Cryptsy Crash & Burn (CCB)

rdyoung 2016-01-03 23:25:47 UTC #1

CCB is a VERY high risk asset designed to take advantage of the over priced altcoins at cryptsy.com
There are opportunities to profit 30%, 40% and more.

Crowdsale info
Each CCB is priced at 0.01btc
Those who wish to participate can send 0.01btc per CCB to akJCbziWXo44f7mkU7mCjQyL3MARbKxrUQS
We will pickup the tx fee for issuance.

Payouts
100% of the Profit from a trade will be issued as dividends as soon as the withdrawal is processed. The principal will be split between BTC/LTC/DASH and withdrawn to another exchange to repeat the process.

Risk/Reward
The Risk is that cryptsy gets shutdown or is otherwise unable to honor withdrawals before we have made our money back. The Reward is the 30%, 40%+ Profits than can be made on each round.

astro 2016-01-03 23:45:07 UTC #2

Is cryptsy processing withdraws at all?

rdyoung 2016-01-03 23:57:48 UTC #3

Yes, they are. It's seemingly random and slow but its happening.

astro 2016-01-04 00:08:03 UTC #4

So the idea here is to buy alts elsewhere, deposit alts at cryptsy, sell them for markup, and withdraw BTC? Or are the markups in the other direction?

ThePeddler 2016-01-04 00:30:00 UTC #5

Yet another asset
Why not just use the trading to boost up one of your other managed assets?

I've lost track of them all, but I'm sure there is more than one the above trading could fall under for payouts.

-Edit-
Also touching anything related to cryptsy with all the news recently is crazy, but this is crypto after all and there will be folks who can't stay away

rdyoung 2016-01-04 00:47:46 UTC #6

I am running funds from abc and personal through cryptsy. I am opening this asset so that folks who want to take advantage and the risk can. If people want in cool, if not, cool.

As for the amount of assets. I am responsible for or involved in 6 including the weed market maker and this one. 1 of them, MNX I am not even running, so in essence I have 5 assets running concurrently.

rdyoung 2016-01-04 00:50:58 UTC #7

Yep, you nailed it, buy at another exchange and sell to cryptsy. Coins like doge and nxt have trade profits upwards of 30%, I have seen and taken advantage of 50% and greater. Reason being that these coins are moving to withdraw. Might as well take advantage and risk some funds.

mharter 2016-01-04 02:22:16 UTC #8

I'm confused. Is new asset creation no longer welcome on the forum? If not, why does it matter how many assets he has created?

astro 2016-01-04 02:23:38 UTC #9

I think he was more just asking why this deserved it's own asset as opposed to being grouped under one of the others rdyoung has.

rdyoung 2016-01-04 02:26:04 UTC #10

Honestly that is a question not worth asking. Do I reopen sales of ABC and say that any and all funds from new shares goes to this? What about DMT? DMT doesn't work because its strictly mining and finally we have LGS, again doesn't work because its a stake backed asset. What would happen if I took funds from any and all of those assets and ran them through cryptsy and then a week or a month from now cryptsy is gone?

If I had attempted to use one ABC/DMT/LGS/ETC the question undoubtedly would be why didn't I create a fresh asset?

astro 2016-01-04 02:41:35 UTC #11

I forgot you no longer run ARBX, which would technically be what you're doing, just in a risky situation.

rootdude 2016-01-04 14:28:17 UTC #12

Is this a manual process or are you using an arb bot to handle the transactions?

EDIT - I kinda like the idea of betting on Cryptsy's collapse, since it's very clear to me that it's going away soon

ThePeddler 2016-01-04 15:03:58 UTC #13

Not at all.
It was more that he has "X" number of assets already so why another asset just for this?

No offense if the comment was taken as offensive........it was an honest question if this could be integrated into payouts for another existing asset since he has a wide array of them.

rdyoung 2016-01-04 16:45:30 UTC #14

It's a mix. I am using the arb bot to identify the largest profit trades and then manually buying that coin, moving, etc. I may set cryptsy to autosell some coins to streamline things.

I don't see cryptsy going away anytime soon.
I am 99% sure I know why their hotwallets are empty for the top coins and as soon as they can fix it they can continue with business as usual.

rootdude 2016-01-04 16:49:27 UTC #15

It'd be a good thing to share what info you may have so as to mitigate the perceived risk in your asset, no?

rdyoung 2016-01-04 16:49:33 UTC #16

I covered this above. If you use a bit of logic you see that it makes much more sense to launch a fresh asset for this rather than try and shoehorn it into abc, the only asset that makes sense.

I could in theory reopen sales of abc at a discount with the intent to use the funds for this. What do you think the chances are that people will buy in?

rdyoung 2016-01-04 16:53:46 UTC #17

True.
The issue, I believe is a glitch in the api for withdrawals. I use the bot to move funds around and on 2 separate occasions it looks like its not responding to my request and then I check the site and my balance for that coin is negative. It has added multiple withdrawals to the queue, way above and beyond what I originally requested.

rootdude 2016-01-04 17:03:18 UTC #18

If it were just the API, it would seem that the native withdrawal method would work for most people since that would bypass the API, no? Or are you saying that the API problem is responsible for Cryptsy leaking funds, and therefore the hot wallets are empty? Or is it that they emptied the hot wallets themselves to limit exposure? Would seem to me that if this were the case, they'd make the API unavailable, let everyone know that there is an issue with the API, and fix it (pretty quickly) to keep the FUD at bay.

IDK if I buy into this explanation... maybe someone else will - good luck with your asset.

wpstudio 2016-01-04 17:09:09 UTC #19

I think that if the issue was just an API issue it wouldn't be going on for a month now and it would have been across the board affecting all coins. But it seems to have started with the most valuable and the issue has slowly been making its way down the line of less profitable coins till we'll hit the zero withdrawals allowed level.

My guess is that Cryptsy will come out with an announcement pretty soon saying they are taking everything offline while a forensic accountant will be going through all the books and looking for the issue. If they don't do this soon they may lose any FinCEN registrations they currently own.

rdyoung 2016-01-04 17:19:20 UTC #20

@rootdude, you misread me. There is a glitch letting people withdraw more than they are owed, this is emptying the hotwallets and no more withdrawals can be processed till they are topped up.

@wpstudio not sure if it's relegated to api, but considering the hoops needed to withdraw via the site it makes sense for it be an api issue.
It may eventually hit the other coins and it may already, but its doubtful they will be hit. Look at the volumes for the affected coins, it doesn't matter if you get ahold of 100k of a coin if the daily volume tops off at like 100 of that coin, nor does it matter if selling it all off would crash the price by 90%.