Cryptsy updates Points model after adopting maker-taker fee structure

Cryptsy has changed the way Cryptsy Points are awarded. Previously, points were awarded in proportion to the amounts of fees

Cryptsy has changed the way Cryptsy Points are awarded. Previously, points were awarded in proportion to the amounts of fees paid by a user.

The problem was, under the new maker-taker model fee model, market makers don’t pay any fees and are effectively getting punished for their market making activities.

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Cryptsy now awards points based on trading volume, as follows: For every BTC traded, you get 0.1 points. Like Bitcoin, points are divisible down to 8 decimal places. Points can also be earned off the trading volume generated by referred users.

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Cryptsy Points can be used for a weekly draw for prizes. They can also be traded under the Points/BTC pair.

Cryptsy also awards fee rebates to users just for holding USD, BTC or LTC balances (the base trading currencies). 2% of the total fees collected are distributed to users at the end of each day. A user receives a portion of this amount equal in proportion to his/her holdings out of total Cryptsy user holdings. If Cryptsy collected 10 BTC in fees on a given day, and a user owns 100 BTC with total Cryptsy accounts equaling 10,000 BTC, he would receive: 10 BTC x 2% x (100/10,000) = 0.002 BTC each day.

Even holdings subject to open orders are eligible.

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