[PTS] Warning Sign Ahead! - Protoshares

AndrewWilliams

full member

Activity: 182

Merit: 100

Fourth richest fictional character

Quote from: NUFCrichard on November 18, 2013, 02:31:26 PM

You bought mining servers for the month ahead but can't believe people still fall for this stuff?
They aimed for 1 block every 5 minutes, when 1 every 20 seconds was being found they had to act.

Click the link. This is a post the Protoshares forum, that's why it's in italics.

NUFCrichard

legendary

Activity: 1218

Merit: 1003

You bought mining servers for the month ahead but can't believe people still fall for this stuff?
They aimed for 1 block every 5 minutes, when 1 every 20 seconds was being found they had to act.

AndrewWilliams

full member

Activity: 182

Merit: 100

Fourth richest fictional character

It seems many people are having an issue with the direction PTS is going.

http://bitsharestalk.org/index.php?topic=433.0

This whole operation is very amateurish and there was no preparation. There is also a likelihood of malice by the project operators.

Firstly, all the clients are being released, unsigned, on a non-ssl server. A recipe for many people to lose their coins.

Secondly, the 2 hour notice hard-fork. Apart from that equating to a breach of contract, and essentially a dictatorial decision, it is ethically unsound since the initial miners all heavily benefit from this.

The market value has spiked because of this decision, and is classic pump and dump behavior. I lost out heavily because I purchased huge amounts of mining servers for this next month, based on a calculated risk/reward decision, and this change puts me in the red for good.

The claim that blocks were being mined too fast is no excuse. No modeling was done, and once the project started the only real option was to start over incase there was such a critical issue. Incase anybody missed the point, it's probably going to take a year if not more to mine what was mined in the first 5 days.

I can't believe people still fall for this stuff. It's like this entire ecosystem is about who can invent the next convincing scam. It's unfortunate because there are many good ideas here, but this is clearly not the team to execute.

Topic: [PTS] Warning Sign Ahead! - Protoshares (Read 731 times)