Leading multi-coin exchange Cryptsy has launched a coin voting feature, whereby members can vote for the coin to be added to the exchange. The announcement reads on their blog as follows:
“We are always adding new markets for promising coins with active communities and user support behind them to Cryptsy, and now through our new voting process, we would like you to tell us what you want. The coins currently under consideration are listed below in order of number of votes received so far.
Using the buttons below, each Cryptsy user is allowed 1 free vote per coin. We are also accepting paid votes, which have no limit on the number of votes you can cast. Adding new markets requires a significant development investment for each new coin, so your paid votes will help offset the costs and accelerate the development time.
Paid votes can be submitted using either BTC or CryptsyPoints. To vote with BTC, simply send BTC to the deposit address listed next to the coin(s) you wish to support. Every 0.0002 BTC sent to the respective address received will count for 1 vote. You can click on the address link next to any coin to view payment votes cast using BTC, which are posted after getting 2 or more confirmations.
Alternatively, we are also accepting CryptsyPoints as part of our paid vote program (5 votes per CryptsyPoint). After you cast your free vote, you will then have the option to vote again with your CryptsyPoints as often as you like.
Although most of our new coins will be informed by the feedback from our user polling process, we reserve the right to add new markets outside of this list from time to time. Is there a coin that isn’t on the list but you think should be? Contact support (at) cryptsy.com with the relevant details for consideration to be added to this list.”
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The new feature sets a fairly new precedent for any type of exchange. What will immediately come to mind for many is the potential for voters to try pumping their own holdings (for example, if acquired elsewhere).
Thus far, Ultracoin (UTC) leads voting by a wide margin. It currently ranks 35th in market cap, its total worth slightly over $1 million.
Behind the scenes, this new pseudo-social element will give Cryptsy valuable insight into the most/least popular coins. The intelligence can prove super valuable when it comes to things like where to devote support and resources, and especially how to best market Cryptsy. This can work both externally, for example in targeted advertising, and internally on the site, for example when users visit the home page.
One can even speculate that depending on the relative value derived from voting, a new flourishing market can develop for trading CryptsyPoints, perhaps via a new coin initiated for this very purpose.