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Author Topic: Cryptopia Cryptocurrency Platform Services and Development  (Read 141257 times)
almightyruler
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March 20, 2019, 11:45:28 AM
 #3281

Hmm, for any coins which have taken a haircut, ALL orders in EVERY market for that coin would have to be cancelled, since the customer's adjusted balance no longer supports the order value. I wonder if this happened?
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arielbit
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March 20, 2019, 12:12:10 PM
 #3282

didn't just BTC and LTC was added to the ETH hack?

here is a funny thing..

ETH hack 100%,  but why only certain percentage lost to BTC and LTC?? the hacker choose to just take a slice off the pie?  Roll Eyes
Maybe his bags are full of money  Grin
or maybe cryptopia team came to know what is happening and they locked their site and fund.
or maybe he doesn't have much time to withdraw funds from different wallets.  Grin

There are many "maybe" those are known by cryptopia and NZ police only, for now.

maybe cryptopia added those BTCs and LTCs to the hacked ETH coins, blame the hacker for BTC and LTC while they bag it  Grin maybe give some too for the unofficial cryptopia team wondering around the internet...they need to eat too  Grin Grin
FractalUniverse
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March 20, 2019, 04:56:34 PM
 #3283

Hmm, for any coins which have taken a haircut, ALL orders in EVERY market for that coin would have to be cancelled, since the customer's adjusted balance no longer supports the order value. I wonder if this happened?
all orders should have been cancelled automatically after 2 months downtime as i wrote before. they didnt do that.
Even though traders were allowed to cancel them manually for a few days, not everyone had time to do it... i guess someone made nice quick&dirty $$$$ from their old quotes
Winstar78
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March 20, 2019, 05:12:00 PM
 #3284

The most incredible thing is having enabled trading with no prior notice and without enabling withdrawals and deposits
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March 20, 2019, 05:37:14 PM
 #3285


What is haircut?


The term haircut is most commonly used when referencing the percentage difference between an asset's market value and the amount that can be used as collateral for a loan.


https://www.investopedia.com/terms/h/haircut.asp

Did we ask for some loan from this exchange?

almightyruler
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March 20, 2019, 09:27:47 PM
 #3286

Hmm, for any coins which have taken a haircut, ALL orders in EVERY market for that coin would have to be cancelled, since the customer's adjusted balance no longer supports the order value. I wonder if this happened?
all orders should have been cancelled automatically after 2 months downtime as i wrote before. they didnt do that.
Even though traders were allowed to cancel them manually for a few days, not everyone had time to do it... i guess someone made nice quick&dirty $$$$ from their old quotes

My point is that orders on markets with lost coins are essentially no longer valid.

Say someone had an open order to sell 1 LTC at the time of the hack.
Their LTC balance drops by 57% at the point of haircut.
There's no longer the full 1 LTC in their account to support that 1 LTC sell order.
four3200
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March 20, 2019, 10:50:09 PM
Last edit: March 21, 2019, 07:17:58 AM by four3200
 #3287

Even though traders were allowed to cancel them manually for a few days, not everyone had time to do it... i guess someone made nice quick&dirty $$$$ from their old quotes

who is making the nice quick&dirty $$$$?

maybe same guys deciding when and what markets to bring online??

also didn't cryptopia have a standing rule of not allowing trading for coins LOCKED in 'maintenance'?

slime shady all the way.

WITHDRAWS;

not trade, not gas from anon mods,

WITHDRAWS

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sluppy
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March 21, 2019, 04:17:16 AM
 #3288

Hmm, for any coins which have taken a haircut, ALL orders in EVERY market for that coin would have to be cancelled, since the customer's adjusted balance no longer supports the order value. I wonder if this happened?
all orders should have been cancelled automatically after 2 months downtime as i wrote before. they didnt do that.
Even though traders were allowed to cancel them manually for a few days, not everyone had time to do it... i guess someone made nice quick&dirty $$$$ from their old quotes

My point is that orders on markets with lost coins are essentially no longer valid.

Say someone had an open order to sell 1 LTC at the time of the hack.
Their LTC balance drops by 57% at the point of haircut.
There's no longer the full 1 LTC in their account to support that 1 LTC sell order.

Yup , they should have just cleared all orders themselves.
Just restarting trading at some point without fixing withdrawls first and not announcing it a couple of days in advance also very shady.
It definitely  leaves one with the feeling customers are getting worked over by creating room for people to make lucky under market value buys like this really leaves a bad taste in ones mouth.
Its just a accumulation of small and bigger mistakes that leads one to think they cant just be mistakes.

The only thing necessary for the triumph of evil is for good men to do nothing. Edmund Burke -- May the forces of evil become confused on the way to your house.George Carlin
We pay for life with death , so everything in between should be free. Bill Hicks -- It is during our darkest moments that we must focus to see the light. Aristotle
Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment. Buddha -- The only true wisdom is in knowing you know nothing. Socrates
BenTheAnonMod
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March 21, 2019, 10:00:54 AM
 #3289

Hmm, for any coins which have taken a haircut, ALL orders in EVERY market for that coin would have to be cancelled, since the customer's adjusted balance no longer supports the order value. I wonder if this happened?
all orders should have been cancelled automatically after 2 months downtime as i wrote before. they didnt do that.
Even though traders were allowed to cancel them manually for a few days, not everyone had time to do it... i guess someone made nice quick&dirty $$$$ from their old quotes

My point is that orders on markets with lost coins are essentially no longer valid.

Say someone had an open order to sell 1 LTC at the time of the hack.
Their LTC balance drops by 57% at the point of haircut.
There's no longer the full 1 LTC in their account to support that 1 LTC sell order.

Yup , they should have just cleared all orders themselves.
Just restarting trading at some point without fixing withdrawls first and not announcing it a couple of days in advance also very shady.
It definitely  leaves one with the feeling customers are getting worked over by creating room for people to make lucky under market value buys like this really leaves a bad taste in ones mouth.
Its just a accumulation of small and bigger mistakes that leads one to think they cant just be mistakes.


Can you even imagine the backlash, especially on here if Cryptopia had forced users to close their open trades whether they wanted to or not?

Consider both options,

A. They let users close their trades if they want to, other users complain they didn't force cancel all orders whether all users wanted that or not.

B. They force close all orders whether wanted or not, people complain Cryptopia forced them to cancel their orders.
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March 21, 2019, 11:50:46 AM
 #3290

How big is profit of this exchange for 2018?

How big is profit of this exchange for the previous years?

Where to find this data?

You won't find official financial data anywhere because they are not a publicly traded company (not listed in a stock exchange).

But just think of this... they're asking 4000000 DOT to get a coin listed, for 2018 this was averaging to 8 BTC but during the 1 month of peek in the start of 2018 it was averaging 16 BTC for a single listing.

This is their listing announcements: https://support.cryptopia.co.nz/csm?id=kb_category&kb_category=6313f58bdbeddf009990f6fcbf96190d&spa=1
However they haven't put dates on their old announcements, so in order to see when was the coins listed I went to their BTCT ANN threads and guess what? Their list of announcements is not ordered by date, it looks pretty random as far as I can tell! (what a mess)
Therefore I'll do a guess and say that out of the 95 coins they've listed, 50% were listed during the peek of 2 months. Let's say about 40 coins in two months.
That'd be 640 BTC in just January, or $6.4m - $9.6m depending on when/if they sold for dollars.

Before the hack, during most of 2018, their average volume was about 7m daily. With 0.2% trading fee that'd be a daily income of 14000$. On top of it there's an incalculable amount they receive from the withdraw fees which are usually much higher than the network's real fee.

We can't know what their expenses are, but judging by their slow support they shouldn't have a lot of employees to pay.

So yea... with trading happening 24/7, they were making about 420000$ from trading fees every month and with an average of 2.3 listings / month (after January) an extra 18.4 BTC (if for 2018 1BTC = 6000$, then about 110400$).

So even if they didn't sell during the price peek, they were making about 0.53millions every month during the bear market based on the averages of 2018. I'd say those are some conservative estimations though, I believe their income was higher as long as they sow the price drop coming and sold earlier.

Now, there should be a more precise estimation of their loses but I couldn't find it, please let me know of a newer source than what I've found which is this,

almightyruler
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March 21, 2019, 01:23:18 PM
 #3291

Yup , they should have just cleared all orders themselves.
Just restarting trading at some point without fixing withdrawls first and not announcing it a couple of days in advance also very shady.
It definitely  leaves one with the feeling customers are getting worked over by creating room for people to make lucky under market value buys like this really leaves a bad taste in ones mouth.
Its just a accumulation of small and bigger mistakes that leads one to think they cant just be mistakes.


Can you even imagine the backlash, especially on here if Cryptopia had forced users to close their open trades whether they wanted to or not?

Consider both options,

A. They let users close their trades if they want to, other users complain they didn't force cancel all orders whether all users wanted that or not.

B. They force close all orders whether wanted or not, people complain Cryptopia forced them to cancel their orders.

FYI, I received the update mail on 20th March, which is after trading resumed. Assuming this wasn't a random glitch for my account only, there will be other customers who were not informed in time that they had the option to cancel trades.
jane77
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March 21, 2019, 02:30:55 PM
 #3292

Please answer who knows. If the user of cryptopia did not cancel Open Orders on their own, but Open Orders were automatically canceled by cryptopia itself - the situation looks like this: in the Balances section, cryptocurrency is present in open orders, and in the section: "Exchange": there are no Open Orders (they are canceled by exchange, this is understandable), but the same in this section: "Exchange" instead of automatically closed Open Orders - there are no corresponding balances or even at least smaller ones. Will there be later coins relevant Open Orders from the section: "Balances" - also displayed in the section: "Exchange"?
psycodad
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March 21, 2019, 02:36:37 PM
 #3293

Yup , they should have just cleared all orders themselves.
Just restarting trading at some point without fixing withdrawls first and not announcing it a couple of days in advance also very shady.
It definitely  leaves one with the feeling customers are getting worked over by creating room for people to make lucky under market value buys like this really leaves a bad taste in ones mouth.
Its just a accumulation of small and bigger mistakes that leads one to think they cant just be mistakes.


Can you even imagine the backlash, especially on here if Cryptopia had forced users to close their open trades whether they wanted to or not?

Consider both options,

A. They let users close their trades if they want to, other users complain they didn't force cancel all orders whether all users wanted that or not.

B. They force close all orders whether wanted or not, people complain Cryptopia forced them to cancel their orders.

FYI, I received the update mail on 20th March, which is after trading resumed. Assuming this wasn't a random glitch for my account only, there will be other customers who were not informed in time that they had the option to cancel trades.

I received the mail this morning.


Protestatio facto contraria non valet.<br>
sluppy
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March 21, 2019, 02:47:59 PM
 #3294

Hmm, for any coins which have taken a haircut, ALL orders in EVERY market for that coin would have to be cancelled, since the customer's adjusted balance no longer supports the order value. I wonder if this happened?
all orders should have been cancelled automatically after 2 months downtime as i wrote before. they didnt do that.
Even though traders were allowed to cancel them manually for a few days, not everyone had time to do it... i guess someone made nice quick&dirty $$$$ from their old quotes

My point is that orders on markets with lost coins are essentially no longer valid.

Say someone had an open order to sell 1 LTC at the time of the hack.
Their LTC balance drops by 57% at the point of haircut.
There's no longer the full 1 LTC in their account to support that 1 LTC sell order.

Yup , they should have just cleared all orders themselves.
Just restarting trading at some point without fixing withdrawls first and not announcing it a couple of days in advance also very shady.
It definitely  leaves one with the feeling customers are getting worked over by creating room for people to make lucky under market value buys like this really leaves a bad taste in ones mouth.
Its just a accumulation of small and bigger mistakes that leads one to think they cant just be mistakes.


Can you even imagine the backlash, especially on here if Cryptopia had forced users to close their open trades whether they wanted to or not?

Consider both options,

A. They let users close their trades if they want to, other users complain they didn't force cancel all orders whether all users wanted that or not.

B. They force close all orders whether wanted or not, people complain Cryptopia forced them to cancel their orders.

A. they didn't inform people that where not monitoring their twitter feed 24/7
B. Force closing the orders would be the Only fair thing to do 400 LTC was sold way under market value those people just wanted to lose money and didn't care ?
C. To resume trading without announcing it way in advance  and without canceling all the orders probably borders on the criminal.
D. The last email I got said the site was in Read only nothing about resumed trading why not ? (19/3/2019) care to explain that ?

The only thing necessary for the triumph of evil is for good men to do nothing. Edmund Burke -- May the forces of evil become confused on the way to your house.George Carlin
We pay for life with death , so everything in between should be free. Bill Hicks -- It is during our darkest moments that we must focus to see the light. Aristotle
Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment. Buddha -- The only true wisdom is in knowing you know nothing. Socrates
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March 21, 2019, 04:36:07 PM
 #3295

The week is about to end and there's still no NEW update about the status of the offline coins. Only the worthless coins are being activated at a time and look's like they don't care about the coins that provide big volumes.

And when hotwallet? when withdrawal?

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March 21, 2019, 05:39:33 PM
 #3296

Can you even imagine the backlash, especially on here if Cryptopia had forced users to close their open trades whether they wanted to or not?

Consider both options,

A. They let users close their trades if they want to, other users complain they didn't force cancel all orders whether all users wanted that or not.

B. They force close all orders whether wanted or not, people complain Cryptopia forced them to cancel their orders.

FLAWLESS LOGIC!

Imagine all those irritate customers complaining that they couldn't sell LTC @ $27 when the current market rate is $60.

Also ignore the fact that 1 year ago you'll shut down the LTC and DOGE markets for 3 months, and ... auto canceled all orders.

Flip Flop much?

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March 21, 2019, 06:36:17 PM
 #3297

I am asking myself, what kind of LTC are they trading now. Do they exist? Imagine a balance of 400LTC bought now after the "reopening", and applying an haircut also on those.

If I had a sell order of LTC on 14th january, wasn't it made of LTC later hacked?
arielbit
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March 21, 2019, 07:38:30 PM
 #3298

43% LTC lost
14% BTC lost

why "%" ... goddammit! how many? really? fucking retards can't do basic subtraction anymore?

how many were there? and how many are stolen?

cryptopia is hiding something  Grin

example:

 hacker: i stole 140 BTC so there should be 1000 BTC there (14% lost)   Cheesy

 cryptopia users: 14% haircut from my BTC balance my 10 BTC is now 8.6 BTC  Undecided Cry Cry Cry

 cryptopia pricks: 14% of 3000 BTC is 420 BTC  Cool Cool Cool


cryptopia is pulling some mimblewimble and ring signature shit on users haha
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March 21, 2019, 09:33:42 PM
 #3299

I also have to point out the irony in the conversation being that Cryptopia is too slow/taking too long, now they are being accused to moving to quickly?
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March 21, 2019, 10:26:55 PM
 #3300

Please answer who knows. If the user of cryptopia did not cancel Open Orders on their own, but Open Orders were automatically canceled by cryptopia itself - the situation looks like this: in the Balances section, cryptocurrency is present in open orders, and in the section: "Exchange": there are no Open Orders (they are canceled by exchange, this is understandable), but the same in this section: "Exchange" instead of automatically closed Open Orders - there are no corresponding balances or even at least smaller ones. Will there be later coins relevant Open Orders from the section: "Balances" - also displayed in the section: "Exchange"?

Judging by the price action of LTC at least, there seems to have been trades with old orders which were set on old prices until someones made easy money buying the pre-pump price and then selling in market price.
I calculated about 400 LTC being bought under market price.

I also have to point out the irony in the conversation being that Cryptopia is too slow/taking too long, now they are being accused to moving to quickly?

It's not that they move quickly but that they do amateurish and stupid things.
How can it be hard for them to cancel all open orders? Why do they allow trading but not depositing/withdrawing in the coins they enable?

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