Topic: [ANN]█▅ AurumCoin AU ▅█ Welcome to Aurumcoin(AU) Project █▅ 2014-2017 ▅█ - page 17. (Read 89744 times)

Massive instamine is earnings. Miners make up part of the network. Taking the fee is controlled by the aurumcoin code.

The developers of Aurumcoin financially benefited from the creation of Aurumcoin. Are you trying to say it is a not for profit charity ?

Who lied ?

Proof Aurumcoin lied:


Aurumcoin lied and refused to communicate:



They have lied about lots of things and that make them a scam.

They could easily fork to return the funds. Like verge did.

https://news.bitcoin.com/verge-is-forced-to-fork-after-suffering-a-51-attack/

They could easily fork to return the funds like Ethereum did after the DAO attack.

They could easily fork to return the funds like smartcash did after their zerocoin exploit.

They could easily pay back the coins like many other coins that were 51% attacked did.


Aurumcoin doesn't care about their users.

Aurumcoin doesn't care that their exploited blockchain caused losses.

These are the people that promised gold backing but failed to deliver !




If 15K was taken through a 51% attack then think about it - such an amount is only owned by the top 50 holders of AU.

97.85% of the coin is held by the top 100 holders. Inside job ?

The miners takes fee not Aurumcoin.
They just pointed that cryptopia lied.
And last thing this possession is amazing it looks like this coin does go towards gold-backing.
Any one could mine/buy this coin since 2014 it's a free world and not change much than Fiat money distribution.

It was posted in the coininfo on 9 November on their website.
The usual sequence of events is:
Markets are paused, deposits and withdrawals are halted as soon as Cryptopia becomes aware of a problem with a coin.
An investigation is started.
Consultation is held with the developers if the coin.
An explanation is provided to the public at the conclusion of an investigation or when solid facts are known.

None of their private keys were exposed. So their wallets under their control are safe. They cannot vouch for a process that they do not control.


Show me where you can insure crypto held by an exchange.

I doubt that they have insurance for such an event. I don't know because I don't work for them.

Again - the loss occurred solely on the blockchain.  The balance is held on the blockchain.  Aurumcoin is responsible for securing the blockchain.

What Aurumcoin has done is like a security company delivering money to a bank. On the way to the bank the security company phones the bank and assures the money is on its way. On the way the security van gets robbed. The security company then phones the bank and says sorry your money is stolen due to our lack of security but it is YOUR problem.

Funds are held in trust for the customers. It is not Cryptopias funds. The funds belong to the customers. Aurumcoin lost those funds due to an exploit and don't want to put it right.

It is a peer to peer exchange. Customers buy and sell. Cryptopia doesn't sell the coins themselves. So the funds in the wallets are always owned by the customers.


Yes - the risks of the code are outlined in the terms and conditions and risk disclosure statement.

Bitcoin is far more secure than Aurumcoin. Don't compare it to bitcoin. I can list at least 20 reasons why bitcoin is far more secure.



If you are not Aurumcoins customer when you buy Aurumcoin then what are you buying ?

Each time you make a transaction Aurumcoin charges a fee. During those transactions - for which they charged a fee - they removed the Cryptopia balance !

Cryptopia doesn't charge fees for storing coins. They are not a bank. The wallets are purely so that people can trade. If someone withdrew AU from a wallet during the exploit then their transaction would have also reversed. The exploit is a problem with the product - not with the exchange.

The people that started Aurumcoin profited from a massive instamine.



What Aurumcoin has done is negligent and makes me very angry and has cost me $.  

They have lied about lots of things and that make them a scam.

They could easily fork to return the funds. Like verge did.

https://news.bitcoin.com/verge-is-forced-to-fork-after-suffering-a-51-attack/

They could easily fork to return the funds like Ethereum did after the DAO attack.

They could easily fork to return the funds like smartcash did after their zerocoin exploit.

They could easily pay back the coins like many other coins that were 51% attacked did.


But no ! Instead they spread lies and deny responsibility.


The Aurumcoin devs are scammers !

Aurumcoin is a scam coin.



Those fucking Aurumcoin scammers have blocked me from their twitter.


Dated 19 November 2018


This is their attitude towards solving problems !

LIES, BLAME EVERYONE ELSE AND REFUSE TO COMMUNICATE !

First you never claimed this on your website cryptopia on real time, and you kept tell us customers our coins are safe.
Second you have insurance, it's not the banks fault a robber robbed it but he have insurance.
Third this is the risk of crypto code, theoretically it can happen to Bitcoin if all three big mining companies decide to do this attack, or if I use my quantom computer and start mining Bitcoin

In any case we are your (cryptopia's) customers not Aurumcoin, they didn't take penny from us you did!

Your sequence of events is provably untrue.

9 November Cryptopia publishes 51% attack

https://archive.fo/iNLQa  10 November Aurumcoin Claims Cryptopia was hacked.
https://archive.fo/cOcYF  11 November Aurumcoin claims Cryptopia do not admit a 51% attack

As you can see - Cryptopia published the 51% attack on 9 November (and earlier elsewhere)

Aurumcoin first claimed Cryptopia was hacked (untrue) and then changed that message on 11 November to that Cryptopia does not admit a 51% attack. (also untrue).

This was archived on the day ( so a timestamp proves this).

So their the Aurumcoin blockchain was exploited and Aurumcoin was not even aware of it or lied about it.


The exploit did not occur on Cryptopia.

The exploit occurred on the Aurumcoin blockchain.

This is an example of what occurred:

1) The attacker sent 10000 coins to cryptopia over several different accounts.
2) The Aurumcoin blockchain provides the required number confirmations that the 10000 coins are deposited in the wallet.   *at this stage Cryptopia has the 10000 coins in its wallet.
3) A balance increase of 10000 coins shows on the Aurumcoin block explorer.   *at this stage Cryptopia has the 10000 coins in its wallet.
4) Cryptopia allows the attacker to sell the 10000 coins for BTC on the exchange (Keeping in mind that the Aurumcoin blockchain confirmed that those coins were added to the balance of the wallet and the amount of confirmations set are based on the advise provided by Aurumcoin. *at this stage Cryptopia has the 10000 coins in its wallet)
5) The attacker then withdraws the value of the sold coins in BTC from the exchange. *at this stage Cryptopia has the 10000 coins in its wallet.
6) The attacker now has the value of the sold coins in BTC securely in their private wallet (not reversable) *at this stage Cryptopia has the 10000 coins in its wallet.
7) The attacker broadcasts the privately mined version of the chain and Aurumcoin blockchain by being exploited by the 51% attack now REVERSES the 10000 coins from the balance of the Cryptopia wallet. The previous confirmation blocks are orphaned (made invalid).  *at this stage the exploit on the Aurumcoin blockchain removes the 10000 coins from the Cryptopia wallet balance held on behalf of its customers and gives it back to the attacker !.


So Aurumcoin first credits the amount, provides confirmations that the amount is in the wallet and then reverses the amount due to an exploit on their blockchain - then says it is not their problem.

Please explain from the above sequence of events where this is Cryptopias fault.

Please explain why Aurumcoin is not liable for the losses incurred by the buyers.

This is not the case here.
They are very active in their telegram groups even traded customers, ask Hafiz Gee (that's his real name) from their open group:
"Hafiz Gee:
Guys i have done a deal through AurumCoin  team. You can trust on these guys. Deal done in minutes without any problem. Every coin have problem in the early days even xvg, BTG etc also face 51% attacks in the past. But that's not means these projects not good. Patients is the of success.AU have good future but needs community support. My all best wishes for him"

It seems that they are not selling coins but buying coins!!! what scammer do that?
They keep saying that they not care about value just volume and that they have patient to wait years for gold standard first crypto.

And the most important thing aurumcoin.com was the first to declared that 15,750 coins were stolen from cryptopia's wallet, while cryptopia lied to us customers and said that our coins are safe.

For all this period AurumCoin team continued talking with us customers while cryptopia kept silent and then close the market in 1 day!
(cryptopia told us to withdraw our coins before time thats true, but this was not possible to most clients becouse 15,750 coins were missing from cryptopias wallet exactly as they said).

Cryptopia is not willing to compensate us customers and send us to T&A this will not stand in court.

Who is the scammer here? cryptopia or AurumCoin? Please be honest.

xtraelv is your real name Public your id in here !

Since you said nothing new and someones sockpuppet troll account - I will repost my previous reply which you obviously didn't read or understand.


You are now on my ignore list.

xtraelv, Cryptopia :

You knowed this coin so well , why you listed this coin for 3 year
Before Oct 4,2018,  95% of this coin's trade volume at Cryptopia !!!
Most of your investors did not know this coin because Cryptopia listing it !!!

Cryptopia not only a rather irresponsible exchange, no compensation to your customers,
But also uniting the hacker sarcastic remarks , what is your motive ?
Salt the wound to your customers !!!

Cryptopia , you are a rather scam exchange !

Not all scams start out as a scam.

Real scams also often do things to give the illusion that they are genuine. Including applying for trademarks, licenses and setting up (shell) companies.

Have you seen any audited accounts from the "companies" ?

Blockchain scams are usually just abandoned by the developers and stay running (without anyone running it) for years. Sometimes communities try to revive them (rarely with any success).

Scams often have multiple layers of participants.
-  There are those that intend to scam.
-  Those that don't initially intent to scam but start scamming later in the project.
-  Those that don't realise that they are scamming but cause others to lose $ due to misrepresentations.
-  Those that believe in a project and assist and enable scammers to pull off a scam.
-  Those that are simply fooled out of their $.

I have exposed a lot of scams. (Publicly and working on research / evidence for others)

When people believe in a project from the outset they often continue defending a project even when everyone else can see it is a scam.

I have been called many names by people that later (after the project has collapsed) have regretted their conduct.  Some of them I even communicate with regularly.

If you have holdings in a particular scam crypto then you are a victim of the scam. But you might also be directly and indirectly enable the project to scam more people.

@xtraelv, why make a ponzy scam with an indiegogo campaign? Why create an offshore companies and invest on trademarks? Why operating this so many years?
Why bring us investors 15,000 coins back that we donated 3 years ago? Why all volunteer including @rossen the programmer for free?
This is make no sense.
Unless they do believe in what they say?
" AurumCoin – The first decentralize open source cryptocurrency to be a stable coin, replaceable with physical gold "

So what is the advantage of buying a coin that is not backed by gold that requires "market makers" later buy the gold. It is not some sort of magical event.
It either means that your holdings are reduced or that the value is reduced.

What makes you think that a coin that cannot keep its blockchain secure and won't re-emburse investors for the exploit of their code will magically buy Gold to back the crypto with and who is going to ensure that you can actually claim the gold ?

A coin where most of the listed pools no longer work, all but one of the listed block explorers no longer work, all but one listed exchanges no longer list the coin, devs are no-where to be found, price is regularly manipulated, mining reward is not enough to secure the network, support is virtually no existent, blockchain can easily be exploited and requires 10 hours for a transfer (500 confirms).

In my opinion it is a ponzi that will only ever result in an exit scam payout for those that sold the idea.

You can already buy "virtual gold" that is tradable and backed by real gold through the Perth mint witha location where real gold can be picked up. Why trust some annon devs on some promises ?


https://www.aurumcoin-au.com/pools.html

500 confirms won't stop a 51% attack on this coin. The mining rewards are too low to encourage competing hashrate.

According to my calculations based on difficulty there is less than 0.168 PH on the aurumcoin network. It fluctuates between 0.1 - 0.6 PH based on the difficulty reported.



For a guaranteed success you can hire 1 PH for less than $100





In the meantime a deposit will take over 10 hours to confirm.

If they do it for 1000 blocks it won't be detected for some time either.

As soon a s the wallets opened the price plummeted.
https://coinmarketcap.com/currencies/aurumcoin/historical-data/





There is no real demand. $6000 of coins get sold and causes the price to plummet from $31.68 to a low of $1.92

http://www.aurumcoin.com/ changed the text to "AurumCoin concept (not backed yet)"

... "Your Money will be Replaceable with Physical Gold

"AurumCoin is a modern, cutting-edge digital coin that works according to the gold standard monetary system.
This means that each AurumCoin will be replaceable with solid gold by third parties."

"AurumCoin – The first decentralize open source cryptocurrency to be a stable coin, replaceable with physical gold: CoinMarketCap"
...

"AurumCoin (AU) Target Price :
Every step is taken with the consent of the community and users
 
Target 1: 1AU = 1 gram gold – Achieved

 
Target 2: 1AU = 1 ounce gold ( 1oz gold )
After this step we start gold-backing using market makers
Target 3: 1AU > 1BTC
 
Target 4: 1AU=1KG gold
Change gold-backing ratio"

They not claim that the coin is you can now replace to gold but that the concept is a stable gold standard crypto replaceable to gold by third parties. I do not see this negative, open source decentralized crypto currency with different concept.

they also say:
"Good news: CoinExchange is back .To ensure no hacking again, coinexchange demands 500 approvals for deposit. Make 51% attack for 500 approvals is much more expensive."

they truly wants the success of the coin and every currency even usd needs a community.
this is the bitcointalk group of Aurumcoin(AU) and we all need to support this coin or leave the group. this coin had ups and downs but its concept is solid like gold   so Aurumcoin(AU) will reach its destiny with our community support.

auking is still pushing that aurumcoin scam when 50% of the supply is in the hands of 2-3 people and 20% was stolen by a hacker group lawl

p.s i didn't hack this coin, but it will probably be hacked soon (again) by someone from taking a look at the flaws in the github, no one ever updates the codebase hardly anymore

coinexchange is working!!! you can now sell all the coins that you have stolen from craptopia

nah i wouldnt bother hacking this coin, im just enjoying the drama for the luls

this coin had a terrible security flaw that i called out a long time ago while rossen was filling his bags and laughing at you guys defending him  

PS cryptopia sucks, but considering that ive had trouble with them before, pretty sure they aren't working with me lol

PSS : Please dont invest in a coin called osmiumcoin, im like 99% sure its a scam

Hey scamexchange, you need to proof your relationship with fapnnap.

Hey scamcoin shill sockpuppet !

Please use your real life identity and repeat that false accusation.

Your logic is as flawed as your grammar.

xtraelv, Cryptopia Exchange:
From above messages, you were working with the hacker closely !
It proof that Cryptopia Exchange uniting with the hacker to deceive
your customers' money !!!

fapnnap, OSMIUMCOIN, xaucoin, aucoin is the same guy ,  the hacker of Cryptopia and CryptoHub Exchange.