Monero Gold integer undeflow scam
66shitcoins.com
66shitcoins.com
Pretty much no matter how you shake it, there's scammers everywhere, fakecoins abounds, and liquidity transfer from $coin to paper fiat currency is fraught with dangers.
Look at the coinbase horror stories - it's now well established if your money is stuck there, you must get the help from having a high post here on HN if you want a reasonable response.
Long story short: some people will make a mint. A lot of people will lose their shirts. It's a repeat of the stock market of the 10's and 20's, right before the foundation of the SEC and the controls we now criticise.
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Edit: aaand here comes the -1's. I hit a nerve here from the looks of it.
1. Coinbase: https://news.ycombinator.com/item?id=16261136
2. Almost 1400 altcoins in existence. https://www.justcryptonews.com/120/how-many-altcoins-are-the...
3. "Investors" mortgaging their house to buy bitcoin. http://fortune.com/2017/12/12/bitcoin-investors-mortgages/
4. History of the SEC: https://www.sec.gov/Article/whatwedo.html ----
Companies publicly offering securities for investment dollars must tell the public the truth about their businesses, the securities they are selling, and the risks involved in investing. --- WHICH ISNT BEING DONE
People who sell and trade securities – brokers, dealers, and exchanges – must treat investors fairly and honestly, putting investors' interests first. --- WHICH ISNT BEING DONE
Zero. Sum. Game.
That doesn't sound correct. Bitcoin didn't exist a decade ago. The amount of wealth it added can be measured directly.
But perhaps I'm not thinking of it in the right way.
It's not like we're doing anything else with our time, so we may as well have a thought experiment.
I think what the OP meant was that when the whole fiction comes crashing down (editorializing here) that the people who get rich will be those that get out first. Those who can’t get out will be owed because there simply doesn’t seem to be enough real dollars backing up the exchanges. For real wealth to be gained you want liquidity and you want to have healthy demand for the underlying product. What people want here is not actual bitcoins (or other cryptos). They want appreciation in value. However, while the prices are inflating a lot, it seems that enough people are trying exit positions to USD that the exchanges are having trouble getting enough cash to facilitate transactions.
If that all ends, the fixed sum of dollars in the exchanges will be the zero sum. Those that get out first will get it, and those that don’t will be SOL.
bitcoin etc. can't. It is a major flaw.
My only rebuttal is that bitcoin and ethereum have appreciably better market positions than the rest of the coins out there. Bitcoin has acceptance of major exchanges, futures markets, etc.
The average ICO, though...
With Ethereum, the DAO is a perfect example of that, and their shoddy "fake it till we make it" style that we see so much in tech these days. That splintered the community into ETH and ETC. And yet, later on there was another overflow error that ended up 'destroying' ETH on another attack.
Sure, as mythical play money, it's an awesome idea to toy around with. But we're not talking toying around here. We're talking people mortgaging houses and properties. We're talking of people liquidating their 401K's and putting it into $coin that was recommended. In essence, the destitution and fraud from the Great Depression was the primary reason why the SEC was created initially. And we're seeing this all over again, but worldwide on the 'net. And there's no legislative body that can legally remedy this everywhere. It's going to get very ugly.
I would recommend looking into it if you are curious or would like to try to verify anything I said. They are doing a lot of cool stuff and I think the project is really interesting but I've been trying to keep my posts from getting too wordy so I'll cut myself off here.
The point at which something goes mainstream is the point at which it's often most fragile because first impressions at a large scale last. Early adopters and enthusiasts will invest enough time to sift through the cruft to find the relevant truth, but some random mass-adopter will rapidly form an opinion based on headlines. If the prevailing thought of cryptos is that they're unsafe right as they begin to hit routine mainstream news, it'll be a heavy burden to unsaddle.
It’s the same story for every critical thread about Altcoins. But at least this time we kinda have a confirmation that this is some kind of manipulation because the linked article have absolutely no reasons to be reported. It’s an original work with great tech insights.
Regarding the coin in question, nothing to see:
https://coinmarketcap.com/currencies/monero-gold/
The usual decline into failure in record time.
There is a dozen of those stories for the 13 million registered users on coinbase, most people can buy & cash out without any problem
I've withdrawn money easily, all my friends too
It's the internet negative reviews biais
A. The coin operators can remain anonymous. B. The coin operators could live in any jurisdiction. C. It's nearly impossible to prove that the operators are the ones who stole the token (which makes the scam particularly ideal).
What about Zcash? I'm pretty sure that's a serious contender for the title of "most anonymous".
With Monero, on the other hand, transactions are anonymous by default.
Multiple critical bugs have been found in Monero, eg. https://getmonero.org/2017/05/17/disclosure-of-a-major-bug-i...
A little know secret is that, Monero also doesn't have a way to validate money supply.
http://jeffq.com/blog/on-the-linkability-of-zcash-transactio...
First, how do we know it wasn't simply rounds of wash trading which led to this? Dev(s) selling coins to himself or friends and family to bump up the price and volume? Because it seems people get stuck up on data like market cap, volume etc in crypto which can be faked easily.
Second, the only exchange it is trading on is CoinExchange. What role, if any, do exchanges play in running these scams? Because it is harder to pull of volume and price markup without having a reference price feed.