[ANN] [SUMO] SUMOKOIN - 🔏 Digital Cash For Highly-Confidential Transactions 🔏 - page 155.

sumoshi

full member

Activity: 149

Merit: 100

www.sumokoin.org #SUMO

Quote from: JC1DA on September 15, 2017, 11:37:12 AM

I understand your concerns. For the premine, as those coins are locked so we have some time to consider about this project, I think it's good as we can leave before the wallet is unlocked.

The miner was released about a week ago, we need Vu to confirm when its source code will be released.

Actually, we all expect devs to be more active. There is less and less information about this project recently (except for the miner).

Need more time to confirm if this is a legit project or not. Give them some time to answer. Don't conclude in haste.

Thank you!

1. We don't want to talk any more about premine, almost all were locked as most of you already knew. Devs have very little on hand and keep holding them atm and we can do anything further about that.

2. We agree that the progress is slow these days, especially on core development. We'll have more time for core dev as company jobs are less stressful now.

3. Bill and Vu will post easy miner code to Github in a couple of days.

4. New dev roadmap with less aggressive but bigger, long-term targets will be updated along with new website launch by the end of this month.

visdude

legendary

Activity: 1081

Merit: 1001

Quote from: stna1981 on September 15, 2017, 11:40:48 AM

What exactly is the problem with these locked premined wallets (sry for noob question)?

For starters, 10% of the total token supply supposedly earmarked for future development is a bit...no, make that very exorbitant. It is more like a "10% commission" for initializing the project.

As already stated a few posts above, if 600k+ sumo controlled by a single or a collusive entity a dumping threat, try 8.9 million sumo (10% of the total token supply that were premined).

stna1981

member

Activity: 140

Merit: 10

What exactly is the problem with these locked premined wallets (sry for noob question)?

JC1DA

sr. member

Activity: 262

Merit: 250

Quote from: stoffu on September 15, 2017, 11:12:08 AM

Quote from: Germining on September 15, 2017, 06:24:06 AM

Quote from: stoffu on September 15, 2017, 05:52:57 AM

Quote from: ?? on ??

Quote from: stoffu on September 15, 2017, 04:17:45 AM

Who on earth would want to query the spend secret key over wallet RPC?
https://github.com/sumoprojects/sumokoin/commit/819f7e6e0eff6e4f7f41eca32f2e9df1d9b92e03

If the connection was somehow compromised and an attacker managed to see this data, all your money would be gone. Only a fool would use this feature.

The developers seem neither competent nor serious about security, which explains why the very old bug in the wallet has been left unsolved for a long time.

1. First, seed words can be retrieved via wallet RPC too, what's different from spendkey if connection is somehow compromised?

My overall doubt anout the developers' competence and honesty still remains, though.

Could you explain why?

My doubt about their honesty is primarily due to the premine which is never justifiable if the currency were to be legit. Another reason is the recent release of the GUI miner that they claim to be open source, which is not in reality because the source code isn't released; we don't know when the code will be released, and there's a fair chance that it'll never be released. They should immediately retract the GUI miner by deleting the download link and release it again with the source code attached when it's ready. If they don't do so, I consider it as a scam.

My doubt about their incompetence comes from the general low activity in their GitHub repository. Also, this part from the OP:

Quote from: sumoshi on May 06, 2017, 11:48:14 PM

Do you have any relationship with The Monero Project?
- No. While we have full respect for all core developers of The Monero Project who are competent, open and smart, however, we've never had opportunity to contribute anything to Monero yet (we hope we will).

makes me think that they don't contribute to Monero because they aren't competent. Also, the wallet bug recently reported by eeX seems to be old and have been left unfixed for a long time, which is another indication of their incompetence.

I understand your concerns. For the premine, as those coins are locked so we have some time to consider about this project, I think it's good as we can leave before the wallet is unlocked.

The miner was released about a week ago, we need Vu to confirm when its source code will be released.

Actually, we all expect devs to be more active. There is less and less information about this project recently (except for the miner).

Need more time to confirm if this is a legit project or not. Give them some time to answer. Don't conclude in haste.

stoffu

full member

Activity: 203

Merit: 166

Quote from: Germining on September 15, 2017, 06:24:06 AM

Quote from: stoffu on September 15, 2017, 05:52:57 AM

Quote from: ?? on ??

Quote from: stoffu on September 15, 2017, 04:17:45 AM

Who on earth would want to query the spend secret key over wallet RPC?
https://github.com/sumoprojects/sumokoin/commit/819f7e6e0eff6e4f7f41eca32f2e9df1d9b92e03

If the connection was somehow compromised and an attacker managed to see this data, all your money would be gone. Only a fool would use this feature.

The developers seem neither competent nor serious about security, which explains why the very old bug in the wallet has been left unsolved for a long time.

1. First, seed words can be retrieved via wallet RPC too, what's different from spendkey if connection is somehow compromised?

My overall doubt anout the developers' competence and honesty still remains, though.

Could you explain why?

My doubt about their honesty is primarily due to the premine which is never justifiable if the currency were to be legit. Another reason is the recent release of the GUI miner that they claim to be open source, which is not in reality because the source code isn't released; we don't know when the code will be released, and there's a fair chance that it'll never be released. They should immediately retract the GUI miner by deleting the download link and release it again with the source code attached when it's ready. If they don't do so, I consider it as a scam.

My doubt about their incompetence comes from the general low activity in their GitHub repository. Also, this part from the OP:

Quote from: sumoshi on May 06, 2017, 11:48:14 PM

Do you have any relationship with The Monero Project?
- No. While we have full respect for all core developers of The Monero Project who are competent, open and smart, however, we've never had opportunity to contribute anything to Monero yet (we hope we will).

makes me think that they don't contribute to Monero because they aren't competent. Also, the wallet bug recently reported by eeX seems to be old and have been left unfixed for a long time, which is another indication of their incompetence.

Germining

sr. member

Activity: 778

Merit: 252

Quote from: stoffu on September 15, 2017, 05:52:57 AM

Quote from: ?? on ??

Quote from: stoffu on September 15, 2017, 04:17:45 AM

Who on earth would want to query the spend secret key over wallet RPC?
https://github.com/sumoprojects/sumokoin/commit/819f7e6e0eff6e4f7f41eca32f2e9df1d9b92e03

If the connection was somehow compromised and an attacker managed to see this data, all your money would be gone. Only a fool would use this feature.

The developers seem neither competent nor serious about security, which explains why the very old bug in the wallet has been left unsolved for a long time.

1. First, seed words can be retrieved via wallet RPC too, what's different from spendkey if connection is somehow compromised?

My overall doubt anout the developers' competence and honesty still remains, though.

Could you explain why?

billaue

member

Activity: 119

Merit: 10

Quote from: ?? on ??

Quote from: stoffu on September 15, 2017, 04:17:45 AM

Who on earth would want to query the spend secret key over wallet RPC?
https://github.com/sumoprojects/sumokoin/commit/819f7e6e0eff6e4f7f41eca32f2e9df1d9b92e03

If the connection was somehow compromised and an attacker managed to see this data, all your money would be gone. Only a fool would use this feature.

The developers seem neither competent nor serious about security, which explains why the very old bug in the wallet has been left unsolved for a long time.

1. First, seed words can be retrieved via wallet RPC too, what's different from spendkey if connection is somehow compromised?

2. Second, wallet RPC only for local access (127.0.0.1) by default, no fools open it to the world, so that you have to compromise the PC/server first to access to the RPC wallet connection (if it's not secured by a passphrase).

3. Last, GUI wallet does use RPC but only it can connect to the RPC because there is a secret passphrase (via --user-agent parameter) random generated at each section and only RPC and the wallet know it. Any attempt to access to wallet RPC, even from local PC, will be denied.

Thanks @quangvhg for clearance but I think it's a valid concern on the wallet RPC security. Ofc, there is hardly anyone who risk their money by opening wallet RPC access to the wild.

Currently, wallet RPC is mostly used by mining pools and exchanges for payment. In these cases, the wallet security largely depends on the system security. If a hacker can access to the exchange servers he might compromise the wallet RPC as well but we can't do anything abt their system security.

There are some known issues with current GUI version, mostly due to the daemon synchronization and corrupted wallet file on creation. It's first beta version and we'll fix them, sorry for inconvenience.

stoffu

full member

Activity: 203

Merit: 166

Quote from: ?? on ??

Quote from: stoffu on September 15, 2017, 04:17:45 AM

Who on earth would want to query the spend secret key over wallet RPC?
https://github.com/sumoprojects/sumokoin/commit/819f7e6e0eff6e4f7f41eca32f2e9df1d9b92e03

If the connection was somehow compromised and an attacker managed to see this data, all your money would be gone. Only a fool would use this feature.

The developers seem neither competent nor serious about security, which explains why the very old bug in the wallet has been left unsolved for a long time.

1. First, seed words can be retrieved via wallet RPC too, what's different from spendkey if connection is somehow compromised?

OK, it was my overlooking; I didn't know about that feature and I'm surprised now.
I apologize for making a wrong accusation.

My overall doubt anout the developers' competence and honesty still remains, though.

JC1DA

sr. member

Activity: 262

Merit: 250

Quote from: stoffu on September 15, 2017, 04:17:45 AM

Who on earth would want to query the spend secret key over wallet RPC?
https://github.com/sumoprojects/sumokoin/commit/819f7e6e0eff6e4f7f41eca32f2e9df1d9b92e03

If the connection was somehow compromised and an attacker managed to see this data, all your money would be gone. Only a fool would use this feature.

The developers seem neither competent nor serious about security, which explains why the very old bug in the wallet has been left unsolved for a long time.

Thanks for the warning. I'll be carefull @@. Dev should definitely see this.

JC1DA

sr. member

Activity: 262

Merit: 250

Quote from: visdude on September 15, 2017, 04:05:53 AM

If you folks think that "600k+ sumo" is a dumping threat, try 8.9 million sumo.

I'll worry about it when the time comes. Definitely. It's one of my concerns. After the dev wallet is open, most of the coins belong to "someone-who-mine-a-lot" and devs.
One member has already pointed out this problem.

stoffu

full member

Activity: 203

Merit: 166

Who on earth would want to query the spend secret key over wallet RPC?
https://github.com/sumoprojects/sumokoin/commit/819f7e6e0eff6e4f7f41eca32f2e9df1d9b92e03

If the connection was somehow compromised and an attacker managed to see this data, all your money would be gone. Only a fool would use this feature.

The developers seem neither competent nor serious about security, which explains why the very old bug in the wallet has been left unsolved for a long time.

visdude

legendary

Activity: 1081

Merit: 1001

If you folks think that "600k+ sumo" is a dumping threat, try 8.9 million sumo.

JC1DA

sr. member

Activity: 262

Merit: 250

Quote from: bzyzny on September 14, 2017, 02:20:53 PM

Why is everyone assuming its a bot-net? Is there any proof? It could just be a that there are some people are solo mining instead of using pools. Difficulty is low enough that a single GPU could find a block every 1-3 days (rough estimate), which may be worth it to save ~1% from pool fees. Another possibility is there are some pools that haven't been made public.

I don't have proof for that, just our assumption. And I assume you don't have proofs for your assumptions either.
However, one thing we know is that there is "someone" who holds a lot of coins and made the price from 5300 sats down to 4000 sats immediately without any hesitance.
It happened twice already, that's I'm sure about. And the price is under manipulation by that "person".

bzyzny

sr. member

Activity: 274

Merit: 254

Why is everyone assuming its a bot-net? Is there any proof? It could just be a that there are some people are solo mining instead of using pools. Difficulty is low enough that a single GPU could find a block every 1-3 days (rough estimate), which may be worth it to save ~1% from pool fees. Another possibility is there are some pools that haven't been made public.

JC1DA

sr. member

Activity: 262

Merit: 250

Quote from: stna1981 on September 14, 2017, 06:42:45 AM

Quote from: Germining

@stna1981: you are right, the charts don't look so good now. Lets wait until dev apply on new exchanges after the rebranding is finished

Which rebrand?

Quote from: JC1DA

People don't want to sell because the price is too low. Others don't want to buy because they know the botnet will sell down to 4000sat. That's the current situation.

First part is clear, but the 2nd not. What do you mean with botnet sell down to 4000sat?!? Huh

There's one guy/gal who used botnet to mine around 600k+ sumo. When the wallet is reopened, he/she sold some coins to reduce the price to 4000sat. It happened two times already and maybe happen again and again until real users' hashrate increases (maybe 3 or 4x higher than the botnet).

stna1981

member

Activity: 140

Merit: 10

Quote from: Germining

@stna1981: you are right, the charts don't look so good now. Lets wait until dev apply on new exchanges after the rebranding is finished

Which rebrand?

Quote from: JC1DA

People don't want to sell because the price is too low. Others don't want to buy because they know the botnet will sell down to 4000sat. That's the current situation.

First part is clear, but the 2nd not. What do you mean with botnet sell down to 4000sat?!? Huh

harvw

sr. member

Activity: 447

Merit: 250

Why is the circulating supply so low?

billaue

member

Activity: 119

Merit: 10

Quote from: xenomorphe1 on September 13, 2017, 05:03:33 AM

The wallet is not very good to use. That's too bad.
I hope the dev one day will take the time to redo it. They should copy how other wallets work. Because it is very long to have to delete and resync the wallet everytime.
It is not very user-friendly. The problem is not about the user interface, but to have to wait for the wallet to synchronize before we can use it. And we don't know how many computers are connected to us.
But the project seems good. I hope it will be available on more Exchanges.

Next version is on dev, much better one for sure. Stay tuned, guys.

maxxmmichell

newbie

Activity: 67

Merit: 0

To give real service, you must add something which cannot be bought or measured with money, and that is sincerity and integrity.

JC1DA

sr. member

Activity: 262

Merit: 250

Quote from: stna1981 on September 13, 2017, 10:23:36 AM

What do you guys think on the current chart situation of SUMO? There is a clear trend downwards, what's the reason? Missing trade volume due to a lack of exchanges, low interest in the coin, ...?

People don't want to sell because the price is too low. Others don't want to buy because they know the botnet will sell down to 4000sat. That's the current situation.

Topic: [ANN] [SUMO] SUMOKOIN - 🔏 Digital Cash For Highly-Confidential Transactions 🔏 - page 155. (Read 202460 times)