The analogy below is a snippet from an explosive, outraged Reddit post about cryptocurrency popular exchange Cryptsy by user ProHashing. He is a representative of the company by the same name as his username, which is based in State College, Pennsylvania, United States and owned by the brothers Chris and Steve Sokolowski.
…imagine that you walk into a hardware store and see that there is a sale on a type of screw. […] Since they are so cheap, you say that you’re even willing to pay 1.1 times the sale price. […] You buy 10,000 of these 5 cent screws to use in building your new home. The cashier tells you that paying more than the sale price isn’t necessary, and that the store will just charge the normal price, so you give the cashier a credit card. The card rings through at the agreed price, and you leave. After a long day […] [you] log onto your bank’s website to balance your budget. You discover that, instead of paying $500.00 for all the screws, you were actually charged a half million dollars for a few dozen boxes of fasteners.
What makes ProHashing unique is that they allow the user to mine in or to be paid in any cryptocurrency – presumably any coin being traded at Cryptsy. ‘Choose to be paid in Bitcoins, Litecoins, Dogecoins and over 80 other coins, or have fractions of your income distributed across several payout coins,’ advertises their rather professionally designed website.

This post was published at Crypto Coins News on November 24, 2014.

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