Silver and Gold naked shorts
This is very similar to the way Silver and Gold gets “naked” shorted.
Cryptsy has had the Quark wallet in “maintenance mode” for a very long time both our core coder and a number of Quark buyers have contacted them with no response.
Quarks largest exchange Chinese BTC38 :
is having ZERO problem with the wallet and says it is functioning perfectly.
so what is Cryptsy doing? what are those zany guys up to?
Simplicity at its best its all about “taking possession”
it is very very simple, they are very likely “double shorting” the Crypto Quark on the exchange.
that can only work if you as a buyer can not take possession.
so with Gold and Silver paper contracts the Silver and Gold (as many would understand) is not there – hey for all we know its on Mars ! ; D
so you see, if you try to “take possession” its very hard, because we are talking about a physical product, but with a Crypto like Quark that effectively takes about 30 to 60 seconds, but hey hey , not if you can’t actually pull it out because the wallet is in permanent “maintenance mode”.
so what does permanent “maintenance mode” achieve?
it is simply a basic block in and out form the exchange, so think that all the Quark on the exchange is “self contained” so the price is the “cryptsy” price they can stop all from taking possession but you can still trade it up and down on that exchange, really quite ingenious (temporarily)
so you can trade it but you can’t “get it out” of the wallet.
hmm i smell opportunity….
so to be clear you can still trade Quark on Cryptsy but the “Maintenance mode” stops any single person from taking possession of the product at the very cheap and ultimately manipulated price perception.
how one could profit from that is a two way bet, it literally a risky 50/50 bet.
If you believe Cryptsy does not “pack up” with your Crypto and goes into the sweet night, then you win by Buying now and then putting pressure on them to give you your Quark, this could be done though a number of legal avenues.
the other side of the bet is they can keep it in permanent maintenance and ultimately you never get your Quark.
but if you can “take possession” you will see Quark spike notably when there is some sort of outcome.
hope that helps !
IT IS MY OPINION THAT THERE IS EVERY CHANCE THAT CRYPTSY WILL PACK UP AND TAKE ALL THE CRYPTO ON THERE SO CONSIDER THIS HIGH RISK!
THEY ARE BASED IN THE USA, A VERY HOSTILE ENVIRONMENT FOR CRYPTO. if you want to be safe just sell on Cryptsy and re buy on a the large Chinese exchange BTC38 or others like BTER.