Cryptsy Crash & Burn (CCB)

Hytekk 2016-01-06 00:28:10 UTC #41

Last time I changed my NMC on crAptsy, took me 7-10days to process withdraw in BTC
They also charged some ( outrageous ) fee.

rdyoung 2016-01-06 00:35:01 UTC #42

They eliminated the trade fee and opted for a withdrawal fee instead. They must have thought they needed to give people incentive to keep funds on there instead of withdrawing. They do give you a few "free" withdrawals through the web site.

As for the withdrawals, YEP. BTC/LTC/DASH/BTCD have had their hot wallets wiped, they are having a hard time keeping enough in those addresses to handle all of the withdrawals. Other coins are moving just fine and thus they have a markup of insane proportions compared to other exchanges. This is why I launched this asset, to give people a chance to profit on this assuming the withdrawals ever come through.

rdyoung 2016-01-06 05:16:18 UTC #43

CCB can now be bought on ghxchange.
I am still mulling over whether we should list it on coloredcoin.io.

astro 2016-01-06 05:43:04 UTC #44

Perhaps we should see if we can manage to get some withdrawals processed for payouts first, lol. No reason to put the work in until there's some payouts flowing.

rdyoung 2016-01-06 05:44:08 UTC #45

Agreed...

Hytekk 2016-01-07 12:14:02 UTC #46

Mt-Gox Junior
https://www.cryptocoinsnews.com/cryptsy-mt-gox-junior/

rdyoung 2016-01-07 15:26:25 UTC #47

See my posts above as to what I see as the issue.

I don't write off the idea of cryptsy closing down at some point if they can't fix things as they currently stand. The issues seem to be compounded by the fact that they can't keep good people working there for whatever reasons.

What I hope happens is that either they get their sh1t together or someone comes in and buys them out. Someone who can bring in the talent needed to get wallets back and up and running and get the pending withdrawals taken care of.

Does anyone have an idea as to the btc/ltc/dash cold wallets for cryptsy? This could be a reason why withdrawals are slow, if only Vern has access to the cold then that's a problem.

astro 2016-01-09 17:38:07 UTC #48

Doesn't look like we were able to capitalize on anything. Perhaps it's time to sell at a loss and distribute what you can get?

rdyoung 2016-01-09 18:41:32 UTC #49

On the contrary. On top of the 0.285 pure profit that is sitting in the withdrawal queue I have been making the rounds and getting anywhere between 5 and 10% profit after the haircut.

As soon as I can get enough funds out I will be paying a nice little dividend. I am in this till the end, no reason to walk away now.

astro 2016-01-09 19:10:40 UTC #50

Meaning it's been withdrawn or meaning there's been pending withdrawals for 4+ days now?

wpstudio 2016-01-09 19:25:01 UTC #51

How can you say there is a "profit" when you don't actually have the coins in your possession? Lots of people have massive amounts of "profit" sitting in withdrawal queues at Scrypt.cc, LTCGear, MtGox, etc.

rdyoung 2016-01-09 19:33:05 UTC #52

We could go back and forth with semantics all day long. Would it be better if I said it was "paper profits"?
If need be I can get them to cancel those withdrawals and take a haircut, I have been successful with finding coins that don't give back all of the profits taken from the previously profitable trades. Personally I would rather let some of it ride. Yes, the signs point towards something not quite right with cryptsy. However, there are signs that point in a different direction and I don't get the feeling that they will go offline tomorrow. If the volume on a few coins holds up I just might be able to keep pulling a nice daily % return from them.

Do I need to remind you of this...

wpstudio 2016-01-09 19:38:30 UTC #53

Language is IMPORTANT.

Saying you have a profit when you don't actually HAVE the profit yet is disingenuous on the positive side and down right fraud attempting to get more people to invest on the shadier side of the argument.

This ISN'T just plain semantics and anyone who wants to pretend otherwise is just trying to fool themselves.

rdyoung 2016-01-09 19:41:26 UTC #54

This is semantics. Everyone paying attention and anyone who read the OP knows that its likely that its going to take awhile if at all for money to get back out of cryptsy. If YOU invested, YOU invested WITH THAT KNOWLEDGE. I never promised any specific returns or set any timeline for when dividends would be processed if at all. Its all dependent on cryptsy.

Your just itching to get into an argument because you threw a few satoshis at CCB and didn't read the OP.

wpstudio 2016-01-09 19:42:28 UTC #55

Ha... don't think I would EVER throw a "few satoshis" at any of your weekly coins.

CryptoMadeMan 2016-01-09 19:42:37 UTC #56

The merits of what they are doing could be debated, sure. However cryptsy's inability to operate fully in real time to keep up with the other exchanges is not the users fault.

rdyoung 2016-01-09 19:49:16 UTC #57

Then what is your issue? Why are you even in this thread?

As for "weekly coins". I am involved in 6 assets total, being that I launched CSC back in february of 2015, IE 11 months ago, that is less than 2 new assets launched a month. 1 of the assets, MNX I am a part of but @astro is the front man, so if you eliminate MNX and CCB as its likely not going to see any new investments for good reason that leaves me with a total of 4 assets currently being run. Yes, you can include arbx and csc but since they merged to become ABC its a bit pointless.

I still get a kick out of you and others bringing up my launching of assets despite others that I won't name launching BS assets back2back2back as "collectors" items. Is your issue the # of assets "clogging" up the colored coin ecosystem? Or the fact that I have been actively trying to increase awareness and adoption for Open Assets/Colored Coins? Or maybe your flabbergasted by the fact that I am still here despite the atmosphere that is keeping people away.

astro 2016-01-09 19:49:53 UTC #58

Okay, this whole "profit" discussion doesn't matter right now from my perspective. We all understand the premise of CCB means that we have no payouts till we get the withdrawals.

My question is if CCB has any plans to (at some point) withdraw whatever alts it can and call it a loss. I understand the risk/reward of the cryptsy arb, but I also understand the idea of taking the haircut and at least getting something back.

I'm sure none of us would take the 100% loss over the 50% loss or whatever it would be. I'm just wondering where we draw that line.

CryptoMadeMan 2016-01-09 19:54:56 UTC #59

Fair question, but I believe he stated he was going all the way. Which I would interpret as continue to arb and stack up withdraws in hopes they process. Withdrawals or bust. Correct?

rdyoung 2016-01-09 19:56:59 UTC #60

As I posted in another response. I am still making the rounds with cryptsy and other exchanges. I plan on running this into the ground so to speak. I have a few DOGE withdrawals pending as those seemed to be moving and took less off the top. I have been successful with using limit orders to pick up other coins to also reduce the size of the cut as well.
I will think it over and may decide to get them to kill all the orders and see what I can get out and how much profit was really made after the loss.