Bitcoin Forum

What is cryptsy?

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

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

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

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.

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. 

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

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.

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

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.

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??!

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.    

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.

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.

Why people want to bring the dead coin back?
I am just wondering

Their front-end design was slow, clumsy and a waste of time compared to btc-e.com, but Cryptsy was fun for trading many different coins in one place.

Same reason people like listening to oldies radio stations ect.  Nostalgia sells.  

I think those coins if were dead we should live them alone because market has decided for them to be dead.
You can not resurrect true shitcoin... okay I know NAV this one was resurrected :D
But in reality developer  went back to party when crypto fever was back :D
do you really ant invest in such shit ?

Just issue a flappycoin erc20 token and airdrop it  :D

I see what you're saying but there's so many new coins now, and the market is so diluted, that I think these dead coins aren't coming back.

The funny thing I remember about cryptsy is they had a feature where you could buy a set amount of every coin on the exchange all at the same time. So you could click once, buy a few dollars worth each of hundreds of different coins, and create your own cryptsy mutual fund of shitcoins.  Memories...  ;)

This topic is so much in demand and it is interesting not only for you.

Those who started from the very beginning and came across Cripsy, they are interested in the death of the coins resurrected.
But to my great regret, not everything will be as we need or want. And if nevertheless someone left the dead coins on the account, then I advise them to leave. Sometimes this can be a surprise when suddenly you go in and they are activated.

Well, they do not occupy a place, and yet this is our money. So I left it. And what will happen in the future?

looking good and mining now waya  thankyou.

After flap another user asked us to work on sat2

https://bitcointalk.org/index.php?topic=2334220.msg23744090#msg23744090 (https://bitcointalk.org/index.php?topic=2334220.msg23744090#msg23744090)

now that that seems to be walking on its own again were ready for the next

You need to be commended for your efforts.  People like you and your tem deserve credit for working on these coins to bring them back to life.  It amazes me how people can band together and decide to works towards a goal of making a dead coin come back to life.  I have had the pleasure of doing this on Flappy Coin and it was and still is a wonderful project.  I ask all those who would like to see a coin come back to life to seek others and make it happen.  No need for a good coin to lay dead while tons of shit coins abound. 

Hobonickles was big thing back then ;D. Add RDD to the list as well. It died quickly as soon as cryptsy died. I'm one of the lucky individuals who didn't keep my alts on their website. I wonder how many people received something from lawsuit they filed or if it's still going on.

I recieved an email recently stating a class action suit is still in progress for all cryptsy members who lost coins.

This was a follow up from another one i recived quiet some time ago

I had lost several smaller coins myself (CLAMS, Joule, etc..) and always wondered if there was actually a record of some of these captured before Cryptsy was finally offline?  Being more a "dabbler" at the time I did not keep my own records ... but should have. 

I guess there are coins which have been killed also by other exchange fails, like Mintpal, Allcrypt etc. Would be nice to discover which they are.

tried to kill cgb - good coins never die

This is a great thread! Especially for those of us who lived the cryptsy, and mintpal, and gox, and... disasters as someone said before. Too many projects went away before they even had a chance to get going leaving many "holding the bag". I personally took some SERIOUS losses with many disreputable exchanges, and now we have CoinsMarket. I'd like to think we aren't seeing a repeat of events, only time will tell. But for those new or newer even to crypto the safest place for your coins is in YOUR wallets. Only put what you need to trade on the exchanges, THEY ARE NOT BANKS! I hope to see more like this in near future, gives me warm and and fuzzy feeling.  8)

i liked the layout because you could turn off whatever you wanted and only see the markets of your choice, that made it a lot faster when only loading what you cared about

if you ask around a lot of people took screenshots and made other records

Hi, I understand that this is a very old topic, but I am really interested. Could someone give me a few examples of coins killed by Cryptsy? Help is much appreciated!