★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS]

[LionOfNarnia]

BREAKING!

http://siliconangle.com/blog/2015/10/19/bitcoin-exchange-cryptsy-may-have-gone-full-mt-gox-refuses-to-pay-out-customers/

Bitcoin and altcoin exchange Cryptsy (Project Investors, Inc.) may be in a serious trouble, with one report over the weekend claiming that the exchange is refusing to allow users to cash out.
A report from The Merkle goes as far as claiming that the company has “gone full Mt Gox” (a reference to failed Japanese Bitcoin exchange Mt Gox) and that customers have had their funds frozen or were locked out of their account and are unable to withdraw coins.
It’s suggested that the downfall of Cryptsy may be related to the company being involved in a GAW Miners/ Paycoin ponzi scheme, in particular that Cryptsy held a Prime Controller for Paycoin and profited from the scam; it was reported earlier this month that Cryptsy was under Federal investigation for its involvement with Paycoin, and not from one agency but several: the Securities and Exchange Commission, the Internal Revenue Service and the Criminal Investigation Division of the Internal Revenue Service.

Don't say you didn't have fair warning if the worst happens.

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[uki]

BREAKING!

http://siliconangle.com/blog/2015/10/19/bitcoin-exchange-cryptsy-may-have-gone-full-mt-gox-refuses-to-pay-out-customers/

Bitcoin and altcoin exchange Cryptsy (Project Investors, Inc.) may be in a serious trouble, with one report over the weekend claiming that the exchange is refusing to allow users to cash out.
A report from The Merkle goes as far as claiming that the company has “gone full Mt Gox” (a reference to failed Japanese Bitcoin exchange Mt Gox) and that customers have had their funds frozen or were locked out of their account and are unable to withdraw coins.
It’s suggested that the downfall of Cryptsy may be related to the company being involved in a GAW Miners/ Paycoin ponzi scheme, in particular that Cryptsy held a Prime Controller for Paycoin and profited from the scam; it was reported earlier this month that Cryptsy was under Federal investigation for its involvement with Paycoin, and not from one agency but several: the Securities and Exchange Commission, the Internal Revenue Service and the Criminal Investigation Division of the Internal Revenue Service.

Don't say you didn't have fair warning if the worst happens.

the bad thing about this news is, if Cryptsy goes belly up, ZEIT is left with no exchange of significant volume. For much how you or I may dislike Cryptsy (for sticking ZEIT to LTC for ever, among other issues) the fact is that is and has been the only exchange with 50M+ volume over one month period. According to coinmarketcap Cryptsy is about 75% of our entire volume. Which btw. is $57 over the last 24 hours (Recommended listening: Good times, bad times!).

I raised the issue of having more big volume exchanges some time ago, although majority of knights were rather reluctant, turning a deaf ear to that, so to say. Now, it looks we may look for plan B sooner rather than later, as I don't believe that all volume will move 1:1 to yobit, cryptopia and co.

[kiklo]

BREAKING!

http://siliconangle.com/blog/2015/10/19/bitcoin-exchange-cryptsy-may-have-gone-full-mt-gox-refuses-to-pay-out-customers/

Bitcoin and altcoin exchange Cryptsy (Project Investors, Inc.) may be in a serious trouble, with one report over the weekend claiming that the exchange is refusing to allow users to cash out.
A report from The Merkle goes as far as claiming that the company has “gone full Mt Gox” (a reference to failed Japanese Bitcoin exchange Mt Gox) and that customers have had their funds frozen or were locked out of their account and are unable to withdraw coins.
It’s suggested that the downfall of Cryptsy may be related to the company being involved in a GAW Miners/ Paycoin ponzi scheme, in particular that Cryptsy held a Prime Controller for Paycoin and profited from the scam; it was reported earlier this month that Cryptsy was under Federal investigation for its involvement with Paycoin, and not from one agency but several: the Securities and Exchange Commission, the Internal Revenue Service and the Criminal Investigation Division of the Internal Revenue Service.

Don't say you didn't have fair warning if the worst happens.

the bad thing about this news is, if Cryptsy goes belly up, ZEIT is left with no exchange of significant volume. For much how you or I may dislike Cryptsy (for sticking ZEIT to LTC for ever, among other issues) the fact is that is and has been the only exchange with 50M+ volume over one month period. According to coinmarketcap Cryptsy is about 75% of our entire volume. Which btw. is $57 over the last 24 hours (Recommended listening: Good times, bad times!).

I raised the issue of having more big volume exchanges some time ago, although majority of knights were rather reluctant, turning a deaf ear to that, so to say. Now, it looks we may look for plan B sooner rather than later, as I don't believe that all volume will move 1:1 to yobit, cryptopia and co.

On the unfolding Cryptsy Saga, rumors are the siliconangle article is a continuation of the hit piece done earlier.
As far as the truth to any of it , we should find out next year, because at the moment everything is rumor.
That being said , never ever leave more coins sitting on an exchange than what you are willing to lose.

We have 4 exchanges in 4 different countries, if anything does happen with Cryptsy , 3 will still be operational, not many coins can say that.
Then we would evaluate what actions are needed. If all of the volume moved to cryptopia, then no rush, if not then a lot of effort would be placed in getting on another exchange.

Zeit 20% rate will be over in a few months, then we got 1 year at 15%, once we hit the 5% , excess Zeit will no longer be a major issue, also concerns over exchanges staking will also be a non issue then.  That's when our price will begin to skyrocket.  We could speed the process up, but it would require going to the 5% rate a year early, but that idea always gets shot down.


 
 
FYI:
Side note , most of the trading shenanigans happen on Cryptsy that keeps the price of Zeit artificially low.
Bad if you want to sell, however Great for people just buying the coin.  

[uki]

the bad thing about this news is, if Cryptsy goes belly up, ZEIT is left with no exchange of significant volume. For much how you or I may dislike Cryptsy (for sticking ZEIT to LTC for ever, among other issues) the fact is that is and has been the only exchange with 50M+ volume over one month period. According to coinmarketcap Cryptsy is about 75% of our entire volume. Which btw. is $57 over the last 24 hours (Recommended listening: Good times, bad times!).

I raised the issue of having more big volume exchanges some time ago, although majority of knights were rather reluctant, turning a deaf ear to that, so to say. Now, it looks we may look for plan B sooner rather than later, as I don't believe that all volume will move 1:1 to yobit, cryptopia and co.

On the unfolding Cryptsy Saga, rumors are the siliconangle article is a continuation of the hit piece done earlier.
As far as the truth to any of it , we should find out next year, because at the moment everything is rumor.
That being said , never ever leave more coins sitting on an exchange than what you are willing to lose.

We have 4 exchanges in 4 different countries, if anything does happen with Cryptsy , 3 will still be operational, not many coins can say that.
Then we would evaluate what actions are needed. If all of the volume moved to cryptopia, then no rush, if not then a lot of effort would be placed in getting on another exchange.

Zeit 20% rate will be over in a few months, then we got 1 year at 15%, once we hit the 5% , excess Zeit will no longer be a major issue, also concerns over exchanges staking will also be a non issue then.  That's when our price will begin to skyrocket.  We could speed the process up, but it would require going to the 5% rate a year early, but that idea always gets shot down.


 
 
FYI:
Side note , most of the trading shenanigans happen on Cryptsy that keeps the price of Zeit artificially low.
Bad if you want to sell, however Great for people just buying the coin.  

Let's don't mix two things. Price is one and the volume the other. I am not talking about the price here. It is how it is, I don't care about price of ZEIT now, although if not pegged to LTC by Cryptsy, it could have been in some other place.
What I am talking here is volume of the trades and namely, the remaining 3 out of 4 exchanges are so called dust exchanges. Not bad if you want to have it on the list in the OP, but not bringing much liquidity overall. On a bad day like last 24 hours where total volume was $57 the proportion between Cryptsy and the rest was 75:25. On a days with higher volume the share of Cryptsy has increased usually to 90-95%.

[kiklo]

Let's don't mix two things. Price is one and the volume the other. I am not talking about the price here. It is how it is, I don't care about price of ZEIT now, although if not pegged to LTC by Cryptsy, it could have been in some other place.
What I am talking here is volume of the trades and namely, the remaining 3 out of 4 exchanges are so called dust exchanges. Not bad if you want to have it on the list in the OP, but not bringing much liquidity overall. On a bad day like last 24 hours where total volume was $57 the proportion between Cryptsy and the rest was 75:25. On a days with higher volume the share of Cryptsy has increased usually to 90-95%.

Volume is always an interesting discussion, right now BTC probably has the most honest volume , but a large part of it is from altcoin & fiat trading.
All of the rest are still functioning as commodities not currencies, even BTC with its high volume is still basically a commodity.
Most of those alt coins are just Wash trading to up their volume, so aside from BTC & LTC , I take their numbers with a grain of salt.

ZEIT will survive & prosper no matter what happens with the exchanges.
Because at the end of the day, we are more than a commodity, more than a currency,
ZEIT is a Virtual Resource that can bridge the virtual & physical worlds.

Right now just holding ZEIT gives 20% , so everyone is holding which decreases volume.
And the miners who have a massive amount are still dumping, don't forget our Chinese friend that unloaded 40 million recently , left over from pow mining.
And the traders place low buy orders, which the pow miners dump into and then traders resell it at a higher wall to earn profit, but they also cause a downward price pressure.

But here is a happy thought.
On Cryptopia our trading volume measured in Zeit for only the 21st , is over 3½ million Zeitcoins.
With the current price it is only ~$11. But when the price of Zeit is only $ 0.005 (half a penny) that exact same trading volume is over $17 thousand dollars.
So the $ liquidity everyone wants , will come as our price increases, in fact we have the liquidity now , it is just that the pow dumpers and day traders are crushing the price. As the Knights grow in numbers & strength and Zeit drops to a 5% rate, we shall overpower the day traders & whatever is left of the pow dumpers.  

 

[LionOfNarnia]

https://www.reddit.com/r/Bitcoin/comments/3pknoy/cryptsy_not_processing_larger_withdraws/

[a_cat_named_joe]

BREAKING!

http://siliconangle.com/blog/2015/10/19/bitcoin-exchange-cryptsy-may-have-gone-full-mt-gox-refuses-to-pay-out-customers/

Bitcoin and altcoin exchange Cryptsy (Project Investors, Inc.) may be in a serious trouble, with one report over the weekend claiming that the exchange is refusing to allow users to cash out.
A report from The Merkle goes as far as claiming that the company has “gone full Mt Gox” (a reference to failed Japanese Bitcoin exchange Mt Gox) and that customers have had their funds frozen or were locked out of their account and are unable to withdraw coins.
It’s suggested that the downfall of Cryptsy may be related to the company being involved in a GAW Miners/ Paycoin ponzi scheme, in particular that Cryptsy held a Prime Controller for Paycoin and profited from the scam; it was reported earlier this month that Cryptsy was under Federal investigation for its involvement with Paycoin, and not from one agency but several: the Securities and Exchange Commission, the Internal Revenue Service and the Criminal Investigation Division of the Internal Revenue Service.

Don't say you didn't have fair warning if the worst happens.

You are right to flag the issue up, but I'm not too concerned at this moment in time. I read the silicon article and thought it was biased against Cryptsy. Hardly impartial journalism. There was much presumption and very little fact - and presumption being pushed forward as fact. I believe that Cryptsy is being targeted by unscrupulous people. DDos attacks, spamming with micro-amounts, rumours etc.

I'd like to see Cryptsy continue to be a mainstay exchange. If they go, I've a feeling the real villains will step in. Better the devil you know. Just my thoughts.

Here's a recent interview with Paul Vernon, who gives me the impression that he is a decent guy:
www.newsbtc.com/2015/10/07/cryptsys-ceo-a-hard-man-in-the-face-of-coinfires-aggro/

[kiklo]

In the Cryptsy is screwing up News  
They just released their new tier requirements

Tier 0 Maximum Withdraw Limits
Daily       $ 25
Monthly   $100

Tier 1 Maximum Withdrawal Limits
Requirements  : Real Name : Address : Birthday
Daily          $2000
Monthly     $10000  

So a tier 0 user can only withdraw a max of $100 per month worth of crypto.
Neither Tier 0 or 1 can receive payout in US$, which that was ok, but the $100 bucks limit is insane for crypto only.

Bad form on the tier 0.  


 

[a_cat_named_joe]

In the Cryptsy is screwing up News  
They just released their new tier requirements

Tier 0 Maximum Withdraw Limits
Daily       $ 25
Monthly   $100

Tier 1 Maximum Withdrawal Limits
Requirements  : Real Name : Address : Birthday
Daily          $2000
Monthly     $10000  

So a tier 0 user can only withdraw a max of $100 per month worth of crypto.
Neither Tier 0 or 1 can receive payout in US$, which that was ok, but the $100 bucks limit is insane for crypto only.

Bad form on the tier 0.  


 

Yes, I've just seen the new changes. I think their hands were tied. I'd agree with you that it's bad form. Real name, birthday etc. clashes with their Privacy Statement, which says that you can remain anonymous. The log in has always required a name before you can trade - I suppose it's difficult to explain to the authorities that there are so many 'Mickey Mouses' in the world! I expect the Privacy Statement will be updated.

Can't be good for Cryptsy. I think they know it. They've announced that all trades do not have fees attached to them. None of the other US exchanges seem to be affected ... yet.

[kiklo]

Yes, I've just seen the new changes. I think their hands were tied. I'd agree with you that it's bad form. Real name, birthday etc. clashes with their Privacy Statement, which says that you can remain anonymous. The log in has always required a name before you can trade - I suppose it's difficult to explain to the authorities that there are so many 'Mickey Mouses' in the world! I expect the Privacy Statement will be updated.

Can't be good for Cryptsy. I think they know it. They've announced that all trades do not have fees attached to them. None of the other US exchanges seem to be affected ... yet.

The main muck up on their part is making the change immediately, announcing the change beginning in November would at least have been good form.
Weird part is Poloniex's  policy
Level 1 Verification
only requires :
First Name:
Last Name:
Country:
Daily withdrawal limit $2,000 USD equivalent

Strange part if these are regulations are required by fincern, why is there such a difference between the 2 exchanges.
It feels like they are kind of making it up as they go along.  
Bittrex won't be far behind now that Poloniex & Cryptsy require it.
It will be interesting to see if it causes an Exodus to Non-US exchanges.


 

[kiklo]

In the Some Good News from Europe:
 
No Vat Tax on Crypto in Europe

http://cointelegraph.com/news/115447/breaking-eu-court-rules-bitcoin-exchange-is-tax-free


 

[LionOfNarnia]

In the Some Good News from Europe:
 
No Vat Tax on Crypto in Europe

http://cointelegraph.com/news/115447/breaking-eu-court-rules-bitcoin-exchange-is-tax-free


 

...which also goes a long way towards defining crypto as a currency rather than an asset or a commodity

[uki]

In the Some Good News from Europe:
 
No Vat Tax on Crypto in Europe

http://cointelegraph.com/news/115447/breaking-eu-court-rules-bitcoin-exchange-is-tax-free


 

...which also goes a long way towards defining crypto as a currency rather than an asset or a commodity

well, tell that German authorities...
For now, all what has been discussed in the regulations seems to say exactly the opposite.
I wish they could hear you.

[brian_nguyen]

One week celebration of my newly acquired stash:

2015-10-21 07:50:02   Buy   0.00000100   4705332.07912047   4.70533208
2015-10-20 22:58:45   Buy   0.00000100   2273544.26000000   2.27354426
2015-10-20 22:54:16   Buy   0.00000100   9.99800000                   0.00001000
2015-10-20 22:35:02   Buy   0.00000100   2881.96146892           0.00288196
2015-10-20 19:18:36   Buy   0.00000100   2089499.28141061   2.08949928
2015-10-14 08:00:48   Buy   0.00000100   25302626.21000000   25.30262621

All 34M of them are happily POSing in my wallet and away from the market.

[alt19]

Hi, I'm doing a revision now and I have to get some answers from devs/community

estimated ZEIT supply over the next 10 years?

the information is needed for http://alt19.com/19/cryptocurrency.php

thank you

[jommy99]

New ZeitCoin payments support and services available through https://cointopay.com/

For Merchants and Consumers in a nutshell:
Make- and Receive Online payments
Buy and Sell Coins directly
Support for all cryptocurrencies like BitCoin, Pandacoin, Zeitcoin…
24×7 operational support for customers
Pay out in currency of choice
Free service: T-Zero instant Crypto payment technology

Your advantages with Cointopay in a nutshell:
Fully functional web wallet
Best possible exchange rates
Multiple crypto coin trading pairs
Real time balance sheet and dashboard
Full REAPI Support for your site and application
Personal Data encryption for high anonymity function
Autonomy mode


PS  sorry about the ZeitCoin faucet and other services intermittency at http://crypto-with.in/
ZeitCoin hourly faucet direct link now here http://faucets.crypto-with.in/zeitcoin/

[kiklo]

Hi, I'm doing a revision now and I have to get some answers from devs/community

estimated ZEIT supply over the next 10 years?

the information is needed for http://alt19.com/19/cryptocurrency.php

thank you

Supply will vary due to random % of staking coins at a given time.
Accurate predictions are unlikely.

But here is a best guessimate .  

, is used as 1000 separator . US style.

Current Supply   % of Staking Coins   Coin Staking      1.667 %Rate for 1 month        2 months
32,955,427,147               10%           3,295,542,715               54,926,810                109,853,621


Jan. 2016   33,065,280,768         
Begin 15% rate            

Feb. 2017   33,561,259,979    10% coins staking      
Begin 5 % Rate            

Feb. 2018   33,846,530,689    17% coins staking      

Feb. 2019   34,235,765,792    23% coins staking

Feb. 2020   34,663,712,865    25% coins staking

Feb. 2021   35,201,000,414    31% coins staking
      
Feb. 2022   35,781,816,921    33% coins staking
      
Feb. 2023   36,372,216,900    33% coins staking
      
Feb. 2024   37,008,730,696    35% coins staking
      
Feb. 2025   37,730,400,944    39% coins staking
      
Feb. 2026   38,541,604,565    43% coins staking

Amount of coins lost due to failed exchanges & individual hard drive failures over the 10 year period         
   3 to 7 Billion      
So actual amount should be between      31,541,604,565   and   35,541,604,565  in 2026.

That is Jethro Bodine Ciphering.  



 

[kiklo]

New ZeitCoin payments support and services available through https://cointopay.com/

For Merchants and Consumers in a nutshell:
Make- and Receive Online payments
Buy and Sell Coins directly
Support for all cryptocurrencies like BitCoin, Pandacoin, Zeitcoin…
24×7 operational support for customers
Pay out in currency of choice
Free service: T-Zero instant Crypto payment technology

Your advantages with Cointopay in a nutshell:
Fully functional web wallet
Best possible exchange rates
Multiple crypto coin trading pairs
Real time balance sheet and dashboard
Full REAPI Support for your site and application
Personal Data encryption for high anonymity function
Autonomy mode


PS  sorry about the ZeitCoin faucet and other services intermittency at http://crypto-with.in/
ZeitCoin hourly faucet direct link now here http://faucets.crypto-with.in/zeitcoin/

WOW!!! 

Thanks for the updates.

 

[kiklo]

In the US Marshall Service Dumps the last of the BTC from silk road News

http://www.newsbtc.com/2015/10/06/us-government-announces-final-silk-roads-bitcoin-auction/

Scheduled for Nov 5th, ~30 days from now .
Will be interesting to see its effect on the price of BTC.

 

BTC Price has shot up since the above article.
Is BTC heading higher to get to it's true price or has the whole thing been an elaborate ruse to milk investors around Nov 5th.
We should know by the 15th. 

Anyone else think it is funny the Marshall service picked Nov 5th for the sale date.
Remember, Remember the 5th of November.
https://en.wikipedia.org/wiki/Guy_Fawkes_Night

 

[kiklo]

In the : If they Give all of the Jobs to the Robots News  
(How will humans make a living in a Government Controlled Fiat System)
http://mic.com/articles/119896/after-robots-take-our-jobs-basic-income-is-the-best-solution

Heard rumors of this for a few years, look like Finland is the 1st to give it a shot.
http://yle.fi/uutiset/kela_to_prepare_basic_income_proposal/8422295

 


FYI:
$250,000 if you can build a blueberry picking robot.  
http://robohub.org/blueberry-picking-robot-could-win-250000-prize/

FYI2:
You know , instead of the Govs messing with Fiat for basic income,
They should just buy up all of the available ZEIT , Then send the interest every month to the people, who could then spend it on everything they need,
plus the people could then earn interest on any they did not have to spend that month, improving their lifestyle.
It would cause the price of Zeit to skyrocket and at the same time stabilize the price , since it would be traded daily for goods and services.
That way at least people will be trading something with value, instead of worthless fiat.
Plus it would be Cheaper for the Govs to do verses just giving the fiat out of pocket.