Topic: [ANN][ICO] SmartBillions World’s first multi-billion-dollar blockchain lottery. - page 34. (Read 49667 times)

Your "hackathon" doesn't mean shit. You putting up 1500 ETH doesn't mean shit, because it's obvious you're going to remove 1499 ETH the second 1 ETH is hacked from your contract. It's not a "hackathon"if you're going to pull an admin withdrawal the second someone actually completes their task. You now have a history of breaking your promises.

You will be a failure in this industry.

Sorry if I understood wrong but; targeted ICO amount is 200K ETH so right after the ICO completed the admins can withdraw 180K ETH and it's OK? 

The funds raised during an ICO are protected within the smart contract.
Withdrawals by the admin are possible in the coldStore function.

function coldStore(uint _amount) external onlyOwner
 {
        houseKeeping();
        require(_amount > 0 && this.balance >= (investBalance * 9 / 10) + walletBalance + _amount);
        if(investBalance >= investBalanceGot / 2){ // additional jackpot protection
            require((_amount <= this.balance / 400) && coldStoreLast + 4  60  24 * 7 <= block.number);
        }
        msg.sender.transfer(_amount);
        coldStoreLast = block.number;
}

This line:
require(_amount > 0 && this.balance >= (investBalance * 9 / 10) + walletBalance + _amount);

guaranties that the admin can never withdraw more funds than: the 90% of the funds invested during the ICO plus the funds in wallets waiting to be withdrawn (these includes unpaid prizes due to lack of funds in the contract; however these prizes must have been claimed with the won() function before, otherwise the prizes are not known to the contract).

There is also an additional important limit that the withdraw amount must be smaller than 0.25% of the jackpot and this fraction can not be withdrawn more often than every 7 days (4*60*24*7 blocks).

This additional limit is waived if 50% of investors decide to disinvest.

This additional limit means that if there is a large lottery win waiting but the winner did not collect the results yet, then the admin can run away with 0.25% of the current jackpot , leaving 99.75% of the jackpot still in the contract. Thus this risk has a negligible effect on the collected funds by the winner. The regular withdraw of 0.25% per week by the admin to promote the lottery is an expected behavior.

After the ICO ends but before the first lottery, there will be also no wins to pay so what will prevent the admins from withdraw all the ICO money??

Please link to exact contract method that will prevent this.

The funds from the first Hackathon were withdrawn by the Admin using the coldStore function.
The withdraw was possible because there weren’t any liabilities on the contract such as Token redeem and win payouts. There weren’t any wins to pay out because the players were able to claim the wins after a given time period, they weren’t the lottery winners right after the lottery draw. At the moment of the Admin withdraw there were no wins to pay.

I have been around for too many coin launches, ICOs and scams. Here is my take -

PROS
Project is GREAT ... on paper. Blockchain and lottery is a match made in heaven.
Hackathon is a GREAT way of auditing.

CONS

• If devs wanted integrity - put the bounty on an automated smart contract that either:
  -returns dough to dev at a certain time period
  -allows hacker to take all. its not a bounty if devs can take back money
  
• Devs are anonymous, why?

If I was advising a family member on this I woul say: "

• First, Think about yourself back on the forums, fuming, typing in red caps "scam I want my money back" and thinking - "if only I had known or heeded the red flags"
  Are you ready to take a risk with this, given what you know?
   (== is this a good investment)
   
• Secondly, do you think this project has the confidence of the crypto community
• Thirdly, gambling laws??? Implosion (== is this a good investment)

I guess we will have to wait and see for the full repercussions of this hackathon incident. But I will say this. Because things did not turn out as was expected, there will always be future doubts cast on future commitments and future promises. True, every business has its missteps and this one is something that they can easily recover from. But they will have to work harder now to make it happen.

I did ask a question which is yet to get a response from the Admin of Smartbillions: Does the fact that it was stated in the contract that Admin can make withrawals for payouts and redemptions give any form of legitimacy to the withdrawals made by Admin at the hack of the Hackathon?

The contract is improved now and the second hackathon will be announced soon. For the second time there'll be 1500 ETH stored in the contract to find out if the contract is secure now.

You have stated the obvious.

For me it is quite clear. It was already described above. Admin is NOT able to withdraw INVESTORS funds... beside this small weekly percentage. So it has nothing to do with what you are saying, cause I believe you are implying that they can withdraw any amount any time from the contract? Also I am not a guy who can analyze code in details, but I'm sure there are people who will do that and state if thats match whitepaper which I'm sure it does.

I am not posting false information, the information I posted where demonstrated by you, you managed to pull money out of the contract, so you are capable of doing that. And you insist on being anonymous without giving a good reason. I have participated in ICOs that were run by anonymous people before, and got bitten pretty badly, they did run away with the money. Sold their tokens even, and drove the price of the tokens to dust, people, myself included lost 90% of their investments. I'm not attacking you or your project, I just wish to inform the potential investors of the grave dangers of participating in an anonymous ICO, sending their hard earned money to a an anonymous team. This is exactly what bitcointalk is for, there are a lot of naive investors out there who do not understand how risky this is.

Get familiar with smart contract and stop posting false information. You are wrong about all the assumptions you made. We risked and lost our own money, we could withdrew the money from the contract as I was described. The Investors and winners funds are always protected get familiar with the project and than I will answer all your questions concerning the code.

Nice project.
sounds promising,  I really believe in lottery projects based on blockchains
It may be a very prospective area in future.
wish success

It's possibly a smart scam, they are using this hackathon as a way to promote this ICO, which is fine of course, but then they have the ability to withdraw funds from the smart contract any time they wish, therefore, they are hoping they'll raise more money (much more) than they're risking. Then they could run away with the money as they please, since they are anonymous. If they are open with the community and reveal their identities clearly, then one can consider this less risky.

How is this a scam? Please explain, the devs are risking their OWN money to prove that investors funds will be safe.

For all those questioning admin withdrawal - just read the damn whitepaper it is all explained there!

Dear Smart Billions,

If you think the crypto community will fall a second time, you are sadly mistaken. If the Hacker is able to break your contract, then he is most likely able to track you. Now let's take into consideration that you broke your word. The hacker completed the task, but you cut his reward in 1/4th......im sure he/she/they want to get paid.

Scams have a funny way of showing people their real intentions.

I can't wait to see one of your guys reply a long, long, rebuttal  

You're a pathetic scam.
You stole money from someone who you literally promised and allowed him to take the entire 1500 ETH.
Obviously you wouldn't care to steal from your investors.


Send the remaining 1100 ETH to the first address who withdrew 200 ETH, or you're a fraud. No one will ever support your product.

none of what you said is true. Please get familiar with the smart contract. If you can point the backdoor in the smart contract please do so, otherwise please stop spamming.

Wow, sounds super fraudulent, good luck with your bugs, backdoor, and empty promises of payment