At the end of the day uninformed traders are just going to watch the WC price climb and trade it as if the first month of its history is irrelevant anyways.
Agree..
At the end of the day, it was just a double spend attack....
Many will look at this as a buying opportunity once the dust settles a bit.
No one with a half functioning brain would spend money on this scamcoin , good that i didnt spend that much here!
Dont you see it? Double spend attack means someone put coins in the system that weren't there, it means a lot of people seems to have coins over the 300.000.000 mark , = more inflation = uslss coin that can get dumped always
You can't "add" coins to the ecosystem. All you can do is trick a merchant / exchange into believing a transaction is valid when it isn't. Hence, If I have a debit card that has $100 dollars on it and go spend $99 at a store, I should only have $1 dollar left. If for some reason, my bank didn't process I spent $99 dollars, the next store I go to will still think I have $100 dollars still. If I spent that money again, sooner or later my bank would try to rectify their books and realize I spend $198 dollars when I only had $100 to spend.
In that case, I didn't magically create $98 more dollars. I just tricked them into thinking I had it. Hence the store lost product. Or in this case, an exchange would lose the value of what I traded for -- BTC. The only other option would be to try to take the extra money I spend back out of my account. Cryptsy did this once to me. They said I had a negative UTC balance somehow and locked my account until I made the balance 0 again. Somehow they let me trade the same coins twice. In that case, an internal error created a double spend action local to Cryptsy and UTC, but it had nothing to do with the coin.
So, this really is being blown up out of proportion. It's a problem, but it's no different than an exchange running off with your funds or hacking a pool, or any other method of theft. That's what a double-spend attack is - another means to steal money. It has nothing to do with a coin and is inherent issue with all crypto. It just so happens someone saw a window to exploit whitecoin and took it.
There is no extra money created, no permanent flaw exposed, it's just theft directly from the exchanges. If the person wasn't able to get there money out before they halted withdrawals / deposits, it won't even be that.
