Cryptsy became one of the pioneers in this Wild-West of digital coinage when cryptocurrencies took their first tentative steps. Imagine a digital gold rush. Cryptsy wanted to be at the forefront of this digital wave. It offered enthusiasts a way to exchange their shiny new bits electronic magic powder. As with rollercoasters, however, what goes upwards must inevitably come back down. Visit now.

Cryptsy had become the place to go in the early days of 2013, when the public was still adjusting the concept that Bitcoin is not a type of cookie. The cafe where everybody gathers and talks cryptos in their lattes. The exchange was a great place for people to swap all kinds of cryptocurrencies. Not just the popular ones but even those unknown altcoins. To the digital traders of the day, this was an array of trading possibilities.

Bob, an average neighbor who declared himself a crypto-enthusiast, was dancing in front of the keyboard, trying trade his newly mined coin. Fluffy was probably aware that he shouldn’t trust everyone. Bob was already immersed in his fantasy, visualizing himself turning the coins into gold tickets.

Cryptsy prospered but no one suspected that the house of cards was held together by tape and good will. Along with the allurement of the exchange paradise came the shadows. Stories began to spread, like whispers in the darkness, about mismanagement behind-the-scenes.

Things began unraveling suddenly, like a sweater being warned to avoid a loose stitch. Whispers of coin disappearances – similar to socks vanishing while being washed – began to appear. Traders noticed large chunks disappearing from their accounts. In an instant, the overnight dreams of moonbound fortunes turned into midnight oil-burnt fears.

Paul Vernon – the man who is steering this ship – was brought into the spotlight. Was this a matter of pure incompetence or was it the result of foul play? As Cryptsy waters got murkier, scandalous headlines appeared. Imagine the plot of a popular soap opera but with lost coins as opposed to long-lost brothers.

What was the cause of the collapse? Lawsuits piled-up faster than pizza box at a LAN event. By the time everything went wrong, it was too late. It was almost as if someone traded in their champagne fantasies for a hungover reality.

It’s time to turn up the drama and start filing lawsuits. Vernon, who allegedly stole money from the bank, made everyone think he’d watched too much heist movie. He was a ghost who vanished as quickly as the digital currency that he is accused of having pocketed. After the coins were removed, customers wondered whether they’d see Satoshi again.

After a few days, the authorities cleaned up some of the debris. However, many felt it was like digging through ashes to find gold. Many did make some progress, for example finding a $1 bill buried in the couch. But for the majority, it was a haunting cha ching.

Cryptsy’s Saga is an eerie reminder of how the cryptoverse is evolving. It shows the importance in a distrustless currency system of trust. You can compare it to how you want to be able trust your weatherman, but also keep an emergency umbrella close by.

Cryptsy in hindsight feels like a dream you had that ended with a trick you didn’t expect. Bob’s now-mothballed trade desk is a testimony to the highs as well as lows that digital currency adventures can bring. Cryptsy’s story is sure to be part of the digital folklore. A thrilling saga that any future ‘cryptonauts’ can learn from.