So apparently if you trade on Cryptsy, as of recently, you can't expect to withdrawal your wealth.
Poloniex, the second contender to Cryptsy is all about KYC and official status. I have no idea how they are fairing during this Cryptsy outage.
Here is where BTS and decentralized trading matters......
I have a huge holding in a major altcoin that I'd like to convert, but shapeshift and similar projects don't offer a conversion.
Since Cryptsy and Poloniex have basically been limited (and sold to the regulation devil)
..and BTC-E doesn't carry my alt-coin...
Are we stale mated here in the alt coin trading world?
Of course it had to happen. The owner of altcoin decentralized exchanges had to make a few million dollars before the industry was regulated, and they registered themselves as KYC to keep it going as long as they could. However, they knew the moment they did that, it would create a problem for regular altcoin holders who just wanted to trade altcoins without all the red tape.
Then comes the flashlight in the dark.. people who have holdings in various coins, that need a decentralized exchange, with a decentralized network, to keep the system working that we've all known over the last 5 or 6 years.
Fantastic. I think I'm talking to the right community, maybe those that have been in it this long to offer meaningful suggestions, much like I would try to do..
However, why can't I trade my altcoin #1 for altcoin #2, and the people I'd like to trade with during this urgent moment, are not a participant in the BTS / decentralized exchange concept?
We have the medium, the technology, the concept, and idea. But during urgent times, we'd be trading with early adopters and early investors of Inviticus instead of attracting other people "today" and altcoins "created today"...
If you've read this far, then PLEASE REPLY. Say something. You should be as concerned as much as I am about the changing landscape. You get what I'm saying (Cryptsy Dead. Poloniex Dead, BTC-E kind of dead, and MT-Gox dead... we're running out of centralized exchanges, but the exchange 2.0 that should survive without centralized exchanges is half-dead and not adopted yet. so now what?
Should we all wait 6 months for something right to surface?
Or should we really be concerned that if you have a couple hundred dollars of an alt-coin to sell / convert, you are basically dead in the water like a leaky ship simply because all the major exchanges are F*'d?