Ninjastic
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Re: GAW / Josh Garza discussion. Paycoin XPY CoinStand Mineral. ALWAYS MAKE MONEY :)
by
Crestington
on 25/04/2015, 21:13:21 UTC
Quote from: Paul Revere on April 25, 2015, 04:16:05 PM
Quote from: anderl on April 25, 2015, 04:03:53 PM
Quote from: 5ick3uffalo on April 25, 2015, 03:56:14 PM
Instead of destroying ALL useless high staking wallets ("Primecontrollers") and premined coins to at least give the coin a little chance to not go totally worthless they give an EXCHANGE ,which should not even stake at all imaho, an high staking wallet for 1$.

AMAZING.

Wonder how many customers Cryptsy losing today...

This is ethically reprehensible.  Cryptsy breaks checks and balances.  They are acting like a central bank AND and exchange.  They can print the coins and since they have ownership of them do what ever they like with them.  Donate them, burn them, dump them.  The people do not have a say in what happens, the people cant vote against what Cryptsy does with the coin.  

As an exchange Cryptsy should know full and well that their sole purpose and means of earning an income should only be trading and listing fees.  If they invest in the coins they trade then then are complicit, they have crossed an ethical line where now they can control the liquidity and circulation of a coin in and to the market.  

They are both the market and market maker.  

Why the SEC is NOT investigating Cryptsy outside of this GarzaGAW debacle I do not know.

And if Cryptsy has no problems with doing this, then what else have they been involved in? Naked shorting coins using customer deposits?? This would be especially easy to do with Paycoin, since 90% of all XPY trades are done on Cryptsy. The fact that there are imbeciles in the Paycoin Cult that are sitting around in their Spiderman unperpants clapping like retards about this happening is shocking. HT is down, so the Paycoin Cultists are all active here right now: http://talk.paycoin.com/discussion/830/cryptsy-received-a-prime-node/p1 "YaaaaH! Now Cryptsy can pull even more shenanigans with "The People's Money".

It has been known for quite some time that Cryptsy will Stake their customers Coins and sell them into the market for higher gains. iGotSpots calls it double dipping but essentially they are taking customers funds. Customers have challenged this quite a few times in which Cryptsy ultimately dodges the issue in which they say they "may be Staking Coins but often just hold on to them", in reality they are Staking most or all of customers deposits without their knowledge. People will just leave Coins on the exchange so it becomes the excuse that if Coins are left on the exchange that they are entitled to Stake the Coins in their wallet. It is not alright however to Stake on customers deposits because the rest of the network that IS Staking will then receive less and their Coins are also worth less on the exchange because of the naked shorting of the market.

There is no notice to say that if customers Coins are left on the exchange that Stakes generated becomes the property of the exchange, ignorance is bliss.