Cryptsy became a land of crypto dreams, as well as, a place where they were going to crash and burn. This was your entry point to the game should you be into altcoins. It was not only the process of buying and selling Bitcoin or Ethereum, but Cryptsy provided the opportunity to purchase those coins that were difficult to get elsewhere. The merchants were like the discoverers of the coins that had not been heard of. It was a playground. Exciting. Hectic. To find out more about the backstory, click for source.

The great variety of Cryptsy was its strength. Other platforms were content to remain with the bare minimum, but Cryptsy was where altcoins were on the experimenting stage. You went hunting the next big token in Cryptsy, had a nose which had been soaking in the wet. The excitement was so great in the air that you seemed to smell it as people bet upon obscure tokens on the hope that one of them would start. It was more than trading, it was like an adventure. There were a good number of traders arriving at the altcoins and some of them went away with their pockets full. But it wasn’t all sunshine.

Things were not always that good behind the scenes. The fast growth of Cryptsy began to come up with it. Minor problems started emerging–withdrawal delays, slow customer service and the growing feeling that something was amiss. It was like a house of cards. The larger it became the more unstable it was. These problems were not addressed by the platform resulting in a catastrophe. Then there was the hammer in 2016, the colossal hack wiped out millions of dollars of user funds. The exchange collapsed without even giving any notice and users were left high and dry.

So, what went wrong? Cryptsy got carried away. It expanded excessively and failed to work hard enough to establish its platform. Giving a ton of coins was not sufficient to make people safe. The platform was not able to manage the growing demand as more traders were attracted to it. It was not ready to get what was coming next. The hack demonstrated how ill equipped Cryptsy was to handle the dangers of dealing with such volumes of crypto. The absence of security on the platform was its death knell.

Cryptsy made a mark in the crypto world when they collapsed. More recent exchanges made its errors. They knew that it could not be just a variety of coins that would make traders satisfied and safe. A variety of lineup is not enough. You need trust. You need protection. You have to be capable of managing the number of trades as well as securing the assets of the users. Cryptsy was a wake-up call. A crash-and-burn situation that demonstrated the speed with which things can go bad.

The history of the exchange is still there as a caution. It brought to the crypto world the lesson that you cannot simply ride the hype. Without establishing a strong base, all may crumble. Although Cryptsy is no more, the teachings that it left behind in the crypto space are not dead. Exchanges today recognize that security and transparency is as valuable an ingredient as the coins they are listed. The wild ride of Cryptsy could have been cut short but its legacy still lives on in the crypto world.