Re: Operation Shitcoin Cleanout and Clean Up Has Begun- Join the Revolution
There are so many coins that are produced without their dev(s) understanding the interaction of parameters or having awareness of the security risks.
This is even more unfortunate when the dev team has basically good intentions, but they inadvertently produce a high-risk coin, that can be taken down by some kid with graphics cards.
This is even more unfortunate when the dev team has basically good intentions, but they inadvertently produce a high-risk coin, that can be taken down by some kid with graphics cards.
And here's an unintended consequence: exchanges that take in new coins no questions asked are really suffering for it. Look at what's happening to CryptoRush (start here and read this.) Another second-tier exchange foundering because they've incurred huge losses by a new alt going ker-blooey.
Cryptsy really has a great niche in all of this. It's the top alt exchange, so any alt that gets listed on Crypsty has "hit the big time!" Cryptsy doesn't have that cachet unless they sit back and take their time when deciding whether or not to list a new alt: taking it slow only adds to their prestige. You might say that playing hard to get is Cryptsy's "game." So, the second-tier exchanges that'll list any crapcoin ends up acting as Cryptsy's field-test lab. When a new alt goes haywire, it gets injured and Crypsty remains above it all.
Were I to start a new exchange, I'd actually use the OP's filter when deciding which coins to list and not to list. I'd do so simply to protect myself and the customers.
Funny that it was Blackcoin that pushed CryptoRush over the edge...
CryptoRush downfall was having poor coding allowing it to be hacked in the past (if true) and all the losses that happened with blackcoin because of the way their wallets works or whatever happened also the fact that users transferred huge amount of coins that didn't belong to them screwed them, their communication skills topped cryptsy by a long shot and cryptsy has had some huge issues in the past i know i use it also. Another thing the OP and many in this thread who act to be against so called shit coins have their own shit coins, maybe they've corned the new coin market and losing business due to too many new coins so they figured a way to try narrow the market. To my knowledge all coins still exist, haven't been damaged but cryptorush incurred massive DDOS attacks for the last few days. Such revolution...
Thanks for the added info. As far as I could tell, CryptoRush got screwed vis-à-vis Blackcoin because they coded a custom internal-wallet gizmo that was based on the Blackcoin daemon: that's what got them into trouble.
As for Blackcoin, it's holding up pretty nicely. I haven't bought any because I'm following my old day-trading rule: "When I get interested, it's too late."
