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Topic: [SPC][PoF] SaveCoin | Proof of Fund Coin | 64% Interest Annually / 0.137% Daily - page 2. (Read 64581 times)

full member
Activity: 168
Merit: 100
AllCrypt.com needs some solution from the devs.

It's impossible to host this coin on an exchange properly, with the way the interest is paid.

It comes into a wallet address as a deposit. Not as a stake, not as a special 'category' but as a 'receive'.

Which leads to users who are attached to a SPC address getting interest payments credited to their allcrypt.com account when they, in many cases, do not even have SPC anymore.

User (A) creates address. Deposits 100 SPC. Exchange balance: 100, Wallet balance: 100
User (B) has had an address and has SPC for sale. Exchange balance: 10,000, Wallet Balance: 10,000
User (C) never deposited any. Balances 0.

User (A) buys all 10,000 SPC from user (B).

Now user (A) has an exchange balance of 10,100 and a wallet balance of 100.
User (B) has an exchange balance of 0, and a wallet balance of 10,000
User C buys 3,000 SPC from another unrelated user and withdraws it. Because the way wallets are designed, 100 of that 3000 comes from user A's wallet, and 2900 comes from user B's wallet. End result:

User A has 10,100 SPC but a wallet balance of 0.
User B has 0 SPC, but still has a wallet balance of 7,100 SPC.
User C is back to a 0 balance in both.

User (A) gets NO interest payments whatsoever. User B, who hasn't owned any SPC in weeks, is getting daily payouts for a balance he doesn't even own. He mentions this in chat, and User A is now pissed that he's being "ripped off".

The way they are just showing up as deposits is a frigging nightmare and has our wallet accounting horrifically out of whack. To the point I'm about to just force everyone to withdraw their SPC and turn the wallet off.

Is there any way to fix this, or a way to query the transaction to see that it's NOT a deposit and instead an interest payment? Anything WE look at just shows an incoming payment with a huge amount of change going back to an address that constantly changes (so we can't even say 'its interest because the input address is always the same'). There is absolutely ZERO way to tell it's an interest payment as opposed to a 'real' deposit. And it's a massive pain in the rear dealing with the screwed up accounting and irritated customers.



Hello,

Sorry to hear you're finding issues with the interest payments, however SaveCoin wasn't designed with keeping SPC held in exchanges like this to gain interest payments.

However you can check interest payments by looking here http://savecoin.co/paymenthistory.txt

That should help clarify what is interest payments Smiley

As for constantly changing change addresses, this will be changed so that the address remains constant.  I will be be implementing updates on the payment server side.
sr. member
Activity: 350
Merit: 250
AllCrypt.com needs some solution from the devs.

It's impossible to host this coin on an exchange properly, with the way the interest is paid.

It comes into a wallet address as a deposit. Not as a stake, not as a special 'category' but as a 'receive'.

Which leads to users who are attached to a SPC address getting interest payments credited to their allcrypt.com account when they, in many cases, do not even have SPC anymore.

User (A) creates address. Deposits 100 SPC. Exchange balance: 100, Wallet balance: 100
User (B) has had an address and has SPC for sale. Exchange balance: 10,000, Wallet Balance: 10,000
User (C) never deposited any. Balances 0.

User (A) buys all 10,000 SPC from user (B).

Now user (A) has an exchange balance of 10,100 and a wallet balance of 100.
User (B) has an exchange balance of 0, and a wallet balance of 10,000
User C buys 3,000 SPC from another unrelated user and withdraws it. Because the way wallets are designed, 100 of that 3000 comes from user A's wallet, and 2900 comes from user B's wallet. End result:

User A has 10,100 SPC but a wallet balance of 0.
User B has 0 SPC, but still has a wallet balance of 7,100 SPC.
User C is back to a 0 balance in both.

User (A) gets NO interest payments whatsoever. User B, who hasn't owned any SPC in weeks, is getting daily payouts for a balance he doesn't even own. He mentions this in chat, and User A is now pissed that he's being "ripped off".

The way they are just showing up as deposits is a frigging nightmare and has our wallet accounting horrifically out of whack. To the point I'm about to just force everyone to withdraw their SPC and turn the wallet off.

Is there any way to fix this, or a way to query the transaction to see that it's NOT a deposit and instead an interest payment? Anything WE look at just shows an incoming payment with a huge amount of change going back to an address that constantly changes (so we can't even say 'its interest because the input address is always the same'). There is absolutely ZERO way to tell it's an interest payment as opposed to a 'real' deposit. And it's a massive pain in the rear dealing with the screwed up accounting and irritated customers.

legendary
Activity: 1049
Merit: 1001
Hello, the website and server is down for maintenance, will be up on Monday Smiley

Just some back end updates happening.

Edit: Put the server back online as main updates are done, will continue updating throughout the week, working on new front end and new OP (http://savecoin.co/new), still a work in progress.

Nice work, I like it!
full member
Activity: 168
Merit: 100
Hello, the website and server is down for maintenance, will be up on Monday Smiley

Just some back end updates happening.

Edit: Put the server back online as main updates are done, will continue updating throughout the week, working on new front end and new OP (http://savecoin.co/new), still a work in progress.
legendary
Activity: 1049
Merit: 1001
...I do not see how that would hurt savecoin in the long term...

It didn't, quite the opposite. It was unexpected serious pump out of nowhere. Many new people noticed that there is such thing as SPC. Happy days  Smiley

Dev is active and people are mining the heck out of it right now. Not sure whats up with the website, but I am sure we will find out something about it very soon.

Didn't even notice that hashrate increased. Also the volume seems to pick up on AllCrypt. Hope that's not just a short-term trend

ha ha yeah someone got scared and dumped really cheap yesterday and the difficulty shot way up from all those who mine it now.
legendary
Activity: 2436
Merit: 1561
...I do not see how that would hurt savecoin in the long term...

It didn't, quite the opposite. It was unexpected serious pump out of nowhere. Many new people noticed that there is such thing as SPC. Happy days  Smiley

Dev is active and people are mining the heck out of it right now. Not sure whats up with the website, but I am sure we will find out something about it very soon.

Didn't even notice that hashrate increased. Also the volume seems to pick up on AllCrypt. Hope that's not just a short-term trend
legendary
Activity: 1049
Merit: 1001
Why did the site say speedcoin for a while?

It was launched as speedcoin, but there was a conflict with other coin with the same name. Also, it was suggested that Save Coin would better reflect the main feature.


What hack?

More details in this post:

Not really sure, just kind of playing the wait & see game right now. Hoping for the best, but it looks like someone hacked BeACryptoWhale.com. Can't say that I would believe anything till it's proven for sure, but here's what they posted...  http://pastebin.com/WYMnHSHQ

"BeACryptoWhale's pastebin post"
Dear Crypto Community,
 
We feel that it is our responsibility to inform you that BeACryptoWhale.com was recently hacked by @BitcoinPhilip. This twitter user was put in charge of managing the fund for the month of August a total of 41.56442405($24,220) btc was taken from the main trading account.
Beacryptowhale.com has seized operations for the month of August and will be informing investors and the public with information as we deal with this problem. I the operator swear never to allow another trader manage the accounts. Please read below for more information regarding the transactions.
 
This occurred after all four deposits cleared
08/07/2014 03:20:26 AM  BTC     18.77422605
08/07/2014 03:20:26 AM  BTC     9.99980000
08/07/2014 01:48:00 AM  BTC     2.79039800
08/07/2014 01:48:00 AM  BTC     10.00000000
 
Soon after 5 purchases of SPC were made
08/07/2014 04:07:12     08/07/2014 04:07:12     BTC-SPC Buy     0.15000000      88.86005536     88.86005536     0.14999999      13.36233082
08/07/2014 04:06:32     08/07/2014 04:06:32     BTC-SPC Buy     0.15000000      183.39332447    183.39332447    0.07732058      14.21552919
08/07/2014 04:06:00     08/07/2014 04:04:54     BTC-SPC Buy Partial     0.00009968      10777.09853420  11276.40341993  0.00005027      0.54320773
08/07/2014 04:05:55     08/07/2014 04:05:54     BTC-SPC Buy     0.15000000      268.73073844    268.73073844    0.04980029      13.41632806
08/07/2014 04:05:14     08/07/2014 04:05:14     BTC-SPC Buy     0.15000000      268.90992090    268.90992090    0.00009994      0.02694473
 
Current balance of the trading account is
Disabled SaveCoin       Disabled SPC    11586.99257337  0       0       0.24448554    
Bitcoin BTC     0.00008352      0       0       0.00008352    
 
Currently we have contacted Bittrex for more possible information on the account that purchased the SPC. We are sorry to inform the public and BeACryptoWhale investors that this has happened to the funds and currently we are looking into a way to pay back investors funds. We suggest all users to look into @BitcoinPhilip and contact law enforcement.
 
 
Crypto_Whale

***Again, just waiting to see what's the outcome of all this.***

Thanks for the info, I remember when that person bought a bunch of the coin for an unreasonable price. I do not see how that would hurt savecoin in the long term. Dev is active and people are mining the heck out of it right now. Not sure whats up with the website, but I am sure we will find out something about it very soon.
legendary
Activity: 2436
Merit: 1561
Why did the site say speedcoin for a while?

It was launched as speedcoin, but there was a conflict with other coin with the same name. Also, it was suggested that Save Coin would better reflect the main feature.


What hack?

More details in this post:

Not really sure, just kind of playing the wait & see game right now. Hoping for the best, but it looks like someone hacked BeACryptoWhale.com. Can't say that I would believe anything till it's proven for sure, but here's what they posted...  http://pastebin.com/WYMnHSHQ

"BeACryptoWhale's pastebin post"
Dear Crypto Community,
 
We feel that it is our responsibility to inform you that BeACryptoWhale.com was recently hacked by @BitcoinPhilip. This twitter user was put in charge of managing the fund for the month of August a total of 41.56442405($24,220) btc was taken from the main trading account.
Beacryptowhale.com has seized operations for the month of August and will be informing investors and the public with information as we deal with this problem. I the operator swear never to allow another trader manage the accounts. Please read below for more information regarding the transactions.
 
This occurred after all four deposits cleared
08/07/2014 03:20:26 AM  BTC     18.77422605
08/07/2014 03:20:26 AM  BTC     9.99980000
08/07/2014 01:48:00 AM  BTC     2.79039800
08/07/2014 01:48:00 AM  BTC     10.00000000
 
Soon after 5 purchases of SPC were made
08/07/2014 04:07:12     08/07/2014 04:07:12     BTC-SPC Buy     0.15000000      88.86005536     88.86005536     0.14999999      13.36233082
08/07/2014 04:06:32     08/07/2014 04:06:32     BTC-SPC Buy     0.15000000      183.39332447    183.39332447    0.07732058      14.21552919
08/07/2014 04:06:00     08/07/2014 04:04:54     BTC-SPC Buy Partial     0.00009968      10777.09853420  11276.40341993  0.00005027      0.54320773
08/07/2014 04:05:55     08/07/2014 04:05:54     BTC-SPC Buy     0.15000000      268.73073844    268.73073844    0.04980029      13.41632806
08/07/2014 04:05:14     08/07/2014 04:05:14     BTC-SPC Buy     0.15000000      268.90992090    268.90992090    0.00009994      0.02694473
 
Current balance of the trading account is
Disabled SaveCoin       Disabled SPC    11586.99257337  0       0       0.24448554    
Bitcoin BTC     0.00008352      0       0       0.00008352    
 
Currently we have contacted Bittrex for more possible information on the account that purchased the SPC. We are sorry to inform the public and BeACryptoWhale investors that this has happened to the funds and currently we are looking into a way to pay back investors funds. We suggest all users to look into @BitcoinPhilip and contact law enforcement.
 
 
Crypto_Whale

***Again, just waiting to see what's the outcome of all this.***
legendary
Activity: 1049
Merit: 1001
After that hack accident SVC looks like dead again.......am i right?

What hack?
legendary
Activity: 1049
Merit: 1001
Why did the site say speedcoin for a while?
full member
Activity: 139
Merit: 100
After that hack accident SVC looks like dead again.......am i right?
legendary
Activity: 2436
Merit: 1561
Would be good if SaveCoin could be noted at coinmarketcap. Seems we dropped out when we dropped out of Bittrex.

Bittrex provides data to Coinmarketcap, the other exchanges don't, and even if they did, there's no volume.

Looks like the main website is down, or maybe its just an unannounced update?


 Huh

Was there any update announced? When/where?
legendary
Activity: 1049
Merit: 1001
newbie
Activity: 6
Merit: 0
legendary
Activity: 1049
Merit: 1001
Looks like the main website is down, or maybe its just an unannounced update?


 Huh
member
Activity: 97
Merit: 10
Would be good if SaveCoin could be noted at coinmarketcap. Seems we dropped out when we dropped out of Bittrex.
legendary
Activity: 2436
Merit: 1561

We're still here, we are working on starting a new marketing strategy and will be pushing SaveCoin with a new branding and approach.


Hi Suresh.

That's good to hear. But really think you should post here at least once a week or so (with a brief update, or just to say hello), so the people won't lose their confidence in SPC.

Just a friendly suggestion.
full member
Activity: 168
Merit: 100
anything moving anywhere?

Doesn't look like it is...
No activity from the dev, low hashrate, removed from bittrex, low or no trade volume. The only good thing is that the holders won't drop it at such low prices.

This coin has potential, but no effort is taken to promote it.



We're still here, we are working on starting a new marketing strategy and will be pushing SaveCoin with a new branding and approach.

legendary
Activity: 2436
Merit: 1561
anything moving anywhere?

Doesn't look like it is...
No activity from the dev, low hashrate, removed from bittrex, low or no trade volume. The only good thing is that the holders won't drop it at such low prices.

This coin has potential, but no effort is taken to promote it.

legendary
Activity: 1049
Merit: 1001
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