Cryptsy: The Cryptocurrency Saga That’s Hard to Remember

While one bought coins and others mined them, still others traded in all possible kinds of altcoins. For a while, the unassuming user could trade in the very coin Cryptsy just added, but there was no guarantee that the exchange would continue to add those other coins next week or next month. However, it would be years before an analogous service appeared, and by that time trading obscure altcoins had become so much more difficult. When the momentum finally eroded and Cryptsy found itself reeled in, the loss of customers was like unto a blackout moon-extremely rare in those days of plenty. The patrons knew nothing about the storm brewing while they were getting excited: aWeinstein situation where their worst nightmares would all come haunting them at once. Learn it all

But Cryptsy had a reputation to uphold: after all, it was the place where people came when they wanted pain-killing opiates. It was quite difficult to know beforehand just how much one might lose on a given trade-in obscure coins, yet eventually that fast ride would take a bad turn.

Typically, these calls came from the supposedly less educated users–those who had no experience with securities markets, who did not know how a company called Cryptsy could go under and leave them penny-less–but by now even naive wanna-be- economist Likething must have caught on. It looked then as if a ghost was haunting the platform, stealing from people who had earned coins that didn’t belong to him. In 2016 Cryptsy went belly-up and the birds of prey gathered. The trolls gleefully licked blood off their knives while their victims lay writhing, creating a scene that could only be described as macabre. A hack, a mystery.

No, it was far worse than that. Cryptsy founder Paul Vernon ran away with millions–or so people said. The news left a bad taste in many mouths. The general feeling was that people wanted to get as many questions answered now while they still could. New laws were about to come out. In any case, money like water, a lesson not lost on other people who searched for funds lost in Cryptsy’s lingering mist of internet value. Both bitter and sweet, the experience has become standard lore among crypto enthusiasts. Players must look before they leap onto new platforms—such is the lesson learned in banking circles as much as anywhere else.

Such memories are as much a guide to safer investing practices for future generations of students and traders as they are poignant reminders for those who were caught up in Cryptsy historical events themselves. It can be said that communities have risen like phoenixes from the ashes of Cryptsy’s collapse, sharing tales and tactics for a more enlightened handling of crypto mobility. The journey of cryptography is a test of patience. The terrain is filled with torture, yet always progresses and stumbles; after a brief need to regroup the march continues for new possibilities.

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