Bait n Switch On MN2! Does Cryptsy understand their own Market that they Advertised?
The market opened before selling the remaining 5000 shares, and they were at .190 according to the Graph on the Market Page. Cryptsy didn't even wait past 48 hours either at .190. There was even a Tweet... "Put up 100 shares of MN2 at .180 - grab them. Then only 200 shares left at .185. Remaining are .190" ...and then Cryptsy opened the market.
Does Cryptsy own the 5000 shares? These will never be for sale? If so, then the Dividend Payout needs to be Divided for 5000 shares instead of 10,000, this would be acceptable and also create demand for the market again. Which Cryptsy could legally get Transaction fees for.
Before Cryptsy opened the market and kept the 5000 shares, that seems like an opportune time to refund any buy in if there was a discrepancy in what they stated, and then start over properly with the correct statements. But instead we just get stuck with a faulty, fraudulent market.
Any buyer at .180 should have position on 5000 shares at .190 by buying in at .180, so Cryptsy can not legally take our money and keep the shares. I would have been happy keeping the market closed and get my Daily Dividend like I was receiving. I figured Cryptsy would also be fine with that since at that point they could legally take the Dividends from 5000 shares (Until Disbursed) until the market opened after selling the last 5000 shares at .190.
By stating the price/timing structure Cryptsy made the point of urgency 24 hours at .180 and the rest for .185 to .190 after 48 hours If Not All Sold in these time increments. This means the time frame continues past 48 hours since it is combined with the statement "No Trade Fees Until Initial 10,000 Shares have been disbursed". No Trade Fees means the market will not open until the Initial 10,000 shares are sold and changing that structure also changes the initial structure meant for the buy in.
These 2 statements mean more together and even if they were misrepresented there must be some recourse for those who bought in based on these statements. If accidental then show us it was an accident. On the contrary Cryptsy does not respond to Support Tickets for questions about MN2. No Response since the first day the market opened and sequentially closing my tickets ever since then. Pretty Clear as to what really transpired, since if it were a mistake Cryptsy would see our point, and see the discrepancy and figure out a remedy. But instead Cryptsy shut the end user down and out.
Other options for reconciliation would be to slowly increase the payout of dividends to reflect the selling of the 5000 shares over the approximate time it would have taken to sell in a closed market (which we won't ever know) maybe for 1 year being 417 shares per month or by day would be acceptable also since shares are trading.
The 5000 shares were not sold even if Cryptsy states that they bought them at their Wholesale rate (not .190) and on top of that Cryptsy gets a return on the unsold shares and takes the Trade Fees too! If I take your statement Verbatim about no FEES until all 10,000 are sold then technically we have 2 problems since Cryptsy is collecting FEES now too. Also, how will we know that these shares are not being sold? The market pays for a division of 10,000 dividend so they are still in play. Am I in competition with Cryptsy now too? How would anyone know any difference?
I really hope Cryptsy finds a Remedy to this situation since I really don't like creating dissension towards any company. So step up and do the right thing!
Since Early,
CryptoNick
Mining Contracts 2 (MN2)
Bitcoin Mining Contract #2This is our second issuance of mining contracts for Bitcoin with a total hashing power of 100Th/s.
What is a mining contract?For this offering, we have 100 Th/s of hashing power dedicated to mining bitcoin which is part of a much larger network of hashing power. This means more consistent payouts of blocks mined. Every day, users who own shares of this will receive 1/10000 of the payout for each share owned. Users can buy any number of shares available (each share represents 10 Gh/s of hashing power). These are lifetime shares, which mean they never expire.
How much do I get paid and when?The 100Th/s total hashing power is part of a network of over 3 Ph/s. On a daily basis we calculate and distribute to users who have shares of this contract 1/10000 of the total contract payout to each of the shares. If you own 100 shares, then you will receive 1/100 of the total contract payout. You must be holding shares at the time of disbursement to receive a payout.
Who is providing the mining? Currently the provider has asked us not to disclose this information. You can be assured that we would not do business with anybody who is less than reputable.
What is a lifetime contract? This means that it isn't a term agreement like 1 year. You could continue to hold these for multiple years. There will, however, come a time where Bitcoin difficulty has risen to a level where 100 Th/s is no longer producing very many dividends. We anticipate a full rate of return within 12 months or less with shares still having value at that point.
Mining Contract 2 Specifications- 100 Th/s Total Mining Power
- Lifetime Contract - Payouts on this contract never end
- Available in increments of 10 Gh/s
- Total Shares Available: 10,000
- Initial Price: 0.180 BTC Each for first 24 hours of offering (04/22/2014 18:10:00 EST)
- Price: 0.185 BTC Each for 24 - 48 hours from initial offering (If not all sold)
- Price: 0.19 BTC Each after 48 hours of initial offering (If not all sold)
- No Trade Fees Until Initial 10,000 Shares have been disbursed
- Daily Mining Payouts Directly To Your Cryptsy Balance
Go to MN2/BTC Market
https://www.cryptsy.com/markets/view/196