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Question: Is cryptsy.com scamming us out of our hard earned coins?
Yes, I will never use them again - 65 (30.4%)
NO!, I still believe in cryptsy.com - 66 (30.8%)
Please cryptsy.com dont let us down Sad - 83 (38.8%)
Total Voters: 214

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Author Topic: (Warning) Whats going on with cryptsy.com every one is losing there coins  (Read 14067 times)
BCB
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February 02, 2014, 08:02:45 PM
 #101

There are several things going on here it seems.   I'll see how many I can address.

1. Federal Money Transmitter License - There is actually no such thing at a federal level.   The only thing the Fed's require is that you register and file SAR reports when deemed necessary.   They also want us to check to ensure we aren't doing business with anybody on the OFAC list.    We are registered and the list checking and reporting is fairly easy to do, but detecting suspicious activity is a very subjective thing.   It's certainly easier to determine suspicious activity when dealing with USD.   Before launching USD, we will have the necessary items in place.

2. State Level Licenses - The states aren't going to come and shut you down, but they may fine you and tell you not to deal with people in their state until you get licensed there.   We are in the process of getting state licenses.   Some are harder than others.   This is another thing we are waiting on before doing USD.    Many of the states who we previously thought would require a license have stated that we probably do not need one.  Many states have laws which were written before the internet.  Some state requirements are a little overboard.

3. SR stuff.  Just because some coins passed through a service that ended up at SR doesn't mean that it would be covered under any laws which would result in forfeitures.  Only if we were willfully and knowingly performing such actions, which we are not.    We may be subpoenaed for information in such cases where funds pass through here, which of course we would comply with.

BigVern

BigVern,  Thanks for your thoughts.  There are still some important issues.  Again I am not an attorney, this is just my understanding of existing law and regulation.

1.  On July 21st FinCEN issued a Final Rule on "Definitions and Other Regulations Relating to Money Services Businesses" (RIN 1506–AA97)  that includes the following:
 
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The regulatory definition of ‘‘money transmission services’’ includes the phrase ‘‘or other value that substitutes for currency’’ to state that businesses that accept stored value or currency equivalents as a funding source and transmit that value are providing money transmission services. FinCEN has modified the final rule so that both references to ‘‘value’’ in the regulation are expressed as ‘‘value that substitutes for currency’’ to maintain consistency in the rule’s language.
***

This essentially included all virtual currencies within the scope of the Bank Secrecy Act.  So according to FinCEN it does not matter if you are not transferring or converting from USD.  Transferring and converting virtual currency is also money transmission under these Federal Regulations.

2. No the states aren't going to shut you down but operating a "unlicensed money transmitter" if a federal offence under U.S.C. 1960 (b)(1)(a):

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is operated without an appropriate money transmitting license in a State where such operation is punishable as a misdemeanor or a felony under State law, whether or not the defendant knew that the operation was required to be licensed or that the operation was so punishable;
***

U.S.C. 1960 (a) states:

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Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or part of an unlicensed money transmitting business, shall be fined in accordance with this title or imprisoned not more than 5 years, or both.
***


So no the states will not come after you but if you are serving customers in US State where a money transmission laws apply, you could be as risk for violating these statues.

Unfortunately laws don't always mean what we "think" they mean.  They mean what regulators and law enforcement want them to mean unless proven otherwise in a court of law.

3.  I think TechSare addressed the very broad implication of civil asset forfeiture.  

Again, I'm not an attorney nor a legal expert, however we have seen these statues used with tremendous impact in the digital currency space in recent months.  There are serious implications and we as a community of businesses and users need to understand the implications as best we can.

Unfortunately the legal gray area is currently very broad which possesses significant risk for all involved until we see greater legislative and regulatory clarity in the digital currency space.

Again I don't assume to know Cryptsy.com's business model or safe guards to prevent this type of action.  I'm just trying to point out that these are currently risks we are all assuming by operating and transacting in this space.

 
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February 04, 2014, 03:05:32 AM
 #102

cryptsy seems to have a habit of holding funds on withdrawals, till the one just caves in. i was charged a transaction fee, on a canceled withdrawal.

3 pending withdrawal, out of the 3 , 2 have been on pending status for over 24 hours. I guess they expect me to beg for a cancellation, again. this time, I am taking my funds out and leaving it. out. I'm really starting to think they don't have the bitcoins in house, and just flipping it with the hundreds of alt coins and junk coins.

such wreckless behavior. I cannot believe a major exchange based in the states can get away with this.
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February 06, 2014, 11:20:33 AM
 #103

They take on more coins than their system can handle because they, just like the modern banking system, are fueled by greed. I have been using other exchanges instead and I have NEVER had a single problem with any of them, even the newer ones, which says it all.....
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February 28, 2014, 08:10:16 PM
 #104

They take on more coins than their system can handle because they, just like the modern banking system, are fueled by greed. I have been using other exchanges instead and I have NEVER had a single problem with any of them, even the newer ones, which says it all.....

interesting !

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February 28, 2014, 11:21:35 PM
 #105

They take on more coins than their system can handle because they, just like the modern banking system, are fueled by greed. I have been using other exchanges instead and I have NEVER had a single problem with any of them, even the newer ones, which says it all.....

Cryptsy has a lot more volume than the rest. It is King of the altcoin market. I can't think of any exchange that get anywhere near the volume. The problems started when volume began to increase.

Cryptsy is guilty of adding too many idiotic coins, and not employing people technically capable of putting together a site that can handle the traffic.

I owe them 10 LTCs apparently, which I don't intend to repay.

Oh, and I once logged into coinex to find nearly 2 BTCs in my account. Not mine. But then it wouldn't let me spend them so no harm done.

1PkwpyTLo5TfagzCPgjdvQFNVzuEyHViGt
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March 01, 2014, 12:11:50 AM
 #106

Quote from:
I owe them 10 LTCs apparently, which I don't intend to repay.

that makes you a thief...
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March 01, 2014, 02:16:38 AM
 #107

Has anyone thought about the PoS generated coins these exchanges are piling up ?

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April 09, 2014, 11:38:26 PM
 #108

Thanks BitJohn, for fixing the problem you had... I love cryptsy and I will continue using Cryptsy +1

https://www.cryptsy.com/users/register?refid=11253

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April 10, 2014, 01:28:19 AM
 #109

Previous user advertises this exchange, don't press his link, if you want go to website remove ?refid=11253 from link.
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April 10, 2014, 03:37:07 AM
 #110

Previous user advertises this exchange, don't press his link, if you want go to website remove register?refid=11253 from link.

You know i made this thread right >>>Huh? Smiley

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April 10, 2014, 04:54:57 AM
 #111

But why you use referral id? Why you advertize it in your signature? Remove "11253" from your signature.
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April 25, 2014, 08:56:44 AM
 #112

Are you able to withdraw NXT from Craptsy?
I have 3 "processed" withdrawals from 48 hours but i never actually received any NXT.
I've also tried to contact the support but they are ignoring me.
Should i get worried?


I wonder why these stupid people keep adding 3 new shitcoins everyday while they can't manage properly coins already listed.

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September 30, 2014, 07:16:22 PM
 #113

I am bump this bcus ... I am hearing complaints concerning Cryptsy... Please let us know ur concerns?

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