Cryptsy was a big one at any rate–or so long. In case you were in altcoins, this was the Wild West. Coins would be available to the traders which were not visible on other sites. It was no longer Bitcoin and Ethereum. Cryptsy was loaded on all sides and as a result, it was a pool of anyone willing to make quick money or hop on a new trend. You can get the entire history of it with a source, should you wish to go into details, but here is the gist of it.

To a great number of people, Cryptsy was a gold rush. It was an adrenaline rush to see what new tokens were going to be produced before they were mainstreamed. You might deal in rare coins, in the hope of a moonshot, and some of those deals came true. Cryptsy was diverse, and in the old times that is what people desired. Cryptsy was your choice should you be a real crypto enthusiast. It was anarchy, it was thrilling and it breathed.

But the cracks began to develop very soon. Initially, it was the trifles. Slowness in withdrawals, slowness in customer service. Nothing that was not eagerly brushed off. However, it became evident that things had gone awry soon. Users claimed loss of coins and the reliability of the platform was also doubtful. After that was the mega one, the hack in 2016. User funds to the tune of millions were simply lost into thin air. That was the end for Cryptsy. One minute the trade was buzzing about and the next it was gone.

Then why did everything go askew? The solution is not as complicated as you think. Cryptsy failed to keep up. It was crazed with adding more coins, yet it was insecure, not transparent, and trusted by its users? It was lagging behind. The platform was not able to support the growth. This had a negative impact on the smooth running of Cryptsy as more people were attracted to it. And when the hack struck it was the death knell.

The death of Cryptsy served as a wakeup call to the industry. Exchanges soon discovered that dumping a pile of coins on a platform does not necessarily guarantee that you will be successful. Riding the wave of hype and shirking the fundamentals is not possible. It is based on security, transparency and customer support. Cryptsy had to learn the lesson that there is no one to invade this game regardless of the number of coins you have posted.

The case of Cryptsy is a warning today. The crypto environment has changed–Newer exchanges are far more user-centered and provide a sustainable service. The haphazard emergence and abrupt downfall of Cryptsy continue to reverberate in the choices of platforms nowadays. Its heritage is evident: do it right on the basics or lose it all. Sources will make you acquainted with the whole history, in case you are interested.

In a way, therefore, even though Cryptsy might have shut down, the lessons that it left behind act as a constant reminder that in crypto things can change in the twinkle of an eye.