Do you still remember the days when cryptocurrencies were like the new rock and roll?Among a lively scene Cryptsy played the intrepid expoliter. Founded in 2013, the site was rather like a friend who holds a surprise party out of the blue for no reason at all. Find out how
Although now Cryptsy is no longer a bright spot at the center of today’s newborn crypto- enthusiasts’ dinner; but once, oh! it shone splendidly. Back in Cryptsy’s heyday there were all manner of little coins to be traded.It was rife with small, lesser- known currencies that were not widely available. People had plenty of choices, too. Bitcoin, Litecoin, Dogecoin and others–just like gamblers streaming into Las Vegas and sitting down to games they had never heard of before.Works started to crumble, users began complaining about withdrawal problems, and money simply ended up stuck.
Cryptsy hit the headlines–but not in a way that suited its ambitionsAt the end of 2015 everything fell apart. The bombshell dropped as soon cyber thieves stole millions: Users bemoaned their inability to take funds out of their accounts yet splattered warnings across social media in drips and drabs.Seeing support in that situation was trying to chase mirages across deserts.Nevertheless, impending legal troubles rolled in with the power of thunderclouds before a storm.
Publicly, charges against Cryptsy founder Paul Vernon included robbing customers or some such thing of their balance in the site’s coffers. As this affair deepened drama-wise Vernon did a Houdini. No one knows for sure where he went, but stories circulated about his ending up somewhere in China are just about as hazy as not-even-quite- sunny clouds in an early morning sky.
Cryptsy’s ruin was a timeless lesson: trust is not easily won and may be lost in the twinkling of an eye.A few platforms sprang up in its wake. But the Cryptsy story remains, a faint reminder to today’s users to beware during this new dot-com bubble. From its rapid rise to sober reproof Cryptsy’s tale is one of ambition and a warning about what happens when things move too fast.