Topic: Livecoin.net Scam - page 12. (Read 13625 times)

And BTW Fuck You teeGUMES for red tagging me over this shit. You're a major asshole.

I didn't abandon the sig campaign 30 hours early because I don't believe I'm at risk of "promoting a scam exchange." I still don't consider Livecoin to be scammers -- if this offends you, tag me for it.

They've been around since 2014 -- 5 years is a long time to build up an epic exit scam by crypto standards.

i want only to understand the fact.. but i'm tired

Seeing as everyone is no longer getting paid to promote this scam in their profiles & have (mostly) stopped trying to defend their actions, I thought I'd do it for free.

It is pretty clear that i meant there was nothing to be done "after" the attack was finished. I still stand by it, if you disagree to simple technical facts , then that is your problem.

This fixes an issue where a 51% attack can change difficulty at will.

Yeah because nobody in the history of the forum has ever created a second account 

None of this back and forth matters. The development team is not financially responsible for securing anything short of proving them having been actively engaged in fraud. Everyone invests in these projects at their own risk. Exchanges are responsible for securing assets under its control. The fact that it sat around for months getting robbed is something any halfway competent IT security team would have detected, and is not the responsibility of the development team. As a result of its own negligence it is apparent they are insolvent and do not have the requisite coins to represent its actual token allotment. Given that sorting this out is way more complicated than could be done by such a half assed run company, let alone a team that would have noticed this problem earlier, they are in way over their heads.

Right now I would estimate they are trying to quietly buy into this token and buying time to do so cheaply as they continue to collect trading fees. Holding a customers coins hostage for months is the kind of thing that tends to drive a coins price down. This whole time they are also trying to fumble thru what if any fraudulent accounts are left holding any funds hoping it is significant enough to fill the gap.

Livecoin needs to come clean and stop playing backdoor games. If they don't this is going to be much worse than simply the loss of this one coin holding. Admit fault, issue temporary not withdraw-able tokens to represent the lost funds to be fulfilled over time. Another option would be to "socialize" the losses and give every token holder a haircut for immediate withdrawl. Obviously not going to be popular but being honest about it at least allows people who are not willing to tolerate this response the opportunity to pick other exchanges for future use. Look into the way BTC-E handled it, IMO they did a good job in basically the worst of circumstances. It was a much different cause, but a similar scenario regarding obligations to the customer base but on a larger scale.

JFC

Again you're just regurgitating stuff trodded through this thread a dozen times.

Your statement was inaccurate because you said there was nothing to be done while there was.

Yes of course I do

You were proven to be lying and admitted this personally in this thread.

...I read their rules from beginning to end, but did not find a clause prohibiting lying!...

...Moreover, I did not lie

I agree Bitcointalk could be taken lightly and we should think about the importance of Bitcointalk this days, many fake project are just lurking here finding innocent newbie victims. But I don't think this is the case with livecoin, as they were running as I read, a highly paying signature campaign, and it seems they had some of the importance given to Bitcointalk promotion through it. They even had a higher level account here which is not worth loosing really. So, I would not think they don't give a fuck about the forum

Because they know that crypto has gone past this forum and they get a good amount of noobs from all over the internet who are easy targets. You'd never come across an established member for this forum falling victim of such exchange scams

Even Op is not active and every normal OP in his thread is active constantly.

But I can explain that to you

In fact, it is hard to understand why you can't understand it. The simple answer is that they don't particularly care about BTT and neither do most other exchanges out there. But we can still see the Bitfinex thread with Bitfinex representative never showing up again. The inference should be pretty evident and straightforward. They don't give a fuck about the forum any more but they definitely did at the beginning

Apart from that, I'm strongly inclined to think that it was mostly through Hhampuz's effort that Livecoin agreed to run a signature campaign here (given how eagerly he tried to fix matters with this foul accusation). So the real question that we should ask ourselves is how come that they discard the forum as irrelevant as far as their reputation is concerned. I think that should be a reality check for us as to how important BTT is these days

I don't care about the opinions of Jr Members alt accounts. Post under your main account or get lost.

Its like, no shit, they should have been on the lookout for irregularities in the blockchains of the coins they are trading. There's lots of things that can be done -- for starters, the Monacoin devs could fix their faulty calculation of difficulty retargetting, yet they never did. From Reddit:

Monero DID make changes to their wallet software after a theoretical exploit was confirmed to exist and reported to developers by Livecoin. So what are you talking about "nothing to be done"...? Your statement is 100% inaccurate.

Despite the fact that OP is a prick and had months to withdrawal his coins (except for MONA, as nobody can)

I still agree that's not a good excuse to lock him out of his account. I've said this from the very beginning.

So the real question that we should ask ourselves is how come that they discard the forum as irrelevant as far as their reputation is concerned. I think that should be a reality check for us as to how important BTT is these days

Yaa, even I can't understand why are they willing to risk a long time reputation under such an questionable TOS. Why can't they just act right here, unblock the OPs account and return his funds ? I too think there repo is more worth than what OP lost

They've been around since 2014 -- 5 years is a long time to build up an epic exit scam by crypto standards.

People just shut down their critical thinking skills when they are out for blood I guess.

The only winner here is Quickseller. This is exactly what he hoped would happen. Is there any doubt that he wouldn't give two shits about OP's problem if he hadn't been kicked from the Livecoin campaign? He's had this long-running, stupid smear campaign against Hhampuz for quite some time now; I bet he's enjoying every minute of this.

Wrong,they were the victims of their own weak security and lack of seriousness in protecting their clients' funds, every POW coin is subject to being attacked, there is a little to nothing that can be done about it on a code level , some methods like the "delay function" proposed by zen may make the attack a bit harder and that's all about it, the biggest part of responsibility is on the exchange itself.

(stuff not worthy of response deleted)

tl;dr IMO Livecoin is not scam per se, but when investors lose their funds due to terrible security measures, it does not matter how you label them - they are as good as scammers, one does not have to directly steal your money, locking you out of your funds for saying stuff about them on Twitter or being too bad in protecting your funds are some great ways an exchange can follow to be considered a scam.

They were the victims of thieves who took advantage of weaknesses in the coins' respective code

One complaint initiated the thread - there are more complaints.  I posted this earlier in the thread.  I think the fact that their legal structure appears to be based on untruths is concerning.

I provided links to several other complaints about Livecoin. You're focusing on the OP, but to me, Livecoin's confirmed practice of permanently disabling wallets in these situations is scam behavior. Doing so causes the market to price in their insolvency. This effectively passes on all losses to depositors, who are left holding worthless un-backed tokens on Livecoin that can't be withdrawn. That's why XMR is 70% cheaper than everywhere else.

You mean people don't want to come forward and post about a problem with an exchange that locks your funds for doing so? Shocking!