Post
Topic
Board Mining (Altcoins)
Re: NiceHash hacked?
by
nazzer
on 08/12/2017, 03:43:16 UTC
I am leaning towards this hack being an inside job.

Why?? well, leading up to the hack, scrypt hashrate was and still is exploding, rather than upgrade equipment and capacity they simply "upgraded" the minimum share difficulty. As they approached max capacity again with BTC price exploding and NH wallet full, the simplest solution for them, rather than deal with the hassles of hardware upgrades, troubleshooting, downtimes, complaints etc was to just pull the plug by feigning a hack and then walk away.

Just a theory , I personally hope they start back up.  Maybe they'll use the downtime to upgrade and reopen, hurray, if not ... see prior paragraph. It'll be interesting to see how it plays out


rather than give part of the company away and raise funds let's just take the money we have to give to the customers and restart the service. They lost their money I am not sure why they keep saying it's our bitcoins they lost.

Our bitcoin was never on our own private key, what was shown were balances owed by them to us - regardless whether they recover BTC stolen this is still BTC owed to us. If they ever come back I expect a full payment - it'll be really stupid for them to ignore this amount owed to their customers.

The amount of hashpower represented by Nicehash is very significant, as seen by the difficulty dropping massively across the board or in other cases (e.g. Scrypt) a sharp spike with people moving over to backup pools - it'll be hard to see why they wouldn't have reserves to pay buyers and sellers alike.

It's hard to see even if they do come back how people would ever trust Nicehash again unless they make good on the balance owed.