[ANN]AsiaCoin v2 [AC2] - IMPORTANT NOTICE - page 7.

Maestro1

full member

Activity: 210

Merit: 100

Quote from: CryptoSteam on May 04, 2014, 05:13:26 PM

Whoever is reputable, please step in because the new dev is backing out. Tons of people lost money in this endeavor and you can see the list at www.cryptosteam.com

+1

Also, a lot of members of the community, including me, have offered support (AC or BTC) for a reputable dev to step in and help us out.

CryptoSteam

full member

Activity: 126

Merit: 100

Whoever is reputable, please step in because the new dev is backing out. Tons of people lost money in this endeavor and you can see the list at www.cryptosteam.com

Maestro1

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Activity: 210

Merit: 100

Quote from: micryon on May 04, 2014, 05:06:03 PM

Quote from: bitsta on May 04, 2014, 05:00:37 PM

We will never publish a release with the original AC scamwallet as codebase
We will not risk users to lose potential 30 million AC which were dumped
we don't know whats still hidden in the sources

To clarify, if patched in the way that I suggested:
  - No users will lose coins in their wallets, except for the premine scam cannot be used, up to a certain block. All exchanges, wallets.dat files would retain their exact amount as before.
  - I have went over the source via diff using WinMerge line by line.. and have isolated all the diffs (about 4), so there's nothing else wrong with the src.
  - Although the old client binaries cannot be trusted. Rebuilding the client from source and distributing it via compiled binary from a trusted dev is likely fine.

After my forensic analysis.. this thing turned out to be just a fairly unsophisticated premine scam.. and really it was just laziness on everyone's part to get it to where it is +2.5 weeks.. The biggest technical hurdle with the patch is to make sure that the coins in the premine wallet cannot be used for staking, as it can be assuredly used to enable a 51% attack.

I think your explanation clears a lot of things. Many thanks for your efforts.

CryptoSteam

full member

Activity: 126

Merit: 100

Quote from: Maestro1 on May 04, 2014, 05:08:14 PM

Quote from: CryptoSteam on May 04, 2014, 05:05:55 PM

That means we need new DEVS.

I hope we can find them. I lost over 15 BTC in this.

We will find new devs. We lost too much to let this slide.

CryptoSteam

full member

Activity: 126

Merit: 100

Quote from: micryon on May 04, 2014, 05:06:03 PM

Quote from: bitsta on May 04, 2014, 05:00:37 PM

We will never publish a release with the original AC scamwallet as codebase
We will not risk users to lose potential 30 million AC which were dumped
we don't know whats still hidden in the sources

To clarify, if patched in the way that I suggested:
  - No users will lose coins in their wallets, except for the premine scam cannot be used, up to a certain block. All exchanges, wallets.dat files would retain their exact amount as before.
  - I have went over the source via diff using WinMerge line by line.. and have isolated all the diffs (about 4), so there's nothing else wrong with the src.
  - Although the old client binaries cannot be trusted. Rebuilding the client from source and distributing it via compiled binary from a trusted dev is likely fine.

If you won't step up then someone else will. We lost too much money to let this slide.

Maestro1

full member

Activity: 210

Merit: 100

Quote from: CryptoSteam on May 04, 2014, 05:05:55 PM

That means we need new DEVS.

I hope we can find them. I lost over 15 BTC in this.

micryon

full member

Activity: 154

Merit: 100

Quote from: bitsta on May 04, 2014, 05:00:37 PM

We will never publish a release with the original AC scamwallet as codebase
We will not risk users to lose potential 30 million AC which were dumped
we don't know whats still hidden in the sources

To clarify, if patched in the way that I suggested:
  - No users will lose coins in their wallets, except for the premine scam cannot be used, up to a certain block. All exchanges, wallets.dat files would retain their exact amount as before.
  - I have went over the source via diff using WinMerge line by line.. and have isolated all the diffs (about 4), so there's nothing else wrong with the src.
  - Although the old client binaries cannot be trusted. Rebuilding the client from source and distributing it via compiled binary from a trusted dev is likely fine.

After my forensic analysis.. this thing turned out to be just a fairly unsophisticated premine scam.. and really it was just laziness on everyone's part to get it to where it is +2.5 weeks.. The biggest technical hurdle with the patch is to make sure that the coins in the premine wallet cannot be used for staking, as it can be assuredly used to enable a 51% attack.

CryptoSteam

full member

Activity: 126

Merit: 100

That means we need new DEVS.

Nicolaas.R

full member

Activity: 182

Merit: 100

Quote from: Maestro1 on May 04, 2014, 05:03:58 PM

Quote from: bitsta on May 04, 2014, 05:00:37 PM

IMPORTANT UPDATE

we got a lot of messages today regarding this project and seems that a lot of AC bagholder
don't want to see a new coin. Most of the AC community wants the old sources to be fixed
and patched. Therefore we are going to stop our work on ACv2.

some reasons:

We will never publish a release with the original AC scamwallet as codebase
We will not risk users to lose potential 30 million AC which were dumped
we don't know whats still hidden in the sources
big bagholders and active AC community-members don't want this

we are sorry to anounce this, but as you know, there is big responsibilty linked with
such a project. and in this case we won't take responsibility over other peoples money.

we wish you good luck!

Means all AC is now officially worthless.

Thanks to everybody who keeps on wining @ the people who wannted to put time in it

CryptoSteam

full member

Activity: 126

Merit: 100

Quote from: BTHN2011 on May 04, 2014, 05:00:00 PM

what happens now with the asiacoins? I have 20k asiacoins in my wallet. are now worthless?

No worries. The new devs are stepping up and creating a solution. In the meanwhile, I added you to the list at CryptoSteam.com

Maestro1

full member

Activity: 210

Merit: 100

Quote from: bitsta on May 04, 2014, 05:00:37 PM

IMPORTANT UPDATE

we got a lot of messages today regarding this project and seems that a lot of AC bagholder
don't want to see a new coin. Most of the AC community wants the old sources to be fixed
and patched. Therefore we are going to stop our work on ACv2.

some reasons:

We will never publish a release with the original AC scamwallet as codebase
We will not risk users to lose potential 30 million AC which were dumped
we don't know whats still hidden in the sources
big bagholders and active AC community-members don't want this

we are sorry to anounce this, but as you know, there is big responsibilty linked with
such a project. and in this case we won't take responsibility over other peoples money.

we wish you good luck!

Means all AC is now officially worthless.

Nicolaas.R

full member

Activity: 182

Merit: 100

Quote from: bitsta on May 04, 2014, 05:00:37 PM

IMPORTANT UPDATE

we got a lot of messages today regarding this project and seems that a lot of AC bagholder
don't want to see a new coin. Most of the AC community wants the old sources to be fixed
and patched. Therefore we are going to stop our work on ACv2.

some reasons:

We will never publish a release with the original AC scamwallet as codebase
We will not risk users to lose potential 30 million AC which were dumped
we don't know whats still hidden in the sources
big bagholders and active AC community-members don't want this

we are sorry to anounce this, but as you know, there is big responsibilty linked with
such a project. and in this case we won't take responsibility over other peoples money.

we wish you good luck!

NOOOOOOOOOOO, i understand thanks for the effort.

pasha553

newbie

Activity: 15

Merit: 0

28381.571682 AC in my wallet add me please
190.65770093 AC poloniex.com
768.74674457 AC bittrex.com
Add me to the list

bitsta

hero member

Activity: 518

Merit: 500

r00t-dev

IMPORTANT UPDATE

we got a lot of messages today regarding this project and seems that a lot of AC bagholder
don't want to see a new coin. Most of the AC community wants the old sources to be fixed
and patched. Therefore we are going to stop our work on ACv2.

some reasons:

We will never publish a release with the original AC scamwallet as codebase
We will not risk users to lose potential 30 million AC which were dumped
we don't know whats still hidden in the sources
big bagholders and active AC community-members don't want this

we are sorry to anounce this, but as you know, there is big responsibilty linked with
such a project. and in this case we won't take responsibility over other peoples money.

we wish you good luck!

BTHN2011

newbie

Activity: 1

Merit: 0

what happens now with the asiacoins? I have 20k asiacoins in my wallet. are now worthless?

yotadrivers

member

Activity: 114

Merit: 10

i have better idea. just make some king of ipo, sell part of coins, and exchange some part of coins for all ac holders.
And limit new coins only for registred users, witch some resonable amount, so, if miner have 30.000.000 he can show his rig via skype in real time

so, scrammer can't find many account registred before AC start
if he use 1-3 his bot-style accounts maked before he got not some BTC but little a bit of all.

Maestro1

full member

Activity: 210

Merit: 100

Quote from: micryon on May 04, 2014, 04:43:32 PM

Quote from: cryptoba on May 04, 2014, 04:33:52 PM

Another thing, couldn't it be possible opening a wallet where we try to donate 30 Mio Asia Coins (or the exact number coins sold from the hiddenblock) and then take them off the market to protect the value of the coin.
Isn't something in this direction possible Huh

Although that's possible.. that's not strictly necessary if we patch AC code and hard fork..

Essentially only 30m + 160m or so have been distributed to people (even though 30m was given to the dev scammer as BTC, the people who received it shouldn't be punished).

So the total coins in circulation outside of the premine is only 190m.. When 320m was the target anyways for circulation after 1 year.

So it's very easy to adjust the POS reward so that the exact same # of coins appear in a year's time .. 320M from this point.. as long as the premine is eliminated from the equation..

In fact with a hardfork you can make any range of target for coins between 190m to some number.. if we want to keep it artificially rare.. it can just stay at 190M with 1% stake interest...

Well said. I completely agree.

CryptoSteam

full member

Activity: 126

Merit: 100

Quote from: voisina on May 04, 2014, 04:50:17 PM

I still have 718527.82965000 AC in mintpal. Is it safe to leave them there?

I don't know for sure but I would rather have it in my wallet. Added you to the list at CryptoSteam.com

voisina

newbie

Activity: 42

Merit: 0

I still have 718527.82965000 AC in mintpal. Is it safe to leave them there?

X-Laboratories

full member

Activity: 163

Merit: 100

founder of X-Laboratories

Quote from: micryon on May 04, 2014, 04:43:32 PM

Quote from: cryptoba on May 04, 2014, 04:33:52 PM

Another thing, couldn't it be possible opening a wallet where we try to donate 30 Mio Asia Coins (or the exact number coins sold from the hiddenblock) and then take them off the market to protect the value of the coin.
Isn't something in this direction possible Huh

Although that's possible.. that's not strictly necessary if we patch AC code and hard fork..

Essentially only 30m + 160m or so have been distributed to people (even though 30m was given to the dev scammer as BTC, the people who received it shouldn't be punished).

So the total coins in circulation outside of the premine is only 190m.. When 320m was the target anyways for circulation after 1 year.

So it's very easy to adjust the POS reward so that the exact same # of coins appear in a year's time .. 320M from this point.. as long as the premine is eliminated from the equation..

In fact with a hardfork you can make any range of target for coins between 190m to some number.. if we want to keep it artificially rare.. it can just stay at 190M with 1% stake interest...

+1 for the brilliant thinking process

Topic: [ANN]AsiaCoin v2 [AC2] - IMPORTANT NOTICE - page 7. (Read 24087 times)