[ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem - page 135.

Mallyx

hero member

Activity: 1138

Merit: 574

Quote from: obsbtc on July 13, 2018, 12:24:26 PM

Quote from: ruletheworld on July 13, 2018, 11:14:43 AM

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

The roadmap can be found here: http://ban.cr/roadmap

As for the freeze capability, it is limited to extreme emergencies only, like the one that recently occurred, and the Team hopes on not having to use this feature again, as per their latest blog entry.

Crypto are made to trust the codes, not the mans.
If 1 key has the control of the blockchain, it's a single point failure that will pop someday.

obsbtc

member

Activity: 1330

Merit: 10

Quote from: ruletheworld on July 13, 2018, 11:14:43 AM

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

The roadmap can be found here: http://ban.cr/roadmap

As for the freeze capability, it is limited to extreme emergencies only, like the one that recently occurred, and the Team hopes on not having to use this feature again, as per their latest blog entry.

bitcircle

legendary

Activity: 1540

Merit: 1002

Quote from: voteformeg on July 13, 2018, 11:44:51 AM

did not hear anything before now , but after reading the last two pages i am not sure anymore if it was a good investment , think i still hold them but i will check this thread every day for the coming weeks

It was horrible incident which raised so many question on the credibility of this and what will happen in future. Before people thinking decentralized network are more secure but now situation is totally changed. I also long term holder of this token and will wait what solution dev will bring in coming days.

easyrimka

sr. member

Activity: 518

Merit: 261

Quote from: Dvd1989 on July 13, 2018, 09:39:13 AM

Scary idea that an alledged decentralized platform can freeze funds. First the hack, then the centrilazation. Both scary scary circumstances in the crypto-space.

you mark a point, but too many fanboyz here... Bancor is not a good project

voteformeg

legendary

Activity: 1932

Merit: 1005

did not hear anything before now , but after reading the last two pages i am not sure anymore if it was a good investment , think i still hold them but i will check this thread every day for the coming weeks

ruletheworld

legendary

Activity: 1386

Merit: 1045

Quote from: Tarasov1992 on July 13, 2018, 07:55:57 AM

Quote from: Mallyx on July 13, 2018, 02:35:29 AM

Quote from: JanuaryN on July 13, 2018, 01:41:18 AM

Quote from: ruletheworld on July 12, 2018, 06:59:50 PM

Quote from: Mallyx on July 12, 2018, 02:28:31 AM

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

I can understand your point of view on this as everyone seems to have a different idea of what centralization is. Some would argue that there's no such thing as a decentralized exchange (liquidity network, in this case) as there is always a middleman, whether that be a piece of software, a network, or the blockchain. Something always needs to be trusted.

Bancor wallets are on the blockchain, and Bancor doesn't not have any access to user funds or private keys.

My only issue is that I can't find a mention where the team explain they can freeze funds anytime.
Sure it helps in case of a disaster; but on the long run they are just able to arbitrary freeze someone funds.

If I was an exchange CEO I wouldn't list a coin with that power.

It was initially implemented into the publicly accessible smart-contract (line 333) for the emergency use only:

https://etherscan.io/address/0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C#code

Yes, thanks for pointing it out in the code. But the concerns remain. If BNT can arbitrarily be frozen by a single address, no exchange should touch it. Since the ICO raised so much money, many exchanges may have skimped on their due diligence before listing BNT.

On that note, is there any roadmap where this won't be the case, or is BNT forever beholden to the whims of a single address?

Dvd1989

sr. member

Activity: 616

Merit: 252

Scary idea that an alledged decentralized platform can freeze funds. First the hack, then the centrilazation. Both scary scary circumstances in the crypto-space.

Tarasov1992

jr. member

Activity: 266

Merit: 1

Quote from: Mallyx on July 13, 2018, 02:35:29 AM

Quote from: JanuaryN on July 13, 2018, 01:41:18 AM

Quote from: ruletheworld on July 12, 2018, 06:59:50 PM

Quote from: Mallyx on July 12, 2018, 02:28:31 AM

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

I can understand your point of view on this as everyone seems to have a different idea of what centralization is. Some would argue that there's no such thing as a decentralized exchange (liquidity network, in this case) as there is always a middleman, whether that be a piece of software, a network, or the blockchain. Something always needs to be trusted.

Bancor wallets are on the blockchain, and Bancor doesn't not have any access to user funds or private keys.

My only issue is that I can't find a mention where the team explain they can freeze funds anytime.
Sure it helps in case of a disaster; but on the long run they are just able to arbitrary freeze someone funds.

If I was an exchange CEO I wouldn't list a coin with that power.

It was initially implemented into the publicly accessible smart-contract (line 333) for the emergency use only:

https://etherscan.io/address/0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C#code

Tarasov1992

jr. member

Activity: 266

Merit: 1

Quote from: ivaf on July 13, 2018, 01:56:42 AM

Some positive news: https://blog.bancor.network/the-road-ahead-e773dcbf7603
All be fine!

Good stuff, thanks, Ivaf Wink

futureofeth

member

Activity: 686

Merit: 10

Quote from: DashingCrypto on July 11, 2018, 04:25:58 PM

Quote from: Vyachel on July 11, 2018, 02:21:09 PM

Quote from: ruletheworld on July 11, 2018, 01:52:30 PM

Quote from: JanuaryN on July 11, 2018, 02:22:08 AM

Quote from: estenity on July 11, 2018, 01:30:36 AM

Quote from: ruletheworld on July 10, 2018, 11:55:17 PM

How do you know that the Team takes security seriously? This flaw was pointed out by Emin Gur Sirer before Bancor launch, and the Team never bothered to change the design. Why was that?

is this the reference to whhich you make allusion?

hackingdistributed.com/2017/06/19/bancor-is-flawed/

That does seem to be the reference. Let me include Bancor's response so that we have a wider perspective:

https://blog.bancor.network/this-analysis-of-bancor-is-flawed-18ab8a000d43

The reality is, this is a textbook case of not following good security practices. This was pointed out to the team more than a year ago. The team did not take that seriously. Now they got hacked similar to what was predicted by security experts. I don't see where in the process the team has demonstrated that they take security seriously.

I do not understand the team's position on security and marketing. They are completely ignoring these two important areas.

The team is working very hard to ensure that this kind of attack doesn't happen again. Please stay tuned to the Telegram Group and the Bancor Blog for more updates!

That's why many exchanges are closely looking for hackers because every day this stupid hackers will always try to hack the exchanges in order to steal the coins. So exchanges should carefully watch this attempts should not happen in future.

Mallyx

hero member

Activity: 1138

Merit: 574

Quote from: JanuaryN on July 13, 2018, 01:41:18 AM

Quote from: ruletheworld on July 12, 2018, 06:59:50 PM

Quote from: Mallyx on July 12, 2018, 02:28:31 AM

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

I can understand your point of view on this as everyone seems to have a different idea of what centralization is. Some would argue that there's no such thing as a decentralized exchange (liquidity network, in this case) as there is always a middleman, whether that be a piece of software, a network, or the blockchain. Something always needs to be trusted.

Bancor wallets are on the blockchain, and Bancor doesn't not have any access to user funds or private keys.

My only issue is that I can't find a mention where the team explain they can freeze funds anytime.
Sure it helps in case of a disaster; but on the long run they are just able to arbitrary freeze someone funds.

If I was an exchange CEO I wouldn't list a coin with that power.

ivaf

full member

Activity: 980

Merit: 109

Some positive news: https://blog.bancor.network/the-road-ahead-e773dcbf7603
All be fine!

JanuaryN

jr. member

Activity: 364

Merit: 2

Quote from: magisterr on July 13, 2018, 01:38:32 AM

Quote from: JanuaryN on July 11, 2018, 05:57:10 AM

Quote from: LuckyBtc on July 11, 2018, 02:51:05 AM

Quote from: magisterr on July 11, 2018, 02:32:09 AM

How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation. Huh

Users funds are not affected, We keep our tokens/ETH in our own wallet right? Liquidity contract wherein funds are kept for an exchange was hacked.

Bancor has mentioned that user wallets were not compromised. Remember, only you have access to your wallet. Bancor doesn't not store your password or key.

OH.. I never traded at Bancor still and dont know how its working. I dont must input my private key here like on Idex or Delta exchanges?

You'll sign in via Telegram, Messenger or SMS and make transactions using a password that you set.

JanuaryN

jr. member

Activity: 364

Merit: 2

Quote from: ruletheworld on July 12, 2018, 06:59:50 PM

Quote from: Mallyx on July 12, 2018, 02:28:31 AM

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

I can understand your point of view on this as everyone seems to have a different idea of what centralization is. Some would argue that there's no such thing as a decentralized exchange (liquidity network, in this case) as there is always a middleman, whether that be a piece of software, a network, or the blockchain. Something always needs to be trusted.

Bancor wallets are on the blockchain, and Bancor doesn't not have any access to user funds or private keys.

magisterr

sr. member

Activity: 1372

Merit: 259

Quote from: JanuaryN on July 11, 2018, 05:57:10 AM

Quote from: LuckyBtc on July 11, 2018, 02:51:05 AM

Quote from: magisterr on July 11, 2018, 02:32:09 AM

How they going to back funds for their users? Or they are not going? If they will not back funds, they can lost reputation. Huh

Users funds are not affected, We keep our tokens/ETH in our own wallet right? Liquidity contract wherein funds are kept for an exchange was hacked.

Bancor has mentioned that user wallets were not compromised. Remember, only you have access to your wallet. Bancor doesn't not store your password or key.

OH.. I never traded at Bancor still and dont know how its working. I dont must input my private key here like on Idex or Delta exchanges?

ruletheworld

legendary

Activity: 1386

Merit: 1045

Quote from: Mallyx on July 12, 2018, 02:28:31 AM

So they froze the tokens ? That's not really a decentralized then;
and I couldn't find any mention of that on the whitepaper (or maybe I was too fast reading?): https://storage.googleapis.com/website-bancor/2018/04/01ba8253-bancor_protocol_whitepaper_en.pdf

It's weird to me.

If it wasn't clear yet, Bancor is not decentralized. The team can change most things in the smart contracts at will - that's how they deliberately structured the smart contracts. Don't fall for the team's spin on the matter.

Is there any updates from the team if making the system decentralized is on the Bancor roadmap?

obsbtc

member

Activity: 1330

Merit: 10

Don't forget to follow https://t.me/BancorNews to be instantly up to date with the latest on Bancor!

Tarasov1992

jr. member

Activity: 266

Merit: 1

Quote from: easyrimka on July 12, 2018, 07:20:40 AM

finally the guy was right, bancor is flawed...

Security breaches may happen to any platform out there.

Team and company will emerge stronger, and not to mention Bancor has earned a lot of "free press" from the ordeal. A difficult incident no doubt, but not a critical blow. Thankfully Bancor actually has more than enough funds to continue its operations. The team also recovered half of the funds that were stolen by the thief, and may still recover the remaining funds at large.

Tarasov1992

jr. member

Activity: 266

Merit: 1

Quote from: Sexy_Sees on July 12, 2018, 05:59:31 AM

So, the whole issue with the hack of funds has been resolved? Was quite big news everywhere in the cryptospace. Almost all videos I watched on Youtube this week about crypto covered it.. Tongue

Hello, the platform is back in action. Here's the latest update: https://twitter.com/Bancor/status/1017012630639259654

Tarasov1992

jr. member

Activity: 266

Merit: 1

Quote from: boopy265420 on July 12, 2018, 03:34:55 AM

I think their point of view is understandable by security's angle that they kept the freezing option to handle emergency's situation. This makes the Bancor's token semi-decentralized but we are still in early stages so it is acceptable. This is still better than fully centralized exchanges which can freeze your whole assets. The platform is coming back easy buy easy this is good news.

Better safe than sorry, right, Boopy?

The platform is back and the team embraced the situation as something to improve on.

Topic: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem - page 135. (Read 375814 times)