What does this mean in terms of the deposits being temporarily locked? Code-wise, I'm not really sure. When it comes down to the code, I don't really know what the transaction between wallet and exchange really looks like. My guess would be: it behaves differently than a Wallet to Wallet transaction. So my conclusion is that the team has written the code already, and is watching the behaviour of the Energi3 blockchain. We recently experienced a chain split.
Also, don't forget, NRG just got listed on HitBTC (like or or not) and I'm sure that adds another layer to the over-all security concern that the team has.
My Summary:
I don't believe there is malicious motives behind the actions of the Energi team in regard to locked deposits.
I DO think they need to start answering some questions however.
1) Why are deposits closed. We don't want a copy/paste answer. We want to understand the "why" and that isn't in a "I deserve to know" sort of manner, but rather, "I'm really passionate about cryptocurrency, how blockchains work, how exchanges work, etc.
2) Why is the Github so quiet?
The last commit is one line of code almost a week ago. What's stopping the team from moving forward?
3) What can WE do? Apart from sitting on our hands and trying not to think about our beloved NRG coins?
Tommy, if you're reading this, give us something. This is about a conversation. Respect. and most importantly, Honesty.
I cannot answer everything but will do my best to help build some understanding.
Regarding deposits, here is one potential issue that could occur due to a chain split. Say you sent some NRG to the exchange and you were both off chain. The exchange accepts the deposit and you trade for a different coin/token then withdraw. After that, you both realize that your transaction wasn’t valid. Since you have already withdrawn the new coin/token, the exchange cannot undo this and because the original transaction was off chain, they don’t get the NRG you sent (you may be good about it and resend but not everyone would). Now the exchange is out those funds with no way to recover them. Multiply this by however many people do their deposits at this time and it could be a massive problem. Setting an arbitrary time for confirmations is not really a solution to this because how do you determine how long it will take for the exchange to realize they are off chain?
With withdrawing, everything is in the exchanges system so if you are both off chain, the exchange still has this information saved and can process the transaction again once they are back on chain.
I cannot say regarding the commits since I am not on the tech side and am not sure on the exact reasons why each commit is done at the time it is rather than waiting longer or doing it sooner.
Sadly for 3, I don’t believe there is much else any of us can do. Personally, I try not to think about it (but of course we are always asked about it so that doesn’t work very well) but I also sit back and consider how I would feel if I sent to an exchange and my coins were lost.
I know this doesn’t add a ton of clarity but I hope it helps explain some.
Thank you for a clear and explanatory answer. After all, it was possible to immediately give it, and not unsubscribe for 2 months with standard phrases: For security reasons.
Now everything is very clear.