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Cryptsy continues to have deposit problems with Dogecoin ...
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Bob The Magic Custodian
Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses. Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes. First, some background. Here is a summary of how custodians make us more secure: Previously, we might give Alice our crypto assets to hold. There were risks:
Alice might take the assets and disappear.
Alice might spend the assets and pretend that she still has them (fractional model).
Alice might store the assets insecurely and they'll get stolen.
Alice might give the assets to someone else by mistake or by force.
Alice might lose access to the assets.
But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
Alice can't take the assets and disappear (unless she asks Bob or never gives them to Bob).
Alice can't spend the assets and pretend that she still has them. (Unless she didn't give them to Bob or asks him for them.)
Alice can't store the assets insecurely so they get stolen. (After all - she doesn't have any control over the withdrawal process from any of Bob's systems, right?)
Alice can't give the assets to someone else by mistake or by force. (Bob will stop her, right Bob?)
Alice can't lose access to the funds. (She'll always be present, sane, and remember all secrets, right?)
See - all problems are solved! All we have to worry about now is:
Bob might take the assets and disappear.
Bob might spend the assets and pretend that he still has them (fractional model).
Bob might store the assets insecurely and they'll get stolen.
Bob might give the assets to someone else by mistake or by force.
Bob might lose access to the assets.
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are! "On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid". "Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since." "As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!" "Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?" "Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party." "Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!" "What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven." "Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!" "We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies. And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often". How many holes have to exist for your funds to get stolen? Just one. Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so? If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security. The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle. And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet? Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds. So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
ANY CERTAINTY BALANCES WEREN'T EXCLUDED. Quadriga's largest account was $70m. 80% of funds are in 20% of accounts (Pareto principle). All it takes is excluding a few really large accounts - and nobody's the wiser. A fractional platform can easily pass any audit this way.
ANY VISIBILITY WHATSOEVER INTO THE CUSTODIANS. BitBuy put out their report before moving all the funds to their custodian and ShakePay apparently can't even tell us who the custodian is. That's pretty important considering that basically all of the funds are now stored there.
ANY IDEA ABOUT THE OTHER EXCHANGES. In order for this to be effective, it has to be the norm. It needs to be "unusual" not to know. If obscurity is the norm, then it's super easy for people like Gerald Cotten and Dave Smilie to blend right in.
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
First report within 1 month of launching, another within 3 months, and further reports at minimum every 6 months thereafter.
No auditor can be repeated within a 12 month period.
All reports must be public, identifying the auditor and the full methodology used.
All auditors must be independent of the firm being audited with no conflict of interest.
Reports must include the percentage of each asset backed, and how it's backed.
The auditor publishes a hash list, which lists a hash of each customer's information and balances that were included. Hash is one-way encryption so privacy is fully preserved. Every customer can use this to have 100% confidence they were included.
If we want more extensive requirements on audits, these should scale upward based on the total assets at risk on the platform, and whether the platform has loaned their assets out.
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever. Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see. It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation. A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7. History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance. Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.) Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive. Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today. Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well. Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do. Facts/background/sources (skip if you like):
The inspiration for the paragraph about splitting wallets was an actual quote from a Canadian company providing custodial services in response to the OSC consultation paper: "We believe that it will be in the in best interests of investors to prohibit pooled crypto assets or ‘floats’. Most Platforms pool assets, citing reasons of practicality and expense. The recent hack of the world’s largest Platform – Binance – demonstrates the vulnerability of participants’ assets when such concessions are made. In this instance, the Platform’s entire hot wallet of Bitcoins, worth over $40 million, was stolen, facilitated in part by the pooling of client crypto assets." "the maintenance of participants (and Platform) crypto assets across multiple wallets distributes the related risk and responsibility of security - reducing the amount of insurance coverage required and making insurance coverage more readily obtainable". For the record, their reply also said nothing whatsoever about multi-sig or offline storage.
In addition to the fact that the $40m hack represented only one "hot wallet" of Binance, and they actually had the vast majority of assets in other wallets (including mostly cold wallets), multiple real cases have clearly demonstrated that risk is still present with multiple wallets. Bitfinex, VinDAX, Bithumb, Altsbit, BitPoint, Cryptopia, and just recently KuCoin all had multiple wallets breached all at the same time, and may represent a significantly larger impact on customers than the Binance breach which was fully covered by Binance. To represent that simply having multiple separate wallets under the same security scheme is a comprehensive way to reduce risk is just not true.
Private insurance has historically never covered a single loss in the cryptocurrency space (at least, not one that I was able to find), and there are notable cases where massive losses were not covered by insurance. Bitpay in 2015 and Yapizon in 2017 both had insurance policies that didn't pay out during the breach, even after a lengthly court process. The same insurance that ShakePay is presently using (and announced to much fanfare) was describe by their CEO himself as covering “physical theft of the media where the private keys are held,” which is something that has never historically happened. As was said with regard to the same policy in 2018 - “I don’t find it surprising that Lloyd’s is in this space,” said Johnson, adding that to his mind the challenge for everybody is figuring out how to structure these policies so that they are actually protective. “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
The most profitable policy for a private insurance company is one with the most expensive premiums that they never have to pay a claim on. They have no inherent incentive to take care of people who lost funds. It's "cheaper" to take the reputational hit and fight the claim in court. The more money at stake, the more the insurance provider is incentivized to avoid payout. They're not going to insure the assets unless they have reasonable certainty to make a profit by doing so, and they're not going to pay out a massive sum unless it's legally forced. Private insurance is always structured to be maximally profitable to the insurance provider.
The circumvention of multi-sig was a key factor in the massive Bitfinex hack of over $60m of bitcoin, which today still sits being slowly used and is worth over $3b. While Bitfinex used a qualified custodian Bitgo, which was and still is active and one of the industry leaders of custodians, and they set up 2 of 3 multi-sig wallets, the entire system was routed through Bitfinex, such that Bitfinex customers could initiate the withdrawals in a "hot" fashion. This feature was also a hit with the hacker. The multi-sig was fully circumvented.
Bitpay in 2015 was another example of a breach that stole 5,000 bitcoins. This happened not through the exploit of any system in Bitpay, but because the CEO of a company they worked with got their computer hacked and the hackers were able to request multiple bitcoin purchases, which Bitpay honoured because they came from the customer's computer legitimately. Impersonation is a very common tactic used by fraudsters, and methods get more extreme all the time.
A notable case in Canada was the Canadian Bitcoins exploit. Funds were stored on a server in a Rogers Data Center, and the attendee was successfully convinced to reboot the server "in safe mode" with a simple phone call, thus bypassing the extensive security and enabling the theft.
The very nature of custodians circumvents multi-sig. This is because custodians are not just having to secure the assets against some sort of physical breach but against any form of social engineering, modification of orders, fraudulent withdrawal attempts, etc... If the security practices of signatories in a multi-sig arrangement are such that the breach risk of one signatory is 1 in 100, the requirement of 3 independent signatures makes the risk of theft 1 in 1,000,000. Since hackers tend to exploit the weakest link, a comparable custodian has to make the entry and exit points of their platform 10,000 times more secure than one of those signatories to provide equivalent protection. And if the signatories beef up their security by only 10x, the risk is now 1 in 1,000,000,000. The custodian has to be 1,000,000 times more secure. The larger and more complex a system is, the more potential vulnerabilities exist in it, and the fewer people can understand how the system works when performing upgrades. Even if a system is completely secure today, one has to also consider how that system might evolve over time or work with different members.
By contrast, offline multi-signature solutions have an extremely solid record, and in the entire history of cryptocurrency exchange incidents which I've studied (listed here), there has only been one incident (796 exchange in 2015) involving an offline multi-signature wallet. It happened because the customer's bitcoin address was modified by hackers, and the amount that was stolen ($230k) was immediately covered by the exchange operators. Basically, the platform operators were tricked into sending a legitimate withdrawal request to the wrong address because hackers exploited their platform to change that address. Such an issue would not be prevented in any way by the use of a custodian, as that custodian has no oversight whatsoever to the exchange platform. It's practical for all exchange operators to test large withdrawal transactions as a general policy, regardless of what model is used, and general best practice is to diagnose and fix such an exploit as soon as it occurs.
False promises on the backing of funds played a huge role in the downfall of Quadriga, and it's been exposed over and over again (MyCoin, PlusToken, Bitsane, Bitmarket, EZBTC, IDAX). Even today, customers have extremely limited certainty on whether their funds in exchanges are actually being backed or how they're being backed. While this issue is not unique to cryptocurrency exchanges, the complexity of the technology and the lack of any regulation or standards makes problems more widespread, and there is no "central bank" to come to the rescue as in the 2008 financial crisis or during the great depression when "9,000 banks failed".
In addition to fraudulent operations, the industry is full of cases where operators have suffered breaches and not reported them. Most recently, Einstein was the largest case in Canada, where ongoing breaches and fraud were perpetrated against the platform for multiple years and nobody found out until the platform collapsed completely. While fraud and breaches suck to deal with, they suck even more when not dealt with. Lack of visibility played a role in the largest downfalls of Mt. Gox, Cryptsy, and Bitgrail. In some cases, platforms are alleged to have suffered a hack and keep operating without admitting it at all, such as CoinBene.
It surprises some to learn that a cryptographic solution has already existed since 2013, and gained widespread support in 2014 after Mt. Gox. Proof of Reserves is a full cryptographic proof that allows any customer using an exchange to have complete certainty that their crypto-assets are fully backed by the platform in real-time. This is accomplished by proving that assets exist on the blockchain, are spendable, and fully cover customer deposits. It does not prove safety of assets or backing of fiat assets.
If we didn't care about privacy at all, a platform could publish their wallet addresses, sign a partial transaction, and put the full list of customer information and balances out publicly. Customers can each check that they are on the list, that the balances are accurate, that the total adds up, and that it's backed and spendable on the blockchain. Platforms who exclude any customer take a risk because that customer can easily check and see they were excluded. So together with all customers checking, this forms a full proof of backing of all crypto assets.
However, obviously customers care about their private information being published. Therefore, a hash of the information can be provided instead. Hash is one-way encryption. The hash allows the customer to validate inclusion (by hashing their own known information), while anyone looking at the list of hashes cannot determine the private information of any other user. All other parts of the scheme remain fully intact. A model like this is in use on the exchange CoinFloor in the UK.
A Merkle tree can provide even greater privacy. Instead of a list of balances, the balances are arranged into a binary tree. A customer starts from their node, and works their way to the top of the tree. For example, they know they have 5 BTC, they plus 1 other customer hold 7 BTC, they plus 2-3 other customers hold 17 BTC, etc... until they reach the root where all the BTC are represented. Thus, there is no way to find the balances of other individual customers aside from one unidentified customer in this case.
Proposals such as this had the backing of leaders in the community including Nic Carter, Greg Maxwell, and Zak Wilcox. Substantial and significant effort started back in 2013, with massive popularity in 2014. But what became of that effort? Very little. Exchange operators continue to refuse to give visibility. Despite the fact this information can often be obtained through trivial blockchain analysis, no Canadian platform has ever provided any wallet addresses publicly. As described by the CEO of Newton "For us to implement some kind of realtime Proof of Reserves solution, which I'm not opposed to, it would have to ... Preserve our users' privacy, as well as our own. Some kind of zero-knowledge proof". Kraken describes here in more detail why they haven't implemented such a scheme. According to professor Eli Ben-Sasson, when he spoke with exchanges, none were interested in implementing Proof of Reserves.
And yet, Kraken's places their reasoning on a page called "Proof of Reserves". More recently, both BitBuy and ShakePay have released reports titled "Proof of Reserves and Security Audit". Both reports contain disclaimers against being audits. Both reports trust the customer list provided by the platform, leaving the open possibility that multiple large accounts could have been excluded from the process. Proof of Reserves is a blockchain validation where customers see the wallets on the blockchain. The report from Kraken is 5 years old, but they leave it described as though it was just done a few weeks ago. And look at what they expect customers to do for validation. When firms represent something being "Proof of Reserve" when it's not, this is like a farmer growing fruit with pesticides and selling it in a farmers market as organic produce - except that these are people's hard-earned life savings at risk here. Platforms are misrepresenting the level of visibility in place and deceiving the public by their misuse of this term. They haven't proven anything.
Fraud isn't a problem that is unique to cryptocurrency. Fraud happens all the time. Enron, WorldCom, Nortel, Bear Stearns, Wells Fargo, Moser Baer, Wirecard, Bre-X, and Nicola are just some of the cases where frauds became large enough to become a big deal (and there are so many countless others). These all happened on 100% reversible assets despite regulations being in place. In many of these cases, the problems happened due to the over-complexity of the financial instruments. For example, Enron had "complex financial statements [which] were confusing to shareholders and analysts", creating "off-balance-sheet vehicles, complex financing structures, and deals so bewildering that few people could understand them". In cryptocurrency, we are often combining complex financial products with complex technologies and verification processes. We are naïve if we think problems like this won't happen. It is awkward and uncomfortable for many people to admit that they don't know how something works. If we want "money of the people" to work, the solutions have to be simple enough that "the people" can understand them, not so confusing that financial professionals and technology experts struggle to use or understand them.
For those who question the extent to which an organization can fool their way into a security consultancy role, HB Gary should be a great example to look at. Prior to trying to out anonymous, HB Gary was being actively hired by multiple US government agencies and others in the private sector (with glowing testimonials). The published articles and hosted professional security conferences. One should also look at this list of data breaches from the past 2 years. Many of them are large corporations, government entities, and technology companies. These are the ones we know about. Undoubtedly, there are many more that we do not know about. If HB Gary hadn't been "outted" by anonymous, would we have known they were insecure? If the same breach had happened outside of the public spotlight, would it even have been reported? Or would HB Gary have just deleted the Twitter posts, brought their site back up, done a couple patches, and kept on operating as though nothing had happened?
In the case of Quadriga, the facts are clear. Despite past experience with platforms such as MapleChange in Canada and others around the world, no guidance or even the most basic of a framework was put in place by regulators. By not clarifying any sort of legal framework, regulators enabled a situation where a platform could be run by former criminal Mike Dhanini/Omar Patryn, and where funds could be held fully unchecked by one person. At the same time, the lack of regulation deterred legitimate entities from running competing platforms and Quadriga was granted a money services business license for multiple years of operation, which gave the firm the appearance of legitimacy. Regulators did little to protect Canadians despite Quadriga failing to file taxes from 2016 onward. The entire administrative team had resigned and this was public knowledge. Many people had suspicions of what was going on, including Ryan Mueller, who forwarded complaints to the authorities. These were ignored, giving Gerald Cotten the opportunity to escape without justice.
There are multiple issues with the SOC II model including the prohibitive cost (you have to find a third party accounting firm and the prices are not even listed publicly on any sites), the requirement of operating for a year (impossible for new platforms), and lack of any public visibility (SOC II are private reports that aren't shared outside the people in suits).
Securities frameworks are expensive. Sarbanes-Oxley is estimated to cost $5.1 million USD/yr for the average Fortune 500 company in the United States. Since "Fortune 500" represents the top 500 companies, that means well over $2.55 billion USD (~$3.4 billion CAD) is going to people in suits. Isn't the problem of trust and verification the exact problem that the blockchain is supposed to solve?
To use Quadriga as justification for why custodians or SOC II or other advanced schemes are needed for platforms is rather silly, when any framework or visibility at all, or even the most basic of storage policies, would have prevented the whole thing. It's just an embarrassment.
We are now seeing regulators take strong action. CoinSquare in Canada with multi-million dollar fines. BitMex from the US, criminal charges and arrests. OkEx, with full disregard of withdrawals and no communication. Who's next?
We have a unique window today where we can solve these problems, and not permanently destroy innovation with unreasonable expectations, but we need to act quickly. This is a unique historic time that will never come again.
Taken from https://forums.prohashing.com/viewtopic.php?f=11&t=5964: ----------------------------------- Currently, Tether, which is supposed to be a coin pegged to the dollar, is trading for just 97 cents. Bitfinex, whose CEOs are intertwined with Tether's operations, has decoupled from the other markets. Given that there are billions of Tethers outstanding, many believe that Tether's collapse would be catastrophic to the cryptocurrency industry. They're right, because that would be exactly the sort of panic that is needed to take bitcoins down to the further capitulation that I've been talking about. I think that it's important, however, to differentiate what is likely to happen to exchanges in a similar situation to Bitfinex and Tether, and what happened to exchanges like Mt. Gox and Cryptsy. In the latter two cases, money was actually stolen from the exchanges, and those exchanges illegally continued to operate while they were insolvent. In the current situation, the exchanges that will fail are likely to be able to fully account for all assets. However, as I've been repeatedly mentioning, there is a paradoxical effect taking place right now where banks are becoming much more strict in closing accounts of completely legal cryptocurrency businesses, despite a smaller percentage of cryptocurrency than ever before being used for illegal activities. It no longer matters whether a company actually has dollars. It only matters whether those dollars can be accessed by the company. Every time banks have decided to close our accounts, the procedure is always the same. They say that deposits to the accounts will be rejected beginning immediately, but the account can continue to be used to send money out for a month or so. If Bitfinex has had its banks close its accounts, then what is happening right now is exactly what we should expect to see. The banks, without warning, would have notified Bitfinex that they were closing their accounts and were prohibiting deposits immediately. That would force them to set the site to stop accepting wire transfers. Withdrawals, on the other hand, would not yet be suspended, so the exchange can continue sending money to customers who want to receive money. Slowdowns in withdrawals, though reported as suspicious, could simply be due to the high volume of wires requested by panicked customers. This bank account closure process we've experienced sets a deadline until access to the account is blocked and the money must be removed. Since humans like round numbers, in our case the deadlines given have usually been one month from now or at the end of the next month. Given this experience, if I had to guess what is most likely to happen in a hypothetical situation where an exchange has lost banking services, it is that the exchange will end up sitting on a cashier's check for billions of dollars. The deadline will pass, they will not be able to obtain a new bank account, and the bank will mail them a check. Coins associated with the exchange would crash when dollar withdrawals are halted, bringing the cryptocurrency markets down with it, starting the next downward phase of this bubble cycle. Eventually, the exchange will either obtain a bank account or will declare bankruptcy, because it can't spend any of its money to continue operations. If bankruptcy occurs, then customers might end up losing money solely because the lawyers involved in the process would take fees from the previously fully backed assets. The bankruptcy attorney will probably have an easier time of getting a bank to cash the check to pay former customers. I'm confident that the banking environment has now become so difficult that we will likely see at least one major exchange go out of business solely because it cannot obtain a bank account. The inability to obtain a bank account will not be indicative of any wrongdoing by the company, so it isn't possible to predict which exchange it will be by looking at how trustworthy it seems to be. And the truth is that I wouldn't be able to say that the panic and price crashes that will ensue from this exchange failure will be unwarranted - the inability to obtain bank accounts is significantly holding back the industry right now. This is a ticking time bomb - one that would cause me to hedge my bets in a more stable currency if I had a bank account. What's ironic about all of it is that if that happens, the industry will have regressed since the bottom of the last bubble. Last time, customers lost because the bad guys took their money. Customers will have lost this time because the good guys tied up honest people's money in the banking and legal system, despite the CEOs having done nothing wrong.
Hey there, wondering about how much $ worth of coin you should keep in an exchange?
So I have 2/3 of my coin holding on Cryptsy (im not whale but it significant to me) and I just read Florida has weird money transfer laws. Im wondering how long you should keep your money in an exchange? Im torn because having my money in the exchange has helped me make substantial profits upon hearing news. How do you guys deal with the risk?
I got into crypto currency a month ago mining doge coins and have recently been looking at other coins to start investing in as well. CGB looks great and I think trading some of my Doge for CGB would be a smart move. As I've said I am new to trading so I'm just wondering what is the best way to get CGB? Preferably through trading Doge but maybe I'd buy some if I can. Thanks for reading :)
Hi. I've recently started a bit of day trading, and Cryptsy was the first exchange I found that did most of the alt coins. I am mining doge now and trying to deposit to Cryptsy, because the sell value was at 0.0000090 just now. Now it's down to the 70s again and it's still pending almost 5 hours later. It didn't show up as pending until at least 200 confirmations. Is Cryptsy always like this ? It's a pretty worthless exchange if a deposit is going to take 4-5-6 hours ? Can anyone recommend an exchange that does alt coins like doge/ltc/nvc/ppc/xmp that doesn't lag this bad ? update: transaction completed after almost exactly 8 hours. meh. well i was able to sell 10K at 87.. so not too bad. :D i wish i had hit it at 93 though! i got an answer from support as well at the same time. there was something about huge volumes and my transaction was tied in with many others etc... so there. closure.
Cryptsy Exchange - Warning, unable to withdrawal funds, now one month plus.
On the 5th of October I requested a 76 BTC withdrawal from my fully verified account which had no limits, since then I've had only excuses but mostly just been ignored, here is some of the email history with their support: 5 Oct I have the equivalent of over 200 BTC that I'm trying to withdrawal in BTC, LTC & DASH, but the withdrawal window is not working, I traded out of many USD to do this at a large loss, when can I expect my money to be able to be withdrew-able? Thanks Hello 'email addie', Thank you for contacting us. Please try to clear your cache/cookies and delete your browsing history. Kindly then try to re-initiate your request and see if you are still getting the same error. Let us know if you are still unable to process a withdrawal request. Sincerely, Karen Cryptsy.com <<< I was then locked out of my account >>> 6 Oct Nearly 24 hours now and still no BTC & LTC withdrawals, kindly update me on when these will be processed and why I've been locked out of my account now, this is totally unprofessional and unacceptable. Hello email addie, Please reset your pw Sincerely, Jim aka: JShock Customer Service Manager Cryptsy.com 12 Oct Hi Jim, Thanks I have now done so and have access to my account once again, the main issue here is that on the 5th Oct I requested the following withdrawals: 2,886 LTC & 76.24 BTC These are show in the attached screenshot as confirmed, but still pending and with no trxID as they have not been sent, kindly let me know ASAP when they will be sent as they are now one week overdue with no explanation, no apology, nothing! I had over $50,000 on your site, that I trusted you with, maybe one of your larger long term clients and on the 5th Oct I sold it for BTC, LTC & DASH, at a loss because I needed those funds right away, you sent the DASH but kept the main part of 2,886 LTC & 76.24 BTC then locked me out of my account and tried to ignore me, I have no idea what is going on with your exchange but I will continue with my plans Monday to seek legal representation and pursue this matter in every relevant jurisdiction regardless of the cost and inconvenience to me, unless my funds are returned to me this week. I would appreciate a direct contact phone number with a responsible admin who is able to resolve this mess and also the address of your company's registered offices and the advocates who represent you. Many thanks, Otoh 13 Oct Hi Jim, Due the the continuing lack of communication and progress on withdrawing my funds the advocates that I've retained have advised that I begin with documenting this fiasco on the crypto social media, as this will have a wide reach on your client base at a low cost for me compared to when they start actions proactively themselves on my behalf. https://www.reddit.com/Bitcoin/comments/3nkotcryptsy_responds_to_coinfire 14 Oct Three days since your last curt communication and still no explanation for why the withdrawal of my funds has been disabled by you and when they will be released, they show as pending on the withdrawals page, for well over one week, but no pending withdrawals are shown on the balances page, you've simply disappeared them! I asked for the address of your registered offices, the owners/partners names and the contact details for your advocates, this is moving ever closer to a multi jurisdiction claim for fraud and theft, my advocates require a $10,000 retainer from me which is no problem, they are not cheap but are extremely effective and any fees spent on the recovery of my funds will be added to my claim of course and I am in discussions with them about how best to denounce Cryptsy for criminal investigation and prosecution, it's totally up to you if this happens but once it begins then it will not be able to be halted. Kindly send the info requested today &/or better still my funds. Regards, Otoh 16 Oct Hello email addie, I deeply apologize for the recent delays. We have been undergoing major site upgrades, part of which is the verification systems. Some users who have verified accounts have been affected with these delays. I see that you have withdrawals pending and these should now process soon as we are nearing completion of our upgrade. If you have not received your withdrawal, by Monday October 19, please reply to this ticket and let me know. I plan to compensate you for the inconvenience by issuing you a free upgrade to pro account status which is also included in the upgrade and will go live also very soon. Sincerely, Jim aka: JShock Customer Service Manager Cryptsy.com 16 Oct Hello email addie, Your LTC withdrawal has processed, BTC withdrawal should move soon. I had to cancel the XRP withdrawals, please try sending those again. <<< I did not have any XRP or a XRP withdrawal >>> 20 Oct Hi Jim, I have still not received my Bitcoin withdrawal, over 70 BTC and very overdue! Kindly just manually send it today, an exchange that fails to honor client withdrawals is finished as all trust has gone. Please confirm ASAP, many thanks, Otoh 23 Oct Hi Jim, Why do you not even bother to reply to me anymore, do you really think that stealing 72 BTC, over $20,000 from me is something that you can just ignore? First thing next week this goes back to the advocates that I briefed and I am paying them their requested $10,000 retainer which will also be claimed for, you have had a ton of notice but still haven't returned MY money after nearly three weeks. I shall press the lawyers to pursue those responsible personally for civil and criminal damages, fraud and theft, in each relevant jurisdiction, kindly make sure that this is cleat to 'Vince' and the others that will end up in jail and bankrupt as a result of this. You have until Monday to return my funds, after that the process will begin with denouncements to the police and regulators in the relevant jurisdictions and I will then have no way to prevent it all taking it's just course. Regards, Otoh 24 Oct Hello email addie, I am sorry for the inconvenience this may have caused you. There are two separate issues going on with BTC withdrawals currently. 1: Due to the new Verifications Tier system handed to us to use, many users are frozen and flagged to become verified depending on the amounts of w/d they are making. For these, a verification agent should be contacting you soon. 2 We are experiencing some delays with BTC withdrawals and developers are working on them to get them moving again. Looking at your account, it appears you have exceeded your withdrawal limit for your current verification tier. Please click this link to upgrade and view the limits for your tier https://www.cryptsy.com/users/verify *Please note that not all verification Tiers require that you upload ID or documents. Sincerely, Elen Customer Service Manager Cryptsy.com 25 Oct Hi Elen, Cryptsy have introduced a withdrawal limit for my account that wasn't there when I deposited the coins, this is illegal without first offering me to withdraw the my coins under the same terms and conditions as when I deposited them. This, so called tier three level, that it says I need now takes three months to obtain, in other words you plan to rob me of my coins for three months or how ever long you feel like, this is so illegal it is untrue. Kindly just return MY 76 BTC, approx > $22,000 and do this right away with no more excuses, anything else is not an 'inconvenience' - it is theft pure and simple! Regards, Otoh cc being sent to my advocates 27 Oct Hi Elen, 22 days since my withdrawal request for 76 BTC was made, October 5th, and it's still stuck, conf, but pending and all that I hear from Cryptsy is being ignored or excuses. Cancel that withdrawal immediately today so that the coins show up again in my balance, then make me tier three verified as I have been fully verified for months if not over one year and was so when I deposited those funds and had no withdrawal limits then. Do not continue to ignore this issue, the theft of over $22,000 from my account is a serious crime and you will be held to account for it, kindly confirm that my instructions have been carried out today. Regards, Otoh 30 Oct Hi Elen, Six days and you haven't bothered to let me know when I can have MY 76 BITCOINS back, now worth over $23,000 and nearly one month that you have blocked my withdrawal. Cancel the confirmed but stuck on pending withdrawal as requested so that my coins show up in my account balance again! Change my verification from so called tier two to tier three, I was fully verified with you and had no withdrawal limits, the longer this goes on the more it becomes certain that you just rob the larger holders of tens of thousands of dollars worth of Bitcoins. I have also requested many times, the name of the ownes and registered office/s plus the contact details for your lawyers, it is illegal to withhold this information from your clients and the longer that this goes unresolved the greater will be the damage to your business and the more likely that you will be charged with serious theft and corruption. Pass this email and my prior ones to Vince right away as he will be the one that will be held the most responsible for this fiasco. Thanks, Otoh & when I raised the issue in Cryptsy chat now I just get banned, WTG, so corrupt, unbelievable, I shall post all my emails and your lack of useful response to Reddit and BCT forum. Cancel my withdrawal, verify me to tier three and show MY BTC in my balance so that I can withdrawal them! Hello email addie, We sincerely apologize for the late response to your ticket. Upon checking, your withdrawal had been canceled and coins were returned to your balance. As for your Tier 3 upgrade request, Your request has been acknowledged by our team and your case will be reviewed shortly. We do apologize for any inconvenience and thank you for your patience. Sincerely, Gretchen Cryptsy.com Hi Gretchen, Thank goodness, many thanks, finally, much appreciated! -Otoh PS I can also be reached on my UK mobile: ------------- 6th Nov Hi Gretchen, "As for your Tier 3 upgrade request, Your request has been acknowledged by our team and your case will be reviewed shortly." Another week passed and no one has contacted me, it is now over one month since I requested withdrawal of my 76 BTC and at the time I was fully verified with no W/D limits at all, same as when I deposited the coins. Why do you treat your customers with such blase contempt, are you really intent on alienating everyone who has supported your business and especially the larger players like myself? I find it quite unbelievable, kindly forward this to 'Vince' so at least he is aware of this totally unacceptable and illegal freezing of my funds, later today I shall be updating the total lack of promised progress yet again on Cryptsy's chat as it seems that you only pay attention to being called out publicly. Just allow me to take my own money out and stop this stupid game playing waste of time. Thanks, Otoh 7 Nov STOP STEALING MY MONEY!! Send me the address of your registered offices and lawyer's contact details as requested multiple times - DO THIS TODAY, robbing over $20,000 is a serious crime and by ignoring the matter you are only making your guilt more obvious and the consequences worse for yourselves. Any advise on how to proceed would be much appreciated, I just run in to a blank wall with them atm.
Of Wolves and Weasels - Day 189 - The State of Dogecoin
Hey all! GoodShibe... on Vacation! Please enjoy this post by Guest Writer thistime1 and tip them well ;D) Note: To tip them directly: +dogetipbot @thistime1 xxx doge verify I have collected as much data as I could possibly find and contacted as many major players in the Dogecoin community as I could. I hope you all find this synthesis of information informative and worthy of discussion. Anything that was announced in the few days before this was posted may not be included here, due to me working on this for the last 2 weeks! Sorry if I missed you. I hope to do this again, maybe even as a quarterly report. Please take all the information presented to you here and make your own conclusions about how important each piece of data is to YOUR view of Dogecoin. Price 1 Doge = $0.00029 USD Price would have to increase ~750% to be back at peak value ($0.0022/dogecoin). COMPARED TO LITECOIN 1 LTC = $7.60 USD Price would have to increase ~650% to be back at peak value ($48/litecoin). Market Capitalization 7th of all digital currencies, ~$23 Million USD Our market cap has been declining the last few months, most coin’s have. I am excited to know what our year-to-year price change will be as that is a better measure of change than the last 30 days. For the past few days I have been trying to find a graph of the TOTAL market cap of all coins together over time. I have a theory that not a lot of money is being put into cryptocurrencies at the moment, and the coins that go up in value are taking away value from others. What do you think? I want to know if this is true, or if I am crazy. If that is somewhat true, there is a limit to how many coins will make it big. I'd love to just see the total ALTCOIN market cap over time as well. Hashrate/Halving Hashrate = ~50GH/s Oddly, this is about the same hashrate we had after the last halving! ASICs inbound… I could not find what proportion of the SCRYPT hashrate we have over time, as that is the best measure of hashrate in relation to other coins. I do have this though. Litecoin’s hashrate is about 10 times larger than ours now. The current block reward (recent halving) will create 90 Million Dogecoins/day or 38.7BTC at current prices. This means that if ALL mined Dogecoins are sold every day they would only make up 3.8-7.5% off all transaction volume per day, which is around 500-1000BTC/day. When the price stays the same, we can assume 250-500BTC of Dogecoins are bought or sold in that day. Therefore miners do not make up a large portion of the selling anymore, and they haven't for a while. Another BIG assumption you have to make is that 38.7BTC cannot move markets. From my personally observations, the Cryptsy DOGE/BTC market controls the price of Dogecoin. I have watched the Chinese markets (BTC100, BTC38, BTER) respond to changes in price after they happen on Cryptsy. ~38BTC can have a HUGE impact on price if buy/sell walls are not there to support it. We need more demand, but it is nice to have less pressure from miners anyways. Liquidity is still much much higher with Litecoin though! Transactions per Day Dogecoin has more transactions per day Litecoin, and all other altcoins. Sent from addresses Dogecoin has more unique addresses sending coins per day than Litecoin, and all other altcoins. Average Transaction Value Average Litecoin transaction value for today was $9,380 USD. Average Dogecoin transaction value for today was $122 USD. Average Bitcoin transaction value for today was $3,250 USD. http://bitinfocharts.com/comparison/transactionvalue-btc-ltc-doge.html Dogecoin is potentially being used exactly as intended. Lots of people sending small amounts of money to each other or things. I am stunned that the AVERAGE person sending Litecoins that day, sent almost $10K. That is 3x higher than Bitcoin. In fact, oddly, Litecoin always has a higher average transaction value than Bitcoin since the Bitcoin bubble in late 2013. Anybody know why? We usually DO NOT have higher transaction volumes than Litecoin, but we do consistently have ~500-1000BTC/day that is transacted, putting Dogecoin in the top 5 most traded coins. Dogecoin Address Growth Dogecoin has also GAINED 14,653 positive addresses in the month of June, where Litecoin has LOST 33,875. (info from bitinfocharts and currency4world) Wikipedia Statistics (http://stats.grok.se/) Bitcoin traffic – Average ~9000 views in the last 90 days (highest 18614 views/day) – total views/90 days 819,193 Litecoin traffic – Average ~380 views in the last 90 days (highest 998 views/day) – total views/90 days 40,036 Dogecoin traffic – Average ~1200 views in the last 90 days (highest 8629 views/day) – total views/90 days 154,415 Circlejerking Statistics Bitcoin recently surpassed 1 Yottahash, I believe we are up to almost 1 Yottajerk of circlejerking power. I am excited for a few years from now, when the QuantumJerk ASICs are released. Every time I read someone calling /dogecoin a circlejerk I laugh, not because they are wrong, but because they are just stating the obvious. Do you think there is someone in the corner of the room at NASA who just comments about how all they talk about is rockets and space? If dreaming big and congratulating ourselves on our achievements is a circlejerk, then I guess it’s human to circlejerk. Every subreddit is a circlejerk, the only difference in /dogecoin is that you can get tips from circlejerking. (Is that prostitution?) The main point of this section was to see how many times I could type circlejerk. Foundation The new Dogecoin Foundation is now a legal enitiy and will have a road map of working projects Personally I would love to see someone from the Chinese Dogecoin community represented on the Foundation. They buy and sell a lot of Dogecoins Maybe just a liason position or something. At the very least, during fundraisers, the Chinese community should be contacted to see if they want to help out! Development Dogecoin is the ONLY altcoin with the Core/Wallet/qt based off of Bitcoin 0.9. Dogecoin Core will be kept up to date and features from the Bitcoin Core will be adopted quickly. The devs are doing great so far, especially against coins with full-time PAID developers! CrytoSaga Unprecedented cryptocurrency modeling software will be written to test possible outcomes to changes in Dogecoin’s algorithm. Main candidates are PoS 2.0, Tendermint, and SIMD. To my knowledge, this has never been created before in all of cryptocurrency, and will definitely further highlight the abilities of Dogecoin’s development team. A payment protocol is also being worked on. Cryptiv
Cryptiv is considering integrating tipping on Wordpress websites and would love to hear the community’s feedback on this next potential platform or if they have any other suggestions?
We will be making some improvements to the site and to the tipping experience on Twitter, Twitch.tv and Youtube based on feedback received from our users and hope to implement and announce these improvements very soon!
Optional multi factor authentication. Will start with Google Authenticator and possibly one other for of authentication. This allows a users account to stay safe even if the users password is compromised.
Site moved to 100% SSL encryption. That means that all communication with www.SuchList.com will use HTTPS. Not only when logged in. This makes sure user data and cookies etc stay safe.
Added more user validators (used to validate user provided data). Such as Etsy and LinkedIn.
Adding auction style listings so that someone posting can select that it's an auction and set things like start price, buy now price, end time etc.
More than 750 MILLION Dogecoins sold since opening in late April
More than 3500 transactions to more than 2600 Shibes in 66 countries
OKPay/PerfectMoney for non-US based transactions coming soon
Onarbor The biggest new Onarbor feature announcement is ability to back and re-back works and reviews. This was the top request so we're glad to finally implement it. Coming soon will be more tailored feeds where we will allow people to follow creators that interest them (will allow TwitteFB/linkedin auth to find friends/colleagues). What can Dogecoin do better? Marketing For a coin that has done some of the best marketing out there, we suck at getting major announcements across on multiple platforms. I am hoping /dogecoin_pr will bring this up to par. EXAMPLE: 51.54% of Dogecoin users are on Dogecoin Core 1.6.( http://bitinfocharts.com/dogecoin/) Maybe merchants and such are not to keen on updating if it is not required, but maybe they just do not know about 1.7. When 1.8 comes out, I would love to see a sticky thread on the subreddit, an announcement on the official Dogecoin Twitter and Facebook pages, an announcement on the front of the BitcoinTalk forum, as well as contacting cryptonews websites. Dogecoin has a large social media presence and should be taking advantage of THAT! Tipping I am concerned that there are not that many external deposits made to everyone’s dogetipbot accounts. Until there are more tipping users, I fear that we may be only be tipping coins that were tipped to us in the first place. That is not the best way to build demand. I am hoping mohland has some data on this. I strongly believe in the tipping economy and culture of Dogecoin, and personally, that is how I think we can best build demand. Until we have more tipping users, it is up to us to build that demand, and the work could pay off. Dogecoin.com I know you powerlemons is working on updating this, but the website is COMPLETELY MISSING a section on how to accept Dogecoin. This should be just as big as the other coloured sections! ALSO This should be added to the “Get Dogecoin” section at the bottom of the page. I have tried to keep it updated as much as possible, but would love the community to notify me of any changes COMMENTS Josh Wise “I have said this to a few people in the community but my two cents on this is to keep it fun, charitable, and stick to the fundamentals that made the community grow so much initially. My personal opinion (and I really have no clue what I am talking about) is that this community grew so fast because it was so much fun, anything seemed possible, everything seemed worth trying and there were not many negative undertones with anything. It seems like people are really getting wrapped up in a lot of negatives right now and that is never productive. The law of attraction will rule in the end and as long as people are positive- no matter the circumstance- the circumstance will become positive. I love this place and wish only the best for dogecoin and the community, and like I said, I have no clue as to all of the intricacies and the many moving parts past and present. Only my two cents on what I see (: As far as upcoming projects- I am still working on some new shirts by popular demand. I would really love to either race the Dogecoin car in a few Superspeedway races next year, or try to raise money so that we can run the rear bumper all season. I am super thankful for all that has come of this and want to continue to help build the brand and awareness in any ways possible. A lot of that is really up to the community though and not me.” Co-founder (BillyM2K aka Shibetoshi Nakamoto) “A community that is having fun, building cool things, and coming together for great causes and fun causes alike is exceptionally more valuable than one that is trying desperately to create value by finger pointing, complaining, witch hunting, attempting to market useless features, and ultimately eating itself.” thistime1 - High Anxiety Shibe I hope you all learned something today. I tried really hard to make sure that was the case. Who do I love? It's 7:41AM EST and we've found 87.49% of our initial 100 Billion DOGEs -- only 12.51% remains until our period of Hyper-inflation ends! Our Global Hashrate is up from ~44 to ~47 Gigahashes per second and our Difficulty is up from ~708 to ~724. I Hope you enjoyed today's Guest Post by thistime1! Note: To tip them directly: +dogetipbot @thistime1 xxx doge verify GoodShibe
Signs Bitcoin is not going to reach mass adoption...
Bitcoin isn't going to go mainstream. No amount of Lightning Network (coming soon), SegWit (coming soon), bigger blocks (coming soon), or hard forks (never coming soon) is going to spur mass adoption. Here are some tell-tale signs that Bitcoin is still on the fringe and will remain so. I used Bitcoin for blank, give me karma. Whether it's buying or selling something for Bitcoin, there are always those posts that seek confirmation from the echo-chamber that what they did is good for Bitcoin. You know what you don't see? Posts anywhere on reddit along the lines of "I bought this X for fiat from Amazon." You know why? No one cares if you use cash because it is mundane, widely available, and trivial to use. It is a tell-tale sign of mass adoption. Bitcoin technology is going to revolutionize the BLANK INDUSTRY. Capitalists are the kind who will find and exploit every advantage they can to gain a competitive edge. Be it technology, process, idea, or whatever if it can be turned into a money making machine. There have been estimates that Bitcoin has a $10 billion market cap, which is certainly impressive for something that came from nothing. But in the grand scheme of commercial trade it's a drop in the bucket. If Bitcoin were truly revolutionary, capitalists would have exploited it and actively contributed to its development already. Sure, there have been some minor localized successes, but not one truly revolutionary and successful billion dollar company has arisen. Not one Bitcoin company is a ubiquitous household name or brand. The ones everyone knows about in the Bitcoin space are irrevocably linked with fraud. Mt. Gox and Bitfinex for example. ...well. The most innovation in the Bitcoin space appears to be dark net markets and malware. Whether that's truly a welcome revolution is up for debate. Bitcoin innovation is stagnant. Other than slapping a miner on an already existing product, ahem 21 inc., what big innovation has there been in the Bitcoin space? The apps for buying and selling Bitcoin are all pretty much the same functionally. OpenBazaar has not heralded the end of online commerce as anticipated. It also continues to promise more features perpetually "coming soon" while the competition out-innovates them at the same time. Micro-tipping ChangeTip didn't really take off, and Steem or Yours isn't really a threat to any social network not focused around the idea. KimDotCom talks big, but he has yet to deliver. u/changetip dose of reality Bitcoin's fluctuating value makes it impossible for the average person calculate. Notice that everything is still pegged to fiat in terms of valuation? Without using an internet device tell me how much $5 is worth in Bitcoin. Now decrease that by 7.23% because the BTC market dropped, again without the internet or a calculator. How much Bitcoin is that $0.99 coffee? What about this afternoon when Bitcoin is up 4.77%? What is your profit margin right now for being the seller? How about when you sold coffee for 12.19% earlier today. Also, did you pay the right amount of penny shavings for your coffee transaction to go through? Yes? It may take up to 10 minutes to process. Maybe. Or not. We could have paid $0.99 in filthy fiat and been on our way already. Widespread adoption isn't happening organically, or at all in most areas. Outside of San Francisco and a few technically savvy urban enclaves where digital natives are on the cutting edge, there is no use case for Bitcoin in Kansas. Bitcoin has to rely on those who believe that it is better than fiat to spread the gospel of Satoshi (#NotACult). Until you don't have to have someone proselytize at length about Bitcoin's advantages over fiat, it isn't mainstream. How many posts have you come across where "I convinced Business Owner X to accept Bitcoin" only to check in later to find out they are no longer accepting it? Speaking of cults... Self-congratulatory posts patting the faithful on the back for their piety in printing out Bitcoin flyers or pasting stickers in public are frequent. Any time a Bitcoin logo is spotted in Mr. Robot, alongside the THOUSANDS of other symbols in it, the faithful are further convinced that widespread adoption is an inevitable reality. They're convinced viewers are keyed in to an insignificantly minor detail which will unravel the wisdom of the fiat destroyer Satoshi Nakamoto who will bring prosperity to all who read the hallowed white paper. Also, deviation from the truth laid down in the whitepaper is heresy. #NotACult Which leads to all sorts of problems when the core developers, miners, or users want to change something for the improvement of Bitcoin. How many BIPs are actually implemented successfully without raising the ire of a vociferous userbase rabidly against change? (If you do know, please comment.) Mass adoption would inevitably require regulation. One of the functions of Bitcoin is to be a stateless, borderless, and censorship resistant currency. Does it accomplish that? Yes. But if Bitcoin were to become widely adopted it would inevitably attract regulation. Uber is a great example of what happens when industry outpaces regulation. Uber drivers disrupted the taxi industry mainly because most places did not have regulations in place. Although providing an innovative service, it also led to insurance problems when drivers got into accidents, or health and safety concerns when drivers or riders get involved in an incident. Regulation is bringing the cavalier industry back into the realm of public safety and security. Bitcoin may outpace regulation for a while, but mainstream adoption will inevitably require regulation at some point. How much of a percentage profit is legal when selling Bitcoin at an ATM? How do you classify gains or losses on taxes? What if I want to set up a retirement plan? What if the entity I store my Bitcoin savings with goes under? Those sorts of every day questions have legal ramifications that need to be parsed out for people to feel secure enough to adopt Bitcoin. If you're screaming "STATIST SHILL" while reading this on a computer of some kind, remember that there are legal regulations insuring the device you're reading this on conforms to certain requirements. Be your own bank is not a good thing for most people. We hire people to be experts and professionals to do things we are not good at ourselves. You'd hire a lawyer to litigate on your behalf. You'd hire a plumber to fix your leaking pipes. Most people are not good at being their own bank. Storing large amounts of cash in areas that are susceptible to theft is not a good idea. That's why people have banks. Do banks get robbed? Yes, but regulation insures that your deposits will be reimbursed. Can you be your own bank with Bitcoin? Yes. But you also assume all the risk, even the ones you are not cognizant of. bitcoin is no stranger to posts from users who lose their bitcoin with no means of recovery because they didn't fully anticipate the risks. SFYL. But why would you want to go through all the hoops to be your own bank? You still need to convert that Bitcoin to fiat (or vice versa), get a loan for a car or home, or pay utility bills. Irreversible transactions mean your money is gone. Unless the person on the receiving end is feeling altruistic, those Bitcoin you sent to the wrong address or were "hacked" from the exchange you use are gone. How many people have been successful at recovering their lost Bitcoin through legal means? How many lawsuits have been successful at this? ::crickets:: The place where I store my money took 30% because they screwed up. The ongoing BitFinex debacle is a prime example of why you should trust no one with your Bitcoin. Sure, they appeared legitimate. They were operating a successful exchange. Everything appeared to be in order and were highly recommended by most in the Bitcoin space. Until they got "hacked" and decided to distribute the "losses" among the users. Most of those who lost Bitcoin in the hack are powerless to do anything. Some have turned to the authorities to recover their losses. Some are trying to mount a lawsuit. Some are going through the various stages of grief. The inevitable "hack" that large Bitcoin entities experience is becoming a routine way for trusted innovators in the space to cash out safely with other people's savings. Mt. Gox, Cryptsy, and BitFinex are merely the largest skulls on a pile of bones of cryptocurrency heists. They were all trusted, until it became apparent that it was all a scam. An industry where "trusted" actors can get away with theft is a barrier to widespread adoption. Reddit is the primary communications platform where announcements occur. If you've been burned by bitcoin or some company's support agents that didn't respond to your post, we welcome you with open arms. Bitcoin is going to put an end to wars and government tyranny. At what point in history has the use of currency determined whether or not a group, religious faction, or nation is going to wage hostilities against another? Or that adoption of a currency led to an outbreak of peace? It isn't going to happen. Every now and then Greece, Venezuela, or (INSERT AFRICAN COUNTRY HERE) experience economic turmoil and it is viewed as an opportunity for Bitcoin adoption. No, it isn't even an opportunity. Because the people who use Bitcoin also have easy access to stable fiat currency through banks. They have the first world luxury of being able to convert fiat to Bitcoin relatively easily. (If jumping through several additional steps can be considered easy.) Has Bitcoin taken off anywhere with economic turmoil? Let's check the history books. No. Not one. Even marginal increases in adoption didn't occur. I'm sure there are Captains of Industry who disagree with me for expressing these ideas. I'm sure there are also those who like me have been banned from bitcoin for pragmatic, practical, and reasonable insights. If you've wandered over here from bitcoin or btc or are u/americanpegasus looking to waste $50,000 of your precious time... welcome. Gentlemen...
Cryptsy increases withdrawal fees to 0.5% with zero prior notice to its users
Today, without any prior notice, Cryptsy increased its withdrawal fees to 0.5% of your withdrawal plus 0.001BTC (https://www.cryptsy.com/pages/fees). The previous withdrawal fees were 0.001BTC. They have removed trading fees at the same time, which were previously 0.25%. Even taking into account the removal of trading fees, many customers will still be worse off under the new fee policy. For example, I had a significant amount of bitcoin stored in the exchange for trading. Now I cannot withdraw this without paying 0.5% to Cryptsy. By increasing withdrawal fees with no advance notice to users, Cryptsy has effectively just stolen 0.5% of deposits in the exchange. When Bitfinex changed their fee policy recently, they gave people almost 2 weeks prior notice of the change. Cryptsy on the other hand gave people zero notice. This is extremely unprofessional, and I recommend staying well away from this exchange.
My reviews of bitcoin exchanges and services my business used
Over the past weeks myself (a 23 year old from Vancouver, Canada) & my business partner (a 21 Regensburg, Germany) have tried a lot of different XBT exchanges and sellers. He reddits a lot and suggested I type up what I wrote down about our experience to share them with you. Great experiences: Kraken - 9.8 General: Kraken is one of the better platforms we used, mostly when dealing with the Euro. We opened a Kraken account, made a $5000 USD deposit and a €7000 deposit and were ready to begin trading in under 24 hours. We ran into no problems with them, our orders filled quickly and the emails that we had with their team were fairly straight forward. More payment methods would make them a 10. Pros: They have many pair listings, special types of trading orders including stop loss, take profit, and others. They accept SEPA payments for Euro and bank wires for most other deposits. They have good security practices (https://www.kraken.com/security/practices) and have done an audit with proof of solvency (https://www.kraken.com/security/audit). Well known team, public facing. Has LTC, NameCoin and Ripple. Cons: Does not accept ACH payments for US users. Lack's transparency of cost on USD bankwires (TBD*). Some users have raised concerns over the pasts of the investment team (this had no impact on score but should be mentioned). Support team was quick and solved our problems. Bitstamp - 9.5 General: Bitstamp is a market leader and great exchange. We had a very good experience with them. They are probably our default choice if we had to use a general USD exchange to run an ATM or something. We made a deposit of $15,000 USD and trading went smoothly. It is important to note this exchange we withdrew only in Bitcoin, we did not try the Fiat withdrawals. Full transparency could make them a 10. Pros: Large volume, great liquidity, fairly quick to get an account open and money deposits. Our time from opening an account to trading was under 24 hours. They take a decently low fee .5% Has a proof of reserves audit by third-party. Cons: Audit is third-party and not proof of solvency. Little is known about management team. Bankwires are only real method to be used here. Does not allow trading in non-USD. Trades are only do Bitcoin. Many claims of Bitstamp freezing users Bitcoin under AML/KYC claims and asking for lots information such as signed wallets proving source of those coins (We did not experience this). Vault of Satoshi - 9.2 General: Vault of Satoshi is a much smaller exchange then the other "great" exchanges but they do really awesome things for XBT. Their team was very supportive and really quick. We had our account open, verified and trading in under an hour ON A SUNDAY. It was the fastest set up time of any exchange that deals with fiat currency. For user experience and security they would be our top pick. International support and higher volume could make them a high 9 if not a 10. Pros: High security (http://www.reddit.com/vos/comments/27hd8d/are_my_coins_safe_on_vos/ci0yeua) and transparency including daily generation of Proof of Solvency audits, very transparent team (https://www.vaultofsatoshi.com/about) who are active on Reddit. Allows trading of over 20 coins to both fiat and to any other coin. Has Interac deposits for Canadians, they apparently can take an hour or two to enter the account, but ours took maybe ten minutes. Easily the fastest deposit method we found. Cons: Pretty much just for Canadians unless you transfer coins in for day trading. Supposed to be expanding soon. Volume was lower but seems to be picking up. Needs a lot of personal information. Would be great to see more payment methods outbound. Good Experiences: Coinbase - 8.7 General: Coinbase is a great service, backed with good money and clearly a very secure environment. Being a dual resident and citizen I was able to use Coinbase for some of our purchases via my US bank account. It was really quick to open an account and get buying. We bought around $5000 worth of Bitcoin to send into other coin-only exchanges. The support staff were helpful, but could have been trained a bit more about Bitcoin knowledge. Overall things went really well. More coins, international support and proof of solvency could put it up to a 9. Pros: Clear set price not dealing with any "orderbooks", great platform very easy and straight foward to user. Great for new users. Has ACH payments for American Users so you don't have to do a bankwire. It is backed by a major investors. Has stable relationships with a bank unlike many other small exchanges. It is fast, secure, and friendly support staff. Cons: Not a full exchange, US only, support can be slow to respond, has no proof of reserves, promotes the use of online wallet services. Does not allow you to buy or sell coins other than XBT. Cryptsy - 7.2 General: Was used for dealing with smaller altcoins that weren't on other exchanges. Our total volume on there was roughly 8 BTC. Deposits went fairly smoothly, although we did have to contact support in regards to one submission of Blackcoin that did not appear in our balance. The support team was slow and rather rude but did get the job done eventually. Pros: No verification needed for trades, deposit and go. Lots of currency pairs. High volumes. Strong platform. Great chart features. Great price ticker on the side. Cons: No proof of funds, not much security, doesn't support fiat, support team is kind of a pain to deal with if something does go wrong. Should really only use if you are day trading QuadrigaCX- 7.0 General: QuadrigaCX is a small Canadian exchange. All around a decent service we only did around $500 transaction with them in order to do a quick test but we were quite happy with the Canadian provider we had selected. These guys are decent backup. It took less than 48 hours to get my account open and trading. If they had proof of solvency and support staff then we would have likely given them an 8 or a 9. Pros: Low fee (0.5%), has book for XBT/AU (gold). Has online interac payments. Cons: Not large books, no proof of solvency, lower transparency, called contact number twice during operation hours and got voicemail, email response was next day and was short but answered my questions. InstaBT - 6.5 General: These guys are similar in concept to a Coinbase. It's small limit purchases of XBT instantly. Site looks a little dodgy but they are an accepted payment method on Vault of Satoshi so we decided to give them a try for about $100 in XBT. Pros: It was quick and easy and did not require any type of I.D. verification. We had a support phonecall and the guy seemed friendly enough. Lower fees would make this method a 7. Cons: Has limits and really high fees. I think the fee was around 9%. QuickBT - 6.4 General*: These guys are pretty much the same as above, although rather than being used for Vault of Satoshi they are used for CAvirtex. The service was all in all the same, nicer website, did $100 in XBT. Only reason for the lower score is when they guy called me to verify my phone number he was a bit of a grump. Lower fees and friendly support would increase their score. Pros: Quick online interac without verification Cons: Guy was a bit of a grump, and had really high fees. Bad Experiences CAVirtex - 4 General: CAvirtex is a Canadian only exchange. If I am not mistaken it's the oldest one around. They only do XBT and LTC. We did about $10,000 through them before we started exploring other options. A number of accusations have been posted in this sub against them that make them questionable, but their user support, slow time in dealing with funds and general attitude towards there users is what got them the low score from us. There would need to be lots of changes to raise their score. Pros: Usually the price is a few bucks cheaper here than at other exchanges, not sure why though. You can withdraw your money to a pre-paid debit card. Cons: In our experience we found it extremely slow to get started. We tried to open an account and it was almost a week before we got verified. We made a deposit via Direct Debit (EFT) and it took about a week before it showed up in our account. When we tried to reach out to support about this it took 3 days before we got a snippy reply. All in all we were not impressed. It's not how people should handle customers. The Rock Trading - 2.5 General: We had decided to try this Malta based e-trading platform with our Euro funds. The exchange is rather small but has some ok features. Ultimately we only did about €700 before we got fed up using them. They support SEPA payments which is great but their support team could not give a shit about you. Pros SEPA payments, lots of currency support, BTC shares Cons: By far the worst support around LocalBitcoins - No Score General: Localbitcoins pairs you with sellers in your area, digitally or by meet up and then exchange Bitcoin. Before we got into exchanges I had done maybe $2500 through localbitcoin purchases. You always end up over paying, you have to meet up with the person which is time consuming and you never know who you are going to get. Pros: The only real advantage to this method is that you aren't going through an exchange and having to verify. It allows those who are worried about their identity to keep it secure Cons: You end up way over paying for the bitcoins that you purchase, you never know who you are going to get and some users have even been mugged at such meetups. In my case I arranged to meet someone and waited over an hour at the meetup spot and no one showed up. Next to Try: -Bitcoin.de -BitFinX -BTC-E -OKcoin -Bitpay (for sales tool) -Itbit
Thank you for taking part in our AMA and submitting your questions. Here are responses from John Caldwell (Director of Advocacy), Duncan Cameron (Technical Director) and Andre Jochems (Lead Developer). Get to know them better by visiting our website.
Nole34 (Reddit): How and where will this coin be used? Not meaning as in the network and relay nodes but by a user.
TwoproApps (Reddit): What are the benefits or incentives for casinos to use a crypto currency?
Whufc4life1 (Reddit): What would be the main advantages of using this coin, as an end user, instead of regular fiat currency?
We see CasinoCoin being used as a payment option right alongside USD, EUR, etc. There are many ways to use CasinoCoin, for the customer and the operator that represent tremendous advantages over traditional funding methods. For the customer, you will have to complete KYC once, then you will be able to play on multiple vendors in seconds, deposit and withdraw for a fraction of current rates and have a suite of tools at your disposal to manage and control your play. For the operator, you get a customer that is pre-vetted by a licensed, approved KYC vendor that lands at your door, deposits in seconds in a way where the deposit is permanently and transparently recorded and is not subject to chargebacks.
TwoproApps (Reddit): With the coin being potentially volatile in the future, could it affect casinos wanting to use it?
We don’t believe so. Like any payment instrument, the customer would deposit in CSC and withdraw in CSC - making volatility a non-factor for the casino in the short term, provided the casino maintains a sufficient balance of CSC.
TwoproApps (Reddit): How do casinos exchange CSC for fiat if they wanted to?
Casinos will have several options to acquire CSC, all of which will take treasury functions into account to mitigate possible volatility to the greatest extent possible. This will be done via traditional processing methods.
TwoproApps (Reddit): Will casinos have to make their CSC games payout in CSC or can they also pay in fiat and vise versa. Can a fiat gambler cash out in CSC if they wanted to?
This will eventually be possible, but it will be the choice of the operator. Once a casino starts to allow cashouts in different currencies, the volatility risks rise. We are designing CSC to be used in game, but our first step is to get casinos to adopt CSC as a payment method.
Lowmm (Reddit): Will you go into other trading markets, bittrex for example?Boyo (Reddit): will bittrex be adding CasinoCoin? after the swap?
Our focus is:
1.Designing the best product for the market, users & operators,
2.Compliance within regulated markets
3.Creating strong partnerships within the gaming industry.
We strongly feel if we work on the things we can control, all the external elements like exchanges will take care of themselves.
paulkt (Reddit): When can we expect to see the first Casino using Casinocoin?
We will be ready for real partner integration in Q1 of 2018. However, the actual timeline will be dictated more by potential partners, regulators, banks, and other external forces. We are under no illusion that getting to market with licensed operators in regulated markets (we’ll only operate under these conditions) will not be a quick process, but we are confident it will happen.
hurdamurda (Reddit): I had 50.000 CSC and then cryptsy stole them. :( I still believe
Anyone who has been in crypto for a year or more has a story to tell like this. We can’t control what happens at third party providers like exchanges, and can only encourage holders of any crypto to adopt best practices with respect to protecting your coins. Most of us have been in crypto for a long time, with our own stories like this, so we are building the CSC solution to provide maximum security to customers.
powpow44 (Reddit): In the roadmap you state "New CasinoCoin Brand & Website Launch". Can you share what the foundation has in mind for a rebrand?
The rebrand is more about the logo itself. Most of us really like the ‘button’ logo that has been with CSC since the beginning. However, we don’t love all elements of the logo, and the presentation from both a visual and format perspective is not ideal (ie: no proper graphical/vector files exist). We’re fixing that. It won’t change drastically.
rambroziak (Discord): I do not know, it's possible, CSC has the opportunity to develop !!! Now we have a more important problem !!! When Cryptopia urucchomi payouts CSC
Although the Cryptopia situation occurred before the formation of the foundation, members of the team have been working on collecting data from the CSC community to attempt to first establish how many coins may have been lost on Cryptopia. We have a reasonable idea of the figure now, but in our correspondence with Cryptopia, our figures don’t match. We’re currently waiting on a response from them to our latest email and we hope to have something to share with the community this month.
Whufc4life1 (Discord): Just wondering - how are you guys planning to handle KYC/AML procedures across different jurisdictions?
With a licensed KYC provider, the visibility/transparency of a blockchain and a GLI compliant product, AML issues will be to the highest standard possible. This is actually an area where blockchain is a significant upgrade over current best practices.
nioConisaC (Discord): Will the Bankroll Manager wallet offer feature of bridge currency?
We will not use that feature from the start but it does allow us to implement customer specific reward programs in the future where points/rewards are being issued and linked to CSC.
Boyo (Discord): have the devs contact coinmarketcap to add the new csc?
CoinMarketCap has been contacted and will update CSC to the new network once an already connected exchange implements it.
mark (Discord): I’m still curious how the csc revival came about, I recognise a few of you from the bitcointalk forum a few years ago, but how did the likes of john and the rest of the board come about?
John: It’s really about timing. When I left PokerStars in ‘14, I took some much needed time off. I studied the crypto markets (including CSC) at that time, and felt that the market/world wasn’t ready yet. Then, in early 2016, my wife started really getting into crypto. This got me back into it on a regular basis. The possibility of starting the Foundation was broached to me summer of this year and I felt the timing was right.
Currently, Tether, which is supposed to be a coin pegged to the dollar, is trading for just 94 cents. Bitfinex, whose CEOs are intertwined with Tether's operations, has decoupled from the other markets. Given that there are billions of Tethers outstanding, many believe that Tether's collapse would be catastrophic to the cryptocurrency industry. They're right, because that would be exactly the sort of panic that is needed to take bitcoins down to the further capitulation that I've been talking about.
I think that it's important, however, to differentiate what is likely to happen to exchanges in a similar situation to Bitfinex and Tether, and what happened to exchanges like Mt. Gox and Cryptsy. In the latter two cases, money was actually stolen from the exchanges, and those exchanges illegally continued to operate while they were insolvent. In the current situation, the exchanges that will fail are likely to be able to fully account for all assets. However, as I've been repeatedly mentioning, there is a paradoxical effect taking place right now where banks are becoming much more strict in closing accounts of completely legal cryptocurrency businesses, despite a smaller percentage of cryptocurrency than ever before being used for illegal activities. It no longer matters whether a company actually has dollars. It only matters whether those dollars can be accessed by the company. Every time banks have decided to close our accounts, the procedure is always the same. They say that deposits to the accounts will be rejected beginning immediately, but the account can continue to be used to send money out for a month or so. If Bitfinex has had its banks close its accounts, then what is happening right now is exactly what we should expect to see. The banks, without warning, would have notified Bitfinex that they were closing their accounts and were prohibiting deposits immediately. That would force them to set the site to stop accepting wire transfers. Withdrawals, on the other hand, would not yet be suspended, so the exchange can continue sending money to customers who want to receive money. Slowdowns in withdrawals, though reported as suspicious, could simply be due to the high volume of wires requested by panicked customers. This bank account closure process we've experienced sets a deadline until access to the account is blocked and the money must be removed. Since humans like round numbers, in our case the deadlines given have usually been one month from now or at the end of the next month. Given this experience, if I had to guess what is most likely to happen in a hypothetical situation where an exchange has lost banking services, it is that the exchange will end up sitting on a cashier's check for billions of dollars. The deadline will pass, they will not be able to obtain a new bank account, and the bank will mail them a check. Coins associated with the exchange would crash when dollar withdrawals are halted, bringing the cryptocurrency markets down with it, starting the next downward phase of this bubble cycle. Eventually, the exchange will either obtain a bank account or will declare bankruptcy, because it can't spend any of its money to continue operations. If bankruptcy occurs, then customers might end up losing money solely because the lawyers involved in the process would take fees from the previously fully backed assets. The bankruptcy attorney will probably have an easier time of getting a bank to cash the check to pay former customers. I'm confident that the banking environment has now become so difficult that we will likely see at least one major exchange go out of business solely because it cannot obtain a bank account. The inability to obtain a bank account will not be indicative of any wrongdoing by the company, so it isn't possible to predict which exchange it will be by looking at how trustworthy it seems to be. And the truth is that I wouldn't be able to say that the panic and price crashes that will ensue from this exchange failure will be unwarranted - the inability to obtain bank accounts is significantly holding back the industry right now. This is a ticking time bomb - one that would cause me to hedge my bets in a more stable currency if I had a bank account. What's ironic about all of it is that if that happens, the industry will have regressed since the bottom of the last bubble. Last time, customers lost because the bad guys took their money. Customers will have lost this time because the good guys tied up honest people's money in the banking and legal system, despite the CEOs having done nothing wrong.
I may have lost 457 LTC to BTC-E - Please help. :(
Hi! This is an update from my previous post concerning the transactions that took a long time to confirm : http://www.reddit.com/litecoin/comments/2b4k7m/why_is_my_transactions_remains_unconfirmed_afte Anyway, right now I'm in a middle of crisis where it's highly possible that I may have lost the massive LTC deposit to them. Long story short, I sent two deposits that summed to 457.17196053 from Cryptsy to BTC-e. However, it didn't get confirmation for a long time for some reason, Cryptsy support said that the destination wallet may be out of sync and by that time, I realized that LTC deposit in BTC-e was in some kind of maintenance mode. I did check their twitter before I send the deposit and read "no scheduled maintenance work in DC, can potentially prevent to deposits withdraw coins." This is probably my biggest mistake : I read it as "There's currently no scheduled maintenance" and assumed everything was in order. So I sent it and 39 hours later, I still haven't got it. I contacted support the first time about an hour after the transaction remain unconfirmed (Ticket ID: QLD-611-62954) but received no reply. And after they posted the news that they generated new addresses, I immediately opened a new ticket (#PUH-189-19439) which requested them to process my deposit that was sent before the update. They did reply and requested the detail which gave me high hope of it getting fixed. My deposit got confirmed about half an hour after the news so 8 hours later, they pretty much copy-pasted the news and replied to me saying that they can't process deposit on old addresses. The thing is, I did send it 8 hours before I was made aware of the news and I think the delay and the maintenance was no coincidence. And now I'm really concerned and worried that I may lost it all despite the fact my deposit was already sent elsewhere and presumably already in BTC-E control according to my address history. TL;DR : Deposit got unconfirmed for a long time - by the time it got confirmed, BTC-E suddenly refused to process deposit on old addresses. They seem to already hold the money Please advise me on the best way to solve this. You may also post in this Bitcoin thread that I made yesterday (contains long rant): https://bitcointalk.org/index.php?topic=702456.msg7939817#msg7939817 Transactions : http://ltc.blockr.io/tx/info/e18c538760edab188831e00ec965b7369fd088ab2c06b846e906c6db5742825fhttp://ltc.blockr.io/tx/info/2e969c4fc1ea76f3eba02a341845e3451cdb5e4ec6f5b31c16a0b336c9ca7344 Address : http://ltc.blockr.io/address/info/LTxs9tXvHear7GpYmzopaz2XNEweDJZkqe Hopefully if I garner enough support, it may increase my chance of recovering my fund. Thanks in advance! :)
How to transfer from cold wallet to live wallet to sell?
Hi, Obviously I am new to this. I used to have 1 bitcoin left on Cryptsy before they disappeared and thus taking my bitcoin (2300$).. My mistake was to let the coin sit in the cryptsy wallet rather than an offline wallet. However I plan on doing it differently this time but I need some help. What I would like to know is how do I receive XRP on my offline paper wallet? Does it need to be received on for example my gatehub wallet first and send it from my gatehub wallet to the paper wallet address? Also wondering once it is stored on my paper wallet how do I send it back to gatehub to sell the XRP's or can I send it directly from my paper wallet to an exchange? Do I need the secret key to deposit it on gatehub? Forgive my ignorance, I hope some one could clarify this for me.
Trading DOGE: Your full guide to trading Dogecoin for profit
NOTE: YES! This guide is long, but when you get started it's fast and easy. Hi everyone, my previous post about PTC's got so much hate. So I decided to make a full guide on how I made $120 last month. If the same interest and numbers remain you'll be making $100/month for two months, and $500/month for another month. On your third month, you'll be able to make over $750 if the market remains. These last couple of days I've just bought low sold high to people. The steps are really simple and anyone can do it, I'll show you all the steps in detail for maximum profits. Disclaimer: I am not responsible for your money or actions. Any accusations to me (Rynsi) will not be accepted, use it on your own risk! 1. Introduction 2. Get started with Dogecoin 2.1 Install your wallet 3. Choose trading sources 3.1 USD/BTC 3.2 BTC/DOGE 4. Where to sell Dogecoin? 5. Good advise 6. Summary 7. Proof of Screenshots for the naysayers 8. Links 1. Introduction I started trading Dogecoin (I'll talk about this coin soon) 5th of February, and saw a great potential in making money with it. With this guide, you'll make 15%-30% of your money back with each trade because the current market is limited, therfor YOU can provite this service that many people request. I started with $72 and now have $220, which makes my ROI 205.5%. I will show you how it's made step by step before it blows up and become viral! 2. Get started with Dogecoin You can use it to buy goods and services, or trade it for other currencies (both other cryptocurrencies or traditional currency like US dollars). By far the most popular use the Dogecoin however is for "tipping" fellow internet-goers who are creating or sharing great content. Think of it as a more meaningful "like" or upvote, with real value that can be used all across the internet. 2.1 Install your wallet To start using Dogecoin, you'll need a wallet. A wallet is just like your online bank account, only your entire account is stored securely on your local computer or in the cloud. From your wallet you can send and receive Dogecoin, manage your address book and review a history of your transactions. Desktop wallets can be downloaded and run from your computer's desktop. Desktop wallets are more secure as they don't rely on a third-party server in the cloud: Windows (click to download) OS X (click to download) Source code(if you're using Linux, you'll need to compile the wallet yourself) For Windows and OS X users, simply extract the .zip file to a secure location on your computer, then double click on "dogecoin-qt" to run. For information on how to use your desktop wallet, check out this great site. 3. Choose trading sources You know now how to get a Dogecoin wallet, but you will need to get an online wallet to save USD on, one exchange site to trade USD to BTC and one to trade BTC to DOGE. It might sound a lot to do in the startup phase, but it's really easy once you get going! 3.1 USD/BTC Exchange There are a lot of options when it comes to buying BTC, but for now VirWox is the only one that accepts PayPal and VISA purchases. You can choose many different kinds of sites that accept USD/BTC trades, that is another story that is another story to be told. VirWox has a limit of depositing $780 per month, but after 60 days you can deposit $2800 per month, so trading as much as possible will be the best thing to do if you want money. USD Storage: PayPal USD/BTC Exchange: VirWox (ref / non-ref) To deposit dollars with (VERIFIED) PayPal to VirWox, you need to be a verified user. This is to prevent frautend actions such as chargebacks and instant payments. The deposit will be instantly made after you complete the order and you can start trade. To trade, you first have to buy SLL with the USD on your account [!!!WARNING!!!] USE LIMIT ORDER and NOT market order. Now do the same, but with the SLL/BTC exchange. I repeat, do NOT use the market order. Use LIMIT ORDER to get as much BTC as possible. You have now successfully completed a USD/BTC exchange! 3.2 BTC/DOGE Exchange This step is almost similar to the previous Exchange, but this step is only with Crypto-currency (read Bitcoin and Dogecoin). BTC/USD Exchange: Cryptsy (ref / non-ref) To exchange to BTC, you need to withdraw your BTC from VirWox to Cryptsy. This is made in the Cryptsy balance page, where you can generate a BTC deposit adress. Unfortunately, you have to wait 48 hours the first time for VirWox to accept your deposit manually due to security reasons, all the other transactions in this guide will be almost instant. Now when you have BTC on your Cryptsy account, you have to do the same as you did with USD/SLL and SLL/BTC, really easy! When you have traded to DOGE, your downloaded Desktop Wallet comes in handy. Deposit the DOGE from Cryptsy to your Desktop Wallet and you're ready to go to the next step! 4. Where to sell Dogecoin? This is a great surprise I have waited to tell you, you use REDDIT to sell Dogecoin! It's really easy to do. Go to /dogemarket/new and see what the current prices are. You can sell for the same price as others, undercut for faster sales or overcut for slower sales (but bigger profits!). You structure the post by [SERVICE] AMOUNT RATE PAYMENT TYPE (SPECIAL OFFER). Here is an example, my last post where I sold Dogecoin. If you follow my conversation in that post you will see how typical trades are being made. When you have traded the Doge you can make a post on the /dogemarket verification thread where you achieve levels that will be shown for other users through your flare. Notice the orage flares, those indicate level of trades, age and amount you have traded. These are good for noticing legit and fake users, but always be of scammers! 5. Good advise A. Only accept GIFT (friends and family option) from (VERIFIED) PayPal, DO NOT accept eChecks or transactions that has to be accepted first. eChecks and Instant payments can be chargebacked and gifts will prevent this from being possible. B. If you have reached VirWox deposit limit, wait a while to see how the BTC/DOGE market is going. You might make some extra 1000's of DOGE if you wait a while. C. Always be nice and kind to the DOGE community, they are really friendly, patient and polite, be so too! D. Try to be fast in your transactions on /dogemarket, good service equals good reviews. E. PEOPLE WILL TRY TO SCAM YOU! Always check for names including "shibe" or "doge" and new accounts. F. Have fun! If you have fun trading and communicating with other people on Reddit, you will enjoy yourself and have a better time making money. 6. Summary: A step by step guide to make $100+/month (and $500+/month after 60 days if market remains) Download your dogecoin wallet. Sign up to PayPal, VirWox and Cryptsy. Add money to your (VERIFIED) PayPal account. Deposit the money to VirWox. Exchange money to SLL. Exchange SLL to BTC. Withdraw BTC to Cryptsy. Exchange BTC to DOGE. Withdraw DOGE to Desktop Wallet. Make a post on /dogemarket. Recieve PayPal money from buyer. Send Dogecoin to buyer. 7. Proof of Screenshots for the naysayers PayPal Proof VirWox Proof Cryptsy Proof Desktop Wallet Proof As if you haven't seen the whole iceberg, here is my reddit verification post 8. Links Dogecoin Promotional video(a must watch) Dogecoin Subreddit Dogecoin Official website Bitcoin Subreddit
This is my first guide: making over $100/month with a $72 investment. When your VirWox account is 60 days you'll make $500/month and when your VirWox account is 90 days you'll make $750/month (if market remains as it is). I think it's a big effort by me trying to teach you how to make money, so I would really appreciate you using the referral links. If you find any errors in my guide, please don't hesitate to tell. I will be answering any questions regarding my guide as good as possible doesn't matter if you comment or PM. I'm accepting any donations, DHKzSsCVpv5QuJvHxWKENH9SKC3S58raBx Thanks. TL;DR Wanna be rich? read. Edit: Formatting
For those who sent their Dogecoins to Digitalcoin address or vice versa: you can probably recover them
I know there are people out there who already did this, so I'm writing this mini guide for them. As you may have already noticed Dogecoin (DOGE) and Digitalcoin (DGC) both share the same address structure. What it means is that you can send your Dogecoins to Digitalcoin address or vice versa, the wallet will let you do that. Normally, this shouldn't be possible - for example, the wallet won't let you send you DOGEs to Bitcoin address - it fails the verification procedure. Consider a scenario when you want to deposit your DOGEs on cryptsy, but instead of using DOGE deposit address, you use DigitalCoin address - the wallet will send them, but they will never appear on cryptsy, as the two networks are independent. If you can't get the private key for that address, your coins are lost. The additional disadvantage here is that some people misuse DGC for Dogecoins. However, if you accidentally sent your DOGEs to Digitalcoin address (or vice versa), that you have private key for (you created that address), you can recover them. First, you need to actually get that private key. If you sent DOGEs to Digitalcoin address, you would want to open Digitalcoin wallet, go to Help > Debug window > Console. If your wallet is encrypted, type "walletpassphrase YOUR_PASSPHRASE 120" (replace YOUR_PASSPHRASE with your actual passphrase), press enter. Then type "dumpprivkey ADDRESS". Replace ADDRESS with the address you sent your coins to. When you press enter, you will get another string - this is your private key for the address. Never share this with anyone else. If you do, that person will have access to all funds that you might have on that address. If you do share this accidentally, securing your coins will require creating another wallet - sending coins to one of your addresses in the same wallet is not enough. The reason for this is that when you send part of your coins to an address, the rest of your balance is sent to one of your own addressess - this makes tracking coins more difficult, however this change could be sent to your compromised address and be stolen by the other person who has your private key. To create a new wallet, follow the instructions in 'Making a new wallet' section here: https://en.bitcoin.it/wiki/Securing_your_wallet#Making_a_new_wallet - you can use it for every *coin. Copy your private key and open up Dogecoin wallet, go to Help > Debug window > Console and type "importprivkey YOUR_PRIVATE_KEY LABEL", where label is the same label that you provide, when creating new receiving address - it's optional. Press enter and wait until you see new empty line in the console with time mark left to it - this could take 1-2 minutes in Digitalcoin wallet, should be instant in Dogecoin wallet. You should now see Dogecoins, that you accidentally sent to Digitalcoin address. If you did the opposite, just follow that guide, but replace Digitalcoin wallet with Dogecoin wallet and vice versa (dump private key from Dogecoin wallet and import it to Digitalcoin wallet). Be safe, don't share you private key and have a copy of your wallet in a safe place!I wrote it in as easy language as I could so it's easy to understand for beginners in cryptocurrency world. Also English is not my native language so forgive me if the grammar isn't perfect.
Not a CEXIO bashing thread. Just a question. Please read I would like your input.
I've been working with cex since december and I've had the usual ups and downs. Delays with withdrawals, delays with verifications and eventually they were all resolved after agonizing waiting periods. Now that we established the premises on to the situation at hand: On Dec 13 I get an email stating I need to sign some statements and provide aditional documentation because money laundering policy. Mind you I have not send a single cent to cex. I'm a longtime hodler of BTC and a few alts and I'm selling a few for living expenses and other business projects. At the bottom of the email they specified (but I somehow missed) that all deposits are suspended. Since then I've sold off my wallet ballance and withdrew the money with no problem so thinking everything is in the clear since I was able to sell and withdraw last thursday I sent some BTC to my cex wallet ... pending ... 1-2-3-4 days ... A few support tickets later, today I get an email stating my account deposits are STILL on hold and the documents I sent were not enough and I need to send 3 months worth of bank statements to prove my income (wat?) and print screens of my mining software and wallets (wat?) since I claim all my crypto funds come from mining. All sent ! I mined in 2014 I don't have print screen of my mining software so I sent them a print screen of the main alt I was hodling that went 10x some time back thus made me a good chunk of my btc showing mined block rewards from when the alt was launched and a print screen of my bitcoin wallet which is an electrum because I kept my 2014 bitcoins (that I got from trading alts on cryptsy RIP) on a MultiBit wallet which was no longer working so I had to do a key sweep to electrum. I really hope this is enough proof for my case but now on to my question. Is this normal ? Has something like this every happened to any of you guys ? It seems a bit much for wanting to sell your bitcoin. I feel like I'm being suspected of crimes against humanity or something with this level of scrutiny. Also shameless ping to cex_io please look into this, I am not a criminal. I have a few btc that I held on to that I would like to use to better my life (and another few I'm hodling for the future) Userid: up111791395 Ticket id: 485138
So I'm still new to doge- and naturally I have very little coin. Out of my 6000 doge I wanted to convert it to bit coin so I could do a little bit of gambling (yaya that was my first mistake), so after some research I heard that Cryptsy was a pretty good place for that. So I transfer 2000 doge as a comfortable number of doge I would play with. After the transfer there was a 0.30% fee to convert to bit coin. "Ok" I told myself "guess they got to make money some way". Then I go to withdrawal my bit coin and theres yet ANOTHER fee of nearly half the amount of bit coin. So I was like "oh come on, well I guess I learned my lesson there. whatever I'll take it back and call it as a loss". THEN I find out there's a minimum withdrawal amount of 0.01 bit coin. Which obviously I have no where near with a silly deposit of 2000 doge coin. So now my coin is stuck, nearly halved, on cryptsy, and will probably be there for a long time since I have no interest in using them ever again, and I don't mine bit coin. GUH! TL;DR As a new shibe, don't use cryptsy to convert doge to bitcoin. Unless you're loaded. :( Edit: Thanks to Im-Probably-Lying for giving me a fair chance with some bets! Cheered me right up! (http://www.reddit.com/dogecoin/comments/25jqg7/beware_of_cryptsy_as_a_convertechhtwva) Edit 2 Holy shit I just noticed the "no discussion around gambling rule" when going to click the "vote 98" banner. I'm really sorry!! pleasedon'tbanmeq-q
Dear Sudopool miners, Unfortunately, Potcoin was forked sometime yesterday, and we were on the old fork. Because of this, our fork's difficulty went down significantly, causing our coin-switching algorithm to see Potcoin as the most profitable. It switched to mining Potcoin at April 5, 17:04 UTC. We recognized that Cryptsy wasn't accepting our deposits at around at around April 6, 00:00 UTC, then we made inquires to Cryptsy support, and made a public annoucement about possible delays in processing balances. We kepted looking into it and found out that Potcoin had hard forked, and that we were on the wrong fork. We stopped mining Potcoin at April 6, 1:19 UTC. In total we mined for 8 hours and 15 minutes on the hard-forked potcoin. We mined total of 24090.19301533 potcoins including transaction fees. During this time, potcoin traded on Cryptsy from the lowest of 0.00001140 btc to the highest of 0.00001375 btc, while DOGE traded from lowest of 0.00000099 btc to the highest of 0.00000103, while LTC traded from the lowest of 0.02447230 btc to the highest of 0.02419666 btc. All in all, 24090.19301533 potcoins result in 334099.343536 doge or equivalent to 0.33075835 btc that we will be paying out of our own pocket. What we will do is buy these hard-forked coins with our own bitcoins and pay all forked blocks as if they were traded in ideal conditions. So, for Doge. We will pay as if the hard-forked potcoins were sold at the highest price, then traded them for dogecoin at the lowest price of doge, getting the maximum doge that could have been earned. For litecoin, we will do the same and pay as if the hard-forked potcoins were sold at the highest price, then traded them for litecoin at the lowest price, getting the maximum litecoin that could have been earned. For bitcoin, it is one step less, and we will pay as if the hard-forked potcoins were sold at the highest price, getting the maximum bitcoins that could have been earned. What we're going to do in the future to prevent such loss to ourselves is to improve our system by disabling a coin immediately if a coin is not accepted by Cryptsy or other exchanges within expected time. This will prevent mining on hard forked coins for any longer than 15-30 minutes, should we not know about an wallet update again and mine on a hard-forked blockchain. And of course, we will make it our procedure to check for wallet updates on a daily basis. All in all, we apologize for the delay in balance processing, but in the end, you will have earned the most possible coins you could have earned, because we're giving you the best trading prices, and it is for a coin whose difficulty was extremely low because it was hard-forked blockchain. We want to become the best pool there is, and want to give miners the best mining experience mining dogecoin, bitcoin, and litecoin. Three coins which we believe are worth investing long-term. We hope that the way we're handling this incident reflects our determination to achieve this goal, and set a higher standard among all the mining pools. As always, thanks for mining with us, and we hope to always get you the most doge, btc, and ltc from your GPUs. Sudopool @4:00 AM UTC P.S. ETA for balancing processing of these forked coins is by next payout time, which is as always at midnight UTC. Update: All forked potcoins have been paid at their maximum possible value. They will be paid out at our regular payout time at midnight UTC. If you like what we did, please donate to one of the donation addresses at the bottom to to giveaway for when we run our dogecoin giveaway on dogecoin subreddit. Thanks. @ 8:30AM UTC April 6
Forgive me for being so blunt... (Free the DOGE!!!)
Hello fellow Shibes, I was just wondering, what needs to be done to un-link the DOGE Rocket from the Bitcoin Train. This recent ride downward for Bitcoin has made me realize that until this happens, we will be doomed to follow them into the abyss. BTC may recover but I for one do not want to have DOGE price continually determined by BTC's rise and fall. Progress has been awesome in the consumer space. We are missing the ease of acquisition that is required for the masses to join into this wonderful thing that we have discovered. I have opened accounts in many trading spaces but we need a simplified process. something along the lines of Vault of Satoshi but with ease of depositing US$. That will bring widespread acceptance. Cryptsy would be the best player to bring this about if they were smart. A deposit mechanism for Fiat currency is the only thing that they are missing. I don't have a solution, just wanted to vent and see if anyone had any ideas. DISCLAIMER: I am not an investor. I am a regular person that is tired of the Banks charging me extortion money every time I want to send money to my family instantly overseas. I have amassed a small position in DOGE because I believe in it. I want to wake up MANY years from now and say "WOW, Much DOGE value. But I also have DOGE that I want to use to buy goods, and services. I am in this for the long haul. I have not spent more than I am comfortable losing. I wish you all much DOGE, much love and much peace...
Okay, I've always heard about Cryptsy being slow, I've used them for a couple of months now and yes they usually take some time to process deposits but this is getting ridiculous now. I deposited bitcoin from coinbase into cryptsy, I can see the transaction go through and be confirmed, I can even see them taking that same money out of my deposit address and move it to some other internal address. It hasn't even turned up as pending on my balances, their system clearly knows about it, clearly has confirmed it and yet refuses to show it as a balance on my account not even as pending. Seriously considering moving all trading over to Bter, better prices for Doge their anyway, however I tried moving a chunk of my Doge from Cryptsy this morning, around 6 hours ago and it's not even appeared as a pending transaction to my Bter address on the dogechain. Wtf are these clowns playing at? They will probably just blame slow confirmations on the Bitcoin or Dogecoin network but don't let them fool you, it's their internal system that's insanely slow.
Bitcoin Deposit to Cryptsy Still pending? I transferred some BTC to cryptsy like 4 hours ago.... any ideas why its still pending? =/ Thanks guys. [EDIT] This was Cryptsy's reply: "Thank you for contacting Cryptsy. I am happy to assist. My apologies for the inconvenience. We were performing maintenance on the wallets and they are back online. Please allow some time for your deposits/withdrawals ... If you want to trade your alt coins, consider looking else where. Deposits at Cryptsy will take 20+ hours. There are even reports of deposits taking more than 72 hours. By the time you get your deposit, your coin will have most likely declined in price and your profits lost. And don't bother contacting their customer support, because it's ... Cryptsy claimed that they’re updating the servers. Well I see this message all the time. Bottom line, this is not the first time my dogecoin deposit still has no shown up yet in cryptsy despite support ticket just created a few moments ago and it’s been over 10 hours since I initiated the deposit. The auto respond ticket I got below. I read ... Cryptsy's deposit/withdrawal times are fast now! It took me about 15 minuts for both of them, which is very fast considering the deposit/withdrawal times these past few days. Thought I would let you guys now. Happy trading! 4 comments. share. save hide report. 81% Upvoted. This thread is archived. New comments cannot be posted and votes cannot be cast . Sort by. best. best top new ... I just made a small deposit to cryptsy and it took 90 minutes to get confirmed. I'm wondering why it took so long this time. (FWIW I do have 3 wallets up right now, Bitcoin-QT, Multibit, and Dogecoin-QT, if that matters.) My network connection seems to be working normally.
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Bitcoin, China, Trump and How To Protect From Financial Collapse - Jeff Berwick on Silver Doctors - Duration: 30:17. The Dollar Vigilante 50,586 views Have you heard of Cryptsy? If you have not then you need to watch this video. Not so long ago Cryptsy was basically Poloniex. Do you remember when BTC-e call... Bovada Bitcoin Deposit Tutorial How To Deposit in Less than 10 minutes with Cash App! - Duration: 5:22. Adam Reviews 732 views. 5:22. Real Time Push API Poloniex-Cryptsy Trading! RomanWare. Loading... Unsubscribe from RomanWare? ... Haasbot 2.0 Beta - Bitcoin Trade Bot, Altcoin Trade Bot, Bitfinex, Huobi,Bittrex,Poloniex and ... Advanced Trade Bot Bitcoin Trading BTC-E Cryptsy CampBX Bitstamp Mt.Gox BTCChina - Duration: 8:02. Bitcoin & Crypto 1,299 views. 8:02.