cryptsy? Please don't tell me Mark Zuckerburg.

Why not, he would be able to "Sugarcoat" the missingfunds



Zucker= Sugar (german word)
Berg = hill

[Snail2]

Well, the name is tarnished indeed, but IMO it's still salvageable with some proper management. Actually even the takeover itself could raise high hopes. Not sure however if that wouldn't end with a bank run .

[wpstudio]

With all those "reasons to invest/buy" Cryptsy you forgot a MAJOR reason NOT to buy Cryptsy.

The buyer of Cryptsy will assume all the liability and will be fighting lawsuits for years to come.  Nobody wants that.

[mayax]

You forget one important aspect. Cryptsy is based in USA and you(as new owner) will need a financial license if you want to trade without the fear that someone may knock at your door one day.
If you want to take a financial license in California(where Cryptsy is based), it will take up to one year and a LOT of money and tons of papers.

So, any investor with half of brain will not put any money in Cryptsy. What do they offer? Yes, a database with customers(I doubt they have 300k) , a company and nothing more. Yes, they do offer a lot of problems you have to fix. You have to fix their platform too. That means a new one with a huge cost and so on.

So, you would better put the money in bank than throw them away.

Cryptsy International LTD, a Belize Company

Project Investors Inc which operates Cryptsy International LTD is from Florida, USA

Also, even you are registered in Belize and you don't have any office in USA  BUT you deal with US customers you MUST have a financial licence from USA(from each state). FINCEN registration is NOT a financial license.