Going through the conversation history, I noticed that I never created the file. So after doing that now, and trying to automatically open the encrypted volume, I am presented with a different message now:
Code:
sudo cryptdisks_start sdb1_crypt * Starting crypto disk...                                                                                                                         * sdb1_crypt (starting)..
 * sdb1_crypt (failed)...                                                                                                                  [fail]
I can manually unlock/lock it.