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Of Wolves and Weasels - Day 736 - The (Unneccessary) Fall of Cryptsy

Hey all, GoodShibe here!
So, wow, some really interesting and, well, disturbing news about Cryptsy is in the wind.
When I say 'disturbing' by the way, I'm talking about the completely casual admission from Cryptsy themselves that 'oh, yeah, by the way, about a year and a half ago, we lost a crap-ton of your money and elected to not say anything'.
It's a wonderfully technical recounting of events.
Cold and clinical and utterly devoid of remorse.
Man, it's days like this that I really miss Vault of Satoshi.
Here's the hard thing: instinctively, I understand the thought process... can even empathize, to an extent. You're someone who's worked hard to build a business and a brand - to become a pillar of the Cryptosphere. Maybe you've even done everything right up until this point... and then some little piss-ant sneaks behind the curtain and tears everything down around you.
All of a sudden, you're the next Mount Gox.
Destined to go down in history as a ridiculed footnote of Crypto-coin lore.
Yeah, no wonder you "didn't want to cause a panic".
Because, as anyone knows in crypto -- and anyone who runs an exchange is going to be hyper-aware of this -- trust is the only currency that matters. And after Mt. Gox? Trust is a very fragile commodity.
What do you do when you've just had ~20,000 BTC stolen from your coffers?
The Ethical thing would be to explain everything there and then. Publicly build a plan of action, explain and share the process of the investigation. Share the known location of the coins -- hell, in moments, at the time, you probably could have rallied SEVERAL crypto-communities to your side; had some of the very best minds across the cryptosphere working to help you.
Because here's another simple truth: NO ONE wanted another Mt. Gox.
Trust would have been damaged, sure, but I suspect it could have been recovered had you, in time, identified what happened and shown everyone how sophisticated the attack actually was. That it wasn't necessarily you asleep at the wheel. If you had come forward and said "hey, we've got the reserves, we'll take this on the chin as a cost of being part of this grand experiment with you".
Because, yes, so much of all of this is one great, grand experiment and by showing humility and working to advance all of our knowledge of how to protect ourselves, maybe... maybe it wouldn't have been so bad. It would've stung, but you, with work, could've recovered.
If it had actually been about your customers, the people who'd put their trust in you.
But "maybe* is a big word when your legacy is on the line, your years of hard work. You're the victim here, right?
So... if you happen to look at your balance sheet and see that, yeah, you can just... make it go away, pretend that it never happened... why bother, right?
Why even risk it at all?
Except it means that for, who knows how long, you're riding on a very capricious edge.
Owner of an exchange for not just one but hundreds of extremely volatile cryptocurrencies.
Is that why you went from friendly, accessible 'Big Vern' who seemed like he was everywhere to the quiet, recluse that we've seen lately?
The problem with having ones ethics thrown into question is that all sorts of things, things that only existed as rumors and backroom talk end up taking on a whole new life. Was Cryptsy aware of the market manipulation that was going on? Was it... sanctioned? Maybe, in knowing which way something was going to move... well, would that help to fill a 20,000 BTC hole? I'm not saying that anything actually happened, but one certainly begins to wonder what steps one might take.
Because no one 'just accepts' a 20,000 BTC loss without trying to find a way to get it back.
The most frustrating thing about all of this is this:
The fact that Cryptsy lasted this long despite a supposed "run on the bank", despite the many supposed "smear" campaigns against you is a testament to how much the various communities wanted you to exist.
There are so many other, better ways this could have played out.
We need a trusted place to do business, now more than ever.
Instead -- and the Dogecoin Community has some scarily first-hand knowledge of this with the fall of Moolah -- we get to watch as the wheels so very slowly start to fall off. As, one by one, the complaints begin to bubble up from the cracks until the whole thing is torn apart from fear and frustration and anger.
So... now you've got a lawsuit against you. A class action lawsuit. 84,000,000 DOGE is, yeah, people may laugh at our funny, silly little DOGE, but that's no amount of chump change.
Now people are pissed.
Because no one wanted another Mt. Gox.
Yet, when given the option, when faced with the choice... that's exactly the path you chose to walk.
It's 8:18AM EST and our Global Hashrate is holding at ~1260 Gigahashes per Second and our Difficulty is up from ~15082 to ~16757.
As always, I appreciate your support!
submitted by GoodShibe to dogecoin [link] [comments]

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