[UNO] Unobtanium Info & Discussion - Merge Mine w/BTC! - Update NOW to qt 0.11.5

[BitcoinNational]

1. open trading in new base pairs that Cryptsy is still solvent (say with 7.5% of UNO that be a great base pair)
2. orderly withdraws of coins other than LTC, BTC
3. sell the restructured trade engine
4. LTC and BTC i o u issues (tokiens that creditors can selloff)

[Blakesss]

The Altpocolypse is upon us.

[Gekko463]

Breaking news:  Cryptsy is gone.  13,000 BTC gone.  300,000 LTC gone.

They ain't comin' back.

It's gone.  Make popcorn.

Blog.cryptsy.com

They still have 7.5% of UNO in their wallet. If they file for bankruptcy those UNO might get dumped to recover BTC for creditors / users.  

I disagree.

As far as we know, Uno was not stolen.  It is part of the assets of Cryptsy:  some of it belonging to clients, some of it belonging to Cryptsy, which they took in fees.

In an orderly bankruptcy, those assets will be liquidated by any number of measures.  Simply dumping them on another illiquid exchange would not be in the interests of the bankruptcy administrators or the creditors owed BTC.

I think (and this thought is the seed of an opportunity some of us may consider pursuing) is that much like the Silk Road bitcoin, the various residual alts held by Cryptsy could be AUCTIONED OFF.

If this is the case, I can NOT imagine there would be many bidders who are--not us.  Here.  The core group.

So we have a choice at that point (and this is far away in time, so we actually have the luxury of time to think this through and organise it).  We can:

1.  Bid AGAINST EACH OTHER at any potential auction, raising the price to almost market value at that time.  And if somebody evil got all those coins (me, for example), yes, those coins might eventually find themselves back out on the market in large chunks as long as there's a profit in it however slim.

2.  The Real Idea:  (AND THIS IS WHAT WE SHOULD DO).  We fund and form, finally, a "foundation".  A foundation that will be funded with the UNO purchased collectively by the foundation.  We don't bid against each other.  We all chip in, and make a single offer for the UNO being auctioned.  Pennies on the dollar at current market values at that time.

So, if option 2 gets any traction we'd need to think about:

--What total amount should we offer?
--How much should we chip in each?  Equally?  Proportionally?
--What would the foundation do?
--What do investors get for funding the foundation?


Well, I have a few ideas for the third question.  First, the foundation would slowly, ever so slowly, start to liquidate that huge lump of UNO.  And set priorities for the proceeds.

First priorities would be to ADVERTISE IT LIKE FUCKING COCA COLA on all the websites like that piece of shit NEU did.  It didn't help them, but we've got something different going on.

Second priority would be to fund things like translations, efforts to get on other exchanges, and increase visibility and liquidity.

Third priority would be to get a reasonably compensated dev on board to perform specific tasks like enable some sort of voting ability into the blockchain (directly related to the management of the foundation).

If all those efforts go well, the price will rise again.  The foundation should be flush enough to RETURN EVERYONE'S INITIAL INVESTMENT INTO THE FOUNDATION and get a bonus profit paid to them in UNO as a success fee.  In other words.  We put the money in.  Slowly get funds by selling into the market that will directly increase the utility and value and popularity.  As the price rises, all of us should be able to simply get our money back, with a UNO Bonus to be defined, and leaving behind a foundation that is well-capitalised enough to continue being a "slightly" centralised organisation to manage the marketing and development of the coin into perpetuity.  Run by say a party of 3 elected officials:  A marketing guy, a markets/trading guy and a dev/techie guy.

The Foundation at that point operates through voting on the block chain, to fill those seats, for example and undertake large projects.  Foundation held UNO can't vote.  All the others can vote.  It's purpose is to fund marketing, promoting liquidity and the admission of the coin to markets, and keeping the coin and blockchain in good repair.  The Foundation may make markets on new exchanges so that there is always buyers and sellers in all the markets for UNO with reasonable spreads.

OK.  That's out there.  It's a long way off before Cryptsy is liquidated.  But the alternative to that, is bidding against me for 7.5% of UNO.

[BitcoinNational]

How can I find myself in agreement with Gekko?

Key point is the remaining chunk of Cry UNO is likely going to be in lock up for years.  I would further state that the total supply of available UNO is thus greatly and soundly reduced.    

My only hope is that Cryptsy coins are turned over to a custodian(s) quickly before the lawyers debate.   And the process follows standard USA bankruptcy laws.

And yes the main goal for UNO community 2016 is make more progress in 'marketing'.  There two parts: A. traditional advertising, promoting  B.  base pair trade promotion ... both can be done.

Third priority would be to get a reasonably compensated dev on board to perform specific tasks like enable some sort of voting ability into the blockchain (directly related to the management of the foundation).

anyone know the dev of bitcoin scrypt?  i hear they have some kind of blockchain voting thing http://cryptovoter.org/


==========
new exch?
https://safecex.com/market?q=UNO/BTC
https://safecex.com/instant
https://safecex.com/coin/status

===============
UNO on Cry the last 3 days http://pastebin.com/XJftcEKu

[balu2]

So 7.67% of supply is now frozen for an unknown time until cryptsy is resolved?

Makes me schortterm bullish 
Such bancruptcy-cases tend to go on for one or two years at least.

7.67% of supply locked away for an unknown time is good with me. 

[FallingKnife]

Hi Balu2. That is a good point. These things can take years if they are court administered.

We should be thinking about preserving any Uno market & trade data from Cryptsy, while we can.  For example, the charts around the Wolong pump are interesting.

You can still log into Cryptsy today.  Do you need a list of your trades?  Have you documented your balances with screen images?  Go get it if you need it.

Good news about Safecex.com. Of course as well know, there is no such thing as a Safe Cex.  But I wish them well. Thanks for the Uno market and the node on the network.

[FallingKnife]

This is semi interesting.

Remember when SirSmokes noticed the sudden appearance of the huge uRAN UNO wallet on the rich list, which turned out to be Cryptsy's Uno cold storage?   That was on July, 29, 2014.

That is the same day that the Cryptsy blog post says they were hacked. A clip from the Cryptsy blog post is below:



I wonder, was UNO consolidated into a huge cold storage wallet after the hack?  Or did the hacker take advantage of this change at Cryptsy?

Also...  Do you remember that "flash crash" at Cryptsy in 2014?  What was the date of that?  In that event, Uno was effectively sold down to zero.  Cryptsy then quickly reserved that transaction, even after it had been recorded on trading sites through their API.  There were some very disappointed people who had placed extremly low buy orders.
It might have occurred around the same time as the uRAN wallet appearance. I'd like to revisit that incident, but my sleuthing skills are not good enough to loate the date.

Sir Smoke's original post is below...

Well i am trying to bring the thunder! But guys, i was poking around the rich lists and wtf is up with the 56k uno wallet, looks like all the uno was moved in to it starting today too. uRAN4dj3yG8n93obakUHT8siVQap47bHrN is the address. Ch-ch-ch-check it out   i am jelly

[FallingKnife]

[p3yot33at3r]

Glad I pulled my coins out when I did. Let's see......

My hunch never lets me down.......

[Blakesss]

With the Cryptsy 7.6% being presumably frozen indefinitely, float should get tiiight once the Cryptsy exit dumper supply dries up... in time for Feb?

[BitcoinNational]

I love the day of LOVE.  St Valentine please hold out until I can battle in $s and cent$.      
Everything else is FUBAR'd

((mind you a chunk of BTC and LTC are poof to Big Vern as well ... let the rare and fair sort it out ))

[BlueMan.]

 
Think this way- it is a gift of fate to accumulate on awesome price, plus we have enough time to get ready for this big sell event. Its like a time machine chance. There will be No shock in the market. There will be hunger for cheap Uno. Ammunition will prepare specifically for this event

[RDDRocket]

@Gekko: Those are all VERY excellent points. Many of us absolutely knew this was happening to Cryptsy, others still thought they were too big to fail. But, here they have indeed miserably failed, and we're left with the aftermath of ~7.67% of our total supply in their grips.
Gekko, as you stated, I also believe it will have to eventually be auctioned, whatever coin supply remains after everyone is allowed to make their withdrawals of UNO. Let's hope that say, 2-3% of that total is user coins sitting there that can be sent back. We should also have some months to find out what they are doing with them, whether or not they will set court dates, auction dates, etc.

Maybe once we get auction figures for the whole chunk, or if they split it in half, we can go from there.
I assume at the time they decide to auction to liquidate assets that enough people would be willing to chip in 1-2 BTC to cover it.

@FallingKnife: We do need that market data.  Also Cryptsy is now closed. I haven't been able to load it for the past few hours so I think they've already stopped letting people log in...

Also, safecex (hadn't even heard of it yet) seems just as silly as Yobit if not worse. All full of grammatical errors, 90%+ scammy coins. With this fallout, I'm going to have to make accounts at Polo and Bittrex as I never wanted to use those exchanges before, now let's hope they can pick up the slack.

We still need a super nice decentralized solution.  

I've been so swamped with work, working 12-14 days straight for the past couple months block schedules it seems like, Id really like to help out more once I can. We do have time though. I'm not off work until next Friday at this point. Hope everyone is doing well through this.

[Craig Swalby]

For the future, anyone with trapped UNO or other Cryptsy held altcoins - what were the circumstances that lead to not withdrawing them before the halt to operations at the exchange?

Also, are you being told anything by Cryptsy regarding the return of your UNO or other altcoins?

[FallingKnife]

With the Cryptsy 7.6% being presumably frozen indefinitely, float should get tiiight once the Cryptsy exit dumper supply dries up... in time for Feb?

We'll have to wait and see what happens to that 7.6%
It could get returned to the owners
It could be sold off for bitcoin or cash (probably cash) if the bankruptcy judge decides to spread the losses to all customers.

Gekko's proposal has merit. A privately funded foundation could do some great things for Uno over the long term. Lets vett that idea.

I don't think the Uno cold wallet will move, or be "dumped" from this point. With a lawsuit already served, I think those funds are, for all practical purposes, frozen for now. We will be watching it, though.

---
Longevity makes Uno a) more interesting and b) more resilient. Cryptsy will soon be an interesting part of Uno's history and mystique, like Wolong and Mintpal.

---
Request to the community: please open a request with Poloniex to add Uno.  Bittrex is awesome and we should establish a beachead market there, but I would feel much better long term having a second market at an exchange with volume.  

Also, make the most of Cryptopia. Trade the Uno pairs there for coins you like.

There are doge and LTC markets for Uno at Cryptopia and Bleutrade.

---
Chinese exchanges--
it seems BTER doesn't add coins from it's vote list any more.
Does anyone know about http://www.jubi.com/ ?  They are now Zetacoin's largest market.  Do they have reputation?

[Krypto Superdog]

Gekko's proposal has merit. A privately funded foundation could do some great things for Uno over the long term. Lets vett that idea.

i am in agreement with that sentiment.  an alliance could be quite profitable if properly forged

[BitcoinCharlie]

For the future, anyone with trapped UNO or other Cryptsy held altcoins - what were the circumstances that lead to not withdrawing them before the halt to operations at the exchange?

Also, are you being told anything by Cryptsy regarding the return of your UNO or other altcoins?

I only have some dust of trapped $UNO - few grams. Like I have always said, do not leave more on an exchange than you are willing to lose. The circumstances at Cryptsy CAUSED me to withdraw what I had there...

For me, my first suspicion of Cryptsy was over two years ago when I received several double withdrawals. What surprised me most, when I alerted support to find out how to send back what was not mine, was that Support did not seem alarmed or concerned. In fact, they were amazed that I was honest.

There were other instances between that event and the straw that broke the camel's back, but it would be a waste of time to elaborate. Support at Cryptsy was always shoddy.

When they changed the fee structure with no notice whatsoever and based it upon withdrawals and not trading, that was the ultimate red flag and final straw for me. It wreaked of an insolvent exchange to me that was desperately trying to rebuild capital by holding customer funds hostage. No bonus for deposits and fees to take out. I used my 3 free withdrawals and paid a little bit to get almost everything else out...

After that, when they rolled out the KYC crap, I knew that they were really in trouble. That was a total fraud. During a past life, I became fairly familiar with the workings of FinCen and US bank regs.  KYC does not require any restriction on withdrawals and deposits. It requires REPORTING on withdrawals and deposits.

Cryptsy KYC rules required someone to just make up contact info for Tier 1 and for Tier 2 one could send in any type of ID which was never verified. For the poor folks that actually verified with real information, their identities are now at risk.

I have no techno background, but the fact that wallets worked for deposits, but not withdrawals always seemed very sketchy to me. On my machine, if the wallet does not work, it simply does not work. To me, it again pointed to insolvency...

Also, Big Vern's radio silence was terrible. If my team is in trouble, I'm going to be out in front leading the charge.

Finally, the saddest part of the whole event to me is seeing the naivete in the anti-cryptsy thread. Most people kept believing and drinking the Kool-Aid the whole time to the very end. Now that the situation is completely kaput, there are still those hoping to get some funds back.

Praise God that the UNO mega wallet has been drained as much as it has.  There are other good coins like CBX that are in worse shape with its Cryptsy megawallet...114k coins is a lot! 



$UNO has survived struggles like this before and will face them again. Each day it lives on, it gets stronger! 

I wish everyone the best on getting their loot out of Cryptsy!

As for our mega-wallet, I do not know the intricacies of Cryptsy's system, but I would bet the tech is a wreck.  Good luck recovering the passwords to the wallets. Big Vern will be doing plenty of negotiating for a long time with that info!

[SgtMoth]

For the future, anyone with trapped UNO or other Cryptsy held altcoins - what were the circumstances that lead to not withdrawing them before the halt to operations at the exchange?

Also, are you being told anything by Cryptsy regarding the return of your UNO or other altcoins?

I only have some dust of trapped $UNO - few grams. Like I have always said, do not leave more on an exchange than you are willing to lose. The circumstances at Cryptsy CAUSED me to withdraw what I had there...

For me, my first suspicion of Cryptsy was over two years ago when I received several double withdrawals. What surprised me most, when I alerted support to find out how to send back what was not mine, was that Support did not seem alarmed or concerned. In fact, they were amazed that I was honest.

There were other instances between that event and the straw that broke the camel's back, but it would be a waste of time to elaborate. Support at Cryptsy was always shoddy.

When they changed the fee structure with no notice whatsoever and based it upon withdrawals and not trading, that was the ultimate red flag and final straw for me. It wreaked of an insolvent exchange to me that was desperately trying to rebuild capital by holding customer funds hostage. No bonus for deposits and fees to take out. I used my 3 free withdrawals and paid a little bit to get almost everything else out...

After that, when they rolled out the KYC crap, I knew that they were really in trouble. That was a total fraud. During a past life, I became fairly familiar with the workings of FinCen and US bank regs.  KYC does not require any restriction on withdrawals and deposits. It requires REPORTING on withdrawals and deposits.

Cryptsy KYC rules required someone to just make up contact info for Tier 1 and for Tier 2 one could send in any type of ID which was never verified. For the poor folks that actually verified with real information, their identities are now at risk.

I have no techno background, but the fact that wallets worked for deposits, but not withdrawals always seemed very sketchy to me. On my machine, if the wallet does not work, it simply does not work. To me, it again pointed to insolvency...

Also, Big Vern's radio silence was terrible. If my team is in trouble, I'm going to be out in front leading the charge.

Finally, the saddest part of the whole event to me is seeing the naivete in the anti-cryptsy thread. Most people kept believing and drinking the Kool-Aid the whole time to the very end. Now that the situation is completely kaput, there are still those hoping to get some funds back.

Praise God that the UNO mega wallet has been drained as much as it has.  There are other good coins like CBX that are in worse shape with its Cryptsy megawallet...114k coins is a lot! 



$UNO has survived struggles like this before and will face them again. Each day it lives on, it gets stronger! 

I wish everyone the best on getting their loot out of Cryptsy!

As for our mega-wallet, I do not know the intricacies of Cryptsy's system, but I would bet the tech is a wreck.  Good luck recovering the passwords to the wallets. Big Vern will be doing plenty of negotiating for a long time with that info!

CBX was the last coin I had there, sadly I had to sell them but I bought UNO and moved it to bittrex.

[gustav]

Not only CBX - most other alts have HUGE marketshare at cryptsy. I think UNO is among the cryptsy-coins with lowest damage in that regard. Pay attention folks. Earlier there was an order in Earthcoin on the book at cryptsy for 6% of supply - in a single order ...

Uno community is just the only coin-community fully aware of it and keeping track of it closely. Other communities just don't care that they have up to 70% of their supply in that exchange...
Don't think you were hit hard with 7.6%! You weren't.
 
Could have been much worse. 

Request to the community: please open a request with Poloniex to add Uno.

Done

[FallingKnife]

Gustav, it's great to see you back!