Cryptsy customers: Do you favor a buy out scenario?

[jkminkov]

Project Investors Inc have a contract to manage Cryptsy International LTD, if that LTD is insolvent it will be closed by that banana republic laws, not US laws.

[DomesticTrader]

I would not favor anything of Cryptsy. They have proven not to be trusted. The only thing they can offer is poison.

[Altynbekova]

If they would offer me a buy out, I would gladly accept it.
Even if it would mean a loss of ~15%.
But truth is, they don't have enough funds to compensate all their users.

[Phildo]

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 .

I still don't see any benefit to taking over instead of starting over.

The only comparison I come up with is Poker Stars buying Full Tilt Poker, but with that one they got the software (which had no issues, unlike cryptsy's) and because it helped them settle their issues with the US government. When they did this they left Ultimate Bet/Absolute Poker and their users to rot because there was no benefit to them to bail them out.

The only benefit to bailing out cryptsy would be to gain goodwill from users, but it would be much easier to start over and offer cryptsy users some sort of incentive to join their new site. If you believe this story about a hack, crytpsy's backend/software/hardware/wallets are useless to anyone.

[Fontas Returns]

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 .

If you believe this story about a hack, crytpsy's backend/software/hardware/wallets are useless to anyone.

I think this is kind of an oversimplification. If vern would have taken the time to once a week put some coins on a thumb drive or paper wallet and deposit it at the bank that in itself would have avoided the "cold" storage hack. The reality is Cryptsy wasn't using cold storage. The wallet they call the cold wallet was really a hot wallet. ANY software platform has vulnerabilities. Cryptsy never had a bona fide cold wallet - it was the coin storage/wallet not the website design that was the problem. There's really nothing to suggest that the trade engine or basic site design was the problem - it could probably be modified to work fine with a more secure wallet system. The site as it exists is the culmination of years of web design - over the years they refined and improved it to where the actual site itself was working very well in recent months. Cryptsy is still the #1 brand for alts - no one can walk in at ground level and just have that #1 brand name except to buy out Cryptsy. Even Poloniex is not close to there yet. Think about their debit card thing, what that would mean for alts to be able to load some doge coin onto your debit card and then go spend that money at the cash register - that will be the first gap to bridge "alts" as a commodity as they exist now into their intended use as true currency. Whoever is the first to offer such a service will be the market leader in the alt world. Cryptsy is a truly innovative company. If you could get a real security team in there it could go places.

[Phildo]

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 .

If you believe this story about a hack, crytpsy's backend/software/hardware/wallets are useless to anyone.

I think this is kind of an oversimplification. If vern would have taken the time to once a week put some coins on a thumb drive or paper wallet and deposit it at the bank that in itself would have avoided the "cold" storage hack. The reality is Cryptsy wasn't using cold storage. The wallet they call the cold wallet was really a hot wallet. ANY software platform has vulnerabilities. Cryptsy never had a bona fide cold wallet - it was the coin storage/wallet not the website design that was the problem. There's really nothing to suggest that the trade engine or basic site design was the problem - it could probably be modified to work fine with a more secure wallet system. The site as it exists is the culmination of years of web design - over the years they refined and improved it to where the actual site itself was working very well in recent months. Cryptsy is still the #1 brand for alts - no one can walk in at ground level and just have that #1 brand name except to buy out Cryptsy. Even Poloniex is not close to there yet. Think about their debit card thing, what that would mean for alts to be able to load some doge coin onto your debit card and then go spend that money at the cash register - that will be the first gap to bridge "alts" as a commodity as they exist now into their intended use as true currency. Whoever is the first to offer such a service will be the market leader in the alt world. Cryptsy is a truly innovative company. If you could get a real security team in there it could go places.

The site was working well, except for a billion wallets in "maintenance," no withdrawals, and no cold wallet, sounds like a great investment.

Does their debit card exist? Or is it just more BS from a guy who has been lying about his entire business for over a year?

Stop believing the BS people spew at you, and start looking at the facts. The whole point of crypto is that everything is on public ledgers so you can't BS people. None of the public ledgers match any of the shit you are saying about why cryptsy is a worthwhile investment. I guess if you still believe after all this, my idea that there is NOBODY stupid enough to continue to trust in cryptsy was wrong, but there certainly aren't enough of you geniuses to dig everyone out of the whole to make everyone whole, because if there were they would have put a bigger dent in the shortfall created by the "hack."

[vancefox]

I think you should contact Homero Joshua Garza and ask him and his team if they want to become proud new owners of Cryptsy.com for a low low price of 10,000 XPY... and he can reimburse everyone's stolen/lost btc with freshly minted XPY 1:1.

[pixelkicks]

I think you guys are forgetting something. An existing exchange with healthy finances and who wants to grow would see Cryptsy as an absolute steal.

Whether they keep the Crypsty platform or not isn't really important. Instead what they are really interested in is purchasing the user base. Instantly adding 50k / 100k / 500k of new users would be of massive benefit to their own platform. It would also be a great PR opportunity.

There's a number of suitable exchanges out there that would fit the bill, and I'd be surprised if a few aren't already eyeing up this opportunity already. Take your pick from these: http://www.cryptocoincharts.info/markets/info

[Phildo]

I think you guys are forgetting something. An existing exchange with healthy finances and who wants to grow would see Cryptsy as an absolute steal.

Whether they keep the Crypsty platform or not isn't really important. Instead what they are really interested in is purchasing the user base. Instantly adding 50k / 100k / 500k of new users would be of massive benefit to their own platform. It would also be a great PR opportunity.

There's a number of suitable exchanges out there that would fit the bill, and I'd be surprised if a few aren't already eyeing up this opportunity already. Take your pick from these: http://www.cryptocoincharts.info/markets/info

Why purchase the user base when you can just post an offer to crypty customers on all the forums?

This great user base hasn't been able to make up the shortfall caused by this hack, o why would someone pay enough money to make up for the hack to get it?

[Zitdadast]

In the buy out scenario, do we have to wait a long time to get our money back? Will the new owner honour the previous debt?

[bitlancr]

I think you guys are forgetting something. An existing exchange with healthy finances and who wants to grow would see Cryptsy as an absolute steal.

Whether they keep the Crypsty platform or not isn't really important. Instead what they are really interested in is purchasing the user base. Instantly adding 50k / 100k / 500k of new users would be of massive benefit to their own platform. It would also be a great PR opportunity.

There's a number of suitable exchanges out there that would fit the bill, and I'd be surprised if a few aren't already eyeing up this opportunity already. Take your pick from these: http://www.cryptocoincharts.info/markets/info

Why purchase the user base when you can just post an offer to crypty customers on all the forums?

This great user base hasn't been able to make up the shortfall caused by this hack, o why would someone pay enough money to make up for the hack to get it?

Not only that, i don't see users being loyal to cryptsy.

Customers with no loyalty are trust are not worth a dime.

That's the way it is.

[aardvark15]

What if Cryptsy gave a share of ownership to each customer that lost money.  For example, if we are going to each lose half of our money, they could give us shares of the company for the money we lost and the rest could stay in bitcoin or other currencies on the exchange.  Then the customers become investors.  Vern can still sell his remaining portion of the company to another investor that wouldn't have to compensate us.  We (customers) would then have a vested interest in staying with Cryptsy and we could share in the profits.  Also, Cryptsy could allow customers to trade shares of the company on the exchange just like any coins or fiat.  We could sell our shares for bitcoin etc. or buy more shares.

[sishendaoye]

What if Cryptsy gave a share of ownership to each customer that lost money.  For example, if we are going to each lose half of our money, they could give us shares of the company for the money we lost and the rest could stay in bitcoin or other currencies on the exchange.  Then the customers become investors.  Vern can still sell his remaining portion of the company to another investor that wouldn't have to compensate us.  We (customers) would then have a vested interest in staying with Cryptsy and we could share in the profits.  Also, Cryptsy could allow customers to trade shares of the company on the exchange just like any coins or fiat.  We could sell our shares for bitcoin etc. or buy more shares.

A share is actually a nice idea.
However who will every trust them again. Who is telling you they were indeed hacked?
Or even better run away with more money from customers?

[aardvark15]

What if Cryptsy gave a share of ownership to each customer that lost money.  For example, if we are going to each lose half of our money, they could give us shares of the company for the money we lost and the rest could stay in bitcoin or other currencies on the exchange.  Then the customers become investors.  Vern can still sell his remaining portion of the company to another investor that wouldn't have to compensate us.  We (customers) would then have a vested interest in staying with Cryptsy and we could share in the profits.  Also, Cryptsy could allow customers to trade shares of the company on the exchange just like any coins or fiat.  We could sell our shares for bitcoin etc. or buy more shares.

A share is actually a nice idea.
However who will every trust them again. Who is telling you they were indeed hacked?
Or even better run away with more money from customers?

I guess I was thinking that the current owner would still sell his remaining portion of the company so it would be all new ownership and management.  I figure that if we are going to lose money anyway, we should get something for it and hopefully the site could still function.

[gargouri2001]

No one with 10 k bitcoin is dumb enough to invest in cryptsy , i think that all will end up with vern in jail

[aardvark15]

Ideally I would like someone to buy out Cryptsy and give us credit for what we lost, but I don't think that's going to happen.  I'm not sure that it would be in a buyers best interest to do that because he would basically be paying off someone else's debt.  Plus if the company is being sued, then the new owner may be responsible for judgment against cryptsy.  The only positives for a buyer are that he may have some built in customers and the company's name recognition.

[Zitdadast]

No one with 10 k bitcoin is dumb enough to invest in cryptsy , i think that all will end up with vern in jail

I would like to see him in jail and punished properly. That will set a good example for scammers.