EDG - Edgeless - What will happen now?
Maybe I should apologize for my colorful language used in the past article, but only to Steemit readers. I still think the devs are careless dumbasses. If you don't know what I am talking about EDG has been hacked and about 5.7 million $ has been stolen, I think from the ICO funds, due to some Parity wallet bug (yeah don't use that shitty wallet):
"Specifically created in Parity Wallet > 1.5, and released January 19, 2017"
So yeah, ditch that shitty wallet if you don't want to find a big fat 0 in your account balance in my opinion, who knows what other kind of bugs there could be there....
EDG response
Now the official dev team put out a response:
So they lost the 5.7 million to the Black Hat hacker/thief, but there was a White-Hat hacker too that will supposedly return some of the funds, I am not sure if he caught some EDG funds as well. But either way 5.7 million $ are stolen, never to come back....
So the Dev team is trying damage control now, they spin this as if nothing has happened.... Very honest. But take a look at this line in the article:
"However, we made some changes in our dapp structure. From now it will be purely ran on EDG tokens, since a large part of our ETH was supposed to be our casino’s bankroll."
What the fuck? What the fuck? They are now changing their casino instead of using ETH to gamble, they have switched into EDG. Are they crazy? Because I can tell you at this moment ,that if they do this, hardly anyone will gamble there.
I mean do they just expect gamblers to buy EDG first and then play. Because that is not going to happen, that severely limits the ease of use of the website. I’d rather just use vDICE or iDice
Regulators
By the way, what will happen to the casino license? I mean do they really expect to get a license after this fiasco? Isn't part of the regulatory requirements to keep the gambler's money safe? How the hell can they do that when they can't even keep their own ICO funds safe.
Sure you could say that the EDG contract will handle the finances. But how do we know if the EDG contract itself is safe and secure? Has it been audited, what if there are bugs there? I see many ETH contracts just simply copy pasted from one into the other, how do we know if this is not the case here? Or maybe some other ETH bug arises and that could lead into further complications.
I mean this project seriously lost confidence, It lost my confidence 100%, I can't tolerate this amount of incompetence, and I am sure many other people feel the same way. Which hurts me a lot since I had great hopes for this project.
And make no mistake about it, if the regulators find out about this fiasco, which they should, have they been notified yet? Well, the fate of the license will hang in balance.
And they can't start the casino without the license. Which means no EDG project anyway. Man if the investors realize this, the price could be dumped -90%.
So far it has been hanging tightly, I expected a bigger crash in the past 24 hours, but once investors realize this, the crash could continue. I think people should sell, I have sold already, there is no reason to hang on to this project anymore in my opinion, it's over.
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Sources:
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Crypto world is still a very risky place to put your money, unfortunately.
Miraculously, I am still up year-to-date in my crypto portfolio. So looks like I can still nagivate myself well in the ocean of risk without sinking my ship...
I was fortunate to sell EDG for a 90% profit still. Things like this are a reminder to stay aware and vigilant for those invested in these markets.
I’d rather just use vDICE or iDice .. lol you are telling you won use edgeless but mentioning to use of vdice which is nothing but edgeless which is also called as vslice token..
I just picked up some EDG; are you saying it's not a good long term investment?
Good points in this article. I was about to post a similair thread. Most of the coins might not even know they are a scam. I'm sure they have good ambitions but they simply don't have the team to conquer those ambitions. Do your research properly. I really advice people to take a look at: https://www.coincheckup.com The site lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto. Check for example: https://www.coincheckup.com/coins/Edgeless#analysis For a complete Edgeless Investment and research analysis.