Ethereum Classic becomes a platform for fraud
Throughout the year, community kriptovalyutnoe constantly discusses Ethereum. Since its meteoric rise in January, together with innovative, but failed experiment the DAO, Ethereum constantly present in the news stories.
And this trend in the near future promises to be preserved as the recent implementation of hardforka network and the emergence of "protest" project Ethereum Classic, saying the preservation of "the original" blokcheyna, raised a storm of controversy. But now these discussions out of the theoretical and speculative bed and can cause even more serious disturbances than the collapse of the DAO and the subsequent hardfork Ethereum.
Stir with ETC on the stock exchanges
Kriptovalyutnaya Exchange BTC-th day before yesterday posted information on its website that they encountered serious problems with the Ethereum Classic, despite the fact that this exchange ETC not to introduce or traded. After negotiations with the management of ETC Exchange Poloniex movement, BTC-e administration sent an urgent warning to its users:
"Dear Clients!
Our position on Ethereum Classic is that in the current situation it is a scam. The community decided to hardforke and the transition to a new chain. So did all the pools and exchanges, including us.
Notification of Poloniex that we need to protect the ETC coins that were on our wallet the ETH, we got on the second day after the start of trading. At that point in our purse ETH these coins have almost was not. They were sent to our users to Poloniex.
At this point we come to issue tickets with the requirements of ETC, which we are in the form of deposits ETH. We can not do this because of the articulated above. "
At the same time, Poloniex explains on its website almost the same:
"We continue to receive requests from our customers, demanding the return of ETC. are deposited in our wallet the ETH. We can not do that. Anyone who thinks that we sent the coin to Poloniex, to sell them, can check all transactions in blokcheyne . All operations are logged and anyone can easily track down the sender and the sent amount of coins. "
According CoinMarketCap.com, ETC is already trading at a little over $ 1.6 USD, while the rate Ethereum little less than $ 13 USD. As we can see, as it was "effective separation" of their total cost.
However, many users have been able to obtain from the ETC unexpected bonus at the same time selling on the stock exchange as their own the ETH, and nezhidanno "fallen from the sky" ETC, since this was sufficient to establish ETC purse on top of the old with the ETH. Thus, Ethereum was actually implemented double spend circuit - double spending one and the same coin.
Developers either one or the other project did not care about the prevention of such situations. Some experts call this event a complete fiasco within Ethereum community. For example, a developer Bitcoin Peter Todd about this tweeted:
It will be interesting to see how the scenario similar to what happened in the BTC-E, will take place on other exchanges, are not switched to the ETS? Coinbase continued withdrawals, but they still have not fixed the problem with shopping bags and removing the Ethereum.
Peter Todd even mentioned on Twitter that it can lead to complete loss of the exchange pay.
Meanwhile, press releases continue to appear, and on other exchanges. For example, Livecoin writes:
Dear customers, at the time the Ethereum Classic (hereinafter ETC) on the market, we announced that we are going to introduce it to the ETC accrued on the balance sheets of our customers. But when we started to work on the connection, we have got a nasty surprise. Because of the ETC architecture and its direct connection with the conventional Ethereum (ETH), the transaction between these two coins are connected in one way or another. This communication is neither expected nor accepted in the world practice cryptocurrency.
When we connected the ETC in test mode, we found that the funds in the ETC we have, since the transaction ETH and ETC and associated tools were put customers in the normal course ETH IO, we assume that output to Poloniex, because at that time, trading on ETC only went there.
Next, we examined the situation in detail and came to the conclusion that either the developers ETC or Poloniex, had to take over at least a minimum function of notifying all the other exchanges, trading ETH about, so that they defended their ETC systems against unauthorized output to subsequent distribution. Such exchanges are not so much, no more than 15. We believe that 15 to send warning letters were quite capable. We did not receive from anyone any notification concerning remedies in the ETS. We do not believe it is fair conduct of business by the ETC as a developer, and from the exchange, which first introduced the ETC trades on the host.
This is a fairly comprehensive explanation suggests slozhishemsya "zugzwang" in the fight forks Ethereum. Almost any action developers and exchanges can only exacerbate the problem. Probably already large sums flowed from the exchanges in purses most enterprising people who have time to take advantage of the situation and double sell their coins from both blokcheynov.
At present it is difficult to say, how can we improve the situation and whether the exchange will take the brunt. It is difficult to expect them to like altruism, however, and an effective mechanism for the recovery of damages is difficult to think of, except for the next hardforka ... already two blokcheynov.
In the worst case, it threatens the collapse of the bubble in the stock exchange next kriptovalyutnom market and losses for many thousands of users.
Thank you !
Be careful with google translate, tovarishch!
Hi! This post has a Flesch-Kincaid grade level of 10.5 and reading ease of 59%. This puts the writing level on par with Michael Crichton and Mitt Romney.
Nice @lenar79
Shot you an Upvote :)