MagicDice Exit Scam!
The entire cryptosphere is still in the fucking wild, wild, west phase in more ways than one, and Steem is not much different as can be seen from the recent developments of @magicdice which seems to be in the middle of pulling off the biggest, most severe exit scam on Steem, to date.
They deleted their discord server and shut off access to their website, drained quite a lot of STEEM (speculated to be upwards of 500 000 STEEM) out of their account and continue to power down their Steem Power.
Just like MAGIC — the dev behind what can now be called a complete scam — swiftly packed his bags and left in a matter of seconds, leaving hundreds of users hanging inbetween two interlinked blocks of the STEEM chain.
What a fucking disaster, don't you agree?
Not only did they rip off countless Steemians who played the game just in order to stack MAGIC coins to reap the benefits of daily payouts in form of dividends which they offered, but they simultaneously tarnished, yet again, the reputation of our beloved chain of blocks.
And the worst part about this whole mess is that there is no one to be held accountable and taken to court for fraud because the creators of @magicdice ingeniously stayed completely anonymous.
For this reason, I'm not trusting any dapp, project, app, interface, or whatever, built on the STEEM which doesn't have its team information clearly and transparently stated on-chain for all to see and review.
What are your thoughts on @magicdice exit scam?
Were you involved in magicdice?
How does this ninja move affect you?
Will this make you more cautious of new projects on Steem now?
Let us know your thoughts in the comments down below!
Im not lucky in any type of lotteries, so havent even tried it... so maybe afterall im lucky? But seriously, such movements can make much more harm to all ecosystem, than just loss of some steem. Regretfully
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You truly were lucky not to get involved.
I definitely agree with you on that and it's a shame we don't have some sort of a regulatory system monitoring dapp owners, testing their legitimacy and reporting bad actors to the authorities.
Hope something like this gets developed because we will definitely need it going forward into the steem-based future :D
I think that such a situation will not affect the development well.
Many cheats want to get rich easily. Dlive, drugWars, MagicDice?
what will be next?
We must be more careful :)
Steem is battle tested and has proven to be very resiliant so far so I don't think it will end up having much of an effect on Steem overall.
But we do need a way to protect our users from such scams in the future, that's for sure.
You're right, it's immune. But such situations certainly will not help bring new users and keep them here for longer. We need strong projects that people can trust.
Lucky or not I got scammed multiple times in crypto when starting out. Since then I educated myself in social engineering and cyber crime.
Since then every crypto game that has the words magic or dice in it gets blacklisted.
It is just sad for Steemit and crypto in general... :(
🤣🤣🤣🤣 tanks for the laugh @src3 :D
Yep that's how it goes. One must first get burned to learn a lesson, I guess.
Hopefully for the majority, that lesson learned didn't cost as much and the experience yielded turns out to be valuable in form of better decision-making when confronted with such money-sucking scams in the future.
Hello dear @runicar.
Undoubtedly, this thing that is happening with magic-dice affects a large number of users since this Dapp was ranked second in the ranking according to Stateofdapps by the number of users and the movement of capital.
But in my opinion, the biggest damage is being caused to the image of the Steem blockchain as it directly affects the trust of future users and developers.
All best, Piotr.
This pretty much sums it up.
Hope we are able to build and regain the reputation of our chain of blocks in the years to come.
Dear @runicar
I just realized that I never actually thanked you for your reply. I really appreciate that you're so very responsive.
I also wanted to make some suggestion.
My impression is, that the hardest part of attracting attention on STEEMIT is the fact, that our audience have very little chance to actually find our publications. Lack of solid notification system is an obvious issue. And regardless how hard I would try - there is very little chance I would find out about your new interesting publications (my feed is just flooded with to many posts).
Please allow me to share some suggestion with you. If you would ever publish content related to blockchain, crypto, artificial intelligence, psychology etc.
then perhaps you could simply send me memo with link to that post.This way not only I would have a chance to read your publication, but I will also
upvote it right away with 20k SP voting power. If I would consider it interesting then I may also share it with wider audience.Please let me know what do you think.
Cheers, Piotr
My dear Steemians, you need to learn some basics.
There is no perpetuum mobile! What dividendes, payouts... if that is true, those creatora would sell all they have and invest, they would not wait for you to give them a few dollars
Company is unaccountable. First of all, this is not a company senso stricto. Second, that is the whole purpose of a company?! Company X goes down, its properties are sold and some investors and paryners get something. Others lose. Welcome to life.
Don't gambe. Just. Don't. Never.
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If that is so, then magi-dice has tarnished the image of most of Steem Dapps to be trusted, yet it stands out that it is a game, you can either lose or win per their policies. Thank your for your updates!
It surely did!
Thank you for your valuable feedback @oppongk!
such a shame, honestly. Scummy scammers ruin it for a lot of people.
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I tried it once and realized it looked like the dice games that were/are on EOS and Tron ( open source) and I just didn't see the sense in it. Couldn't even see the " dice roll" . A lot of these scams have occurred on tron and eos in the past . But the major take away for me with this exit and the Voice Dapp announcement is that KYC is a necessary burden.
Yet people still need to get scammed here to learn a lesson, lol
Agreed!
Really sucks knowing how many people PUMPED Steem into this thing with the idea of receiving those dividends forever... Another reason we should never try to predict the future and count on something existing forever.
Exactly, as seen in the case of Dlive, we can't really trust projects to have a high moral standard.
There will be more...
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