Topic: [ANN][SPATA]★Spartacus★[X15]★POW/POS★3.5 days POW★ON BITTREX - page 4. (Read 38044 times)

Coin volume has gone up in BTC since re-opening.

I don't think the coin has finished pumping

and down it goes again.

This is the best part it is trading again.  There are like 1.1 btc worth of buy orders up.  The dev can come back and dump again.  This is better then watching TV.

Richie,

I appreciate you responding - and for providing detailed insight on why what I had suggested is simply impractical.

Forgive me, as I have a very limited background in actual coding - and I tried in my post to be as unbiased as possible, because I meant what I said, in that I really like using the Bittrex platform. I tweet about my trades, hashtagging your platform regularly. I just want to make sure nothing of what I said came off as suggestive in a negative way.

I think in the end this is a good lesson for all of us. Altcoins are not stocks. Buying them, trading them, mining them - we accept certain risks.

Moving forward we need to be careful what we mine. What we decide to invest in, and promote on the threads and twitter. We need to be more responsible as a community.

I understand what Richie is saying. It's simply not practical to review every line of code for every new coin that emerges in the marketplace. Perhaps impractical is even the wrong word - it's very likely impossible.

That said lets move on. Let this thread die. Lets move the ball forward.

Thanks again Richie for the response.

Best,

Strato

Anyone notice and believe this?

Using real exchanges that don't add shitcoins on day one is your only defense against guys like this.

I don't see this kind of shit happening on Cryptsy or Betr.  Is it your greed Richie?  Are you too quick to add these coins?  Fucking people over is great work.

Sure? It's just a few lines of code.

1. Set max money supply (based on announce thread) to variable A
2. Check the total coins on the exchange after each deposit. If it's more than variable A, stop the market and check it by hand.

So, if you had an alert for 1.500.000+ coins on your exchange, you'd prevent this scam.

If anyone wants to have a further discussion on security, I'm more than happy to do it on IRC... You can always find us in freenode at #bittrex.


That said, I do want to address Strato because your post was extremely thoughtful, and I agree with you 100%.  However, I don't think you understand the technical complexities of what you are describing.  

1) It is not practical to review all source code looking for premines or other malicious activity.  Pen test companies take months to review this many lines of code.  Additionally, this would make us liable if we missed something.  This is not a position Bittrex wants to be in.  We are an escrow company.  We make sure that you get x coin for y coin.  

2) The service we provide for our fee is this safe transaction.  We protect you from people running off with your coin without receiving theirs.  We do not charge a fee to make sure everything we list is safe.

3) It is impossible to programmatically protect against source code.  Adding balance checks here wouldn't have saved everyone.  It might have stopped one or two transactions from going through, but it's not complete.  Additionally, once we have that in, there are other things developers can do to hide coins.  It becomes a cat and mouse game.

There was almost 3 days of source access and 10+ pools running the code.  There was ample time for multiple people to catch this activity.  It is unfortunate that it slipped by everyone.

With all that said,  we postmortem every event like this to try to provide holistic security controls to protect our customers and ourselves from these situations.  

Thanks,
richie@bittrex

This is one of the Primary Dangers of Altcoin Trading - http://altcoinherald.com/primary-dangers-altcoin-trading/

Total instant loss due to Dev malfeasance.

Well i would say you guys may be losing alot of loyal customers. You could have played this out a little better. But your knee jerk reaction to re-enable the market will cost everyone. Im not saying you shuld have refunded us but you could have planned the out a little better so everyone is not dumping all at once.

are you serious here ? please re-read back your comment, how is that not a good thing ? IF they checked the code, people would not invest, thus they would not get fucking burned.

this tells me you're a not willing to take advice or even look at a piece of logic and actually get the point, I see how you got burnt "you stupid shit".

This isn't the first time bittrex dropped the ball in the last month.  Remember ninjacoin?

MARKET IS OPEN

I suppose that the NYSE (New York Stock Exchange) should also have the same approach.  

And tomorrow - I'll IPO my new company from my Mom's basement Apartment - Optimum Enterprises - and list it - and sell shares.

Oversight is part of the an exchanges JOB. It's the REASON I can't do what I've just noted above.

What do you mean by sooner? You add coins even on their 1st day... It's your choice not to police coins but i think you should, it will give your business and the whole community a better chance to last.
You said "we as a community", do you have any plans to do something about it?

Over the last 1-2 months i've seen big players get in generic coins that later come up with "innovations". This makes it even harder to spot a scam.

IF the whole community did that no one would ever mine or invest in anything.  They would be too busy researching code you stupid shit.

No we do not have control of any coins.  The current balance is

    "balance" : 1994473.46064016,

But as you are aware, there is a 15M premine.

I personally do not see this being bittrex's fault here, yes a review process should have been done, but you pay them a fee in order to trade, keep your portfolio safe and to allow them to pay for the bandwidth and servers.

They only add coins that the community wants, if this coin has been vetted before anyone had started mining it then this would not be a problem, but again YOU SHOULD VET THE CODE BEFORE YOU INVEST A SINGLE SATOSHI OR YOUR ELECTRICITY period.