Re: CRYPTSY stopping withdraw locking accounts without notifying users! Class Action
And here is the real reason why Paul Vernon is in China: http://www.zerohedge.com/news/2015-12-11/bitcoin-breaks-out-higher-after-china-announces-crackdown-unionpay-pos-devices
Chinese Dude: Mr. Vernon, explain again please very slow like me is Leroy Fodor. What you propose?
Paul Vernon: Okay, rich Chinese people give me moneys via Cryptsy and they buy any altcoin they like. We got much to choose from. Then, when they go out of country, they ask for their moneys back via any flavor altcoin they like. Sometimes they even make nice profit.
Chinese Dude: Is process simple?
Paul Vernon: Oh yes, very simple! To date nobody have problem with depositing into Cryptsy.
Chinese Dude: How bout taking moneys out?
Paul Vernon: Yes. I have very smart team in place like man in Canada and folks from Texas, a very big state in Merica.
Chinese Dude: You know Satoshi man?
Paul Vernon: Dr. Craig Steven Wright and I have spoke by email on several occasions.
Chinese Dude: What good altcoin to get in first.
Paul Vernon: That beauty of our business. All our altcoins are very, very good, hand-pick by man named John, sadly he no longer with company.
Chinese Dude: If your customers have big issues, where they go to get help.
Paul Vernon: Very good question. We use lots of services like Twitter and Cryptsy chat.
Chinese Dude: Mr. Vernon, explain again please very slow like me is Leroy Fodor. What you propose?
Paul Vernon: Okay, rich Chinese people give me moneys via Cryptsy and they buy any altcoin they like. We got much to choose from. Then, when they go out of country, they ask for their moneys back via any flavor altcoin they like. Sometimes they even make nice profit.
Chinese Dude: Is process simple?
Paul Vernon: Oh yes, very simple! To date nobody have problem with depositing into Cryptsy.
Chinese Dude: How bout taking moneys out?
Paul Vernon: Yes. I have very smart team in place like man in Canada and folks from Texas, a very big state in Merica.
Chinese Dude: You know Satoshi man?
Paul Vernon: Dr. Craig Steven Wright and I have spoke by email on several occasions.
Chinese Dude: What good altcoin to get in first.
Paul Vernon: That beauty of our business. All our altcoins are very, very good, hand-pick by man named John, sadly he no longer with company.
Chinese Dude: If your customers have big issues, where they go to get help.
Paul Vernon: Very good question. We use lots of services like Twitter and Cryptsy chat.
Thanks for the good laugh.
Glad you enjoyed the humor as I did so penning it, but beneath the comicality lies what I believe is the real reason Paul's in China, and that's to position Cryptsy to take advantage of UnionPay's withdraw caps.
Quote
China has capped the amount of money Chinese holders of bank and credit cards can withdraw outside the country, in its latest effort to discourage people from moving badly needed capital offshore.
Chinas foreign-exchange regulator put a new annual cap on overseas cash withdrawals using China UnionPay Co. bank cards, a UnionPay official said on Tuesday. Under the new rules, UnionPay cardholders can withdraw up to 50,000 yuan ($7,854) overseas during the last three months of this year, and the amount will be capped at 100,000 yuan for all of next year, the official said.
State-run UnionPay has a virtual monopoly on processing card transactions in China, meaning the limits extend to nearly all Chinese bank- and credit-card holders. It wasnt clear when the new cap was issued.
The new cap is in addition to an existing 10,000 yuan daily withdrawal limit, part of Chinas curbs on how much money can flow across its borders.
The move by Chinas State Administration of Foreign Exchange is the latest by Beijing to scrutinize capital outflows.
I'd say it's not beneath Paul Vernon to offer new Chinese clients to Cryptsy an immediate Tier 2 or Tier 3 (or higher) ranking upon sign-up, thus filling Cryptsy's coffer with the general consensus much needed reserves, depleted by most likely mismanagement and nefarious means.