Topic: Coins Killed By Cryptsy - page 2. (Read 902 times)

Hoboknickles I kind of liked back in the day I think its still on a exchange somewhere and klondike coin i also liked, I saw somewhere a while back you can claim certain coins from cryptsy for those who got screwed when they shut down.

For people who don't know Cryptsy, It was the biggest exchange of it's day. At that time Bittrex was tiny.  Like many of you new people I thought my coins were safe because I had a good password and  two factor authentication. But nothing can protect your funds from an exchange owner who sees so much money in his exchange that he figures he can make a runner to Thailand or somewhere and live on the beach forever. And Cryptsy wasn't an exception. I remember Mt. Gox, Cryptorush, Mintpal, Maxx etc. It will happen again. Please use the new hardware wallets, they are cheap compared to your capital and work great.

As I wrote above.  Cryptsy wasn't so much about an exchange "closing" as it was about a person/company stealing a majority of the coins.  

Imagine if that happened now, and imaging if it was an exchange like Bittrex.  Millions of dollars a day in trades.  All of a sudden if Bittrex claimed their wallet was hacked, and it closed and held/kept all coins in the exchange.  All of a sudden you would have coins with a $100 million Market cap that have say 70% of the coins sitting in a theif's wallet.    

The community could carry on like nothing happened, and knowing they are pouring $70 million into the theif's pocket to buyback the 70% coins that are stolen, or everyone could walk away stunned.   Also people like myself (Yes I was dumb/naive at the time) having a few thousand dollars worth of coins suddenly vanish in an instant,  just walk away from it all, killing any chance of having a community left to rebuild itself.   I pretty much left anything crypto related for about a year.

Also, the publicity of something of that magnitude pretty much crushed the rest of altcoin market at that point.  It was pretty much Altcoin's version of Black Monday.  


Edit:  Also to add.  Decentralized means that no one is in control of the coin, It's running on its own.  So when someone steals a decentralized coin, like if someone hacked your wallet and stole your coins, you don't have anyone to go back to in order to get things reversed.  Not even the developer.  Only option you (IE the developer) really has is the option of destroying part of the blockchain, or all of it, and doing a Hardfork, and seeing if it is accepted.  This has been done in the past to a fix/revive a few coins that were 51% attacked but its rare.  And with something like Cryptsy, there isn't a certain block that you can wipe to in order to fix anything,  As people were feeding that coin to the exchange over the lifetime of the coin itself.    


As for it happening in the future.  There really is no guarantee it can't happen again.  There is probably a good chance it WILL happen again.  This is why all of us that have been in crypto for years always tell others to never leave coins on an exchange wallet no matter how big the exchange is, or if you do, to not to leave more than you are willing to lose.    

I never heard of Crypsy - but I am relatively new to crypto currency. How can the shutting down of one exchange cause the death of a coin (or many coins) I thought these things were supposed to be decentralised and immune to that sort of thing happening ?

Appreciate if someone could enlighten me cos I am worried about the future - if this happened once whats to stop it happening again??!

I don't think you understand the scope of what Cryptsy "closing", and they way it closed had an effect on the coins.  At the same time, I don't really know if any of those coins have a hope of coming back, aside from maybe the name.

Back when Cryptsy was around, it was the largest and best set up altcoin exchange.  I think it at least felt bigger than Bittrex, it had more coins for trade, and people were more naive, as nothing of that magnitude happened before.   Everyone knew that Cryptsy was making a fortune on trade commissions, and thus alot of people felt safer keeping their coins on the exchange. 

Cryptsy didn't exactly "close", in the normal sense.  Instead Big Vern stole the coins stored on the exchange.  For alot of the smaller coins, he was probably holding onto the majority of the coins in the blockchain, thus being able to kill a coin because of an exchange.  Nothing the Developer or the community could do to save it, aside from maybe a total reset of the blockchain.

There are so many coins dying, besides cryptsy, I want Mammoth, Mastiff, Vootcoin, Bitleu & Digit back (just checked some of my dead wallets)

The problem is most of coins on cryptsy are dead, no working blockchain, no further development, and there are tons of them. It will take a massive effort to bring them back from the dead. And i'm not really sure that most of people are willing to spend their time or money to do so while there are lots of altcoins out there which have a brighter prospect.

Thanks to all who like this idea and want to help!

Hey man, I've seen Bottlecaps on several other exchanges, but I will do some research

Thats a great project waya, I dont miss anycoin, was able to see whats going to happen and withdrawed all, lucky me.
But as always, contact me for help or anything

Yeah I lost a pile on Cryptsy. 

1 coin I would love to see in its former glory is Bottlecaps.   Not really sure if that died from Crypsy or other factors. 

If a cryptocoin depends on an exchange to make it live or die, then it does not deserve our time and bitcoins. A cryptocoin should depend on its own community. Without it a real community, then it should die.

Developers should also be dispensable. Read about the history of Monero. It became more progressive after smooth and others deposed the founder.

Nice work Waya. Any help let me know what I can do

sorry for what happened with the exchange

i think that if people start to choose their coins after some research
they can avoid 95% of abandon chance..
so cant blame anyone for the second thing

True. some hard lessons need to be learned.  But one thing special about cryptsy is that with its demise it took with it a number of coins.

I think I would like to broaden the topic to coins where the developers just walked away, but that is a way bigger list.  Many coins just get abandoned and the people holding them are simply fucked.  So if you have one of those coins feel free to mention it as well.

Don't think most of the people here will know what cryptsy was. Or mintpal. They're just gonna continue keeping their funds on exchanges and keep getting fucked over time and time again

cryptsy was an exchange that died in a scandalous ending with Big Vern, the owner fleeing the country and hiding

What is cryptsy?

Hello All,

I was thinking about the coins killed by the ugly death of Cryptsy.  Many of us were left holding coins that suddenly had no value and no other exchanges with the developers walking away.  Currently some people are looking to bring back some of these coins, one being Flappy Coin has come back.  What I am curious about is what other coins would people like to see come back from the dead?

Cheers,
Waya