Announcing digitalX Mintsy

Mining the Future…

In cooperation with DigitalBTC, together we are putting together the most comprehensive and easy to use mining system in the world.

Mintsy.co is now open for pre-enrollment:

  • Start mining bitcoins and altcoins on our cloud instantaneously
  • Buy and trade hashfracslitefracs and xfracs
  • Get paid the coins you mine straight into your Cryptsy or another account
  • Buy bitcoins and altcoins in the future at a discount
  • Connect your own equipment
  • Pre-enroll and be entered into a competition to win $5000 in Bitcoin!*
  • More surprises come when we launch

What is a frac?

A hashfrac is a contract for 100GH/s of SHA256 (eg. Bitcoin) mining power with a set expiry date and all costs inclusive.  Similarly, a litefrac is for Scrypt mining, and xfrac is for X-type algorithms.

Pre-enroll today to join our mailing list to keep up to date with development, beta testing, final release dates, and to enter into a chance to win $5000 worth of Bitcoin.

http://www.mintsy.co

Updates to Cryptsy Points Program and New Balance Rebates

What’s new with Cryptsy Points?

We have changed how Cryptsy Points are awarded. Previously it was based on how much you paid in fees. However, this was not beneficial for users who perform many “Maker” trades since they do not pay fees. We have changed it so it is now based on your trade volume. 

How Many Points Will I Earn?

For every 1 BTC of trade volume you have, you will earn 0.1 Cryptsy Points. Cryptsy points are divisible down to 8 decimal places, so even if you only have 0.1 BTC of trade volume you will receive 0.01 Cryptsy Points. You will also earn 20% of the points each of your referrals earn. 

So lets say you had a trade volume of 1 BTC in a given day and you had 10 referred users who also had 1 BTC in trade volume each on that day. 

Points Earned Directly  0.1 CP
Points Earned from Referrals  0.2 CP
Total Points Earned that Day  0.3 CP

What Are Balance Rebates?

Balance rebates are basically a cut of our collected transaction fees for users who hold balances in certain currencies on our exchange. Currently the currencies we collect fees on are BTC, LTC, and USD. Users who have a balance in these currencies will be included in the pool of users who get a daily rebate in the same currency. 

How Much Will I Earn in Balance Rebates?

We pay a 2% rebate. Balance calculations include available and held for order balances.  So even if all your funds are held for open orders, they are included in the calculation.

So for example: We collect 10 BTC in trade fees in a day. This leaves 0.2 BTC available for rebates (2%). If you had 100 BTC on account and between all users the sum of all balances was 10,000 BTC, then you would receive 1% of the total rebate for that day. In this case that would be a 0.002 BTC daily rebate. Balances and rebates are calculated and distributed separately for each of the BTC, LTC, and USD currencies. 

When Do I Get Paid My Cryptsy Points and Balance Rebates?

The program which calculates payouts and makes disbursements runs after midnight EST every day. Usually around 2am EST. 

https://www.cryptsy.com/users/cryptsypoints

New “Triggers” Feature

Triggers 

A trigger is a signal you give to the system that you wish to place an order at a future date when certain parameters are met for a market. Triggers do not show up in the order books, since they are not active orders. Triggers can be used for such things as Stop-Loss.

When a triggers parameters are met, an order is created on your behalf according to your trigger settings. The type of order that gets created when a trigger is activated is called a “Fill Or Kill” order. Which means that the order will be placed for the maximum amount you select and any remaining quantity that is not filled immediately will be cancelled. 

Settings: 

Trigger Type: This is either Buy or Sell depending on the type of order you are wanting to create. 

When Price Reaches: This is the price that will activate the trigger. When the prices in the order books is equal to or crosses this price, then the system will generate the order. 

Make Order Price Of: This is the price at which your orders will execute. If you are placing a Buy trigger, then this amount should be equal to or more than the trigger price. If you are placing a Sell trigger, then this amount should be equal or less than the trigger price. 

Up To Quantity: This is the maximum quantity you wish to buy or sell. The amount you will be able to place into an order will also be limited by the funds you have available. For example: if you have a trigger to sell 1000 units but only have 500 available, then the order placed will be for 500. 

Expire Time: This is the date your trigger will be cancelled if it is not executed. 

New Maker / Taker Trading

I’ve added a new feature that will bring some additional liquidity to the exchange.

Some of you probably already know what Maker/Taker trades are, but for those who do not I’ll explain:

Maker - This is a user who places an order that is unmatched on the order books.  Meaning when this order is placed, it is not against an opposing order thus will create an open order on the books.

Taker - This is the opposite of a maker, meaning this is somebody who is buying directly from the sell orders or selling directly into buy orders. 

A Maker makes liquidity and a Taker takes liquidity from the market.

If you are a Maker for an order, and your account is verified, then not only will you not pay any fees on that order but you will get a fee ‘rebate’ of 0.05% when a Taker completes the order.

If your account is not verified, then standard fees (0.25%) apply.   Taker fees will not change and remain at 0.25%.

So if you are generally creating Maker orders and are not verified, then I suggest you get verified as soon as possible to take advantage of this.

If you are verified and issue Maker orders, the system will still calculate the fees based on the standard amount, but any held fees will be returned once the trades actually occur.   In your trade history, you will be able to determine when fees were rebates if the fee column shows a negative value.

Happy trading.

Paul
"BigVern"

Questions Concerning Limitations on Non-Verified Accounts

We’ve had a lot of questions concerning limitations for non-verified users over the last few days, so I decided to post a blog entry with some answers.

Question 1:  
When you launch USD, do limitations go into effect for non-verified users?

Answer:
No.  We will be phasing this part in and will let you know ahead of time exactly what the limitations are going to be.   We would like to give a chance for most of our users to get verified, especially those that would be affected by any deposit/withdrawal limits.

Question 2:
When you do impose limits, what will be limited?

Answer:
Deposit and Withdrawal amounts and daily/monthly limits.   Trade activity will not be limited.  If you are depositing or withdrawing more than $1k a day or $20k a month worth of cryptocurrencies, then you should go ahead and get the verification process started.  If you meet this criteria, we will also be contacting you directly if you are not verified.

Question 3:
Do I need to be verified to trade/deposit/withdraw USD?

Answer:
Yes

Question 4:
I tried to get verified but it got kicked back.   How do I finish the process?

Answer:
Contact our verifications team.  If you are who you say you are, then there is no reason we shouldn’t be able to get you verified.  It just may take some different documentation than what our standard system supports.

Question 5:
Okay, so when will limitations start?

Answer:
It’s going to be a little while. We are currently reviewing accounts to determine what the initial levels should be set at.  The vast majority of the users of Cryptsy will be unaffected by limits.   We will be contacting high volume accounts directly to work them through the process and address any concerns.   Our goal is that whenever they do get put into place, nobody will see a negative impact.

Question 6:
What do you do with the personal information I provide to you?

Answer:
We securely store the information and only use it to identify you as part of our Know Your Customer (KYC) process.  Your information is not shared with any 3rd parties.

Paul
"BigVern"

AsiaCoin

So by now everybody know that the developer of AsiaCoin put in code to hide the fact that there are extra coins mined beyond what the original stated maximum number of coins would be.

We are monitoring this problem closely and are having our coin expert determine if there is anything that can be done to “fix” the issue.

We have halted trading, deposits, and withdrawals until we get some feedback on what can be done.

One thing that has been suggested:

- Fix the code & mark the block that produced the extra 3B coins as invalid or unspendable.   It appears there were around 30m already spent from this receiving address, but the majority of the 3b are still in there.  If this is to be done, then time is of the essence.

In the future, we will be scrutinizing the codebase of new coins much more closely before adding them to the exchange.

Paul
"BigVern"

4/16/2014 Maintenance Post-Mortem

What the?  What happened?

So here is what we were doing last night and what happened:

All accounts use a ledger in our system.  User balances and audits depend on this ledger.   When the system was initially designed, we had one ledger for all currencies.

As we have grown, the one ledger was getting quite large and we started to see some performance issues.   About a month ago it was determined we would move to a per currency based ledger system, meaning for every currency in our system it would have it’s own ledger.

Yesterday we began to move to the new ledger system.  This move required modifications to our audit program to look at both the main ledger and currency ledger while we moved the data.   We were basically attempting to perform this change without having to take the site offline.

The modifications to the audit program did not work as expected as many of the data migrations took longer than anticipated.  This resulted in inaccurate user balances.

We initially turned off withdrawals and continued to attempt the live migration, however the balance issues where affecting trading.   It was then determined that we needed to shutdown trading while we finished the migration.

After the migration was completed, we ran a full system audit for every user to ensure accuracy of balances.   

We are now on the new ledger system and everything is working normally.

Paul Vernon
"BigVern"

MN1 Contract Info

We’ve had users concerned about the change in the MN1 market where we added 10,000 more shares to the market and I think some might be confused as to what that means.

The initial amount was 10,000 shares for 10 Th of mining power.  Because the demand was high, we wanted to fill the demand.

What we did was add another 10 Th of mining power to that along with another 10,000 shares.

So this means that there is now 20 Th of mining power on those 20k shares.  Effectively giving each share the same payouts they had when it was 10Th.   This does not not dilute the per share distribution at all.

Some users where confused and thought that we added 10k shares without an increase in overall mining power, which is not the case.

There will not be any additional hashing power added to MN1 and we anticipate that market will open for normal trading this weekend.

I would also like to remind everybody that there are daily disbursements for MN1, which can be seen if you look at your “Transfers In” ledger for BTC.  

I would recommend waiting a week or so before making a determination of what the average payout will be, since number of blocks found can vary from day to day.

Paul
"BigVern"

OpenSSL Security Notice

We have updated our servers and our DDOS provider has updated their servers to patch the issue found with OpenSSL.

We have also reset all user sessions in the system, so you will be required to log back in.

This should not have affected any of our users, since nobody connects to the Cryptsy servers directly, but instead proxy through our DDOS provider.  Therefore, the exploit as explained would not have returned information from our servers.

As a reminder, it’s always a good idea to have 2FA set on your account if you haven’t already done so.   It’s also a good idea to change your password from time to time.

Paul Vernon
"BigVern"

Latest IRS Guidelines

I’m sure many of you are wondering, just as we were what the recent IRS requirements would mean for Cryptsy.  We have been advised by our CPA firm that the latest IRS guidance will not have an impact for our users.

From our firm:

"If we understand it correctly, Project Investors will not have an additional 1099 reporting requirement for users.  Notice 2014-21 does clarify 1099 reporting requirements in Questions 12 and 13.  Payments made in bitcoins valued over $600 for rent, salaries, wages, premiums, annuities, and compensation are subject to informational reporting.  In addition, payments made to independent contractors in bitcoins valued over $600 are subject to 1099 reporting.  I don’t see that being the case for the users of Project Investors.   I have attached notice 2014-21 for your reference."

http://www.irs.gov/pub/irs-drop/n-14-21.pdf

Paul Vernon
"BigVern"