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PSA: CryptoRush is insolvent

V

vortec4800

Gawd
Joined
Sep 19, 2003
Messages
946
Looks like CryptoRush is going down, which is a bummer because they were my go-to exchange for smaller coins.

If you have pending trades or balances there get them out now. I had a few trades waiting and a couple small balances. I cancelled my trades and tried to withdraw to BTC but it failed. I was able to convert everything I had there into RUBY and pull that out no problem. May be your best bet.
 
These fly-by-night exchanges will always be like this. I don't know why anyone thinks otherwise.

An exchange requires some sort of backing capital to fund the initial exchanges, which then fund subsequent exchanges, etc. An exchange is an inherent ponzi scheme. Unfortunately this is the part that desperately requires regulation because this is where the abuse is going to happen. Fly-by-night exchange pops up, throws in a little bit of BTC to start the ball rolling, gets some altcoins, goes and exchanges those out elsewhere for more BTC, then snowballs, then finally says "All ur altcoins belongs to us. By the way, we're insolvent."

This new account freeze shit is just the latest scam.
 
makes me want to start my own exchange and accidentally get "hacked" i heard they "lost" like 950btc and over 6000 ltc.
 
SunnyD said:
These fly-by-night exchanges will always be like this. I don't know why anyone thinks otherwise.

An exchange requires some sort of backing capital to fund the initial exchanges, which then fund subsequent exchanges, etc. An exchange is an inherent ponzi scheme. Unfortunately this is the part that desperately requires regulation because this is where the abuse is going to happen. Fly-by-night exchange pops up, throws in a little bit of BTC to start the ball rolling, gets some altcoins, goes and exchanges those out elsewhere for more BTC, then snowballs, then finally says "All ur altcoins belongs to us. By the way, we're insolvent."

This new account freeze shit is just the latest scam.
Click to expand...

^^ THIS! ^^

Couldn't have said it better myself... I totally agree that without regulation, this will always happen and there's nothing anyone can do to stop it.

On the same note, to be absolutely honest, I had a very strong feeling that CryptoRush was going to go under sooner than later and I had this feeling a couple months ago. Their operation was shoddy, run very amateurishly. They couldn't keep their BTC trade pairs up for more than a day sometimes because they would always have issues with their BTC wallet(s). I cringed whenever I had to use them to trade something.

On the bright side, some of the crap coins that only called CryptoRush home (dunno how many there were like that) will be getting weeded out without any other place to be traded.
 
Another reason why you should not keep money with these exchanges unless you're willing to part with it.
 
Yet another one falls... Regulation you say? Thats not the rhetoric I have been hearing from pro crypto free willy liberals....

But I agree in order to be successful it needs some form of regulation.
 
It's funny CryptoRush has a warning up on their site claiming insolvency "but only with certain coins", and yet they continue to operate. As if that message instills any confidence in anyone doing any trading there. Oh well, you know the saying..."A fool and his money..."
 
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