delete

[stas]

OP, you're a loooooooooser!

Give they guy a break, his site is not easy to maintain nor it it easy to put up with us cryptocoiners.

my advise to you is:

SHUT THE FUCK UP, you have a choice to use his site, you can choose not to as well. NOBODY is forcing you to use cryptsy.

+1

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[btcrich]

I'd be excited to if i was with the IRS and it wouldnt be for finding out about cryptsy.

Here comes the audit for OP. 

[A L I E N]

Some were saying that Paul Vernon aka BigVern doesn't visit the forums. I know for a fact that BigVern does indeed look at these boards as I received a PM in response to my thread Cryptsy - Complaint Filed with the Florida Attorney General located here - https://bitcointalk.org/index.php?topic=361514.

The answer is no, there is nothing you can do to make this right and that's not how this works anyway. The damage and losses you caused by "borrowing the deposits" is done. You must really think people are stupid and can't clearly see what you have done. Before the new update BitJohn had said numerous times that Cryptsy had somewhere just over 10,000 users. Sounds about right.

It's fair to assume that 90% of them are small traders averaging less than 1 BTC at any given time. Then there is the rest with more and the top 3%-4% with significant amounts trading at any given time. As a trader you can't make very much money with small trades and I was one of the people with significant amounts at any given time. The bottom 90% alone were probably worth 1500 to 2000 BTC and the top 10% worth several times that. BitJohn has also indicated that about 100 BTC/ month was your revenue stream from fees. It's easy to see there is a magnitude of order more on deposit than brought in by fees.

What Cryptsy did was borrow from the customers deposits before the peak of $1200 per BTC and got caught off guard by a rapidly rising market with everybody wanting their BTC NOW and you didn't have them to give.

I do believe you intended to roll out the new update but not as soon as you did. The new roll out and it's subsequent comedy of "errors" were nothing more than a cover while you scrambled to find the funds to put out the fires. I also believe in your panic you further borrowed at the peak, sold high and are now buying back at a 30% discount and returning deposits slowly. That explains why about 45 BTC worth of my coins have been deposited manually into my accounts over the course of the past week.

At the peak, my 63 BTC was worth about $75,000. Today as you are returning it slowly it is worth about $50,000 and falling. You have cost me at least $25,000 by tying up my funds in this botched borrow. That's just me and I can assure people the cumulative damage runs well into the millions.

Now here's the part you need to pay attention to. Early on all I asked for was some detailed explanation from you on exactly what is going on. Nothing more and you remained silent and now are aware that I did indeed file a complaint with the Florida AG. A 140 character cryptic message on Twitter doesn't cut it.

Maybe I am wrong. Maybe just because it walks like a duck, talks like duck and has the DNA of a duck, it really isn't a duck. If I were you, I would break my oath of silence, come here and explain exactly what happened. You might also consider making my deposits right according to the BTC peak as you know exactly who I am.

If you choose to further ignore the call for an explanation from you, as you did earlier which resulted in the aforementioned complaint, I will start organizing Cryptsy customers into a class and will file a complaint with the FTC. I will also on their behalf come after Cryptsy and Cryptsy's investors for the damages caused by at best, incompetence and more than likely nefarious. Will I win? Who knows. But I do know that getting complaints to the AG and the FTC as well getting your investors sued is a fast track to nowhere really fast. I suggest you create a user modded thread and start explaining.

What Cryptsy did was borrow from the customers deposits before the peak of $1200 per BTC and got caught off guard by a rapidly rising market with everybody wanting their BTC NOW and you didn't have them to give.

Defamation

Any intentional false communication, either written or spoken, that harms a person's reputation; decreases the respect, regard, or confidence in which a person is held; or induces disparaging, hostile, or disagreeable opinions or feelings against a person.

Defamation may be a criminal or civil charge. It encompasses both written statements, known as libel, and spoken statements, called slander.

[Doublelucky]

Wanted to liquidate all my shit before Monday morning hit..

Cryptsy still holding onto my pending withdraw from 3 days ago and won't let me withdraw anything else

Can't even move my shit to BTC-e for USD

This is probably the 5th time cryptsy has cost me again.. Like literally cost me
Da fuck!!!!!!!

[PrintMule]

By the way. OP is somewhat right in his proceedings. It's just so many people are sucking on cryptsy's big wrinkly tit, they would hate to see it go, even if they are being ripped off, does not matter.

The amount of rage/butthurt in this thread = overwhelming. It would be so satisfying to see them cry when this exchanges goes down.

I personally do not want it to go down. I've done some profits there, and despite the awful waiting time on deposits and horrible trade lag, it was a worthwhile experience. I had a feeling that exchange operators are screwing with me, but it does not matter. As long as you distribute your wealth over multiple exchanges/wallets/services = you are safe.

[jerrybusey]

Some people want wild west profits with FDIC bank risk.

Cryptsy has been known to have problems for a long time but some people who apparently can't tolerate the risk of something going wrong with their Crytpsy account at an inconvenient time still can't resist the urge to trade and keep funds there. I'm guessing that's because Cryptsy generally has better prices, tighter spreads, and more volume on most alts than other exchanges do. Assume Crypsty (and every other crypto service) is going to break when you need it most (peak volume times particularly) if you want to be safe. But you don't want to be safe; you want to be rich.

[Doublelucky]

Some people want wild west profits with FDIC bank risk.

Cryptsy has been known to have problems for a long time but some people who apparently can't tolerate the risk of something going wrong with their Crytpsy account at an inconvenient time still can't resist the urge to trade and keep funds there. I'm guessing that's because Cryptsy generally has better prices, tighter spreads, and more volume on most alts than other exchanges do. Assume Crypsty (and every other crypto service) is going to break when you need it most (peak volume times particularly) if you want to be safe. But you don't want to be safe; you want to be rich.

No.

Cryptsy isn't AN option... it is the ONLY option.

And the volatility of the market means that all time/every time (every second) is when you "need it the most"

Cryptsy doesn't just 'break' during peak volume times, it always fucks up

 

[CristianoSantos]

Some were saying that Paul Vernon aka BigVern doesn't visit the forums. I know for a fact that BigVern does indeed look at these boards as I received a PM in response to my thread Cryptsy - Complaint Filed with the Florida Attorney General located here - https://bitcointalk.org/index.php?topic=361514.

The answer is no, there is nothing you can do to make this right and that's not how this works anyway. The damage and losses you caused by "borrowing the deposits" is done. You must really think people are stupid and can't clearly see what you have done. Before the new update BitJohn had said numerous times that Cryptsy had somewhere just over 10,000 users. Sounds about right.

It's fair to assume that 90% of them are small traders averaging less than 1 BTC at any given time. Then there is the rest with more and the top 3%-4% with significant amounts trading at any given time. As a trader you can't make very much money with small trades and I was one of the people with significant amounts at any given time. The bottom 90% alone were probably worth 1500 to 2000 BTC and the top 10% worth several times that. BitJohn has also indicated that about 100 BTC/ month was your revenue stream from fees. It's easy to see there is a magnitude of order more on deposit than brought in by fees.

What Cryptsy did was borrow from the customers deposits before the peak of $1200 per BTC and got caught off guard by a rapidly rising market with everybody wanting their BTC NOW and you didn't have them to give.

I do believe you intended to roll out the new update but not as soon as you did. The new roll out and it's subsequent comedy of "errors" were nothing more than a cover while you scrambled to find the funds to put out the fires. I also believe in your panic you further borrowed at the peak, sold high and are now buying back at a 30% discount and returning deposits slowly. That explains why about 45 BTC worth of my coins have been deposited manually into my accounts over the course of the past week.

At the peak, my 63 BTC was worth about $75,000. Today as you are returning it slowly it is worth about $50,000 and falling. You have cost me at least $25,000 by tying up my funds in this botched borrow. That's just me and I can assure people the cumulative damage runs well into the millions.

Now here's the part you need to pay attention to. Early on all I asked for was some detailed explanation from you on exactly what is going on. Nothing more and you remained silent and now are aware that I did indeed file a complaint with the Florida AG. A 140 character cryptic message on Twitter doesn't cut it.

Maybe I am wrong. Maybe just because it walks like a duck, talks like duck and has the DNA of a duck, it really isn't a duck. If I were you, I would break my oath of silence, come here and explain exactly what happened. You might also consider making my deposits right according to the BTC peak as you know exactly who I am.

If you choose to further ignore the call for an explanation from you, as you did earlier which resulted in the aforementioned complaint, I will start organizing Cryptsy customers into a class and will file a complaint with the FTC. I will also on their behalf come after Cryptsy and Cryptsy's investors for the damages caused by at best, incompetence and more than likely nefarious. Will I win? Who knows. But I do know that getting complaints to the AG and the FTC as well getting your investors sued is a fast track to nowhere really fast. I suggest you create a user modded thread and start explaining.

Big Vern is doing a great job with Ccriptsy. I am confident that he will fix the situation.

[e521]

OP seriously you are such a loser, who cares about your fucking 63 BTC?
I had my coins back creating a simple ticket and waiting 10 hours, as everybody else.
Exchange engine is still shit and deposit are late but hey I use it because I want to.
Please cash out as soon as possible and disappear

[jerrybusey]

Some people want wild west profits with FDIC bank risk.

Cryptsy has been known to have problems for a long time but some people who apparently can't tolerate the risk of something going wrong with their Crytpsy account at an inconvenient time still can't resist the urge to trade and keep funds there. I'm guessing that's because Cryptsy generally has better prices, tighter spreads, and more volume on most alts than other exchanges do. Assume Crypsty (and every other crypto service) is going to break when you need it most (peak volume times particularly) if you want to be safe. But you don't want to be safe; you want to be rich.

No.

Cryptsy isn't AN option... it is the ONLY option.

And the volatility of the market means that all time/every time (every second) is when you "need it the most"

Cryptsy doesn't just 'break' during peak volume times, it always fucks up

 

Cryptsy isn't a utility or even a bank. It's a mom and pop startup operating on the fringe (lesser alt coins) of a fringe (Bitcoin) market. Nobody goes there except to try to make money off the most speculative alt coins (which include everything beyond litecoin really). Their unreliability pisses me off but that's the price of playing in lesser alt coins. No other alt exchange could just step in and pick up the slack if Cryptsy disappeared without even worse problems. Look at what has been happening with coinex for example. If you want reliability above all else then stick to BTC and LTC exclusively since there are larger and more reliable exchanges that deal in those, or better yet stick to established investment vehicles. This is still the wild west with all the positives and negatives that entails.

[crazywack]

I see audits for all you Florida folks coming soon!!! thanks OP, didn't have to fuck over every current and future cryptsy user.

[MessyCoin]

Bitcoin and all alts are still experimental as stated in the software! And from what I have seen, Cryptsy have responded with due diligence to the recent problems. We agree to their terms of service before using them. Feels like the OP may have acted unfairly by escalating their complaint so quickly.

[wtman]

yawn

[sixteendigits]

Now I haven't always been the biggest Cryptsy fan, the bugs and glitches at times were enough to make my blood boil.  When you stop and think about it though, anyone heavily involved in the alt-scene should be on their knees thanking Big Vern.  The alt-scene simply would not be what it is today without Cryptsy (for better or for worse).

The only people who have room to complain about "Cryptsy costing them money" are newbies who just jumped into the scene with this recent rise.  If you are a GPU miner and/or got into the alt-scene last spring, Cryptsy almost certainly made you WAY more coin than it ever cost you.

I owe Cryptsy for allowing me to vastly improve my financial situation and life over the past 6 months with just 7 7950s.  I am forever grateful for Cryptsy.

So thanks for ruining it for the rest of us OP just because you are pissy about 63 BTC that'll eventually go right back up in value again anyway.

[PrintMule]

Now I haven't always been the biggest Cryptsy fan, the bugs and glitches at times were enough to make my blood boil.  When you stop and think about it though, anyone heavily involved in the alt-scene should be on their knees thanking Big Vern.  The alt-scene simply would not be what it is today without Cryptsy (for better or for worse).

The only people who have room to complain about "Cryptsy costing them money" are newbies who just jumped into the scene with this recent rise.  If you are a GPU miner and/or got into the alt-scene last spring, Cryptsy almost certainly made you WAY more coin than it ever cost you.

I owe Cryptsy for allowing me to vastly improve my financial situation and life over the past 6 months with just 7 7950s.  I am forever grateful for Cryptsy.

So thanks for ruining it for the rest of us OP just because you are pissy about 63 BTC that'll eventually go right back up in value again anyway.

Don't worry. It's most likely a desperate FUD thread, nothing more. Although I kinda root for OP here He cannot ruin it so simply by himself. Also how do you capital gains from altcoins? It's ridiculous.

[alyssa85]

I'm puzzled here. Cryptsy doesn't trade back and forth into fiat.

It just trades alts, which are all imaginary tokens under the law, like Second Life money and Star Wars Galaxy money. It's not regulated by anyone, it's just "tokens" being bartered back and forth. No dollars are ever quoted on the trades, all trades are just in BTC, LTC and XPM.

Therefore don't see how you can legally claim that you "lost $75,000" when you can't trade BTC for dollars on Cryptsy nor on any exchange regulated by the American govt. You mentioned in the other thread that the Florida regulators "eyes popped at the amount of dollars being traded" - but you were misleading them, weren't you, because no dollars are traded on Cryptsy at all.

You are not covered by any regulation involving finance, because imaginary tokens including cryptos are not recognised as money. You may perhaps be covered by regulation involving sale of goods. But those types of regs simply rap a provider on the knuckles if their customer service is poor or delayed - usually you have to prove their service delay is extraordinarily bad - that you waited months for your goods, and gave them plenty of time to rectify their problem and it still didn't happen. Going to the regulator for sale of goods errors is supposed to be the last resort when you have exhausted all avenues yourself.

As for Cryptsy - their problems all started when they moved from their old trading platform to the new one. The new one had bugs and a lag and it was unfortunate coincidence that they launched it just when loads of new people were trying to join. but I expect they'll sort it.

I personally prefer vircurex - but they are no good for those trading the smaller alts, they only deal with the older established alts.

P.S. People getting involved in cryptos need to stop referencing everything in terms of dollars. It's not about dollars. You haven't lost any dollars. At most you've lost BTC which is a fun imaginary currency, and in any case, you got your fun crypto tokens back didn't you?

[hypostatization]

It just trades alts, which are all imaginary tokens under the law, like Second Life money and Star Wars Galaxy money. It's not regulated by anyone, it's just "tokens" being bartered back and forth.

I am not sure that is accurate: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

The definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies. Accepting and transmitting anything of value that substitutes for currency makes a person a money transmitter under the regulations implementing the BSA.12 FinCEN has reviewed different activities involving virtual currency and has made determinations regarding the appropriate regulatory treatment of administrators and exchangers under three scenarios: brokers and dealers of e-currencies and e-precious metals; centralized convertible virtual currencies; and de-centralized convertible virtual currencies.

[Kryptox]

I'm puzzled here. Cryptsy doesn't trade back and forth into fiat.

It just trades alts, which are all imaginary tokens under the law, like Second Life money and Star Wars Galaxy money. It's not regulated by anyone, it's just "tokens" being bartered back and forth. No dollars are ever quoted on the trades, all trades are just in BTC, LTC and XPM.

Therefore don't see how you can legally claim that you "lost $75,000" when you can't trade BTC for dollars on Cryptsy nor on any exchange regulated by the American govt. You mentioned in the other thread that the Florida regulators "eyes popped at the amount of dollars being traded" - but you were misleading them, weren't you, because no dollars are traded on Cryptsy at all.

You are not covered by any regulation involving finance, because imaginary tokens including cryptos are not recognised as money. You may perhaps be covered by regulation involving sale of goods. But those types of regs simply rap a provider on the knuckles if their customer service is poor or delayed - usually you have to prove their service delay is extraordinarily bad - that you waited months for your goods, and gave them plenty of time to rectify their problem and it still didn't happen. Going to the regulator for sale of goods errors is supposed to be the last resort when you have exhausted all avenues yourself.

As for Cryptsy - their problems all started when they moved from their old trading platform to the new one. The new one had bugs and a lag and it was unfortunate coincidence that they launched it just when loads of new people were trying to join. but I expect they'll sort it.

I personally prefer vircurex - but they are no good for those trading the smaller alts, they only deal with the older established alts.

P.S. People getting involved in cryptos need to stop referencing everything in terms of dollars. It's not about dollars. You haven't lost any dollars. At most you've lost BTC which is a fun imaginary currency, and in any case, you got your fun crypto tokens back didn't you?

Very well said.  +1

[alyssa85]

It just trades alts, which are all imaginary tokens under the law, like Second Life money and Star Wars Galaxy money. It's not regulated by anyone, it's just "tokens" being bartered back and forth.

I am not sure that is accurate: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

The definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies. Accepting and transmitting anything of value that substitutes for currency makes a person a money transmitter under the regulations implementing the BSA.12 FinCEN has reviewed different activities involving virtual currency and has made determinations regarding the appropriate regulatory treatment of administrators and exchangers under three scenarios: brokers and dealers of e-currencies and e-precious metals; centralized convertible virtual currencies; and de-centralized convertible virtual currencies.

None of the cryptos are convertible to fiat in the USA though, are they. Therefore they are not convertible currencies. Cryptsy has never quoted any dollars in any of their trades - they weren't treating them as convertible to fiat at all. You were simply barterring one alt for another. You'd have a devil of a job proving XPM, sexcoin and others are convertible.

With e-gold and others, they were actually offering to convert to dollars, which made egold a convertible virtual currency and which is why they took them down. If they were converting their egold to second life tokens, there wouldn't have been a problem.

[hypostatization]

It just trades alts, which are all imaginary tokens under the law, like Second Life money and Star Wars Galaxy money. It's not regulated by anyone, it's just "tokens" being bartered back and forth.

I am not sure that is accurate: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html

The definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies. Accepting and transmitting anything of value that substitutes for currency makes a person a money transmitter under the regulations implementing the BSA.12 FinCEN has reviewed different activities involving virtual currency and has made determinations regarding the appropriate regulatory treatment of administrators and exchangers under three scenarios: brokers and dealers of e-currencies and e-precious metals; centralized convertible virtual currencies; and de-centralized convertible virtual currencies.

None of the cryptos are convertible to fiat in the USA though, are they. Therefore they are not convertible currencies. Cryptsy has never quoted any dollars in any of their trades - they weren't treating them as convertible to fiat at all. You were simply barterring one alt for another. You'd have a devil of a job proving XPM, sexcoin and others are convertible.

From Cryptsy's own TOS:

12. BSA / FinCEN

Cryptsy is registered with the BSA as an MSB (Money Services Business). Cryptsy may be required to file details of account activity to this organization from time to time.