Well honestly, Bittrex should seriously consider making right to their customers for this - at the very least for the people who purchased through Bittrex - and STILL had their coins in the exchange.
Refund them out at the value at the time at which the scam was exposed.
There should have only been 1 million coins. The TOTAL supply was 1.5 million after POW - but its only 3/5 of the way complete.
So the fact that they allowed a coin that had a 1.5 million market cap - at which time should have only had 1 million in circulation - to have MORE than 1.5 million in their exchange - I'm sorry I love Bittrex but that is a big oversight on their part.
They are a financial exchange - pure and simple. They should have safe guards in place to prevent these things from happening.
I am also a bit surprised that they don't have some sort of review process when they list a currency. At the very least they take information - how many coins, POW length, Time, Block Size, Total Circulation - and then they do a quick scan of the source file to make sure 1+1 = 2.
If Bittrex is to continue to be a leader in this ever growing, highly competative CryptoWorld, they need to ask themselves what kind of company they plan to be.
If they allow these things to happen someone or group will open an exchange that offers these safe guards, and no doubt they will lose the market share they have worked so hard to obtain.
I think they should ask themselves that question right now.
Strato
Bittrex didn't allow shit to happen. They aren't obligated to review every single line of code (which if you know anything about computer science is literally what needs to be done to prevent these scenarios). I can't gauge how big of an oversight this was (it looks fairly obvious though) so I am not in the position to blame them but the exchanges aren't responsible IMO. In that case, go ahead and blame bitcointalk, the pools, and every other service for enabling you to access the coin.
I am not "blaming" Bittrex. I am simply saying that we pay a fee to bittrex when we trade - which we should. But part of their job, for that fee, should be at the very least offering some degree of protection - such as source code review. Or perhaps knowing that somethings not right when a coin that only has 1 million in total circulation at the moment - has more than 1.5 million coins in the exchange. Like if WALLET > X NUMBER = BIG PROBLEM.
If they don't do this, another exchange will open that will. Am I alone here in saying that we, as a community, want exchanges that provide oversight, and don't list any and all coins - some of which are likely total scams - literally devices created to steal money right out of the hands of the exchanges customers?
Not assigning blame at all. This is an evolving world (cryptos). We are all learning - even the exchanges. It will continue to change. Bittrex has the chance here to step up and tell everyone loud and clear:
We will not allow, nor tollerate these types of events to occur. We should have never listed this coin. We are doing right by our customers. We are implementing new security and review measures for all currencies. We will be reviewing all currencies to ensure this does not happen again. We apologize and hope you will continue to trade with us because we value you - our customers. Again, I love Bittex, and I do most of my trading there. This is very unfortunate that this happened, for us and them.
But I think what I wrote in bold above is what everyone wants and needs to hear - whether or not they were invested in SPATA or not.
If not, I think Bittrex will lose an enormous amount of trust by it's users. Which would be unfortunate.
Strato
