Re: [ANN][X11] NinjaCoin PoW/PoS LAUNCHED - Ninja Launch - Bittrex - Hard fork 1.2.0
We will be shutting down the market due to the dev fork - the wallet will be open for anyone that wishes to withdraw on the current fork. Again we WILL not be taking the new wallet or fork. If you do not understand why, please read the posts above. There is no way for us to undo things if coins disappear. These were coins that have already been traded and there is no way to recoup the value gained/loss by them.
@kryptologist - that is a valid suggestion, but I want to re-iterate that we do not police coins. There is also no way for us to know if that value changes because the ANN is constantly changing which is why we rely on programmatic approaches like moneysupply. feel free to PM me to brainstorm about more automated things we can do though, i'm always looking for more ideas. I understand your concern but the damage was done way before the coin max limit was hit; the order books are not that deep. It would not have prevented this.
@stenull - I guarantee you if any coin destroys their marketcap and then wants to reactively roll back the blockchain, there isn't an exchange in the world that's going to follow that fork
I do sympathize with people that got scammed by this coin. We got scammed as well and have our associated costs but this is the unfortunate dark side of crypto currencies. We rely on the community as much as you guys rely on us to make crypto safer for everyone.
Thanks
Richie
@kryptologist - that is a valid suggestion, but I want to re-iterate that we do not police coins. There is also no way for us to know if that value changes because the ANN is constantly changing which is why we rely on programmatic approaches like moneysupply. feel free to PM me to brainstorm about more automated things we can do though, i'm always looking for more ideas. I understand your concern but the damage was done way before the coin max limit was hit; the order books are not that deep. It would not have prevented this.
@stenull - I guarantee you if any coin destroys their marketcap and then wants to reactively roll back the blockchain, there isn't an exchange in the world that's going to follow that fork
I do sympathize with people that got scammed by this coin. We got scammed as well and have our associated costs but this is the unfortunate dark side of crypto currencies. We rely on the community as much as you guys rely on us to make crypto safer for everyone.
Thanks
Richie
Do you think it would work to set an internal max total supply variable and check that against the network to catch it early? If a coin developer wants to change total supply it has to be in the open, the exchanges must know about it first? It would prevent ninjas from pulling such moves and I don't see the downside of it.
Do you think devs even consistently tell us when they update their wallets?
We've experimented with multiple checks similar to what you suggest, but unfortunately they all have systemic flaws. If someone knows about this check (which we can now assume they do since we're talking about it) then the first block of mined coins can be deposited below the threshold and destroy the entire market before anything is tripped.
We have systems in place to protect the system, our customers, and their coins but we cannot definitively protect you from a malicious or complacent dev and their wallet. There are too many ways to hide in the code.