Be careful with Cryptsy! BTC and LTC withdrawals halted

Hi everybody!

I would advise to no longer use Cryptsy, even not for Altcoin-Altcoin trading.
Google is now full of search results dating October to December that users’ bitcoin (and litecoin) withdrawals are “pending” forever.
Other Altcoins are still processed when the amount withdrawn is small. Many are converting their Bitcoins into various Altcoins and withdraw them in small amounts. For that reason, several altcoins have gone up in value on Cryptsy, for example Neucoin is trading ~30% higher than on Bittrex, Novacoin ~30% higher than on BTC-E. Even PPC and XPM seem to be a little overpriced on Cryptsy.

For anybody who wants to make profit from the higher prices on Cryptsy, be very careful! I would advise against trying it.

Cryptsy could die a long and painful death. It is quite obvious that they have lost a large amount of bitcoins at some point, but they still have dozens of Altcoins to play fractional reserve with, to buy bitcoins to hide their losses as far as they can. It is a shame that they still accept deposits of bitcoins.

Apparently someone found a bug in cryptsy’s withdrawal system so presumably cryptsy has lost some coins. the magnitude is unknown. The current haulting of withdrawal could also be that they are overhauling their software. this happened several years ago when it suspended withdrawal for like months before resuming again.

Note that one cannot withdraw ppc because cryptsy hasn;t updated their wallet after recent bugfix.

PPC wallet is finally fixed now. :slight_smile:

and PPC prices jumped up 30% :frowning: