If you ever tangled with the wild west era of early exchange bitcoin, Cryptsy will not be a name easily forgotten. It was an exceptional entity amid the ever-changing map, attracting attention through unrivaled brilliance and users like bees drawn to honey. Dive deeper
Cryptsy was born in 2013, right in the middle of Bitcoin’s surge in popularity in 2013. Fans swarmed to Cryptsy to bet on the ultimate in digital cat food. Where else do you have the opportunity to trade more than 200 kinds of electronic cash beneath a single roofbeams? It was a trader’s heaven,wether you were in heaven or kitchen.
But as a suspense novel with a twist ending, Cryptsy finally fell short the mark. At first, the platformwas applauded for its quirky selection and angle. Enthusiasts showed off their trades like peacocks resting in the sun. But behind scenes, everything was not so bright. There was an ominous shadow looming over, not just the normal chaos of crypto trading.
By 2015 the rumour mill had it that Cryptsy continued for months be in over its head. Furious users said they couldn’t find their coins. It was the digital wallet decided to take a vacation without saying where it had gone. Communication from Cryptsy was scarcer than hen’s teeth. It was then, just at this time in the backend drama unfolded as well. The exchange said it had been hacked–not last week, not last month but as far back as 2014! This leaving many people with disbelief on their faces.
This all changed once Cryptsy found themselves involved in lawsuits which finally forced them to take stock. The legal dance left the company even more unsteady than a soon-tacollapse was near. Their clients gripes were not just with a few coins gone; there was a flood, an avalanche of complaints. CEO Paul Vernon, or as folksliked to joke “Big Vern” disappeared like Houdini leaving users, investors and partners out cold.
Lessons from Cryptsy’s run-around are reminders about life skills – such as reading contracts and knowing who holds your strings. It’s like leaving your entire lifewith a mongrel that also sometimes eats the mail. Naturally the Cryptsy story only stoked the fires of those who run virtual currencies: What not to do in managing one.It’s the kind of tale you tell at Ghost Story Night around campfires, a myth for cryptoes that comesplete with a warning.
Investors in cryptocoins who want to learn from the Cryptsy crash should think ahead. Carefully checking sources might seem tiresome, but it’s rewarded by avoiding a world of discomfort later. Although more recent platforms boast higher security and stricter controls than Basilisk’s mouth, the ghostly footprints of Cryptsy still haunt them as a memento mori. It’s a past which tingles the back of every neck still dwelling in the digital currency sandbox, whispering: “Keep your head on your shoulders!”