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Author Topic: Cryptsy Bait -n- Switch on MN2 Market Opening  (Read 2568 times)
CryptoNick
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May 11, 2014, 08:14:07 AM
Last edit: May 21, 2014, 06:52:40 AM by CryptoNick
 #1

Bait -n- Switch On MN2! Does Cryptsy understand their own Market that they Advertised?

The market opened before selling the remaining 5000 shares out of 10,000 total, and these remaining shares were to be sold at .190 according to the Graph on the Market Page. Cryptsy didn't even wait past 48 hours either at .190. There was even a Tweet... "Put up 100 shares of MN2 at .180 - grab them. Then only 200 shares left at .185. Remaining are .190" ...and then Cryptsy opened the market.

Does Cryptsy own the 5000 shares? These will never be for sale? If so, then the Dividend Payout needs to be Divided for 5000 shares instead of 10,000, this would be acceptable and also create demand for the market again. Which Cryptsy could legally get Transaction fees for at that point.

Before Cryptsy opened the market and kept the 5000 shares, that seems like an opportune time to refund any buy in if there was a discrepancy in what they stated, and then start over properly with the correct statements. But instead we just get stuck with a faulty, fraudulent market.

Any buyer at .180 and .185 should have position on 5000 shares at .190, so Cryptsy can not legally take our money and keep the shares. I would have been happy keeping the market closed and get my Daily Dividend like I was receiving. I figured Cryptsy would also be fine with that since at that point they could legally take the Dividends from 5000 shares (Until Disbursed) until the market opened after selling the last 5000 shares at .190.

By stating the price/timing structure Cryptsy made the point of urgency 24 hours at .180 and the rest for .185 to .190 after 48 hours each "If Not All Sold" in these time increments. This means the time frame continues past 48 hours since it is combined with the statement "No Trade Fees Until Initial 10,000 Shares have been disbursed". No Trade Fees means the market will not open until the Initial 10,000 shares are sold and changing that structure also changes the initial structure meant for the buy in. Not to mention the missing 5000 shares at that point.

These 2 statements mean more together and even if they accidentally misrepresent each other there must be some recourse for those who bought in based on these statements. If accidental then show us it was an accident (but you opened the market so I guess it was no accident). So was it an accident? On the contrary Cryptsy does not respond to Support Tickets for questions about MN2. No Response since the first day the market opened and sequentially closing my tickets ever since then. Pretty Clear as to what really transpired, since if it were a mistake Cryptsy would see our point, and see the discrepancy and figure out a remedy. But instead Cryptsy shut the end user down and out.

Other options for reconciliation would be to slowly increase the payout of dividends to reflect the selling of the 5000 shares over the approximate time it would have taken to sell in a closed market (which we won't ever know) maybe for 1 year (approx time for ROI) being 417 shares per month or by day would actually be the preferred way if not just halving the 10,000 immediately, since shares are trading.

The 5000 shares were not sold even if Cryptsy states that they bought them at their Wholesale rate (not .190) and on top of that Cryptsy gets a return on the unsold shares and takes the Trade Fees too! If Cryptsy did buy them at .190 we are due a refund on our buy in to offset those shares position in reality.

If I take Cryptsy's statement Verbatim about no FEES until all 10,000 are sold then technically we have 2 problems since Cryptsy is collecting FEES now too. Also, how will we know that these shares are not being sold? The market pays for a division of 10,000 dividend so they are ultimately still in play. Am I in competition with Cryptsy now too? How would anyone know any difference?

Also, the fact that there is an increment of cost per share also creates an urgency along with a small time window at .180, and any increment would mean the market was meant to stay closed until 10,000 shares are sold.

Also, MN1 was at .02748, so buyers were getting in at a cheaper rate than what the current price was for MN1 so the market must stay closed otherwise the MN1 market crashes and doesn't have time to adjust causing both markets to suffer. So the MN1 market crashes as people sell out, even though the dividends are the same per share. I thought for sure that the MN2 market would stay closed until sold just based on this alone, then both markets adjust accordingly. Kind of seems strange that everyone was saying even the buy in for MN1 was overpriced yet it went up to .002 on the open just based on demand. Any insiders could have profited from this knowledge too. Can't imagine that there would be any insider trades going on with no regulations in place! lol

All Cryptsy would have had to do is put an opening date if they meant to open after 48 hours at .190 with a statement that all shares don't have to be sold. This goes to prove that the market was never intended to open until all 10,000 shares are sold. So there is a huge problem with the way Cryptsy opened the MN2 Market and Sold the Buy in creating a Bait -n- Switch.

Now own up to your problem and remedy the Bait n Switch Cryptsy!
  
I really hope Cryptsy finds a remedy to this situation since I really don't like creating dissension towards any company. So step up and do the right thing!

Since Early,
CryptoNick

This is the Opening Quote taken from BitCoinTalk.org and the same message was on the Cryptsy Market Page. Cryptsy Deleted the Increments and Time frame portion from their site. Anyone can go to the Market Page and look at the Graph to calculate only 5000 shares were sold and the open was before the .190 time frame of 48 hours:

Mining Contracts 2 (MN2)

Bitcoin Mining Contract #2
This is our second issuance of mining contracts for Bitcoin with a total hashing power of 100Th/s.

What is a mining contract?
For this offering, we have 100 Th/s of hashing power dedicated to mining bitcoin which is part of a much larger network of hashing power. This means more consistent payouts of blocks mined. Every day, users who own shares of this will receive 1/10000 of the payout for each share owned. Users can buy any number of shares available (each share represents 10 Gh/s of hashing power). These are lifetime shares, which mean they never expire.

How much do I get paid and when?
The 100Th/s total hashing power is part of a network of over 3 Ph/s. On a daily basis we calculate and distribute to users who have shares of this contract 1/10000 of the total contract payout to each of the shares. If you own 100 shares, then you will receive 1/100 of the total contract payout. You must be holding shares at the time of disbursement to receive a payout.

Who is providing the mining?
Currently the provider has asked us not to disclose this information. You can be assured that we would not do business with anybody who is less than reputable.

What is a lifetime contract?
This means that it isn't a term agreement like 1 year. You could continue to hold these for multiple years. There will, however, come a time where Bitcoin difficulty has risen to a level where 100 Th/s is no longer producing very many dividends. We anticipate a full rate of return within 12 months or less with shares still having value at that point.

Mining Contract 2 Specifications

  • 100 Th/s Total Mining Power
  • Lifetime Contract - Payouts on this contract never end
  • Available in increments of 10 Gh/s
  • Total Shares Available: 10,000
  • Initial Price: 0.180 BTC Each for first 24 hours of offering (04/22/2014 18:10:00 EST)
  • Price: 0.185 BTC Each for 24 - 48 hours from initial offering (If not all sold)
  • Price: 0.19 BTC Each after 48 hours of initial offering (If not all sold)
  • No Trade Fees Until Initial 10,000 Shares have been disbursed
  • Daily Mining Payouts Directly To Your Cryptsy Balance

Go to MN2/BTC Market https://www.cryptsy.com/markets/view/196
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May 11, 2014, 11:34:10 AM
 #2

Now they are trading at 0.15, Can we invest at this price?

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May 12, 2014, 12:42:42 AM
Last edit: May 12, 2014, 01:32:40 AM by CryptoNick
 #3

You can invest at any price since you will always get a return on investment, it would just take longer at a higher price. Or if you just trade the shares obviously buy low and sell high. People think this was an overpriced market to pay for GHash, but there are no Maintenance Fees and these fees always change with CEX.io. The fact that the 100 THash is on a more than 3PHash network means you will get a good return. Now we were not told which network though which is kind of iffy. But any network will grow their network and keep expanding the PHash so this should mean good returns still but diminishing eventually since it is always 100 THash on their network that keeps growing. Then you have difficulty so it is really just like a way to earn savings on your bitcoin while it sits. You get paid every day so if you were to reinvest you can follow the market down and hedge your positions. It isn't really that bad of a deal other than the fact that we were Bait -n- Switched into it. Had I known they would open below .190 and only sell 5000 shares I would not have invested and just waited to see what the market did. I figured it would go down and sure enough it may never reach the .190 ever.

The least Cryptsy could do is take the difference of .190 and .180 which is .01 and refund the accounts that bought in, or actually across the board now since they have to pay people who bought the shares others dumped for some reason. This was the stupidest move to buy in and dump the day after. But they probably felt like they got lied to and left.

So at the minimum 50 BitCoin refund to show Cryptsy owns that position since we don't know if they are going to sell the shares and can not prove whether the shares are being sold. Actually I take that back 100 BitCoin since they have to pay us for their position too. The shares are in play though since the dividend is divided by 10,000. This is a fact and you can look at the market payout and divide per share. So we bought in on a false premise, then we find out we are in competition with Cryptsy and won't know if our shares are being under cut. Chances are that Cryptsy just holds them though since they pay off after about 1 year. But this was not why we bought in or truthful since these shares will never be traded and can not hedge our positions for liquidity or Profit for that matter either.

The Total buy in for this 100THash was 5000 at .180-.185 leaving 5000 shares not sold at .190. That means investors spent 900 BitCoins at whatever the market price was at the time for BitCoin to buy in. 100 BitCoin is a pittance and in order to be a proper market the shares must be in play. But if Cryptsy just pays the 100 BitCoin refund they still profit since they paid Wholesale for the shares and only paid the difference of the buy in price. See how we are now in competition with Cryptsy? If they Refund that and sell the shares we are undercut. If they put a 5000 share buy wall at .190 this would be acceptable after the refund. Since they are obligated to sell at .190.

Ideal Solution is to Divide by 5000 instead of 10,000 delete the shares. Then the market goes haywire to readjust and Cryptsy makes higher trade fees since the price will double. Or trickle the dividends to divide the payout for the Market everyday until disbursed. Example lets say in one day 10 BitCoins are mined, this is normally divided by 10,000 shares right now illegally. So to remedy the impropriety Cryptsy should reduce the amount of shares they divide the Daily Payout (in this case 10 BTC) for 1 year until they get to 5000 shares. 10 BTC divided by 10,000=.001 per share. The next day there would be 13.69 shares less to divide from creating a better payout. 10 BTC divided by 9986.31=0.00100137087673 although it is not always 10 BTC per day you get the gist of it. The next day would be divided by 9972.62. This may become difficult to keep track of though so why not just do the full stock split and let the market readjust. Or delete 416.66666666666667 shares per month to make it easier to manage.

Technically Cryptsy should do both options and only pay back the 50 BTC when doing the monthly or daily decrease of shares since Cryptsy is getting residual payment on the shares while we were told they would be in play immediately at .190.

There are many solutions and Cryptsy is not talking to anyone about it and they took the 900 BitCoins and are now making money off the Transaction fees and making a daily dividend like everyone else in the market. They are at a total loss for words since they don't want to take a loss of any kind but would rather we take the loss and lose us as clients. They figure we won't go anywhere since there is not many good choices out there.
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May 12, 2014, 03:00:47 AM
 #4

I just read your comment and it makes sense, but you kinda lost me on the possible remedy. Also , I don't see Crypsty doing anything about it honestly. When I bought my MN2 shares I was excited because everyone was saying they would quickly Double in price. But when I noticed that the shares weren't selling fast I got worried, I realised that having taken so long to sell enough shares to open the market that there would be a lot of anxious people wanting to quickly sell their shares when the market opened. I realized I had a net loss on my hands, but I'm happy to hold onto the shares and receive the daily payout.

Do you or anyone have any idea on how long the daily payouts will still be valuable? I calculated about 300 days to break even on the investment and still own the shares. So hopefully the payouts will stay the same or get better, it's there any chance of that? Thanks!
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May 12, 2014, 10:42:27 AM
 #5

Yes anyone just holding the shares should eventually break even.

You know the Division of the payout is by 10,000 yet only 5,000 shares were sold to the public to be traded. The other 5000 are supposedly owned by Cryptsy.

The remedy would be kind of like a shareholder reward. I thought they may do this since they opened at 5000 but no response from Cryptsy. The other option was to pay the difference of .190 and .180 but this doesn't substantiate the fact that those shares are not in play and if Cryptsy owns them they are getting Transaction Fees and getting Dividends. It is a win win for them and we were baited into their market at that point. So this would not be a viable option after thinking about it. Unless both were done while paying out progressively over time.

Making the dividends pay for 5,000 instead of 10,000 would double the payout to the shares. This would increase the market price well past .190 most likely since it would be stupid to sell a more rare commodity at that point that just doubled. It could either be done progressively over time or immediately. I vote for immediately since Cryptsy is getting Transaction fees and will make a profit from those selling their portion of the 5,000 shares to higher positions. It would go for what the market would bear. Or if investors were smart they would hold and take the dividends until 150 days instead of 300 and then sell. But either way they would get their money back and other investors would be willing to risk the market at the same time.

Here is a Hypothetical situation that should have been allowed to transpire. The MN2 market stays closed, no one buys in for months. We get our dividends and we can also play the MN1 market with those dividends (what I was planning on doing). Lets say that BitCoin doubles in Value and suddenly there is a demand for GHash at .190. All the shares sell, the market opens and it keeps climbing. This would generally be the case but there may be investors dumping out low to get liquidity. But in general the price should climb with speculation and those that hold will gain even more benefit at this point, since we were positioned at .180 better than the recently bought in shares at .190... AND it was at .190 to open.

This was the beauty of getting in at .180 even if the market didn't open. I gambled all my coin and pulled coin at a loss from my other investments just to get in on this. Only to have the rug pulled out from under the market. Did they figure many people would sell on this day and take advantage of us selling our other coins? Who knows but ultimately there was Fraud perpetrated. Tort liability is in play for phrasing the market stipulations the way that they did. Tort liability would actually be the proper term too as I believe that Cryptsy fumbled the ball here and did not intend to Criminally defraud. Yet no response from Cryptsy makes this case turn towards another direction. Again they may not want to be held to their words now keeping quiet trying to decide what to do. But they could say we are Considering the matter please be patient. And that would be acceptable too.

Since Early,
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May 12, 2014, 11:58:57 AM
 #6

I just read your comment and it makes sense, but you kinda lost me on the possible remedy. Also , I don't see Crypsty doing anything about it honestly. When I bought my MN2 shares I was excited because everyone was saying they would quickly Double in price. But when I noticed that the shares weren't selling fast I got worried, I realised that having taken so long to sell enough shares to open the market that there would be a lot of anxious people wanting to quickly sell their shares when the market opened. I realized I had a net loss on my hands, but I'm happy to hold onto the shares and receive the daily payout.

Do you or anyone have any idea on how long the daily payouts will still be valuable? I calculated about 300 days to break even on the investment and still own the shares. So hopefully the payouts will stay the same or get better, it's there any chance of that? Thanks!

will crapsy be here in 300 days? place is a nightmare. If you trade regularly you will eventually get burned there by their slow ass site timing out or fucked up bugs. Most traders have moved from there, I use it only when i have to.

try it right now, slow or times out. I wouldn't advise long term  investment in that place.

Entire site needs ripping down and recoding up from scratch.


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May 12, 2014, 01:17:58 PM
 #7

will crapsy be here in 300 days? place is a nightmare. If you trade regularly you will eventually get burned there by their slow ass site timing out or fucked up bugs. Most traders have moved from there, I use it only when i have to.

try it right now, slow or times out. I wouldn't advise long term  investment in that place.

Entire site needs ripping down and recoding up from scratch.


Moved to where? I've looked at the charts for the past 24 hours and it looks like Cryptsy still has a lot of volume.

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May 15, 2014, 11:59:44 PM
 #8

I just read your comment and it makes sense, but you kinda lost me on the possible remedy. Also , I don't see Crypsty doing anything about it honestly. When I bought my MN2 shares I was excited because everyone was saying they would quickly Double in price. But when I noticed that the shares weren't selling fast I got worried, I realised that having taken so long to sell enough shares to open the market that there would be a lot of anxious people wanting to quickly sell their shares when the market opened. I realized I had a net loss on my hands, but I'm happy to hold onto the shares and receive the daily payout.

Do you or anyone have any idea on how long the daily payouts will still be valuable? I calculated about 300 days to break even on the investment and still own the shares. So hopefully the payouts will stay the same or get better, it's there any chance of that? Thanks!

will crapsy be here in 300 days? place is a nightmare. If you trade regularly you will eventually get burned there by their slow ass site timing out or fucked up bugs. Most traders have moved from there, I use it only when i have to.

try it right now, slow or times out. I wouldn't advise long term  investment in that place.

Entire site needs ripping down and recoding up from scratch.



That is funny I didn't even think about if they wouldn't be there 300 days from now... lol I have to reconsider now, also strange how the MN1 market went up to .002 and made MN2 look like a good deal and then everything falls flat. The initial buy in was for blocks of 10 and now you can buy fractions of shares so now our positions can be shorted even further. I guess people don't like being lied to... This is about the strangest arrangement of a market I think I will ever see. I only say think I will ever see since Cryptsy will open more markets lol.
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May 16, 2014, 12:07:06 AM
 #9

will crapsy be here in 300 days? place is a nightmare. If you trade regularly you will eventually get burned there by their slow ass site timing out or fucked up bugs. Most traders have moved from there, I use it only when i have to.

try it right now, slow or times out. I wouldn't advise long term  investment in that place.

Entire site needs ripping down and recoding up from scratch.


Moved to where? I've looked at the charts for the past 24 hours and it looks like Cryptsy still has a lot of volume.

Very easy to manipulate volume with bots.  That's probably the last indicator I would use for trading.  Atomic-Trade has low volume on some days because it's all people trading and no bots at all trading back and forth for 1 sat profit. 



 
 
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May 16, 2014, 01:07:15 AM
 #10

A couple of questions guys.

1. Would a mass e-mailing campaign with our demands that Cryptsy rectify or situation work?

2. If you can but fractions of Mn2 shares, do you still get the daily dividend payout?

I already sold my MN2 share and closed my Crypsty account, so I doubt I can could get any recompense but I would be willing to email them and complain if it would help those who are still holding.

Thanks

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May 17, 2014, 10:54:59 AM
Last edit: May 17, 2014, 12:50:32 PM by CryptoNick
 #11

Oh man sorry to hear you took the loss right away.

1. I don't think emails are gonna make a difference. Unless you are talking about contacting for Class Action then a court can force Cryptsy to divulge all the initial buyers of MN2 and get recourse legally.
2. Yes you get your fraction of the dividend for one share. But the trick here is we had to buy in at 1 to 1 share. Now when buyers buy from the sell sheet they can extract fractions and volume will suffer and we lose on our positions.

And Guess what? Cryptsy is Selling the 5000 shares now! They have a Weekly Drawing for 200 shares of MN2! They can say they are giving them away but it costs Cryptsy Points just to buy Drawing submissions! Right now if you take the Cryptsy Points value vs. the MN2 value of 200 shares they are at about 10 percent of the cost of the MN2 about 2.8 Bitcoins and it only just started today!!! 12000+ Submissions. 12910/.1=1291x0.00220003(CyptsyPoints Cost per point in BTC)=2.840 vs. 200x0.13999999=27.999998.

I didn't think they would come out and sell the shares so blatantly. And what is worse, even if they say they can give them away why not give them to the people who got baited into MN2? Give to someone for free what they took from us! Ridiculous!

A couple of questions guys.

1. Would a mass e-mailing campaign with our demands that Cryptsy rectify or situation work?

2. If you can but fractions of Mn2 shares, do you still get the daily dividend payout?

I already sold my MN2 share and closed my Crypsty account, so I doubt I can could get any recompense but I would be willing to email them and complain if it would help those who are still holding.

Thanks
CryptoNick
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May 17, 2014, 11:05:33 AM
 #12

I actually use the bots in my favor. You have to be quick though or someone may buy your position before the bot goes 1 sat below your sell or vice versa.

will crapsy be here in 300 days? place is a nightmare. If you trade regularly you will eventually get burned there by their slow ass site timing out or fucked up bugs. Most traders have moved from there, I use it only when i have to.

try it right now, slow or times out. I wouldn't advise long term  investment in that place.

Entire site needs ripping down and recoding up from scratch.


Moved to where? I've looked at the charts for the past 24 hours and it looks like Cryptsy still has a lot of volume.

Very easy to manipulate volume with bots.  That's probably the last indicator I would use for trading.  Atomic-Trade has low volume on some days because it's all people trading and no bots at all trading back and forth for 1 sat profit. 


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May 17, 2014, 08:47:57 PM
 #13

Another victim here. On April 28 , 2014 I’ve attempted to withdraw some coins from Cryptsy.com. The withdrawal got stuck and never came through. After opening two separate tickets (#128955, #131570) and having bunch of futile exchanges with a person(s) named “Phoebe”, it became apparent that:

a) I won’t see my money back.

b) Cryptsy managed to lose track of my funds, could not provide transaction numbers and was not interested in working with me on finding the problem.

Other, be ware - Cryptsy.com may be operated by a negligent and likely incompetent crew.

Note to NSA: please note in my personal file that the above comment, as well as any and all communications dating back to AOL/1993, are wholly fictitious, and are to be regarded as such. The later statement is to remain in effect until reversed by me personally in a waterboard-free questioning.
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May 18, 2014, 05:27:29 AM
 #14

Another victim here. On April 28 , 2014 I’ve attempted to withdraw some coins from Cryptsy.com. The withdrawal got stuck and never came through. After opening two separate tickets (#128955, #131570) and having bunch of futile exchanges with a person(s) named “Phoebe”, it became apparent that:

a) I won’t see my money back.

b) Cryptsy managed to lose track of my funds, could not provide transaction numbers and was not interested in working with me on finding the problem.

Other, be ware - Cryptsy.com may be operated by a negligent and likely incompetent crew.


I guess the fact that you are very pro XRP and your entire post history is bashing any site that trades in other crypto probably has nothing to do with your manufactured issue at all?


~BCX~

Yeah but in this case kwilliams has a good point, and I can understand your frustration first hand, and I don't know what to ever expect from Cryptsy now either. I would have only hoped for negligence since that can be remedied, but I am afraid they are either overwhelmed/negligent or don't care at all, and seeing how they haphazardly open markets and outright lie to people there may be more to it. This is truly an outrage and the one company I was hoping would be a great exchange has severely let me down now.
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May 19, 2014, 12:40:40 AM
 #15

BTW this is BitCoin GHash not some goofy alt coin.

I just became aware with this MN2 transaction, now I am stuck in their fraudulent market. I am also making other people aware. So I am not putting the CRY in CRYptsy, just getting the word out.

Since Surly,
CryptoNick

Quote
Have you ever thought about trading your shitcoins elsewhere?

Please explain how you or anyone else is "forced" to trade here.

If you are aware that there are issues and you continue to trade there, then that means you accept the risk.

Why the whining then?


~BCX~
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May 19, 2014, 11:45:21 AM
 #16

Another one stuck with Cryptsy...
I requested an withdraw, confirmed more than once and still pending...its been about 4 hours...last time i went there...
Have a good trade with your bots.
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May 26, 2014, 11:10:09 AM
 #17

Does anyone want to contact the Attorney General of Florida? Class Action Lawsuit? Cryptsy just gave away 200 MN2 shares to someone by selling off 100,000 Entry's of .1 Cryptsy Points. These points are taken out of circulation so this was a payment rendered to Cryptsy for Stolen Property. At the least bait and switch but the 5,000 shares can never be owned by Cryptsy since they were to be sold in an open market. Why would they do something so stupid?

The name has also changed for the recipient 3 times. DYT141 was one name, but originally the name shown was different and I didn't get a screenshot but now it says energo345 is the winner. I love how each winner has sets of numbers at the end like energo has 345 different accounts. lol This was strange to see different names but possibly they redrew?

Well the Drawing pretty much sealed the fate of MN2 and I am sure Cryptsy will continue giving the 5000 shares away as a promotion. This is how little they care about baiting people into a market. It is like Screw everyone we will just give the shares away since the holders of MN2 want to leave lets make new investors happy.

Complete nonsense and no response at all now. Cryptsy was made aware of all of the items addressed but never one word. Banned from Chat for talking about it and any support tickets were closed with no response.

Time to have the Attorney General just call and say hello please take care of this issue.

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May 26, 2014, 03:58:38 PM
Last edit: May 27, 2014, 03:11:14 AM by Hippie Tech
 #18

Another victim here. On April 28 , 2014 I’ve attempted to withdraw some coins from Cryptsy.com. The withdrawal got stuck and never came through. After opening two separate tickets (#128955, #131570) and having bunch of futile exchanges with a person(s) named “Phoebe”, it became apparent that:

a) I won’t see my money back.

b) Cryptsy managed to lose track of my funds, could not provide transaction numbers and was not interested in working with me on finding the problem.

Other, be ware - Cryptsy.com may be operated by a negligent and likely incompetent crew.


I guess the fact that you are very pro XRP and your entire post history is bashing any site that trades in other crypto probably has nothing to do with your manufactured issue at all?


~BCX~

Yeah but in this case kwilliams has a good point, and I can understand your frustration first hand, and I don't know what to ever expect from Cryptsy now either. I would have only hoped for negligence since that can be remedied, but I am afraid they are either overwhelmed/negligent or don't care at all, and seeing how they haphazardly open markets and outright lie to people there may be more to it. This is truly an outrage and the one company I was hoping would be a great exchange has severely let me down now.


Have you ever thought about trading your shitcoins elsewhere?

Please explain how you or anyone else is "forced" to trade here.

If you are aware that there are issues and you continue to trade there, then that means you accept the risk.

Why the whining then?


~BCX~

Was that you threating to take Cryptsy down, some months ago ?

Someone with your name was giving the users fair warning about a cyber or ddos attack.

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May 27, 2014, 02:04:34 AM
 #19

No, I had nothing to do with that. I guess my nickname is not that original. Please don't affiliate me with them. I am just a regular user of Cryptsy and had no problems with them ever until the MN2 market fiasco. I don't promote any disruption or things of that matter.

I am left with no recourse now as Cryptsy has shut us down and out on MN2. I only want what is fair and legal. Cryptsy created a Classic Bait -n- Switch along with other improprieties with the MN2 Market. These issues could be easily solved by Cryptsy. They want to force someone to go the legal route obviously.

I never thought that Cryptsy would treat us like this. It appears I am not the only one either. But I am not sure how many people out there who bought MN2 even understand what transpired. Most people trust the authority and don't really get how the advertised price of .180 in time increments vs .190 was given as a position and call to action, and then taken away along with any shares at that position. This causes liquidity problems and stability along with just the fact that Cryptsy may not understand Financial markets at all. They could just be programmers and only know sell high buy low and do whatever you want to open a market since they can make up the rules as they go.

I would never have bought in if it was not worded this way. Plain and simple I saw half the market would be .1 above my buy in, this is a great advantage for when I need liquidity from my buy in and I can leave my profits working and still keep leverage. Either Cryptsy really knew what they were doing and manipulate markets at their whim or they don't understand the first thing about financial markets. If it is the first case then I really need to contact the Attorney General to put them in line. If it is the second case then I just need the Attorney General to make it known to them and then they would willingly agree at that point since they can say they were not aware and will take care of the matter. Which they can say even if they did it on purpose.

I have to hold my shares now though if recourse comes by the way of splitting the shares from 10,000 to 5,000 this will be the only way to get my money back. 
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May 27, 2014, 03:50:18 AM
 #20

oops... I should have cropped that one. lol

I meant BCX.

Noooow I get it. OMFG.. I should have seen this much sooner.

You're a crapsty shitcoin shill !

You should have seen how BCX trying to spook people by claiming he was planning to attack/take down craptsy and some coins. I can imagine that quite a few decided to dump/ pull orders.. just to get the hell out.

Now they're on this "operation shitcoin cleanup". https://bitcointalk.org/index.php?topic=522235.0

Baad craptsy BAAD ! Tongue

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