It have been quite a few stressful days for Cryptsy users lately. For the umpteenth time, the biggest altcoin exchange had withdrawal issues, users with negative balances, massive lag on deposits,….They really just can’t get their act together.
If you have been reading our site for a while now, you know that we don’t go on a rant unless we have actual reasons to. This is one of those very few cases where we actually will rant, so if you’re up for it, sit back and relax.
I have personally used Cryptsy since…Gosh it must be somewhere in 2012 I think? Could be a bit longer or less long, don’t judge me. Regardless I really loved using the exchange in the beginning. Maybe it’s because it was all new to me, so many markets, the massive volume,….
Either way, I wasn’t having too many issues in the first few months. Also because I had no noticeable amounts of any crypto currency at my disposal, I wasn’t trading as often as I have been over the past few months.
All I needed was for Cryptsy to update my balances with my funds whenever I managed to scrape something together, and execute my trades. That is basically the job description for every crypto currency exchange, is it not?
At the six month mark, I started to notice odd things. My balances sometimes went negative whenever I had executed a trade, but they sorted themselves out fairly quickly. It might just be a glitch, right? As long as I still get the correct balance afterwards, I didn’t mind too much.
As Cryptsy grew, the delay on deposits or withdrawals became more and more obvious to me. I was gaining more and more crypto currencies, and at times, it took several hours for funds to be transferred from a wallet, or CoinPayments, to my Cryptsy balance.
After a lot of complaints from several users, including myself, BigVern, who “owns” Cryptsy, told us there would be hardware upgrades, and the exchange would run a lot smoother once that had been finished. I was really looking forward to that.
Fast forward till a few days ago, and over a year since the promised “upgrades” has gone by. Did anything change for Cryptsy users? Hell no. Even yesterday, there will still people with negative balances, withdrawals takes hours to process, deposits not arriving in time,….
Cryptsy is in a downward spiral, and at this rate, they could end up like plenty of other exchanges out there : they got in over their head, and they’ll be forced to either remove a lot of markets, or simply shut down.
I’ve moved all my funds off of Cryptsy, and I would suggest everyone else do the same. Most of my funds is spread over online wallets and a few offline ones, as well as about half a Bitcoin on MintPal. At least their trading engine works without hiccups (so far).