Topic: Can a corrupt team cook a blockchain? (Read 475 times)
it depends on how the development team develops their platform. usually crypto coins that are made on a decentralized basis and always maintain the security and privacy of their users, but I think it can happen because of two things, either an error that occurs in the system due to an error in the accuracy of the developer or it is deliberately made to take profit someday by stealing user data.
The fact that only few people are able to use the service is a red flag, though it could be a precautionary measure taking by the developers to only allow people from a defined region through their IP records and those without this are disallowed from staking. Whatever the case may be, it would be better to divest and cut your losses.
Forgive me for bumping this thread, but doing so is way easier than starting a new one when everything I wanted to mention is here. Including the following post:
Considering that GPU mining will probably come grinding to a halt when ETH transitions to a female version of itself, I cannot help but think that proof of stake coins will gain significant popularity as well. Some of those coins above, wow. I don't think I've ever heard of half of them, and was there actually a bitcointalkcoin?
I would be remiss if I did not pat on the head those who recommended coins like DOT, ATOM, and the big ones that are thriving in the present year. Whatever those losers are or were in the post above probably don't even exist anymore.
I stake about 12 coins (Neblio, Mintcoin, Noblecoin, CompoundCoin, VersionCoin, TruckCoin, HoboNickels, Stronghands, Mintcoin, Elite (was 1337), InflationCoin, Bottlecaps, Stackbit, BitcoinTalkCoin, Stackbit, RAIN, OverpoweredCoin, and Proof of Stake coin), and these kinds of wallet maintenance tasks sometimes have to be put off until I have time, which I haven't had the last few days. I'll post to the thread when I do it. This kind of thing has gone on about 6 times in the last year for this coin.
Considering that GPU mining will probably come grinding to a halt when ETH transitions to a female version of itself, I cannot help but think that proof of stake coins will gain significant popularity as well. Some of those coins above, wow. I don't think I've ever heard of half of them, and was there actually a bitcointalkcoin?
I would be remiss if I did not pat on the head those who recommended coins like DOT, ATOM, and the big ones that are thriving in the present year. Whatever those losers are or were in the post above probably don't even exist anymore.
Unfortunately there is a ton of centralized currencies nowadays in crypto world, and people buy it up all because they think it would make them rich, almost 99% of all the coins that came out seen interest from people only because it would make them rich if they are right about buying it, they do not want to use it, hold it, spend it, they want to just trade it and get rich in fiat and that's it, they want nothing else with it.
You can use bitcoin in some places, you can spend it, it is basically as much of a money as dollar is in many places, these altcoins are not like that at all. Hence there are teams who changes the blockchain, "improves" it but in reality basically controls it, which means they have their finger on it and this is why you can never trust them neither.
You can use bitcoin in some places, you can spend it, it is basically as much of a money as dollar is in many places, these altcoins are not like that at all. Hence there are teams who changes the blockchain, "improves" it but in reality basically controls it, which means they have their finger on it and this is why you can never trust them neither.
It's entirely possible to allow certain IP to connect to the nodes and blacklist the rest. At this point, the only thing you can do is observe for a little longer and see how would the dev team address the issue. If they are really into fixing it, you would easily know on how they would respond to queries regarding the issue. Also, observe some of those people who reported that they are able to connect just fine without any hassles. There could be some form of collaboration between some of the stakeholders and the devs, so watch out for those too. If your suspicions are already confirmed, I suggest you dump the coins and look for other ones that has potential to grow.
But don’t you think not everyone is coder or programmer kind to know these kind of issues? Like if I were to observe such suspicious activity then I wouldn’t even be able to say A to Z about it. There is no question of asking dev also if something come up like this. I definitely can say that stakeholders might be throwing good amount of money in devs pocket to fill up theirs. Also, btc only stands a good chance to stay away from this corrupted blockchain stuff since it’s outgrown to complex level now. So we are back to square one and btc is only perfect crypto.
Hi all,
So Compound Coin (COMP) is the real coin or a scam among others ?
So Compound Coin (COMP) is the real coin or a scam among others ?
There is an old coin named CompoundCoin which has a high staking rate. It started around 2016. Then there is a new DEFI coin called Compound that started around 2020.
Hi all,
So Compound Coin (COMP) is the real coin or a scam among others ?
So Compound Coin (COMP) is the real coin or a scam among others ?
I have some suspicion a coin I'm staking had a team take over it that "cooked it's books" somehow. The wallet keeps stalling and will not sync, and there are others on the thread/channel that say they are able to sync and stake. This has happened a number of times since a person took over the development. The blockchain their new coin creates never works for more than a few weeks but supposedly for a couple people it does. Many chime in on the thread that they are not able to sync.
I know behind the scenes at the code level (or maybe node level) there is a lot of control a developer can have. Is it possible for a corrupt team to make it that only certain people are getting stakes?
I know behind the scenes at the code level (or maybe node level) there is a lot of control a developer can have. Is it possible for a corrupt team to make it that only certain people are getting stakes?
It's possible, nothing that teams can go around with... A friend of mine once had a similar case such as this and the project later fold up and that's why it is always advised that if you notice any foul play from team, you should just sell off your bag and move away from the project. It has been a common strategy use by teams to deceive investor and users, they will enable activities on the wallet of some people associated with them to give out testimonies but froze up investors accounts
Are you sure it wasn't a network problem ? Do you using the latest release software of the coin ?
I think the developers of the coin can make the chain stuck if they want. Did you compile the wallet or just using the compiled one ?
Maybe you can search for their source code, search if they really deliberate to make the chain doesn't syncing.
I think the developers of the coin can make the chain stuck if they want. Did you compile the wallet or just using the compiled one ?
Maybe you can search for their source code, search if they really deliberate to make the chain doesn't syncing.
Also in the case of GRW encrypt your wallet which is good crypto practice anyways so as not to stake whilst loading blockchain data then use your pass to unlock wallet for staking once your wallet is up to date GRW has a problem with that and a few others on your list if you have a large bag or years of staking or stake weight potentially will create a fork from your wallet and get stuck
@paramind22
For Growthcoin this are the nodes and connections from my pool if you need it :
addnode=82.196.0.217:17177
addnode=104.248.1.175:17177
addnode=188.226.240.91:17177
addnode=178.62.90.160:17177
addnode=165.227.45.223:17177
addnode=128.199.191.230:17177
Havent got any problems in the last time with GRW and the nodes for !
For Growthcoin this are the nodes and connections from my pool if you need it :
addnode=82.196.0.217:17177
addnode=104.248.1.175:17177
addnode=188.226.240.91:17177
addnode=178.62.90.160:17177
addnode=165.227.45.223:17177
addnode=128.199.191.230:17177
Havent got any problems in the last time with GRW and the nodes for !
I installed the new RAIN wallet.
Getting a Botnet Blacklist virus message repeatedly coming from a few wallets now.
Getting this after installing new RAIN wallet. I'm not sure they are related. The only other software I installed was the Ableton Live trial.
Getting a Botnet Blacklist virus message repeatedly coming from a few wallets now.
Getting this after installing new RAIN wallet. I'm not sure they are related. The only other software I installed was the Ableton Live trial.
I have some suspicion a coin I'm staking had a team take over it that "cooked it's books" somehow. The wallet keeps stalling and will not sync, and there are others on the thread/channel that say they are able to sync and stake. This has happened a number of times since a person took over the development. The blockchain their new coin creates never works for more than a few weeks but supposedly for a couple people it does. Many chime in on the thread that they are not able to sync.
I know behind the scenes at the code level (or maybe node level) there is a lot of control a developer can have. Is it possible for a corrupt team to make it that only certain people are getting stakes?
I know behind the scenes at the code level (or maybe node level) there is a lot of control a developer can have. Is it possible for a corrupt team to make it that only certain people are getting stakes?
It is very much possible especially if the coin in particular is running on their own blockchain which might be a private network. I've had experience with a similar situations, the teams do have the ability to blacklist certain ip address and leave access to certain few. I'm not sure but reasoning logically, i think the people giving positive feedback are set of people who have direct link with the team and they are doing so to shill the coin
I know behind the scenes at the code level (or maybe node level) there is a lot of control a developer can have. Is it possible for a corrupt team to make it that only certain people are getting stakes?
Which coin you are talking about, it is possible with POS and hope everyone is able to view the disablity it can cause to the entire structure if a corrupted team is behind the system, it will create a monopoly when everyone is talking about decentralization and you cannot have a fair system with staking. I stake about 12 coins (Neblio, Mintcoin, Noblecoin, CompoundCoin, VersionCoin, TruckCoin, HoboNickels, Stronghands, Mintcoin, Elite (was 1337), InflationCoin, Bottlecaps, Stackbit, BitcoinTalkCoin, Stackbit, RAIN, OverpoweredCoin, and Proof of Stake coin), and these kinds of wallet maintenance tasks sometimes have to be put off until I have time
How is the profit you are getting staking these coins, i am not doing it anymore as the coins i did in the past died off and the monopoly system that was around it and since you are doing it i would like to the profit level you are making. I have some suspicion a coin I'm staking had a team take over it that "cooked it's books" somehow. The wallet keeps stalling and will not sync, and there are others on the thread/channel that say they are able to sync and stake. This has happened a number of times since a person took over the development. The blockchain their new coin creates never works for more than a few weeks but supposedly for a couple people it does. Many chime in on the thread that they are not able to sync.
I know behind the scenes at the code level (or maybe node level) there is a lot of control a developer can have. Is it possible for a corrupt team to make it that only certain people are getting stakes?
In principle, everything is possible. And nothing can be excluded. As an example, it would be nice to tell You what coin and blockchain we are talking about. I know behind the scenes at the code level (or maybe node level) there is a lot of control a developer can have. Is it possible for a corrupt team to make it that only certain people are getting stakes?
A "team" in the sense that the project team or a foreign team? Nobody questions that part. Yes, if a team that build a project wants to be shady, they can get as shady as it comes and they could potentially hack everyone's wallets and could get the money there.
However, considering if they do something like that they would ruin their own currency, there is really no need to do something like that, you could always sell more of your token to make more profit and easier option, hell you could just make the blockchain centralized and change it however that fits you the best and make more money. However if we are talking about other people somehow getting a hold of the blockchain of a certain currency, unless the code was subpar and horrible I think that is a very tough version and I doubt it would ever happen.
However, considering if they do something like that they would ruin their own currency, there is really no need to do something like that, you could always sell more of your token to make more profit and easier option, hell you could just make the blockchain centralized and change it however that fits you the best and make more money. However if we are talking about other people somehow getting a hold of the blockchain of a certain currency, unless the code was subpar and horrible I think that is a very tough version and I doubt it would ever happen.
legendary
Activity: 2828
Merit: 1213
Call your grandparents and tell them you love them
I know behind the scenes at the code level (or maybe node level) there is a lot of control a developer can have. Is it possible for a corrupt team to make it that only certain people are getting stakes?
You never know, anything is possible in this wild west of crypto.It would be best to document your investigation first before accusing anyone though. Also check if there is something erroneous on your side of things, talk to other trusted users and see if the same problem is happening on their end as well. These should be your basic groundwork but if your evidence is quite suggestive, then make a thread in "Scam accusations".
Sometimes though, it is possible to take help from the developers (someone older) and sync wallets again, are you sure you have done that?
How it did after you have received the suggestions? Did you follow the instruction that was given to you by the rain discord developers? As per developers, as said if there's a way to go backdoor with that project, they can easily control and modify things.
Unless, they are open source and things they do whenever they change source codes are on the logs like in github or any place where they show transparency.
Unless, they are open source and things they do whenever they change source codes are on the logs like in github or any place where they show transparency.
I stake about 12 coins (Neblio, Mintcoin, Noblecoin, CompoundCoin, VersionCoin, TruckCoin, HoboNickels, Stronghands, Mintcoin, Elite (was 1337), InflationCoin, Bottlecaps, Stackbit, BitcoinTalkCoin, Stackbit, RAIN, OverpoweredCoin, and Proof of Stake coin), and these kinds of wallet maintenance tasks sometimes have to be put off until I have time, which I haven't had the last few days. I'll post to the thread when I do it. This kind of thing has gone on about 6 times in the last year for this coin.
Keep the thread updated what has happened to you and if you have followed the suggestions that were given to you. I hope that most of those problems will be fixed so you won't have any headache anymore with those investments you took.
How it did after you have received the suggestions? Did you follow the instruction that was given to you by the rain discord developers? As per developers, as said if there's a way to go backdoor with that project, they can easily control and modify things.
Unless, they are open source and things they do whenever they change source codes are on the logs like in github or any place where they show transparency.
Unless, they are open source and things they do whenever they change source codes are on the logs like in github or any place where they show transparency.
I stake about 12 coins (Neblio, Mintcoin, Noblecoin, CompoundCoin, VersionCoin, TruckCoin, HoboNickels, Stronghands, Mintcoin, Elite (was 1337), InflationCoin, Bottlecaps, Stackbit, BitcoinTalkCoin, Stackbit, RAIN, OverpoweredCoin, and Proof of Stake coin), and these kinds of wallet maintenance tasks sometimes have to be put off until I have time, which I haven't had the last few days. I'll post to the thread when I do it. This kind of thing has gone on about 6 times in the last year for this coin.
How it did after you have received the suggestions? Did you follow the instruction that was given to you by the rain discord developers? As per developers, as said if there's a way to go backdoor with that project, they can easily control and modify things.
Unless, they are open source and things they do whenever they change source codes are on the logs like in github or any place where they show transparency.
Unless, they are open source and things they do whenever they change source codes are on the logs like in github or any place where they show transparency.
Jump to: